Good morning.
Russia has taken a step toward reopening its markets, but only to countries it considers “friendly.”
Bond trading will resume today on the Moscow Stock Exchange for investors from “non-hostile countries,” meaning those that have not targeted Russia with sanctions.
China and Turkey are likely to be included in this group. But the measure excludes countries such as EU states, Canada and Japan, which together accounted for 90% of investments in Russia last year.
It marks the end of a nearly six-month shutdown, with Putin shutting down bond and stock markets following his invasion of Ukraine in late February.
5 things to start the day
1) Saudi Aramco posts record profits as oil demand rises: The state-owned giant makes a record $48.4 billion in the second quarter.
2) Nine out of 10 Bank of England staff handed bonuses as inflation rises: More than 300 staff received a bonus of between £10,000 and £15,000.
3) Pubs and restaurants warn of winter closures as energy bills rise 300%: Industry pushes for consumer-style price cap, says crisis ‘is no less threatening” than the drought affecting Great Britain
4) UK’s first four-day-a-week trial battles staff confusion and turnover chaos: Companies involved say policy may not survive beyond ‘uneven’ experiment
5) The Peckham Thatcherite who ‘straightened out’ Stormzy: Carpet tycoon Lord Harris has won praise from the rapper for his commitment to education
What happened during the night
Tokyo stocks opened higher this morning after gains on Wall Street. The benchmark Nikkei 225 rose 0.6%, while the broader Topix rose 0.2%.
Meanwhile, Hong Kong shares fell at the open, with the Hang Seng index plummeting 0.7%. The Shanghai Composite Index fell 0.3% and the Shenzhen Composite Index of China’s second bourse fell 0.2%.
It arrives today
Corporate: Phoenix Group (provisional results)
Economy: GDP (Japan); industrial production, retail sales (China); public holiday (Germany/France/Spain)