China benefits as Putin cuts energy prices – live updates

Ggood morning.

China is spending a record amount on Russian energy as it continues to expand its reliance on the Kremlin in the wake of the war in Ukraine.

Beijing last month made a record $8.3 billion (£7.3 billion) on a haul with a record amount of coal. In the six months since the start of the war, China has spent $44 billion.

The numbers highlight the changing relationship between Russia and the rest of the world, with Putin looking for alternative partners while the West eschews its exports.

Although energy prices have risen since the invasion, China still buys higher volumes, sometimes at a discounted price.

5 things to start your day with

1) FCA hires ‘growth and competitiveness’ experts as it gears up for ‘Big Bang 2.0’ Treasury seeks candidates with expertise in using regulation to drive growth in the Square Mile

2) German and Italian industries will struggle to recover from Russian gas losses, Barclays warns Economists predict that the eurozone will shrink and cause a recession for the entire currency area

3) How a bitter £11.3 billion radio fame turned into a 999 . emergency Motorola accused of undermining efforts to replace aging Airwave network of Blue Light services

4) The new CNN chief tries to shake off the channel’s post-Trump hangover Chris Licht oversees sweeping changes as he fights to ‘sort the treasure out of the trash’

5) Pint of milk now more expensive than petrol at these supermarkets Dairy price increases even exceed gas station fuel costs

What happened overnight?

Asian markets enjoyed a much-needed rebound on Tuesday, following the late Wall Street rally. Hong Kong led the way with an increase of more than 1 pc, with Sydney not far behind. Tokyo returned from a long weekend and posted healthy gains, while Seoul, Singapore, Taipei, Manila, Wellington and Jakarta were also higher.

coming today

  • Economy: Interest rate decision (China), housing (US), building permits (US)
  • For Business: City of London Investment Trust, Frasers (annual results); Haleon, Kingfisher (interim); Moonpig, TUI (Trading Update)

Leave a Comment