Good morning.
Chinese companies seem to be sailing close to the wind, quietly grabbing Russian oil at big discounts.
Independent oil refineries in the country have continued to deal with Russian oil suppliers since the start of the war, but have stopped reporting them, according to the Financial Times.
The state’s state-owned energy companies have publicly suspended new contracts. But purchases from independent refineries suggest China is finding alternative ways to access cheap oil without attracting public scrutiny.
The move risks provoking the United States to impose secondary sanctions to cut off Kremlin revenue. The United States and the United Kingdom have already banned the import of Russian oil, while the EU is ready to introduce a gradual ban.
5 things to start your day with
1) Klarna’s purchases will now affect customers’ credit ratings, Buy Now, Pay Later transactions on the platform will be reported to credit agencies
2) Energy companies accused of artificially increasing direct debits paid by millions of customers Kwasi Kwarteng orders Ofgem to find companies that break the rules
3) TalkTV ratings plummet as viewers retire. Pierce broadcaster Morgan Rupert Murdoch suffers from 80% drop in audience for the lead show after the interview with Trump
4) Cazoo struggles to increase speed as supply problems hold it back. Wheels can be taken down by online car dealers as stock prices fall and progress slows
5) Airliners “stolen” by Putin to cost aircraft lease a whopping $ 304 million Aircraft leasing companies record the value of aircraft in Russia, while the Kremlin puts aircraft out of the reach of foreign owners
What happened during the night
Asian markets were mixed by holiday trade.
At around 2.30 GMT, the Hang Seng index fell 0.8% and the yen fell 130.09.
The Nikkei 225 and Shanghai Composite were closed for the holidays.
Expect today
- Corporate: Boohoo Group (all year); Aston Martin Lagonda (Intermediate); Direct Line, Flutter Entertainment, JD Wetherspoon, OSB Group
- Economy: Fed (US) interest rate decision, combined PMI (US, EU), services PMI (US, EU), retail (EU), mortgage approvals (UK), ADP employment change )
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