Thanks for being with us today. We start with news from the head of Shell, who has said that cutting oil and gas production would be “dangerous and irresponsible”.
Wael Sawan has insisted that the world is still “in desperate need of oil and gas” to prevent a rise in energy costs as households struggle with the cost of living.
5 things to start the day
1) Britain deals with ‘fantasy land economy’, says retail boss | Companies are unable to reduce prices to previous levels as wage pressures increase
2) Glass skyscrapers will become a thing of the past in net zero drive | New offices with smaller windows could be built in the race to meet energy efficiency targets
3) SNP racked up £148,000 taxpayer bill at Cop 27 climate conference | Nicola Sturgeon and other officials spent thousands on luxury hotels, flights and food.
4) Murdoch will keep TalkTV on the air despite low viewership numbers | Company denies reports of impending shutdown as numbers lag far behind rival channels
5) Met official slammed over Sarah Everard’s comments to head Serious Fraud Office | Whitehall insists the appointment comes after a “rigorous” search for a new director
what happened overnight
goal has officially He launched his rival on Twittercalled Threads, which offers users an alternative to the social media platform owned by billionaire Elon Musk.
Stocks fell in Asia after Wall Street fell following a rally that has seen it rise 16% year-to-date.
Hong Kong’s Hang Seng Index fell 3% on sharp selling of Chinese bank shares after Goldman Sachs downgraded them citing concerns about a slowing economy and lenders’ exposure to debt. Japan’s Nikkei 225 lost 1.7%.
Wall Street’s main indexes fell on Wednesday after tepid economic data from the US and China fueled fears of a global slowdown.
The S&P 500 fell 8.77 points, or 0.2%, to 4,446.82. The Dow Jones Industrial Average decreased 129.83 points, or 0.4%, to 34,288.46. The Nasdaq Composite fell 25.12 points, or 0.2%, to 13,791.65.
Returns were mixed in the bond market, as minutes from the latest Federal Reserve meeting fueled bets for further interest rate hikes.
The 10-year Treasury yield rose to 3.94% from 3.86% on Monday, when bond trading ended before the US Independence Day holiday.
The two-year Treasury yield, which is moved more by Fed expectations, held steady at 4.94 percent.