Fears for European gas supply as Ukraine cuts Russian exports Business

ggood morning.

Gas prices have risen amid a clash between Ukraine and Russia that threatens to disrupt a third of fuel supplies delivered to Europe.

Ukraine has said flows through one of two key entry points will stop from today as Russian occupation troops interfere with operations. It has been declared force majeure, which means that it is unable to ensure deliveries for reasons beyond its control.

The country’s network operator said those supplies – about a third of all flows from Russia to Europe – could be rerouted. However, Gazprom insisted such a change was “technically impossible”.

Benchmark gas prices in Europe rose 6.8% at the open, while the UK equivalent rose 9%.

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What happened overnight

Hong Kong shares opened slightly lower on Wednesday, stabilizing after losses from the Wall Street rout on fears of economic risks from soaring inflation.

The Hang Seng index fell 0.6pc at the open. The Shanghai Composite Index climbed 0.3pc, while the Shenzhen Composite Index on China’s second-largest stock exchange rose 0.6pc.

Shares in Tokyo also opened lower on Wednesday. The benchmark Nikkei 225 was down 0.6pc, while the broader Topix index was down 0.5pc.

coming today

  • Business : Brewin Dolphin, Compass Group, Tui (interims); Airtel Africa, ITV, Marshalls, Spirax-Sarco (commercial statement)
  • Economy: Consumer price index (USA, China)economic growth forecast (EU)RICS house price equilibrium (UK)

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This notice was published: 2022-05-11 07:31:26

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