Russian stocks soar as Moscow reopens as Putin backs market Business

gHello.

Russian stocks rose as trading reopened after a historic shutdown of the Moscow Stock Exchange.

The benchmark rose 11% in early trading, driven by gains in energy stocks such as Lukoil and Gazprom.

The market is open for a shortened session, with just 33 stocks trading. Moscow has also implemented a series of measures to try to limit a sale, including a ban on short sales and foreign withdrawals of their investments, as well as a cash injection from the Russian wealth fund.

The Moscow Stock Exchange has been closed since February 26. It crashed as much as 45% after Russia invaded Ukraine – its biggest drop ever.

5 things to start your day

1) Commuters brace for record rail fare hike Ticket prices are expected to rise by around 10% if ministers keep them pegged to the retail price index (RPI)

2) Sunak withholding £32billion war chest amid economic uncertainty Ukraine crisis threatens Britain’s recovery as actions to obstruct Putin’s regime ‘aren’t free’

3) ‘Stealth tax’ on £33bn student loan funds Sunak gifts Reimbursement level freeze will be main source of revenue from Chancellor’s budget adjustments

4) P&O Ferries faces huge fine if it breaks the law, warns Boris Johnson Prime Minister condemns ‘insensitive’ nature of mass redundancies and promises employees working in UK will be paid minimum wage

5) Putin demands payment for Russian gas in rubles Tactic ups the ante on EU leaders and pushes prices up by a third

What happened overnight

At the start of trading, Tokyo, Hong Kong, Shanghai, Seoul, Wellington, Taipei and Bangkok were all down, although Sydney and Singapore made gains.

coming today

• Business : Bridgepoint, Energean, Next, International Public Partnerships (full year); SVC (temporary)
• Economy: Flash PMI Surveys (UK, Eurozone, Japan, US)unemployment insurance claims, durable goods orders (WE)