Gas prices jump as Russian shipments drop


We start with some positive climate news, as a coalition of financial institutions led by Mark Carney claims to have taken an important step forward.

The Glasgow Financial Alliance for Net Zero (Gfanz) now has 450 listed financial companies in 45 countries, with access to $ 130 trillion in private finance to help meet climate goals.

This is a major achievement for the former Governor of the Bank of England, who managed to enroll some of the world’s largest financial institutions in the eleventh hour at the COP26 summit.

5 things to start your day

1) The North Sea drilling ban will push energy prices even higher, BP warns Bernard Looney warns that restricting the supply of fossil fuels without reducing demand will only increase the burden on consumers.

2) Jes Staley in line for £ 22million in bonus after leaving Barclays The ex-boss is bracing for a legal battle with City’s watchdog after resigning from the investigation into his links to Jeffrey Epstein.

3) Victory for Murdoch as US blocks Penguin Random House buyout Justice Department says readers will ‘pay the price’ as Simon & Schuster buyout would give Penguin almost half control of the American book market.

4) Morrisons drops ‘anti-EU’ labeling of chicken after boycott threats Morrisons was forced to redesign its packaging after Remainers threatened to boycott the supermarket because it was offended by the labeling on chicken that said ” non-EU salt and pepper ”.

5) Facebook Tackles “Irresponsible” Facial Recognition Systems Facebook will shut down its facial recognition systems and remove scans of over a billion faces. He says it is irresponsible to adopt technology without clear rules on its use.

What happened during the night

At the start of trading, Asian markets were mixed, with Sydney, Wellington, Taipei, Manila and Jakarta up but Singapore and Seoul down. Hong Kong and Shanghai have sunk again, the latest peak of Covid in several parts of China forcing some cities to further shutdowns that raised concerns about already strained supply chains.

Coming today

  • Business : Railway line (intermediate results); Smurfit Kappa, Quilter, Coca Cola HBC, CLS, Morgan Sindall, Ibstock (commercial update)
  • Economy: House prices nationwide (UK), Interest rate decision (WE), PMI services (United Kingdom, United States), Composite PMI (WE), unemployment rate (EU)
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