Musk shuns the EU as Twitter dissolves its entire Brussels office

Ofgem raised the energy price cap this morning, meaning nothing for UK households in the short term, but a lot for the Treasury.

The price cap will rise to £4,279 from January, meaning the government will have to pay nearly £1,800 per home over the course of the year after household bills are capped at £2,500 under the energy price guarantee.

5 things to start your day with

1) Households must reduce their energy consumption to beat Putin, says Hunt

2) Sunak abandons plans to override City regulators following Bank of England backlash

3) As Silicon Valley swings the axe, Ireland counts the cost of its tech addiction – When Google executives landed at Dublin Airport on a scouting trip to a possible European headquarters two decades ago, they were whisked into the city by Irish government officials. -at the heel port areas.

4) Middle-class outcry over whole-wheat flour in “white” sourdough – Ocado buyers are rioting after a fancy sourdough white bread recipe was revised to add whole-wheat flour, prompting the bakery behind it to cut costs from the Ukraine war. to deny.

5) Rishi Sunak Faces Backseat Rebellion Over Wind Turbines Amid Energy Crisis – Rishi Sunak Faces Revolt From His MPs Over Onshore Wind Amid Efforts To Overcome Energy Crisis. Simon Clarke, Member of Parliament for Middlesbrough South and East Cleveland, has introduced an amendment to the law to relax planning rules to make it easier to build turbines if communities want them to.

What happened from one day to the next

In the US, minutes of the Federal Reserve meeting, at which officials raised interest rates by 0.75 percentage points for the fourth consecutive time, suggested support for a slower pace of rate hikes.

Central bank officials are trying to stamp out inflation around the world.

Equities in the US closed higher as a result, with the S&P 500 rising 0.6 percent, while the Dow Jones Industrial Average gained 0.3 percent. The Nasdaq composite closed 1 percent higher.

Bond yields fell. The yield on the 10-year benchmark US government debt, which affects mortgage rates, fell from 3.76 percent to 3.69 percent.

Crude oil prices fell 3.7 percent, weighing down on energy stocks. US homebuilders rebounded after a report showed the housing market was healthier than previously thought.

Meanwhile, Asian stocks rose on Thursday, buoyed by signs that the US Federal Reserve could slow the pace of rate hikes and news of new economic stimulus from China.

MSCI’s broadest index of Asia-Pacific stocks outside of Japan rose 0.8 percent in early trading, boosted by a 0.6 percent gain in South Korean stocks, a 0.5 percent gain in Chinese blue chips and a 0.6 percent gain in Chinese blue chips. 0.9 percent in the Hong Kong Hang Seng index

Japan’s Nikkei rose 1.3%, S&P 500 futures gained 0.2% and Nasdaq futures rose 0.3%.

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