Blackout fears rise as electricity prices in Europe hit €500 for the first time
Vacancies in the UK fell for the first time since August 2020, a further sign that the cost of living crisis could push Britain into a recession.
The number of open jobs with employers fell by 19,800 to 1.27 million in the last quarter, according to the ONS. Although this is still very high by historical standards, it is the first decline in two years.
Meanwhile, the number of people in employment rose by 160,000. That’s a 46% drop in job creation from the previous quarter.
In a further sign of squeezed household budgets, real wages fell 3% after adjusting for inflation – the biggest drop since records began in 2001.
5 things to start your day
1) The raw gas storage site is allowed to start filling in a few weeks: The move will allow the facility to start filling up for the winter within weeks
2) Private equity snaps up cybersecurity firm Darktrace: Chicago-based Thoma Bravohe has entered into preliminary negotiations with the British technology company
3) Ousted WeWork founder raises $350 million for ‘seismic shift’ in home rentals: Adam Neumann got the money for the new deal stream from Silicon Valley investor Andreessen Horowitz
4) A coal miner dubbed “worthless” in the net zero world reports a 3,000% increase in profits: Demand for polluting fossil fuels has skyrocketed since Russia invaded Ukraine
5) Elon Musk writes for China’s censors and welcomes more “like-minded Chinese partners”: Billionaire thinks Chinese companies ‘will be a force to be reckoned with’
What happened overnight
Asian markets struggled to find their bearings this morning, weighed down by concerns over global growth following weak Chinese data that sent oil prices and commodity-linked currencies tumbling.
The dollar held near a one-week high as investors retreated to the safe-haven currency, while the Australian dollar, euro and Chinese yuan fell.
MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.2%, rebounding from Monday’s losses. The benchmark MSCI has gained 5% from year lows but is still down 15% so far this year.
- Company : Castings (annual results); Genuit (intermediate results); Watches from Switzerland (commercial declaration)
- Economy: Labor Market (UK); ZEW surveys (Germany); housing starts (US)