| Good morning. The U.K. faces budget headaches, Europe's industrial sector cuts demand for gas, Lufthansa repays some of the Covid aid and the EU is preparing a jumbo green bond. Here's what's moving markets. Rising prices and interest rates are poised to add 15 billion pounds ($20 billion) to the U.K. government's debt payments this year and beyond, squeezing public finances, according to a report by the Institute for Fiscal Studies. Chancellor of the Exchequer Rishi Sunak is facing pressure to boost spending just as inflation tensions are rising. This comes against the backdrop of increasing bets against the pound amid speculation that Bank of England efforts to tackle inflation would hit the growth outlook. The industrial sector in Europe is cutting down on demand for natural gas in the latest sign of disruption caused by surging energy prices. Average consumption so far in October is 12% lower than its pre-pandemic level, having started falling in September. Meanwhile, a coal-based power plant in the U.K. switched on to make up for the shortfall in wind power generation and limited flows on power cables to Ireland. German carrier Lufthansa paid back $1.7 billion to the state, eliminating part of the support that helped it stay afloat during the coronavirus pandemic. It plans to repay a remaining 1 billion euros ($1.2 billion) by year-end. The airline's executives are racing against time as the government set to succeed the Christian Democrats may not be as accommodating. The European Union is set to offer the largest-ever green bond on Tuesday, aiming to raise 12 billion euros ($13.9 billion). This would surpass the size record set by the U.K. last month and put it on course to overtake the green market's dominant issuer, France, in coming years. Market participants expect it to trigger an "absolute riot" of investor demand at a time of surging interest for debt with sustainable labels. European markets are set to follow Asia's lower, with equities dipping and U.S. futures retreating as energy costs stoked inflation concerns. The possibility of a widening Chinese crackdown on private industry also rang alarm bells. Today, luxury retailer LVMH is the first of its peers to report 3Q sales, with investors closely watching what impact China's "common prosperity" goal will have had. The G-20 trade ministers meet in Italy. In the U.S., Atlanta Fed President Raphael Bostic speaks on inflation, and the JOLTS jobs opening data is released. This is what's caught our eye over the past 24 hours. How long this period of inflation will last is the key debate in global markets today, from the corridors of the Federal Reserve to the Lincoln Town Cars of Wall Street. While bond traders may be beginning to balk at the Fed's transitory argument, their equity counterparts seem a little more relaxed. A closely-watched bond-market gauge of long-term inflation expectations -- the 5-year, 5-year forward breakeven rate -- is creeping back up toward its highest since 2014. A break above 2.5% (it's currently 2.36%) would suggest bond investors are leaning toward higher prices for longer. Equity traders seem to be still in the temporary camp, even those in the eye of the current inflation storm -- commodities. Though the Bloomberg Industrials Metals Index has climbed to the highest since 2012, the MSCI World Materials Sector Index is languishing close to an 18-month relative low. That suggests stock traders still believe the commodities rally will be short-lived as they are not seeing higher prices boosting the fortunes of the global materials sector above and beyond the broader market.  Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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