Fears for European gas supplies as Ukraine cuts Russian exports | #cybersecurity | #cyberattack

Good morning.

Gas prices have pushed higher amid a clash between Ukraine and Russia that threatens to disrupt a third of the fuel supplies delivered to Europe.

Ukraine said flows via one of two key entry points will stop from today as occupying Russian troops interfere with operations. It’s declared a force majeure, meaning it’s unable to provide deliveries for reasons beyond its control.

The country’s network operator said these supplies – roughly a third of all Russia’s flows to Europe – could be rerouted. However, Gazprom insisted such a switch was “technically impossible”.

Benchmark European gas prices rose as much as 6.8pc at the open, while the UK equivalent was up 9pc.

5 things to start your day 

1) Russia responsible for satellite hack causing chaos across Europe  Cyber attack shut down 5,800 German wind turbines ahead of Ukraine invasion 

2) EA Sports blows full-time whistle on its Fifa football video game  Electronic Arts to launch new EA Sports FC title 

3) Rise of EVs risks wave of ‘catastrophic’ shipping fires  Thousands of vehicles, including Bentleys and Porsches, sank in the Atlantic in March 

4) Britain joins the space race with first satellite launch from Cornwall  Shoebox-sized satellites to be sent into orbit this summer

5) Top City lawyers to take classes on menopause  Linklaters hopes this new training will ‘facilitate open discussions’ about menopause

What happened overnight 

Hong Kong equities opened slightly down on Wednesday, steadying after losses from Wall Street’s rout on fears of economic risks from surging inflation.

The Hang Seng Index dropped 0.6pc at open. The Shanghai Composite Index climbed 0.3pc, while the Shenzhen Composite Index on China’s second exchange rose 0.6pc.

Tokyo stocks also opened lower on Wednesday. The benchmark Nikkei 225 index was down 0.6pc, while the broader Topix index was off 0.5pc.

Coming up today

  • Corporate: Brewin Dolphin, Compass Group, Tui (interims); Airtel Africa, ITV, Marshalls, Spirax-Sarco (trading statement)
  • Economics: Consumer price index (US, China), economic growth forecasts (EU), RICS house price balance (UK)

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