We begin with another escalation of the energy crisis, as Putin cut gas supplies to France. Gazprom has informed French utility Engie that it is reducing natural gas deliveries from today due to a dispute over the implementation of certain contracts. The move piles further pressure on Europe’s already strained energy supplies. France has urged companies to draw up energy-saving plans by next month, while the EU is drawing up contingency plans to reduce energy costs. Engie said: “As previously announced, Engie had already secured the necessary volumes to meet its commitments to its customers and its own requirements, and had put in place various measures to significantly reduce any immediate financial and physical effects that could result from a natural gas outage. supplies from Gazprom”.

5 things to start your day

  1. Great Retirement Takes Off as Retirees Lose Spending Power – Return of Older Workers Signals Severity of Cost-of-Living Crisis
  2. British battery factory delays production again as energy costs soar – Britishvolt warns it will no longer deliver batteries until late 2025
  3. High street companies forced to pay energy suppliers millions up front – Fears that businesses will collapse as providers demand huge deposits to secure supply
  4. BAE in talks to build five more submarine chasers – MoD close to deal on multi-billion pound warship deal
  5. Elon Musk Says Civilization Will Collapse Without Oil and Gas – The billionaire also warns that the transition to green energy will take decades to complete

What happened in the night

Equity and bond markets tried to remain flat on Tuesday as investors turned their focus to this week’s US jobs report to gauge whether interest rate hikes priced in around the world are justified. By mid-morning, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, while Japan’s Nikkei stock index was up nearly 1 percent, helped in part by a fresh round of weakness in the Japanese yen. Wall Street indexes edged lower on Monday, but the pace of selling eased and U.S. stock futures were flat in Asia. In addition to interest rates, the health of China’s economy is also at the forefront of investors’ 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 began to unwind their excitement over a deal struck between China and the U.S. to access audit documents of Chinese companies.

It’s coming today

Corporate: Bunzl, Old Mutual (intermediate) Economics: Inflation (Germany), Business Climate (EU), Consumer Confidence (EU, US), House Price Index (US), BRC Shop Price Index (UK)