Good morning. Brent crude oil has topped $120 per barrel for the first time since March as China prepares to reopen the manufacturing hub city of Shanghai.
The FTSE 100 is set to open 0.4pc higher as a rally across stocks continues.
5 things to start your day
1) How Beijing’s surveillance cameras crept into Britain’s corridors of power Cameras used to monitor Uyghur camps in widespread use across UK schools, hospitals and government buildings.
2) Sunak to forge ahead with ‘NFT for Britain’ despite plunge in markets A market turmoil that has wiped billions of pounds off the digital assets.
3) Electric vehicles should face ‘tyre tax’, says air quality adviser Particulates generated by tyre wear are more dangerous to public health than diesel exhaust fumes – some say.
4) Why Mercedes and Volkswagen’s big bet on the wealthy is at risk of backfiring Luxury car sales reaped huge rewards in the pandemic, but signs suggest the boom won’t last for long.
5) Shanghai scrambles to avoid zero-Covid economic catastrophe China’s biggest port launches stimulus effort after months of severe lockdowns
What happened overnight
Asian markets rose on Monday as investors regained confidence after the release of healthy US data and as China eases some of its strict Covid curbs in Shanghai and Beijing, lifting hopes for the world’s number two economy. Hong Kong put on more than two per cent after a strong Friday performance fuelled by a rally in tech firms, while Tokyo, Sydney, Shanghai, Seoul, Taipei, Manila and Wellington were also well up.
Coming up today
Corporate: No scheduled updates
Economics: Consumer confidence (EU), business climate (EU)