Germany accuses Russia of ‘weaponising’ vitality as disaster escalates

Good morning. 

There a extra worrying indicators that the UK might be headed for a recession after the economic system shrank in March.

GDP fell 0.1pc after February’s development was revised right down to zero, in keeping with the ONS.

The figures, which come even earlier than April’s huge surge in vitality payments, spotlight the danger of an financial downturn as rising costs proceed to batter households.

The companies sector was the most important drag on the economic system, with consumer-facing sectors comparable to retail struggling a slide in gross sales.

5 issues to begin your day 

1) Germany fuel provide drops as Ukraine shuts off pipes from Russia  Olaf Scholz compelled to import further gas from Norway and Netherlands

2) Passengers will bear the brunt of Heathrow’s rising touchdown charges  Heathrow accuses airways of attempting to ‘protect their own profits’ 

3) Millions of electrical energy prospects launch class motion lawsuit in opposition to cable ‘cartel’  Cable firms Nexans, NKT and Prysmian face accusations of overcharging British households

 4) Tesco to open places of work in its supermarkets  Grocer seeks to money in on rise of homeworking

5) Disney beats Netflix as streaming service provides new subscribers  Disney+ provides prospects regardless of Wall Street issues over cost-of-living disaster

What occurred in a single day 

Hong Kong shares opened decrease on Thursday after in a single day drops on Wall Street.

The Hang Seng Index tumbled 1.35pc, or 267.68 factors, to 19,566.89.

Mainland China’s Shanghai Composite Index fell 0.45 p.c, or 13.90 factors, to three,044.80, whereas the Shenzhen Composite Index plummeted 0.64 p.c, or 12.33 factors, to 1,906.18.

Tokyo additionally shares fell in early commerce on Thursday as traders fret over inflation.

The benchmark Nikkei 225 index fell 1.34 p.c, or 350.51 factors, to 25,863.13 in early commerce, whereas the broader Topix index gave up 0.79 p.c, or 14.59 factors, to 1,836.56.

Coming up at present

  • Corporate: BT, 3i (full-year outcomes); Grainger (interims); Balfour Beatty, Coca-Cola HBC, Convatec Group, RHI Magnesita, Superdry (buying and selling assertion)
  • Economics: GDP (UK), manufacturing manufacturing (UK), industrial manufacturing (UK), producer value index (US), jobless claims (US)

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