WOODgood morning.

Russian authorities are said to be preparing a step-by-step approach to roll back the controls that have supported the market since the war began.

Discussions this week revolved around a potential extension of the deadline for exporters to convert their foreign earnings into rubles and lowering the threshold below 80pc.

The move will raise questions about the effectiveness of Western sanctions, which are designed to bring Russia’s economy down.

Countries are calling for targeting key oil and gas imports from Russia to help cut vital revenues, but Europe has so far been divided on the issue.

5 things to start your day

first) National Grid can pay for generators to shut down on Queen’s Celebration Energy demand is expected to drop sharply as households begin to celebrate in the streets

2) How the Bank of England lost control of inflation Despite warnings of a cost-of-living crisis lurking over a year ago, Threadneedle Street valuers have not taken action.

3) £60,000 isn’t enough for work at the new northern outpost of the Treasury Former government adviser says wages for labor market policy role in Darlington are too low

4) Britain needs oil and gas, Kwarteng told Extinction Rebellion protesters How Extinction Rebellion missed the mark with its attack on the City

5) Rail operator faces strike over ‘see-through’ uniforms Avanti is mentioned in a row with RMT after giving workers ‘thin new blouses and shirts’

What happened overnight?

Asian shares track Wall Street higher on Thursday.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 percentage points in early Asian trade, helped by a 0.5 percentage point gain in financial-heavy shares. raw materials in Australia and a 0.6 percentage point gain in mainland China blue chip shares. Japan’s Nikkei rose 1.2pc.

South Korean stocks were an exception on Thursday. The KOSPI index fell 0.4 points as the central bank raised its policy rate to its highest level since August 2019 in a surprise move as it sought to quell rising inflation.

Asian markets including Hong Kong, Singapore and Australia are on holiday on Friday for Easter, as are major markets in Europe and the United States.

Until today

  • The company: THROUGH (full year results); Ashmore Group, DiscoverIE Group, Dunelm, Hays, Mediclinic International, Ninety One (transaction statement)
  • Economics: ECB interest rate decision (I)retail sales (WE)unemployment claims (WE)Credit conditions survey of the Bank of England (UK)Michigan Consumer Sentiment Index (WE)


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