Wed. Jul 6th, 2022

Good morning. 

It’s a nervous start to the week for markets after tensions between Russia and the West mounted further over the weekend .

Oil and gas prices both jumped in early trading amid concerns a conflict could disrupt supplies and spark more chaos in Europe’s already-strained energy markets.

The FTSE 100 is set to follow Asian stocks into the red when markets open as the troubles also hit equities.

It comes after the US warned Russia could launch an invasion of Ukraine within days. Boris Johnson will travel to countries in Europe this week in a bid to unite Western allies.

5 things to start your day 

1) Taxman makes first ever seizure of NFTs.  British authorities have made their first ever seizures of NFTs, amid rising fears that the boom in digital art is providing new ways for criminals to hide money.

2) Satellite venture salvaged by Dominic Cummings faces fraud claim from Trump associateGiorgi Rtskhiladze claims he was not paid for arranging space rocket-launch rights for OneWeb in Kazakhstan.

3) Norfolk County Council takes on mighty Apple over profit warningThe council claims that Tim Cook’s comments around demand in China misled shareholders.

4) Uber to raise prices after High Court defeat imposes tax on ridesThe ride-hailing app will have to start charging VAT which would raise prices by up to 20pc.

5) EY hires 1,300 to cash in on net zero rules. Accounting firm sets up “EY Carbon” unit as part of £100m sustainability drive. 

What happened overnight

Asian stock markets fell Monday and oil prices rose amid concern about a possible Russian invasion of Ukraine.

The Nikkei 225 in Tokyo fell 2.6pc to 26,970.34 and the Hang Seng in Hong Kong lost 1pc to 24,665.17. The Kospi in Seoul retreated 1.6pc to 2,703.06.

The Shanghai Composite Index shed 0.4pc to 3,448.46 while Sydney’s S&P-ASX 200 gained 0.6pc to 7,257.70. New Zealand and Jakarta declined, while Singapore was unchanged.

Coming up today

  • Corporate: Glencore, Plus500 (full-year results)
  • Economics: Unemployment (UK), claimant count change (UK), average earnings (UK), GDP (EU), ZEW economic sentiment (EU), producer price index (US)

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Wizadclick | WAC MAG 2022