China is spending record sums on Russian energy as it continues to expand its reliance on the Kremlin in the wake of the war in Ukraine. Beijing pumped in a record $8.3bn (£7.3bn) last month in a divestment that included a record amount of coal. In the six months since the start of the war, China has spent $44 billion. The figures highlight the changing relationship between Russia and the rest of the world, with Putin seeking alternative partners as the West shuns his exports. While energy prices have risen since the invasion, China is still buying higher volumes, sometimes at a discounted price.
5 things to start your day
- FCA to hire ‘growth and competitiveness’ experts as it prepares for ‘Big Bang 2.0’ Treasury seeks candidates with expertise in using regulation to drive growth in the square mile
- German and Italian industries will struggle to recover from loss of Russian gas, Barclays warns Economists predict the eurozone will shrink, triggering a recession across the currency zone
- How a bitter £11.3bn radio dispute turned into a 999 emergency Motorola accused of undermining efforts to replace the blue light services’ aging Airwave network
- New CNN chief trying to shake channel’s post-Trump hangover Chris Licht oversees sweeping changes as he struggles to ‘separate the treasure from the trash’
- Pint of milk now more expensive than petrol at these supermarkets Dairy price hikes outpace even forecourt fuel costs
What happened in the night
Asian markets enjoyed a much-needed rebound on Tuesday, following Wall Street’s late rally. Hong Kong led the way, up more than 1%, with Sydney not far behind. Tokyo returned from a long weekend to post healthy gains, while Seoul, Singapore, Taipei, Manila, Wellington and Jakarta were also higher.
It’s coming today
Finance: Interest Rate Decision (China), Housing Starts (US), Building Permits (US) Corporate company: City of London Investment Trust, Frasers (full year results). Haleon, Kingfisher (intermediate); Moonpig, TUI (transaction update)
