We begin a further escalation of the energy crisis when Putin cut gas supplies to France.
Gazprom has told French utility Engie that it will cut gas supplies starting today due to disagreements over the application of some contracts.
The move further increases the pressure on Europe’s already strained energy supply. France has urged businesses to put energy saving plans in place by next month, while the EU is preparing contingency plans to cut energy bills.
Engie said: “As previously announced, Engie had already secured the volumes needed to meet its commitments to its customers and its own needs and had taken several actions to address any direct financial and physical impacts that could result from a gas supply disruption , significantly reducing deliveries from Gazprom.”
5 things to start the day off right
1) The Great Retirement begins as retirees lose purchasing power – The return of older workers signals the severity of the cost-of-living crisis
2) UK battery factory delays production again as energy costs soar – Britishvolt warns against delivering batteries until the end of 2025
3) High street companies forced to pay utilities millions in advance – Fears businesses will collapse as providers demand high deposits to secure supplies
4) BAE in talks to build five more anti-submarine ships – Ministry of Defense close to agreement on multi-billion pound warships
5) Elon Musk says that without oil and gas, civilization will collapse – Billionaire also warns green energy transition will take decades
what happened overnight
Equity and bond markets tried to stabilize on Tuesday as investors focused on this week’s US jobs report to gauge whether priced-in rate hikes around the world are warranted.
As of mid-morning, MSCI’s broadest index of Asia-Pacific stocks outside Japan was down 0.4 percent, while Japan’s Nikkei stock index was up almost 1 percent, helped in part by a fresh round of weakness in the Japanese yen .
Wall Street indices fell on Monday but the pace of selling slowed and US stock futures remained steady in Asia. In addition to interest rates, the health of China’s economy is also at the center of investor concerns.
China’s benchmark Shanghai Composite Index lost 0.4 percent in early trade. Hong Kong’s Hang Seng index fell 1.8 percent as investors dampened enthusiasm over a China-US agreement on access to audit records of Chinese companies.
Company: Bunzl, Old Mutual (Interim)
Business: Inflation (D), Business Confidence (EU), Consumer Confidence (EU, US), Home Price Index (US), BRC Retail Price Index (UK)