Good morning.
Germany has begun an unofficial process of energy rationing amid growing fears that Putin’s gas cuts could cause blackouts this winter.
Economy Minister Robert Habeck has placed the country in the second phase of its three-stage emergency gas plan, warning: “We need to be prepared for the situation to become critical.”
While this stage does not include rationing, some local authorities and housing companies have taken matters into their own hands.
Vonovia, the country’s largest residential homeowner, said it would lower the temperature of its tenants ’gas central heating to 17 degrees between 11 and 6 p.m., the Financial Times reports.
A Saxony housing association said it would start rationing the hot water supply while Cologne is dimming street lighting.
Things could get even worse. Russia’s key Nord Stream pipeline in Germany will have to close for maintenance next week, and some fear it will never reopen.
5 things to start the day
1) Advisors pocket £ 70 million from Shaftesbury and Capital & Counties merger – shareholders are ready to vote on £ 5bn merger on July 29
2) HSBC banker resigns and declares “canceling culture destroys wealth and progress” – Stuart Kirk was suspended in May after attacking the “shit feuds” of climate change
3) PwC members receive a record payment of £ 1 million – Unexpected sale and “exceptional” year push payment to a new high
4) Facebook threatened European ban on data handling: Facebook said sending user data to the US violates EU data laws
5) Bank of England hawk urges increases in “front-loading” interest rates: companies lose faith in the Bank’s ability to keep inflation under control, new survey shows
What happened overnight
Shares in Hong Kong jumped early this morning, with the Hang Seng index up 1.5%.
The Shanghai composite index rose 0.5%, while the Shenzhen composite index of China’s second-largest stock market rose 0.4%.
Shares in Tokyo opened higher after Wall Street gains. The Nikkei 225 benchmark rose 0.5% in early operations.
Arrive today
Corporate: Vistry Group (business statement)
Economy: non-agricultural payroll, unemployment rate, average hourly income, labor force participation rate (USA)