Gas prices jump 24pc as Putin turns off the taps

Ggood morning.

We’ve seen the first sign that Vladimir Putin is serious about his threat to turn off the taps.

Gazprom confirmed it’s cut off flows of natural gas to Poland and Bulgaria as they had failed to pay in roubles, adding that supplies will be halted until payment has been made.

European gas prices surged as much as 24pc amid fears the move could be a precursor to Putin turning off the taps for the rest of the continent.

Putin has ordered so-called “unfriendly” nations to pay for gas in rubles, but the EU has resisted, saying such a move would breach sanctions.

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what happened overnight

Asian markets were back in negative territory on Wednesday following a rout on Wall Street. There was a minor bounce in early trade for Hong Kong and Shanghai following a report that Xi Jinping had committed to boosting infrastructure spending, while there were losses in Tokyo, Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Jakarta

Coming up today

  • Corporate: GlaxoSmithKline, Go-Ahead Group, WH Smith (temporary); Aveva Group, Drax Group, Fresnillo, Lloyds Banking Group, London Stock Exchange Group, Metro Bank, Network International Holdings, Persimmon, WPP (trading update)
  • Economics: GfK consumer confidence (ger)pending home sales (US)

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