The company behind Nord Stream 2 has laid off all its staff and is said to be considering insolvency after the controversial pipeline was hammered by sanctions.
Nord Stream 2 AG, which is registered in Switzerland and owned by Kremlin-controlled gas giant Gazprom, said it was forced to terminate contracts with employees after it was targeted by US sanctions.
The company has also been working with a financial adviser on clearing some of its liabilities and is now considering filing for insolvency, Reuters reports.
The pipeline developer has completed the $11bn (£8.2bn) gas link, but Germany halted its approval following Russia’s invasion of Ukraine. In a further blow, major backer Shell said it was pulling out of the project.
02:04 PM
German inflation rises again in February
German inflation rose again in February as the war in Ukraine added to fears that prices will stay higher for longer.
Consumer prices rose by 5.1pc year on year last month, according to the latest official figures. That came after the pace slowed in January to 4.9pc.
The renewed rise dashes previous expectations that inflation would progressively ease after reaching a decades-high peak of 5.3pc in December.
Statistics body Destatis said the continued squeeze on prices was down to “Covid-19-related effects such as delivery bottlenecks”, while “energy product prices continue to have an impact”.
It added that long-running pressures had been “superimposed by uncertainties caused by the Russian attack on Ukraine”, which threatens to further increase the price for energy.
01:55 PM
Harley-Davidson suspends shipments to Russia
Harley-Davidson has become the latest company to halt business with Russia as western sanctions step up a gear.
The iconic motorbike brand said it’s suspended business and shipments of its bikes to the country following its invasion of Ukraine.
It comes after Jaguar Land Rover this morning said it was pausing deliveries of vehicles to Russia. General Motors and Daimler Truck have also done the same.
01:44 PM
War wipes £50bn off London’s Russia-exposed stocks
As the war in Ukraine escalates, companies with ties to Russia are increasingly feeling the heat.
The 19 London-listed firms with more than 5pc exposure to Russia have had £50bn wiped off their market valuation.
Simon French, chief economist at Panmure Gordon, points out that more than two-thirds of their value has evaporated since the start of the year. They now account for less than 1pc of all London stocks.
Staggering loss of market capitalisation amongst the 19 London-listed public companies with >5% Russian exposure. Down 2/3rds since start of the year – shrinking total market cap from £75bn to less than £25bn. Now less than 1% of FTSE All Share. pic.twitter.com/LJ3gdtcrU6
— Simon French (@shjfrench) March 1, 2022
01:02 PM
Oil prices surge to fresh seven-year high
Oil prices kept soaring this morning as Russia’s invasion of Ukraine spread fears of major disruptions to global supply.
West Texas Intermediate climbed as much as 6.1pc in New York trading to hit $101.53 a barrel – its highest since 2014.
Benchmark Brent crude jumped by more than $6 to above $104 a barrel. It reached its highest in seven years last week, at just shy of $106.
12:45 PM
British energy firm ready to start selling gas to Russia’s Gazprom
A British energy producer is to sell gas to an arm of Russia’s state gas giant Gazprom despite growing pressure on companies to cut ties to the Kremlin, writes Rachel Millard.
London-listed Independent Oil and Gas struck a deal in July to sell gas from its fields in the southern North Sea to Gazprom Marketing and Trading.
It comes as both Shell and BP said they would both sell out of their interests in Russia in response to Russia’s invasion of Ukraine.
IOG said it would expect to find another buyer for its gas if the Gazprom subsidiary was hit with sanctions, the Financial Times first reported on Tuesday.
IOG was one of the companies which received investment from London Capital and Finance, the mini-bond seller which collapsed in 2019 owing about £237m to nearly 12,000 investors.
12:41 PM
Moscow to pump $10bn into Russian companies
Alongside the ban on foreign investors selling assets, Russia is also preparing to divert billions of dollars to prop up its own companies.
The country’s huge sovereign wealth fund will spend up to 1 trillion roubles ($10.3bn) to buy shares in Russian firms.
The Kremlin is desperately battling to mitigate the impact of sanctions, which have driven the rouble to a record low against the dollar and sparked economic chaos. The Moscow Exchange remains closed for a second day.
12:36 PM
Wall Street set to slide
Wall Street looks set to drop at the opening bell, with banking stocks suffering more losses as the Russia-Ukraine crisis deepens.
Citigroup fell 1.6pc in premarket trading to lead losses among the big banks as the war and ensuing sanctions continue to rattle markets.
Futures tracking the S&P 500 and Dow Jones fell 0.6pc, while the Nasdaq pointed 0.7pc lower.
12:32 PM
Jaguar Land Rover to pause sales to Russia
Jaguar Land Rover is halting deliveries to Russia due to “trading challenges” in the wake of the war in Ukraine.
The British car maker, which is based in Coventry, said it was halting sales and would keep monitoring the situation. Last year it sold 6,900 vehicles in the country.
Business Secretary Kwasi Kwarteng welcomed the decision, writing on Twitter: “There is now a rapidly growing number of companies and governments joining the whole international community in isolating Russia, both diplomatically and financially.”
I welcome Jaguar Land Rover’s decision to pause the delivery of vehicles into the Russian market.
There is now a rapidly growing number of companies and governments joining the whole international community in isolating Russia, both diplomatically and financially.
— Kwasi Kwarteng (@KwasiKwarteng) March 1, 2022
12:25 PM
EU to block seven Russian banks from Swift
The EU is said to be discussing a ban of seven Russian banks from the Swift financial messaging system, including VTB and Bank Rossiya.
The other institutions targeted are Bank Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF, according to a draft list seen by Bloomberg.
The list is a subset of the banks already facing sanctions from the bloc and doesn’t include Sberbank – Russia’s biggest lender – or Gazprombank.
The final list would need to be agreed upon with other jurisdictions including the US.
Western nations agreed over the weekend to exclude some Russian banks from the Swift system, which underpins trillions of dollars worth of global transactions, amid wider sanctions against Moscow.
12:09 PM
‘Watch your tongue!’: Russia hits back at France’s ‘economic war’ threat
Russia’s top security official has hit back at France’s finance minister Bruno le Maire after he promised to wage an economic and financial war against Russia.
Dmitry Medvedev, a former Russian president, wrote on Twitter: “Today, some French minister has said that they declared an economic war on Russia.
“Watch your tongue, gentlemen! And don’t forget that in human history, economic wars quite often turned into real ones.”
Earlier today Le Maire told French radio that “we are going to deliver a total economic and financial war against Russia” over its invasion of Ukraine.
Today, some French minister has said that they declared an economic war on Russia. Watch your tongue, gentlemen! And don’t forget that in human history, economic wars quite often turned into real ones
— Dmitry Medvedev (@MedvedevRussiaE) March 1, 2022
12:01 PM
FTSE 100 drops 1.4pc
The FTSE’s losses just keep deepening. Early gains have been completely reversed, and the blue-chip index is now down 1.4pc.
Polymetal International has once again posted a dramatic fall of 26.8pc. Fellow Russian miner Evraz has shed 14pc.
The biggest drag, though, is coming from oil giants BP and Shell, which have both announced plans to withdraw from Russia.
Gambling group Flutter is also down 14pc after the Ukraine crisis and unfavourable sports results dented its full-year figures.
11:34 AM
UK passes law to ban all Russian ships from ports
The Government has passed a new law banning all ships that have any connection to Russia from entering British ports.
Transport Secretary Grant Shapps said yesterday that he’d written to all ports asking them to refuse entry to ships that were Russian flagged, registered or controlled while ministers drew up new legislation.
In a tweet this morning, Mr Shapps wrote: “We’ve just become the first nation to pass a law involving a total ban of all ships with any Russian connection whatsoever from entering British ports.”
At London’s Foreign Office where we’ve just become the first nation to pass a law involving a total BAN of ALL ships with ANY Russian connection whatsoever from entering British ports.
Please RT to encourage all countries to do the same in support of the people of #Ukraine ?? pic.twitter.com/yjI9NRD6E3
— Rt Hon Grant Shapps MP (@grantshapps) March 1, 2022
11:29 AM
Nord Stream 2 owner sacks staff as it weighs up insolvency
The company behind the scandal-hit Nord Stream 2 pipeline from Russia to Germany is said to have sacked hundreds of workers amid reports it’s preparing for insolvency.
The US last week sanctioned Nord Stream 2 AG, which is registered in Switzerland and owned by Kremlin-controlled gas giant Gazprom, following Russia’s invasion of Ukraine, meaning other entities will be blocked from doing business with it.
The company has completed the $11bn (£8.2bn) gas link, but Germany halted its approval due to the crisis. In a further blow, major backer Shell said it was pulling out of the project.
Nord Stream 2 AG has been working with a financial adviser on clearing some of its liabilities and could formally begin insolvency proceedings as soon as this week, Reuters reports.
The company is also terminating the contracts of workers. Switzerland’s Economy Minister Guy Parmelin told local radio that all Nord Stream staff – more than 140 employees – who worked in Zug had been fired.
11:08 AM
Bain and CVC abandon £6bn Boots takeover
Private equity firms Bain Capital and CVC are said to have abandoned their pursuit of Boots in a move that could open the door to a takeover by Asda.
The consortium of suitors led by the two firms decided against submitting a formal offer last week despite months working on a potential deal, Sky News reports.
The decision is said to have been driven largely by the price expectations of owner Walgreen Boots Alliance.
It leaves just a handful of bidders – including Asda, Apollo Global Management and Sycamore Capital – with offers of more than £6bn reportedly tabled last week.
10:56 AM
Oil jumps back above $100
Oil has jumped back above $100 a barrel as markets struggle with huge uncertainty over the war in Ukraine.
Prices dipped in late trading yesterday as traders weighed up the impact of western sanctions as well as potential plans by the US and other major consumers to release 60m barrels from their stockpiles.
But benchmark Brent crude jumped around 4pc to over $101 as caution returned.
Louise Dickson, analyst at Rystad Energy, told Bloomberg:
The fragile situation in Ukraine and financial and energy sanctions against Russia will keep the energy crisis stoked and oil well above $100 per barrel in the near-term and even higher if the conflict escalates further.
10:22 AM
FTSE 100 drops 0.9pc
The FTSE 100’s rally has proved to be short-lived, with the blue-chip index quickly falling back into the red.
Shares had started on the front foot this morning as markets took a breather after Monday’s sell-off. But lingering worries over Ukraine, coupled with some disappointing corporate results, mean the FTSE is now trading down 0.9pc.
Russian miner Polymetal International has tumbled 17pc, continuing its run of heavy losses since the invasion started last week.
Paddy Power and Betfair owner Flutter dropped 14pc after the war and a string of unfavourable sporting results dented its profits. This also dragged down rival Entain by 5.8pc.
Shell and BP, which have both announced plans to withdraw from Russia, weighed heavily on the index.
Losses are being capped by commodity firms including Rio Tinto and Anglo American. Meanwhile, AstraZeneca pushed higher on a deal to develop an experimental heart drug.
The fall is even more severe for the FTSE 250, which is down 1.2pc. Publisher Reach and miner Petropavlovsk posted the biggest declines.
10:09 AM
Expert reaction: Promising signs for construction but Ukraine risks looms
Dave Atkinson at Lloyds Bank said the latest PMI data shows signs of further growth, but supply chains could start to feel the impact of the Ukraine crisis.
The sector continues to enjoy strong growth as it defies the drag of supply chain constraints and inflationary pressures.
There are also promising signs for further growth. The incoming corporation tax rise could stimulate growth as some firms choose to reinvest taxable profits into the business.
The aerospace subsector is also readying for a period of acceleration as the threat of Covid subsides and typical production cycles resume in line with growing passenger numbers.
However, the ripple effect from the situation in Ukraine on international supply chains is naturally creating concern. We should expect to see some stockpiling by companies with supply chains in the region as they seek to mitigate against the fluctuating currencies and raw material costs.
10:00 AM
Manufacturing growth picks up as supply troubles ease
Growth in the UK manufacturing sector gathered pace in February thanks to strong demand, fewer material shortages and easing supply troubles.
The IHS Markit PMI rose to a three-month high of 58 last month, up from 57.3 in January.
Faster growth of output, new orders and stocks of purchases all helped lift the gauge in February, offsetting the impact of slower job creation and a lessening of supply chain disruptions.
Although input price inflation remained elevated, the latest survey also signalled that cost increases were starting to moderate.
The UK manufacturing #PMI rose sharply in February to a 3-month high of 58.0 (Jan: 57.3). Output growth was aided by stronger domestic demand and easing global supply chain pressures. Input price inflation remained elevated, however. Read more: https://t.co/zHzHhXTW3Z pic.twitter.com/u3ld0K5HYT
— IHS Markit PMI™ (@IHSMarkitPMI) March 1, 2022
09:54 AM
Consumer borrowing falls back as inflation bites
Britons unexpectedly scaled back their borrowing in January, suggesting a mood of heightened caution as households brace for a cost-of-living crisis.
Borrowing using credit cards, personal loans and overdraft totalled around £600m during the month, according to Bank of England figures. That’s down from £800m in December and below the average in the second half of last year.
Mortgage approvals and lending rose more than forecast, suggesting the house market boom continued at the start of the year.
09:48 AM
Gas prices rise as traders weigh risk of Russia supply cuts
Natural gas prices have climbed again this morning amid concerns Russia could cut supplies to Europe after it was hit with sanctions.
Benchmark prices rose as much as 7.5pc in their second day of gains. The UK equivalent was up 6.3pc.
While Russian gas continues to flow interrupted to Europe, officials are preparing for the Kremlin to halt shipments in retaliation to sanctions.
Europe relies on Russia for about a third of its gas, with many shipments flowing through pipelines crossing Ukraine. Any disruptions could push prices even higher and deepen the ongoing energy crisis.
Read more: Ship carrying Russian gas to UK is diverted as Europe unites to weaken Kremlin stranglehold
09:38 AM
French energy giant Total refuses to pull out of Russia
BP and Shell have both announced they’re withdrawing from Russia, but it seems Total Energies won’t be following suit.
The French company said it will no longer provide capital for new projects in the country, but stopped short of divesting its assets.
It said: “TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia.
“TotalEnergies will no longer provide capital for new projects in Russia.”
In comes after Total held talks with the French government over its presence in Russia, with finance minister Bruno le Maire insisting it was a “question of principle”.
BP has announced it’s selling its 20pc stake in Kremlin-controlled Rosneft, while Shell is withdrawing from its joint ventures with Gazprom and cutting its involvement in the Nord Stream 2 pipeline.
09:26 AM
Mirror owner Reach drops 20pc as it warns on print inflation
Newspaper group Reach has plunged more than 20pc to the bottom of the FTSE 250 after it warned cost inflation in print would dent its profits in the year ahead.
The Mirror and Express publisher said higher newsprint prices had intensified since the end of the year, while energy and distribution costs had also risen.
The company said it was taking steps to mitigate the impact, but that it expected a “modest” reduction in operating profit.
Reach reported a 2.6pc rise in revenue to £615.8m in 2021, while pre-tax profit rose to £143.5m from £131.3m the previous year.
09:17 AM
Travis Perkins swings back to profit as house market booms
Builders’ merchant Travis Perkins swung back to a profit and posted a strong rise in sales last year thanks to the boom in house building and renovations.
The company posted sales of £4.6bn in 2021, up from £3.7bn a year earlier. Pre-tax profits reached £305.6m, compared to a £20.3m pre-tax loss in 2020.
Travis Perkins hailed a strong year following the restructuring of the business, though rising inflation and supply troubles took their toll.
Bosses warned inflation pressures would continue, but said the firm would benefit from refurbishments as more people worked from home, as well as continued strength in the house market.
During the year the company sold off its Wickes business, and later its plumbing and heating division for £325m, as it slims down its portfolio.
It still owns catalogue business Toolstation, which saw a 20pc jump in sales to £761m as it opened 70 new stores in the UK and 40 in Europe.
09:14 AM
Flutter shares drop as Ukraine and gambling laws weigh
Away from the Ukraine crisis, let’s take a look at some of the corporate news from the FTSE this morning….
Gambling group Flutter has slumped to the bottom of the FTSE 100 in early trading as the situation in Ukraine and safer gambling plans offset the positive outlook.
The owner of Paddy Power and Betfair said it had been “materially” reducing its online exposure in Russia, which accounted for £41m of revenue last year. Ukraine contributed £19m.
Gambling safety measures and unfavourable sporting results also took their toll on fourth-quarter performance. Shares dropped 10pc.
For the full year, earnings before interest, tax, depreciation and amortisation excluding the US came in at £1.24bn – at the low end of expectations. Revenue of £6bn was in line with forecasts.
09:11 AM
EU set to block access to RT and Sputnik
The European Commission is seeking member states’ approval to block Kremlin-controlled media outlets RT and Sputnik across the bloc regardless of how they’re distributed.
EU industry chief Thierry Breton said the measures would block operators from broadcasting, facilitating or otherwise contributing to the dissemination of any RT and Sputnik content.
This includes transmission or distribution via cable, satellite, IPTV, internet video sharing platforms or applications, whether new or pre-installed.
YouTube has already said it’s blocking access to channels controlled by RT and Sputnik across Europe, while Facebook has said it will restrict access.
Twitter said it will label tweets from Russian state media and reduce their visibility.
09:07 AM
Maersk suspends all container shipping to Russia
Shipping giant Maersk will suspend all container deliveries to and from Russia in response to western sanctions against the Kremlin.
The Danish company said: “As the stability and safety of our operations is already being directly and indirectly impacted by sanctions, new Maersk bookings within ocean and inland to and from Russia will be temporarily suspended.”
The move, which covers all Russian ports, will not include foodstuffs, medical and humanitarian supplies.
Maersk operates container shipping routes to St Petersburg and Kaliningrad in the Baltic Sea, Novorossiysk in the Black Sea, and to Vladivostok and Vostochny on Russia’s east coast.
09:02 AM
FTSE risers and fallers
The FTSE 100 has started the day in the green as markets regained their footing after yesterday’s turmoil.
The blue-chip index rose as much as 0.5pc in early trading, before easing back to marginal gains.
Commodity-linked shares are the biggest upward momentum on the index, with Rio Tinto, Glencore, Anglo American and BP all pushing higher.
AstraZeneca also rose 2.5pc after it inked a $760m (£566m) deal with a Swiss biotech firm to develop an experimental heart drug.
Gambling giant Flutter and chemicals firm Croda were the biggest fallers, down 8pc and 5.3pc respectively after their full-year results disappointed investors.
The domestically-focused FTSE 250 fell 0.2pc, with Mirror owner Reach tumbling 13.9pc after its results.
08:25 AM
Rouble pares heavy losses as Moscow Exchange remains closed
The rouble has recovered some of its heavy losses but remained under pressure on foreign markets, while Russian shares were suspended for a second day as sanctions tear through the economy.
The Russian currency found some support after authorities ordered exporting companies – including energy giants such as Gazprom and Rosneft – to sell 80pc of their forex revenues on the market.
The rouble gained 3.3pc to 91.49 against the dollar in Moscow. In electronic trading it stood at 103, though this was comfortably above the all-time low of 120 hit on Monday.
Russia’s central bank doubled interest rates to 20pc and took other emergency measures after the war sparked market chaos, but western sanctions have limited its ability to intervene.
Meanwhile, authorities refused to reopen the Moscow Exchange for a second day amid fears of a huge market crash.
08:17 AM
EU braces for Russian retaliation over gas
The EU is gearing up for any disruptions of natural gas supplies amid concerns Moscow could halt shipments in retaliation for sanctions.
EU energy ministers held an emergency meeting on Monday to discuss various supply-shock scenarios following Russia’s invasion of Ukraine and the rollout of sanctions.
EU Energy Commissioner Kadri Simson told reports: “Following the measures taken by the EU and the international community to sanction Russia, we can’t exclude that Russia will take retaliatory steps that will impact the energy trade.”
Europe relies on Russia for about a third of its gas. But Mr Simson said the EU would be able to “get through this winter safely” even if supplies were cut.
Britain has teamed up with European allies to help wean Germany off Russian gas – a move that would pave the way for sanctions against the Kremlin’s powerful energy industry.
Read more: Ship carrying Russian gas to UK is diverted as Europe unites to weaken Kremlin stranglehold
08:10 AM
Shell appoints new finance chief amid Russia exit
Shell has tapped Sinead Gorman as its new chief financial officer as the oil giant begins the costly process of withdrawing from Russia.
Ms Gorman, who is currently executive vice president for finance in Shell’s global upstream business, will replace Jessica Uhl.
Ms Uhl joined Shell in 2004 and was appointed finance director in 2017. The company said the relocation of its headquarters to the UK was “not sustainable” for her, and she will step down at the end of the month.
It comes after the oil giant said it was pulling out of Russia after decades and would stop working on the Nord Stream 2 pipeline.
08:02 AM
FTSE 100 inches higher
The FTSE 100 has crept higher at the open as markets take a breather after Monday’s fierce sell-off.
The blue-chip index rose 0.2pc to 7,470 points.
07:57 AM
BP considers selling Rosneft stake back to company
BP is said to be considering selling its 20pc stake in Rosneft back to the Kremlin-controlled company at a huge discount after the invasion of Ukraine forced an exodus from Russian assets.
The FTSE 100 oil giant considers a deal with Rosneft the most realistic transactions because it would struggle to sell down its stake on the market or find a buyer, Bloomberg reports.
BP has already warned it could take a hit of up to $25bn (£18.7bn) from its decision to exit Russia.
Read more on this story: BP abandons stake in Russian oil giant Rosneft
07:48 AM
Bitcoin tops $44,000 as Russian rouble collapses
Bitcoin has surged in value in recent days in a sign the war in Ukraine is bolstering demand for cryptocurrency.
The largest cryptocurrency rose as much as 6pc to trade above $44,000, while other major digital coins also gained ground. It’s now dipped back to $43,300.
Bitcoin trading in the Russian rouble went into overdrive when the invasion began last Thursday with daily volumes rising 259pc from a day earlier to 1.3bn rouble (£9.2m), according to data from CryptoCompare.
The bullish run suggests traders might be turning to notoriously volatile but anonymous cryptocurrencies as a safe-haven asset as conflict wreaks havoc through markets.
The rouble plunged to a record low against the dollar yesterday, while Russia has banned citizens from transferring money abroad.
Ukraine has also been asking for donations in cryptocurrency to help fund its defence.
07:43 AM
Asian stocks hold up as market panic takes a breather
Asian stocks regained some composure overnight after a dramatic sell-off fuelled by Russia’s invasion of Ukraine.
Markets have been in turmoil amid a wave of sanctions, which included cutting some banks off the Swift payments network and targeting Russia’s central bank.
Ceasefire talks between Moscow and Kyiv ended without any agreement on Monday, but Asian stocks stabilised on signs of no immediate escalation of sanctions.
China’s blue-chip CSI300 index and the Shanghai Composite both closed 0.8pc higher. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4pc and Japan’s Nikkei jumped 1.5pc.
The Russian rouble regained some footing after crashing to an all-time low, while the safe-haven dollar resumed its rise against other major currencies.
07:36 AM
Mastercard and Visa crack down on payments
Good morning.
Mastercard has said it’s blocked “multiple” financial institutions after western nations slapped tough sanctions on Russia.
The credit card company didn’t say which institutions have been restrictions, but said it was working with regulators on the matter. Visa has also said it’s taking action to ensure compliance with sanctions.
It comes as Russia grapples with the financial fallout from sanctions. The rouble crashed to a record low against the dollar yesterday and authorities are fearing a run on banks.
Ukraine has called for Mastercard and Visa to block all transactions on debit and credit cards issued by Russian banks.
5 things to start your day
1) Ghosts of the 1990s haunt Putin as Russian economy descends into chaos The president came to power promising to restore order, but now he appears to be losing his grip on markets
2) Commuters hit by biggest rise in rail fares in almost a decade National rail fares are set to rise by 3.8pc, undermining the drive to get workers back to the office
3) Container lines move to halt sailings to Russia Singapore’s Ocean Network Express, a major operator, suspended bookings and rivals may follow suit
4) Putin forces Germany to rethink nuclear power shutdown Germany prepared to keep nuclear plants open in a turning point for its energy policy
5) Rouble plunges and interest rates double as Russian economy reels from sanctions Moscow closes its stock exchange after one of the worst wipe-outs in market history
What happened overnight
Asia enjoyed another broadly positive day, with Tokyo, Sydney, Taipei, Jakarta and Wellington more than 1pc up while Shanghai, Singapore and Manila were also up. Hong Kong was marginally lower.
Coming up today
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Corporate: Abrdn, Croda International, Flutter Entertainment, Intertek Group, Man Group, Reach, Travis Perkins, XP Power (full-year results); Rotork (trading update)
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Economics: Manufacturing PMI (UK, US, EU, China), retail sales (Ger), consumer price index (Ger)
