German inflation at its highest for almost 50 years
We start with a further escalation of the energy crisis, as Putin cut gas supplies to France.
Gazprom has informed the French utility Engie that it is reducing its gas deliveries from today due to a disagreement over the application of certain contracts.
This decision increases the pressure on European energy supplies, which are already under severe strain. France has urged companies to draw up energy saving plans by next month, while the EU is drawing up contingency plans to reduce the cost of energy.
Engie said: “As previously announced, Engie had already secured the volumes necessary to meet its commitments to its customers and its own needs, and implemented several measures to significantly reduce the direct financial and physical impacts that could result from an interruption. of gas supplied by Gazprom.
5 things to start your day
1) Great retirement takes off as retirees lose purchasing power – The return of older workers signals the seriousness of the cost of living crisis
2) UK battery factory delays production again as energy costs soar – Britishvolt warns it won’t deliver batteries until end of 2025
3) Big companies forced to pay millions up front to energy suppliers – Feared businesses could collapse as suppliers demand large deposits to secure supplies
4) BAE in talks to build five more submarine hunting vessels – The Ministry of Defense is close to concluding a deal on multi-billion pound warships
5) Elon Musk says civilization will collapse without oil and gas – Billionaire also warns transition to green energy will take decades
What happened overnight
Stock and bond markets tried to stabilize on Tuesday as investors focused on this week’s U.S. labor market report to gauge whether the interest rate hikes that have been priced in around the world are justified.
By mid-morning, MSCI’s broadest index of Asia-Pacific stocks outside Japan was down 0.4%, while Japan’s Nikkei stock index was up nearly 1%, helped in part by a new wave of Japanese yen weakness.
Wall Street indexes fell on Monday, but the pace of selling was reduced and U.S. stock futures held steady in Asia. Besides interest rates, the health of the Chinese economy is also at the forefront of investors’ concerns.
China’s benchmark Shanghai Composite Index lost 0.4% in early trading. Hong Kong’s Hang Seng index fell 1.8% as investors begin to rewind their excitement over a deal reached between China and the United States for access to company audit documents. Chinese companies.
Company : Bunzl, Old Mutual (Acting)
Economy: Inflation (Germany), business climate (EU), consumer confidence (EU, US), house price index (US), BRC retail price index (UK)