Supermarket prices rise at fastest pace in a decade Business

gHello.

This should be a positive start for the FTSE 100, which is poised to reverse yesterday’s losses at the open.

The blue chip index closed lower on Monday, dragged lower by oil prices as fresh lockdowns in Shanghai sparked fears over demand.

But hopes for progress in negotiations between Russia and Ukraine helped boost investor sentiment, with U.S. and Asian stocks rising overnight.

5 things to start your day

1) P&O Ferries has stopped a second ship for safety reasons The ship remains in Dover days after the ferry was not allowed to leave the port in Northern Ireland

2) Security flaws put electric cars at risk of cyber hacking Electric cars can be hacked through charging stations

3) Gas imports will soar without more investment in the North Sea, industry warns Offshore Energies UK says Norway now supplies more oil to the UK than the country’s own producers

4) Brussels takes legal action against UK over use of British coins in wind farms The EU has lodged a complaint with the World Trade Organisation, in its first such move since Brexit

5) Waitrose on warpath after Asda launches Just Essentials range Supermarkets compete for the brand of their lower-cost products

What happened overnight

Asian stocks rose on Tuesday as falling oil prices and the prospect of further ceasefire talks between Russia and Ukraine helped sentiment.

Stocks rose in Japan and Hong Kong, but fell in China.

Japanese equities led Asian equities’ gains as the Bank of Japan defended its ultra-easy stance, while oil slid on fears of weaker demand from China as Shanghai pursued a “zero -Covid” by locking.

The Japanese Nikkei gained 0.91pc in early trading, while MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.64pc.

coming today

• Business : AG Barr, Burford Capital, IQE, Ten Entertainment Group, S&U (annual results); Bell (temporary)
• Economy: Consumer credit (UK)mortgage approvals (UK)BRC shop price index (UK)housing price index (WE)