Good morning.

China is spending file quantity of cash on Russian vitality because it continues to broaden its reliance on the Kremlin within the wake of the Ukraine warfare.

Beijing forked out a file $8.3bn (£7.3bn) final month on a haul that included a file quantity of coal. In the six months for the reason that begin of the warfare, China has spent $44bn.

The figures spotlight the altering relationship between Russia and the remaining of the world, with Putin in search of various companions because the West shuns his exports.

While vitality costs have surged for the reason that invasion, China continues to be shopping for greater volumes, generally as a reduced worth.

5 issues to begin your day 

1) FCA to hire experts on ‘growth and competitiveness’ as it gears up for ‘Big Bang 2.0’  Treasury is in search of candidates with experience in utilizing regulation to drive progress within the Square Mile

2) German and Italian industry will struggle to recover from loss of Russian gas, warns Barclays  Economists predict the eurozone will shrink, triggering a recession for your complete forex space 

3) How a bitter £11.3bn radio row turned into a 999 emergency  Motorola accused of undermining efforts to exchange blue gentle companies’ ageing Airwave community 

4) The new CNN chief trying to shake off channel’s post-Trump hangover  Chris Licht oversees sweeping modifications as he battles to ‘type the treasure from the trash’

5) Pint of milk now more expensive than petrol at these supermarkets  Dairy worth will increase are even outpacing forecourt gasoline prices

What occurred in a single day 

Asian markets loved a much-needed bounce on Tuesday, monitoring Wall Street’s late rally. Hong Kong led the best way, rising greater than 1pc, with Sydney not far behind. Tokyo returned from an extended weekend to put up wholesome beneficial properties, whereas Seoul, Singapore, Taipei, Manila, Wellington and Jakarta had been additionally greater.

Coming up right now

  • Economics: Interest charge resolution (China), housing begins (US), constructing permits (US)
  • Corporate: City of London Investment Trust, Frasers (full-year outcomes); Haleon, Kingfisher (interims); Moonpig, TUI (buying and selling replace)

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