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Russia’s squeeze on European gas supplies, markets brace for the Fed and a deluge of earnings, Biden and Xi set for a tense call, and the UK leadership duel intensifies. Here’s what people are talking about.

The Kremlin is likely to keep vital gas flows to Europe at minimal levels as long as the standoff over Ukraine continues, ratcheting up the pressure on the European Union over its tough stance on Russia’s invasion. If the squeeze drags into the winter, it could leave the continent desperately short of the fuel. Publicly, Russia claims that technical issues have forced it to slash supplies in recent weeks. But in reality, the Kremlin is using the disruptions in the Nord Stream pipeline to raise the political heat on Europe’s leaders to reconsider sanctions, people familiar said. While the European Union plans to cut the use of natural gas by 15% through the winter, severe energy shortages could imperil the bloc’s unity.