Good morning.
Shell followed rival BP in a first-quarter profit jump due to the chaos in the energy markets.
The FTSE 100 reported adjusted earnings of $ 9.1 billion (£ 7.2 billion), almost three times more than it did in the same period last year and $ 1 billion more than forecast.
Energy companies have benefited from the recent rise in oil and gas prices, which has been exacerbated by the war in Ukraine. This has sparked calls for an unforeseen tax, although the government has opposed such a move, warning it would discourage investment.
Shell also reported a $ 3.9 billion fee from its decision to withdraw from Russia, including its major Sakhalin-2 liquefied natural gas project with Gazprom.
It is warned that this move will cost him up to $ 5 billion, although this is significantly lower than BP’s expected $ 25 billion.
5 things to start your day with
1) Barclays opposes green activists to support oil and gas bank’s promises to help Europe break free from dependence on Russian fossil fuels
2) Lawsuits in the workplace over “jokes” are record high Former colleagues clash over what they consider acceptable office humor
3) Can a Ferrari “unicorn” save Aston Martin? The sports car maker aims to replicate the success of its Italian rival by betting on Ferrari veterans
4) Virgin Atlantic flight suspended in air after pilot training disrupts Airline blames Monday’s mistake for “staffing problem”
5) Elon Musk’s SpaceX rockets have been linked to the deaths of endangered birds. Habitats at risk of traffic, noise, heat and explosions during rocket launches, the draft report states
What happened during the night
Shares of Hong Kong began on Thursday with strong growth after the Federal Reserve raised interest rates, but reduced the chances of huge growth of 75 basis points in the near future.
The Hang Seng index rose 1.41 percent, or 293.63 points, to 21,163.15.
The Shanghai Composite Index fell 0.07% or 2.21 points to 3,044.85 after traders returned from a long hiatus this week, while the Shenzhen Composite Index on China’s second stock exchange fell 0.66% or 12.39 points to 1866.49.
Expect today
- Corporate: Trainline (all year); Endeavor Mining, Shell, Virgin Money (intermediate); BAE Systems, Barratt Developments, Derwent London, Hiscox, IMI, Mondi, Next, Rathbone Brothers, Reach (trade statement)
- Economics: Bank of England (UK) interest rate decision, unemployment claims (US)
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