Oil and gas prices rise again as Russian supply slows – live updates Business

gHello. Oil and gas prices have risen, ending days of decline, as Russian gas flows to Germany show signs of slowing. Brent crude is up 2.7%, while European gas is up 7%.

At noon today we will have the latest rate decision from the Bank of England, which is expected to raise the cost of borrowing for the third meeting in a row.

Meanwhile, Chinese stocks are rising further, extending yesterday’s gains after the trader was reassured by Beijing’s pledge that it backs market stability.

5 things to start your day

1) The race for diesel as Britain ditches Russian power Car fuel is a sore point for the UK in its reliance on Moscow for supplies

2) Michael Gove creates loophole to help councils evade Gazprom contracts Officials hope the plans will allow the councils to move away from the Russian energy giant without huge exit fees

3) Church of England targets companies with big Russian investments Church’s investment fund and pension board ask TotalEnergies to sever business ties

4) Russia on the verge of historic default after failing to pay $117m Finance minister says Moscow has the funds and ‘the ball is in the court’ of the US authorities

5) Rail staff will be forced to work weekends in a bid to increase train travel Unions pledge to fight measures to make bailed-out industry more efficient

What happened overnight

Asian markets rallied again on Thursday with another meteoric surge from tech companies helping Hong Kong extend its recovery. Hong Kong’s Hang Seng index soared more than 9% and the city’s tech gauge hit a record 22%. Tokyo charged 3% more, while Shanghai, Sydney, Seoul, Manila and Wellington all rose more than 1%, while Singapore, Jakarta and Taipei also saw big gains.

coming today

• Business : Cineworld, Endeavor Mining, FDM Group, Harbor Energy, Helios Towers, Marshalls, Premier Oil, Trainline (annual results); ocado (commercial update)
• Economy: Bank of England interest rate decision (UK)inflation (EU)building permit (WE)starts (WE)unemployment benefit claims (WE)