* Russia restarts gas flow to Europe
* Is the world ready for higher interest rates? Maybe not
* EU urges nations in currency bloc to cut gas use by 15%
* US consumer spending still looks resilient. Will it last?
* 2yr/10yr Treasury yield curve is inverted, predicting recession
* Italian Prime Minister Draghi resigns, sending Italy into new political turmoil
* US existing home sales fall for fifth straight month in June:

China confronts its first overseas debt crisis, the FT reports. “A Financial Times examination of the financial health of the Belt and Road Initiative — once hailed by Chinese leader Xi Jinping as the ‘project of the century’ — has uncovered a mountain of non-performing loans.”

California Public Employees’ Retirement System (CalPERS), the biggest US pension fund, lost 6.1% in its fiscal year ended June 30 — the worst performance in over a decade. “Our traditional diversification strategies were less effective than expected, as we saw both public equity and fixed income assets fall in tandem,” says CalPERS Chief Investment Officer Nicole Musicco in a statement.