Good morning.
We start the day with another dire warning about the looming energy crisis.
Philippe Commaret, EDF’s managing director for customers, warned Britain faces a “dramatic and catastrophic” energy crisis in the coming months.
He told BBC Radio 4 that half of UK households could be in energy poverty in January, and called on the Government to provide more support.
It comes after the latest predictions from Cornwall Insight showed energy bills are on track to top £5,300 per year in April – a sharp jump from the previous forecasts.
5 things to start your day
1) Cineworld pays out $100m to bankers and lawyers in ill-fated survival battle World’s second-largest cinema operator is weighing up options for a rescue deal
2) Europe’s population to halve as surging house prices force couples to have fewer children Buying a home large enough to raise a family is increasingly out of reach
3) PwC hit with £200,000 lawsuit after auditor suffers ‘pub golf’ brain injury Michael Brockie described as ‘walking miracle’ after having half his skull removed
4) Murdoch heir goes into battle over US Capitol riots criticism Lachlan Murdoch’s lawyers threaten Australian news outlet with legal action over ‘co-conspirator’ claims
5) Vodafone sells Hungarian arm as Orban tightens his grip Deal for mobile operator is latest example of prime minister’s efforts to control economy
What happened overnight
Asian shares were down for a sixth straight session this morning after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows.
Unease over China’s economy continued to percolate as a cut in lending rates and talk of a fresh round of official loans to property developers underlined stresses in the sector.
Chinese blue chips were off 0.2pc having received only a fleeting lift from the latest policy easing.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.4pc, and has fallen every day in the past week.
The Nikkei lost 1.2pc after a PMI survey showed factory activity in Japan slowed to a 19-month low in August amid persistent rises in raw material and energy costs.
Coming up today
- Corporate: RM, John Wood Group (interims)
- Economics: Manufacturing PMI (UK, EU, US), services PMI (UK, EU, US), composite PMI (UK, EU, US), consumer confidence (EU), new home sales (US)
