Fed Raises US Interest Rates High After Financial Crisis – Live Updates

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The energy crisis in Europe has deepened further this morning as the continent braces for another cut in Russian gas supplies.

Orders show flows through the key Nord Stream gas pipeline – the largest gas link between Russia and the EU – will operate at just 20% capacity from 8am Berlin time. This matches cuts threatened by the Kremlin earlier this week.

Benchmark gas prices rose 11% in their sixth day of gains, extending the 24% rise since the start of the week.

Prices are now more than 10 times higher than usual levels for this time of year. This raises fears of power outages this winter and also threatens to plunge the region into a recession.

5 things to start your day

1) Long Covid cuts its workforce by 110,000 people Cases exacerbate skills shortage and hamper economic recovery

2) Rishinomics ‘complacent’ in spotlight in showdown to become prime minister The leadership contestant’s policies he outlined in TV debates, in depth

3) ‘Cannot be trusted’ in fair award of Randox Covid contracts, say MPs The diagnostics company has received nearly £800million in test kit contracts during the pandemic

4) Union bosses blocked a railway wage deal that could have averted the strike RMT has rejected Network Rail’s proposals for a further pay rise

5) Credit Suisse, hit by the crisis, will lose its second chief in three years Thomas Gottstein was brought in to restore the bank’s reputation, but presided over a series of costly missteps and profit warnings

What happened overnight

Shares in Tokyo opened lower this morning, with the benchmark Nikkei 225 index plunging 0.4pc. While the broader Topix index fell 0.31pc.

Hong Kong shares fell more than 1pc at the open.

The Shanghai Composite Index fell 0.2pc, while the Shenzhen Composite Index on China’s second-largest stock exchange also fell 0.2pc.

coming today

  • Company : British American Tobacco, Ibstock, Lloyds Banking Group, Primary Health Properties, Provident Financial, Reckitt Benckiser, Rio Tinto, Smurfit Kappa, Unite Group (interim); Fresnillo, GSK, Lancashire Holdings, Paragon Banking, Wizz Air (Business Update)
  • Economy: Fed Interest Rate Decision (US), Durable Goods Orders (US), GfK Consumer Confidence (Germany)
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