Shell in talks to transfer Russian activities to China

Ggood morning.

Russia’s race to avert debt default has intensified as it tries to find a way around sanctions.

The country is getting closer to bankruptcy after Wall Street banks halted interest payments on two-dollar bonds and forced the country to pay in rubles.

Yesterday, the Credit Derivatives Determinations Committee said the ruble payment was a potential default, fueling fears that Russia may have reversed its defaults.

Moscow is now said to be exploring ways to divert bond payments through domestic institutions, although it is still unclear whether this will work.

5 things to start your day with

1) Rosneft Efforts to Unload Crude Oil Ahead of Feared EU Embargo Russia’s largest oil supplier, Rosneft, has made an offer for three shipments of 700,000 barrels

2) City firms deploy ‘red herring’ benefits to prevent Great Resignation Record job openings force employers to be inventive about benefits, despite doubts about whether work-life balance is really changing

3) Lower speed limit by 10 mph to beat Putin, says Sir Richard Branson Billionaire calls for 60mph limit on highways to ‘save lives’ by cutting energy consumption

4) Apple automatically blocks children’s access to nude photos sent to their iPhones New Apple feature sends a prompt to kids before they can view indecent images

5) Families will be forced to spend £34bn in lockdown savings on credit card bills Households will be significantly worse off as high prices put consumers in debt

What happened overnight?

Shares in mainland China and Hong Kong fell Thursday, hurt by concerns over the Chinese economy, but a sudden drop in longer-term US Treasury yields gave support to other benchmark indices.

A 0.78 percent drop for Hong Kong and a 0.36 percent drop for blue chips in mainland China pulled MSCI’s broadest index of Asia-Pacific stocks outside Japan 0.22 percent lower.

But stock benchmarks in Australia and Korea were up, while Japan’s Nikkei was up 0.81pc. Nasdaq futures gained 0.6 percent and S&P500 futures rose 0.4 percent.

coming today

  • Commercial: Antofagasta, AJ Bell, Anglo American, Foxtons, Man Group, Meggitt, Polymetal International, Relx, Rentokil Initial, Segro (trade statements)
  • Economy: Inflation (EU)consumer confidence (EU)jobless claims (US)IMF meeting (US)

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