Good morning.
After weeks of resistance, Germany appears to have given up its resistance to sanctions against Russian oil.
Europe’s largest economy has long been trying to block the Kremlin’s energy ban, warning that such a move would cause a recession across the continent.
But Vice Chancellor Robert Habek said Germany “will not stand in the way” of the new sanctions. He added that the country has reduced its dependence on Moscow, which means it will no longer experience a “national catastrophe” if an embargo is imposed.
But Mr Habek still seemed skeptical about the move, and there was no mention of sanctions against Russian gas.
5 things to start your day with
1) US striker ready to take over British nuclear submarine supplier Government investigates ways to sanction £ 2.6 billion sale of Ultra Electronics despite national security concerns
2) The Kremlin makes record profits from Gazprom. Rising energy prices boost Russia’s treasury amid divide in Britain over contingency tax
3) The unity of Europe is falling apart as Putin tightens the screws on the gas. The new era is already falling apart as EU countries give in to Russia’s demand to be paid in rubles
4) Insurance companies ready to invest billions in energy security after major repairs after Brexit Chancellor launches consultation aimed at radically changing the rules governing British insurers
5) Cut red tape and taxes to boost Brexit, say bankers’ “anti-competitive” tax regime could threaten London’s status as Europe’s leading financial center
What happened during the night
Stock markets in Asia rose mostly on Friday after a positive lead from Wall Street, but optimism remains at the top as traders work in the shadows of war, rising inflation, rising US interest rates and blocking China.
Expect today
- Corporate: AstraZeneca, NatWest (intermediate); Computacenter, Hikma Pharmaceuticals, Smurfit Kappa, Pearson, Reckitt Benckiser, Rotork, Travis Perkins (trade update)
- Economy: GDP (EU), National Housing Price Index (UK), Personal Income (US), Personal Expenditure (US), Chicago PMI (US), Michigan Consumer Sentiment Index (US)
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