Good morning.
We start the day with a stern warning from Grant Shaps about the potential consequences of the food crisis.
The transport minister said the world could suffer “a lot of hunger and even hunger” as a result of the shortage caused by Putin’s war in Ukraine.
He said it was “absolutely important” for Ukraine – known as Europe’s granary – to continue exporting grain.
Ministers are currently considering options for intervening in the crisis, with the Times reporting that the Royal Navy could be sent to the Black Sea to protect ships carrying food supplies from Ukraine.
Mr Schaps said he had met with Alexander Kubrakov, Ukraine’s Minister of Infrastructure, and that various options were being considered.
5 things to start your day with
1) Henry Kissinger warns of Russia’s defeat as Western unity fights: Former US Secretary of State calls on Ukraine to cede territory to Putin to end war
2) The price of batteries for electric cars will rise as the war disrupts the supply chain: Rising prices will be the “biggest obstacle” for more consumers switching to electric, warns the International Energy Agency
3) Nicola Sturgeon, accused of “producing” the crisis in Scotrail: the Scottish government refused to discuss wages before industrial action, which caused a wave of redundancies, says the union.
4) Households are preparing to shut down the internet as a wave of bankruptcies threatens: Rising inflation, pushing smaller broadband providers to the brink, may leave homes offline
5) Millions “march to starvation” as Putin unleashes a global food catastrophe: The UN chief attacks Russia for provoking the worst humanitarian crisis since World War II.
What happened during the night
Shares of Hong Kong opened lower on Tuesday, with Hang Seng falling 0.4 percent.
The Shanghai Composite Index fell 0.2 percent, while the Shenzhen Composite Index on China’s Second Stock Exchange fell 0.6 percent.
In Tokyo, the Nikkei 225 benchmark fell 0.5 percent in morning trading, while the broader Topix index fell 0.5 percent.
Expect today
- Corporate: Cranswick, HomeServe, RS Group (year-round results); Bytes Technology, Greencore, Shaftesbury, SSP (intermediate); Hill & Smith Holdings, Hilton Food (trade statement)
- Economy: World Economic Forum (EU); PMI of services (UK, US, EU), manufacturing PMI (UK, US, EU); compiled PMI (USA, EU); new home sales (USA)
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