Good morning.
Norway has said it is ready to discuss a possible price cap on its gas in a move that could help further ease the energy crisis.
The Scandinavian country is the UK’s main gas supplier, so any move to cap prices could push household bills down.
Jonas Gahr Store, Prime Minister of Norway, said: “I fully understand that Europe now has a deep debate about how energy markets work, how they can ensure more affordable prices for citizens, families, industries, how can be this gas deficit after Putin’s aggression. handled.”
He told the Financial Times: “Norway is not closing its doors to any such discussions.”
However, Store said the EU needed to be careful not to adopt measures that would end up jeopardizing energy supplies before winter.
5 things to start the day
1) Britain to launch military satellites as China and Russia test hypersonic missiles British defense major BAE Systems plans to launch a quartet of satellites into orbit.
2) Four ways Liz Truss can pay off a £170bn energy bill giveaway. Higher energy bills or higher taxes are some of your options.
3) Volkswagen is in danger with the sale of Porsche for 85,000 million euros. The German auto giant is looking to raise money to go electric through non-voting shares in its prized sports car brand.
4) Russia seeks microchips made by Welsh factory owner: Putin wants components made by China-owned Nexperia to replenish weapons.
5) Scientists harness quantum technology to detect enemy submarines. Experts at the Defense Science Technical Laboratory are experimenting with quantum clocks, using a new technology they say could replace traditional timekeeping.
What happened during the night
Asian shares fell this morning as investors failed to find cheer in strong US economic data and instead wondered what it could mean for a hawkish Federal Reserve, with a rising dollar weighing heavily on regional currencies.
Following Wall Street’s losses, the broadest index of Asia-Pacific shares outside Japan fell 1.5% in early trading and Japan’s benchmark Nikkei average opened up 1.1% .
Australia’s S&P/ASX 200 lost 1.3%. Its economic growth during the second quarter of this year has accelerated.
Hong Kong shares fell 1.4% and its main technology index lost 1.9%. China’s benchmark fell 0.11% on concerns over new Covid restrictions in major mainland cities.
Asian currencies fell against the dollar on higher US bond yields.
The Japanese yen hit a new 24-year low of 143.57 per dollar and China’s yuan weakened 0.3% to 6.96 against the dollar, approaching the psychologically important 7 mark .
It arrives today
Corporate: Barratt Developments (annual results), Halfords, WH Smith (trading statements)
Economy: GDP (EU), trade balance (US, China), house prices in Halifax (UK)