FTSE 100 slides again after week of market turmoil
Britain and the EU are said to be preparing sanctions on new Russian gas projects in retaliation for any attack on Ukraine.
The planned sanctions, which would form part of a wider package of economic measures, marks a step up in potential defensive moves against Moscow’s aggression in eastern Europe.
Hitting gas projects is a bold move, given Europe relies on Russia for 40pc of its gas imports and is already in the clutches of an energy crisis.
But targeting new projects is seen as a way of striking at the country’s main industry while not causing more disruption in the short term, the FT reports.
5 things to start your day
1) Nicola Sturgeon relies on Bank of England amid record deficit New report shows Scotland’s potential challenges as an independent state
2) M&S launches TikTok-inspired ‘live shopping’ to win younger customers The 137-year-old company is thought to be the first major UK retailer to launch this feature
3) Apple avoids global microchip crunch with $124bn record sales Tech giant posts highest-ever profits but iPhone growth slows as pandemic gadget-mania loses steam
4) Wasps and bees force Heathrow take-offs to be abandoned Airport, airlines and authorities have taken steps to increase safety
5) Calling cars ‘self-driving’ should be criminal offence if human input needed, says Law Commission Proposed law may prove challenging for Elon Musk’s Tesla
What happened overnight
Asian markets were mixed on Friday, at the end of a broadly damaging week for global investors as the Federal Reserve gave notice that the days of ultra-cheap cash were coming to an end quicker than envisaged.
Some bargain-buying provided support after Thursday’s steep drops, with Tokyo and Sydney both up about 2pc.
Singapore, Seoul, Manila and Jakarta were also up, but Hong Kong lost more than 1p to 23,548/75, and Shanghai was down 0.8pc to 3,366.72.
Coming up today
- Corporate: Paragon Banking Group (Trading update)
- Economics: Consumer confidence (EU), core personal consumption expenditures (US), Michigan Consumer Sentiment Index (US)