Russia expects economy to collapse 10%

Ggood morning.

After weeks of resistance, Germany appears to have dropped its opposition to sanctions against Russian oil.

Europe’s largest economy has long tried to block a Kremlin energy ban, warning that such a move would lead to a recession across the continent.

But Vice Chancellor Robert Habeck has now said Germany “will not stand in the way of new sanctions”. He added that the country had reduced its dependence on Moscow, meaning it would no longer face a “national catastrophe” if an embargo were imposed.

But Mr Habeck 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 raider ready to take over UK nuclear submarine supplier Government explores ways to sanction £2.6bn sale of Ultra Electronics despite national security concerns

2) Kremlin makes record profit from Gazprom Rising energy prices boost the Russian treasury

3) Europe’s unity breaks as Putin tightens the throttle A new era is already unfolding as EU countries give in to Russian demand to be paid in rubles

4) Insurance companies ready to pump billions into energy security after Brexit overhaul Chancellor launches consultation aimed at radically changing the rulebook for UK insurers

5) Cut red tape and taxes to give city a Brexit boost, bankers say ‘Anti-competitive’ tax regime could jeopardize London’s status as Europe’s leading financial center

What happened overnight?

Stock markets in Asia largely rose on Friday after a positive lead from Wall Street, but optimism remains high as traders operate in the shadow of war, rising inflation, rate hikes in the US and lockdowns in China.

coming today

  • Commercial: AstraZeneca, NatWest (intermediate)† Computacenter, Hikma Pharmaceuticals, Smurfit Kappa, Pearson, Reckitt Benckiser, Rotork, Travis Perkins (trade update)
  • Economy: GDP (EU)National house price index (UK)personal income (US)personal expenses (US)Chicago PMIA (US)Michigan Consumer Sentiment Index (US)

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