Germany activates ‘alarm phase’ of emergency gas plan as Putin cuts supplies

Ggood morning.

The government borrowed more than forecast in May, highlighting risks to public finances as the cost of living crisis threatens to plunge Britain into recession.

Rishi Sunak borrowed another £14 billion last month, which was £2 billion more than economists had forecast.

Debt interest payments reached £7.6bn – the highest ever in May, according to the ONS.

The rise in the cost of servicing debt reflects a jump in the retail price inflation index, from 11.7 percent last month.

5 things to start your day with

1) Brussels ‘holds the city higher than communist China’ ‘Strange and wrong’ to deny Square Mile companies access to the single market

2) British car battery champion tries to win Tesla from Elon Musk Plus: Charging electric cars to make up for 10-minute delays amid energy rationing

3) Unilever secretly fought plastic sachet ban it called ‘bad’ Company has privately lobbied against countries’ attempts to get rid of soap packaging – despite pollution promise

4) Crypto Giant Tether Targets British Investors With Sterling ‘Stablecoin’ The launch of a real product should make it easier for UK traders to access cryptocurrencies

5) Sir Jim Ratcliffe brings gas to Europe as the bloc struggles for supplies Chemical giant Ineos will import no less than 1.4 million tons of gas per year

What happened overnight?

Hong Kong stocks started gains this morning, after the previous day’s significant losses. The Hang Seng index climbed 0.7 percent.

The Shanghai Composite Index rose 0.06 pc, while the Shenzhen Composite Index rose 0.2 pc on China’s second exchange.

Tokyo shares opened higher, with the benchmark Nikkei 225 index rising 0.2 pc.

coming today

  • For Business: naked wines (full year results) Serco (trade statement)
  • Economy: Services PMI (UK, US, EU)production PMI (UK, US, EU)composite PMI (US, me)GfK consumer confidence (UK)economic bulletin (EU)jobless claims (U.S)bank stress test information (U.S)

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