Putin cuts the gas: fears send the euro plunging near parity with the dollar
Germany has begun an unofficial process of energy rationing amid growing fears that Putin’s gas cuts could lead to blackouts this winter.
Economy Minister Robert Habeck put the country into the second phase of his three-stage emergency gas plan, warning: “We must be prepared for the situation to become critical”.
Although this step does not include rationing, some local authorities and housing companies have taken matters into their own hands.
Vonovia, the country’s largest residential landlord, said it would lower the gas central heating temperature for its tenants to 17 degrees between 11 p.m. and 6 a.m., the Financial Times reports.
A housing association in Saxony said it would start rationing hot water supplies, while Cologne would dim its street lighting.
Things could still get worse. The key Nord Stream pipeline from Russia to Germany is due to close for maintenance work next week, and some fear it may never reopen.
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2) HSBC banker quits, says ‘cancel culture destroys wealth and progress’ – Stuart Kirk was suspended in May after attacking climate change ‘crazy jobs’
3) PwC partners receive record £1m payout – Exceptional sales and “exceptional” year push salary to new high
4) Facebook threatened with EU data processing ban – Facebook said sending user details to the US violates European data laws
5) Bank of England hawk urges ‘early loading’ interest rate hike – Businesses are losing confidence in the Bank’s ability to control inflation, new survey finds
What happened overnight
Hong Kong shares jumped early this morning, with the Hang Seng index climbing 1.5%.
The Shanghai Composite Index rose 0.5pc, while the Shenzhen Composite Index on China’s second-largest stock exchange gained 0.4pc.
Tokyo shares opened higher after gains on Wall Street. The benchmark Nikkei 225 rose 0.5% in early trading.
Company : Vistry Group (commercial statement)
Economy: Non-agricultural payroll, unemployment rate, average hourly earnings, activity rate (WE)