Julia Kollewe 

Fuel crisis: three more UK energy firms go bust, as government mobilises reserve tanker fleet and army – as it happened

Business secretary says 150 military tanker drivers mobilised to help in coming days but insists situation is ‘stabilising’
  
  

Wind turbines and electricity pylons in England. Three more suppliers have gone under.
Wind turbines and electricity pylons in England. Three more suppliers have gone under. Photograph: Christopher Furlong/Getty Images

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The gathering crisis in the energy sector shows no sign of abating, with gas prices remaining stubbornly high amid international shortages as winter approaches, the Guardian’s Rob Davies writes.

Ofgem has stressed that customers of the three firms that have collapsed will not suffer disruption to the supply of energy to their homes, adding that anyone with credit in their accounts with those companies would not lose their money.

However, the cost of the collapse will ultimately be borne by customers via higher energy bills.

You can read the full report here:

Justina Miltienyte, energy policy expert at Uswitch.com, said:

The difficult wholesale energy market situation brings more bad news every week and now another three suppliers have gone into administration.

In total, 233,000 more customers will be joining the almost two million who have already been displaced by their energy provider this year and we may not have seen the end to this situation.

With the headlines going from bad to worse, many customers will be worried, but those impacted by this news can be reassured that their energy supply will continue as normal and credit balances will be protected.

It’s important that all affected customers hold tight for now while they are moved to a new supplier appointed by Ofgem. They should wait for the dust to settle on the current situation before weighing up whether there are any better deals available elsewhere.

We recommend that customers make a note of their meter readings now, and again when contacted by their new supplier, to ensure bills are accurate.

Uswitch is offering customers the following tips on what to do if their energy supplier goes out of business.

This takes the number of small energy firms that have ceased trading this year to 12 (ten since early August).

Ofgem’s advice to ENSTROGA, Igloo Energy and Symbio Energy customers in the meantime is to:

  • Wait until a new supplier has been appointed and you have been contacted by them in the following weeks before looking to switch to another energy supplier.
  • Take a meter reading ready for when your new supplier contacts you.

This will make the process of transferring customers over to the chosen supplier, and paying back any funds that domestic customers have paid into their accounts, where they are in credit, as smooth as possible.

In recent weeks there has been an unprecedented increase in global gas prices which is putting financial pressure on suppliers. Ofgem said it was working closely with government and industry to make sure customers continue to be protected this winter.

Neil Lawrence, Director of Retail at Ofgem, said:

Ofgem’s number one priority is to protect customers. We know this is a worrying time for many people and news of a supplier going out of business can be unsettling.

I want to reassure customers of ENSTROGA, Igloo Energy and Symbio Energy that they do not need to worry. Under our safety net we’ll make sure your energy supplies continue. If you have credit on your ENSTROGA, Igloo Energy or Symbio Energy account the funds you have paid in are protected and you will not lose the money that is owed to you.

Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your tariff.

Any customer worried about paying their energy bill should contact their supplier to access the range of support that is available”

Summary

While the UK business secretary Kwasi Kwarteng insisted that the fuel situation is improving, he said the government would send out its reserve tanker fleet this afternoon to help get fuel to forecourts, many of which have run dry amid a buying frenzy. The fleet numbers 80 vehicles according to a 2019 assessment, and is driven by civilians.

The business secretary also said that 150 soldiers were being trained to drive fuel tankers in the coming days.

The crisis at the petrol pumps continues to be felt across the UK:

Britain’s supply chain strain could last until after Christmas, Boris Johnson admitted last night, as he urged motorists to stop panic-buying fuel by insisting supplies were “improving” – despite thousands of forecourts remaining dry.

Stock markets have rebounded today, after yesterday’s losses, while the pound has sunk to the lowest level since January versus the dollar.

Updated

Three more UK energy suppliers go bust

News just in that three more UK energy suppliers have gone bust, amid the surge in wholesale gas prices.

ENSTROGA, Igloo Energy and Symbio Energy have today announced they are ceasing to trade, said the regulator Ofgem. ENSTROGA supplies gas and electricity to around 6,000 domestic customers, while Igloo Energy supplies 179,000 people, and Symbio Energy supplies gas and electricity to 48,000 domestic customers and a small number of non-domestic customers.

Together the suppliers represent less than 1% of domestic customers in the market.

Under Ofgem’s safety net, the energy supply of ENSTROGA, Igloo Energy and Symbio Energy customers will continue and funds that domestic customers have paid into their accounts will be protected, where they are in credit. Domestic customers will also be protected by the energy price cap when being switched to a new supplier.

Customers of ENSTROGA, Igloo Energy and Symbio Energy will be contacted by their new supplier, which will be chosen by Ofgem.

Wall Street, European stocks push higher

Meanwhile, Wall Street has opened higher after yesterday’s losses.

  • Dow Jones up nearly 90 points, or 0.26%, at 34,389
  • S&P 500 up 14 points, or 0.3%, at 4,366
  • Nasdaq up nearly 68 points, or 0.46%, at 14,614

European stock markets are also trading higher, but have given up some of their earlier gains. All the main European indices were more than 1% ahead earlier.

  • UK’s FTSE 100 index up 37 points, or 0.5%, at 7,066
  • Germany’s Dax up 0.6% at 15,339
  • France’s CAC up 0.7% at 6,554
  • Italy’s FTSE MiB up 0.2% at 25,622

Transport for London also said that tube services had not been disrupted, while buses in the capital had been affected a bit by the increase in traffic, as car drivers tried to buy fuel, leading to long queues at many filling stations.

We were wondering whether the fuel shortages have meant that some bus and tube drivers have missed their shifts and led to to cancellations. A spokesperson for Go-ahead, which is the largest bus company in London, said:

The fuel shortage isn’t affecting our passenger bus services at the moment but we’re keeping an eye on the situation. We saw a slight increase in passengers over the weekend. We encourage people to use this opportunity to consider whether they can make their journeys by walking and cycling, or by bus or train, as you’d be welcome on board.

It is thought that some drivers have not been able to get petrol to drive to work, but this hasn’t really impacted services, with many staff using internal buses or transfers.

Today Labour leader Keir Starmer attacked the government’s “half-baked” solution to ease the fuel crisis. So what has the government done?

It has suspended competition law to allow oil companies to share information about fuel supply; offered 5,000 temporary work visas to foreign fuel tanker and food lorry drivers (as well as 5,500 visas for poultry workers) until Christmas; and unveiled plans to speed up the process of obtaining an HGV driver licence.

The Department for Transport has also written nearly 1m letters to existing HGV drivers to encourage them back into the industry, and plans to train 4,000 others.

Then today, the business secretary said that the government’s reserve tanker fleet would hit the road this afternoon, and that 150 soldiers were being trained to help drive tankers in the coming days.

The 150 soldiers who are being mobilised to help boost fuel supplies are HGV qualified but may need three days of extra training, to enable them to drive huge fuel tankers.

Updated

Brexit is “largely responsible” for the “supply chain fragility” and the fuel supply problems the UK is experiencing, said Scotland’s first minister Nicola Sturgeon, according to the BBC.

When ask about the fuel crisis during a visit to Dundee, Sturgeon said:

The end of freedom of movement and the restrictions on immigration are really making it difficult to recruit haulage divers, to recruit people in our agriculture sector and even to recruit people in our health and social care services.

So it is an extraordinary state of affairs that the UK government is responsible for, but we need to make sure that all of the steps have been taken to get through this period.

She said Covid alone would present “a real risk of this being the most difficult winter any of us have ever known”, but these additional problems “makes this extraordinarily difficult”.

It underlines the foolishness and the recklessness of the UK government pressing ahead with Brexit, in the face of this pandemic.

The Petrol Retailers Association, which represents two-thirds of UK filling stations, has claimed the fuel crisis is “easing”.

Executive director Gordon Balmer said:

There are encouraging signs that the crisis at the pumps is easing, with forecourts reporting that they are taking further deliveries of fuel.

Only 27% of PRA members have reported being out of fuel today, and with regular restocks taking place, we are expecting to see the easing to continue over the next 24 hours.

Addressing videos and images that have emerged of violence at petrol stations, he said:

We are extremely disappointed to hear many forecourt staff are experiencing a high level of both verbal and physical abuse, which is completely unacceptable.

Forecourts are trying their best to manage queues and ensure there is plenty of fuel to go around.

We would urge the public to remember that fuel stocks remain normal at refineries and terminals, and deliveries have been reduced solely due to the shortage of HGV drivers.

Updated

European stock markets are still rebounding, following yesterday’s 2%-plus losses (with the exception of the FTSE 100 index in London which only slid 0.5% yesterday).

  • UK’s FTSE 100 index up 61 points, or 0.88%, at 7,089
  • Germany’s Dax up 142 points, or 0.9%, at 15,390
  • France’s CAC up 72 points, or 1.1%, at 6,579
  • Italy’s FTSE MiB up 185 points, or 0.7%, at 25,758

US stock futures are pointing to a higher open on Wall Street later, suggesting rises of 0.4% for the Dow Jones, nearly 0.7% for the Nasdaq and 0.55% for the S&P 500.

Opec+ to stick to output plan as oil prices fall

Oil prices have fallen back today, after Brent crude rose above $80 a barrel yesterday. The Opec oil cartel and its allies led by Russia, known as Opec+, is likely to stick to its existing output plans when it meets next week, Reuters is reporting, citing unnamed sources.

In July, the group agreed to increase production by 400,000 barrels a day each month to phase out 5.8m barrels daily production cuts, and said it would reassess the deal in December. One source said about next week’s meeting:

So far we will keep the plan to increase by 400,000 barrels per day.

Oil prices started to rise in mid-August and Brent crude, the global benchmark, hit a three-year high above $80 a barrel yesterday, amid fears of supply disruptions, expectations of higher demand and rising gas prices. At the moment, it is trading 60 cents lower at $78.49 a barrel. US light crude is down 55 cents at $74.74 a barrel.

Prices have fallen back after the American Petroleum Institute (API) last night announced its estimate of a rise in US crude oil inventories. According to the API, US oil stocks are set to rise by more than 4.12m barrels, compared with the market expectation of a 2.3m barrel fall.

In addition, fears of a debt-ceiling standoff in the US are mounting after Republicans in the Senate rejected a Democratic proposal to lift the debt ceiling, putting trade at risk and potentially leading to lower oil demand.

Pound sinks to lowest level since January

The pound has continued to fall and has hit its lowest levels since January against the dollar.

It was hit by the sell-off in global stock markets yesterday and is heading lower again today. Tuesday’s equity sell-off was sparked by concerns about future rate hikes from central banks, in particular the US Federal Reserve, amid rising inflation.

Sterling has just extended its losses to trade 0.5% lower at $1.3474.

Updated

Once again, the business secretary is insisting that the situation is stabilising, and called on drivers to return to their normal buying habits.

Updated

Kwarteng is tweeting:

Kwarteng: Government's reserve tanker fleet to hit the road this afternoon

Meanwhile, there are some new comments on the fuel crisis from the business secretary, Kwasi Kwarteng. Headlines on Reuters have popped up.

He said the government’s reserve tanker fleet will be on the road this afternoon to boost deliveries of fuel to forecourts across Britain. The trucks are driven by civilians.

Updated

Sir Keir Starmer, the Labour leader, has just started his conference speech in Brighton, and he’s kicked off on the fuel crisis. If you go out and walk along the seafront, it won’t be long before you get to a petrol station that’s run out of fuel, he said.

Doesn’t that just tell you everything about this government? Ignoring the problem, blaming someone else, then coming up with a half-baked solution.

Why do we suddenly have a shortage of HGV drivers? Why is there no plan in place?

A tank of fuel already costs £10 more than it did at the start of the year. Gas and electricity bills up. Gaps on the supermarket shelves.

We have a fuel crisis, a pay crisis, a goods crisis and a cost of living crisis all at the same time.

You can follow the latest here on our politics live blog:

Updated

Fuel prices could reach record levels even if crisis ends, says RAC

The RAC has warned that average prices may hit 143p per litre for petrol and 145p per litre for diesel in the next few weeks, up from the current level of 135p per litre for petrol and 138p per litre for diesel.

The highest average price for petrol is 142p per litre, which was recorded in April 2012.

RAC fuel spokesman Simon Williams said:

The price drivers can expect to pay at the pumps in the coming weeks is being driven by what’s happening with the cost of oil, not by the recent delivery issues that have affected some UK forecourts.

While the oil price has softened slightly, it’s still very near the 80 US dollars a barrel mark and therefore a three-year high.

We’re monitoring the situation closely but with some analysts predicting the price could hit 90 US dollars before the end of the year as demand for oil surges as we come through the pandemic, there is a risk we could see the average price of unleaded fuel hit a new record of around 143p per litre.

Diesel would go to 145p which is just shy of the record high of 147.93 in April 2021.

Average fuel prices have remained stable despite shortages at filling stations. Government figures show that the average price of a litre of petrol at UK forecourts increased by just a fraction of 1p to 135p on Monday compared with a week earlier.

Typical diesel prices rose from 137p to 138p over the same period. But some filling stations have ramped up prices during the crisis.

Updated

Wholesale gas prices climb on forecasts of lower Russian exports, cold weather

Wholesale gas prices continue to climb, on expectations of lower supplies from Russia and predictions of colder weather in the coming days (it’s starting to feel quite autumnal here in north London).

The British wholesale gas price for October delivery rose by 11 pence to 212 a therm. The British day-ahead contract increased 22.5p to 181.5 per therm.

European prices also climbed, with the gas price for October delivery at the Dutch TTF hub, a European benchmark, up €4.7 to €84 per megawatt hours.

While supplies of Russian gas via the Yamal-Europe pipeline increased by 60% today after a sharp drop yesterday, according to data from grid operator Gascade, they are expected to fall again. Analysts at Refinitiv said:

We expect the exports via the Yamal pipeline to drop again from 1 October... due to little capacity booked at Mallnow for next month.

The surge in wholesale gas prices has stoked concern that a cold winter could deepen a crisis that has already led to the collapse of multiple energy suppliers and raised fears of factory shutdowns and soaring bills.

Car use in Britain fell at the start of this week amid the fuel crisis, to the lowest level for a working Monday since 12 July.

Department for Transport figures show car traffic was at 91% of pre-pandemic levels on Monday, compared with 97% a week earlier. On Saturday, car use decreased week-on-week from 107% to 102%, while on Sunday it declined from 109% to 104%.

Updated

Kwarteng: 150 soldiers mobilised to drive tankers within a few days

The UK’s business secretary, Kwasi Kwarteng, has confirmed that military tanker drivers are going to step in to help ease the fuel crisis. He said 150 soldiers had been mobilised and would be driving tankers within a few days.

Drivers around the country are queuing again for fuel, despite prime minister Boris Johnson insisting that the situation was improving. Kwarteng said:

I think in the next couple of days, people will see some soldiers driving the tanker fleet. The last few days have been difficult. We’ve seen large queues but I think the situation is stabilising, we’re getting petrol into the forecourts. I think we’re going to see our way through this.

Asked if he could guarantee that there would not be problems in the run-up to the busy Christmas period, Kwarteng said:

I’m not guaranteeing anything. All I’m saying is that, I think the situation is stabilising.

By the early morning rush hour there were already long queues of cars in and around London and on the busy M25 motorway circling the capital, Reuters reported. Signs were up at some sites announcing no fuel was available.

The gridlock has sparked calls for doctors, nurses and other essential workers to be given priority access to fuel, but this has been resisted by Johnson. Industry groups say the worst of the shortages seemed to be in London, the southeast and other English cities. Fights have broken out as drivers jostled, with a driver pulling a knife in south London last night.

Britain left the EU single market at the start of this year, preventing hauliers from recruiting drivers in the bloc. To tackle the driver shortage, the government has said it will issue temporary visas to 5,000 foreign drivers, a measure it had previously ruled out.

Updated

Eurozone sentiment improves in September

Confidence in the eurozone unexpectedly improved in September following a drop in August, according to the European Commission, boosted by optimism among consumers and in the industry and construction sectors. This came despite a further rise in inflation expectations among manufacturers and consumers.

The Commission’s economic sentiment indicator rose to 117.8 this month, from 117.6 in August, after hitting an all-time peak of 119.0 in July. Economists had expected sentiment to fall back further.

Sentiment in industry improved to 14.1 from 13.8 in August, although it fell in the services sector to 15.1 from 16.8. In construction, the indicator rose to 7.5 from 5.5 helping offset a decline in retail to 1.3 from 4.6.

Among consumers, optimism also improved, with a reading of -4.0, up from -5.3 in August.

Inflation expectations continued to rise: among manufacturers, the selling price expectations indicator rose to a new record high of 38.2 points, while consumer expectations rose to 33.1 from 31.1 in August, still below the 38.7 record reached in August 2001.

Spain inflation jumps to 13-year high of 4%

Inflation in Spain, the eurozone’s fourth-biggest economy, has picked up to the fastest rate in 13 years, pushed higher by surging energy costs. Consumer prices rose 4% in September from the same month last year, beating economists’ forecasts of a 3.6% increase.

It could be a taste of things to come. Germany, France, Italy and the eurozone as a whole are due to report inflation data in coming days.

The Bank of Spain expects inflation to peak in November and then ease back to the European Central Bank’s target of 2%. Central bankers around the world have insisted that the current jump in inflation will prove temporary. ECB president Christine Lagarde reiterated yesterday that there was no sign that the surge in prices was becoming “broad-based” across the economy.

Updated

Here’s our full story on Morrisons.

Victoria Scholar, head of investment at interactive investor, has tweeted:

BOE: UK mortgage lending resumes, approvals edge lower

The Bank of England’s latest mortgage lending figures are out. They show that lenders increased their mortgage lending last month, after the scaling back of the stamp duty holiday at the end of June led to a rare repayment of mortgage debt by borrowers in July. Here are the main findings:

  • Individuals borrowed £5.3bn of mortgage debt on a net basis in August, following a repayment in July of £1.8bn. Mortgage approvals for house purchase ticked down further to 74,500 in August, from 75,100 in July.
  • Consumer borrowed an additional £400m in consumer credit (net). The effective rate on new personal loans remained below the January 2020 level at 5.87%, but was the highest since March 2020.
  • Households’ net flow in to deposit accounts increased in August, to £9.1bn. Deposit interest rates fell slightly further, to new historically low levels.
  • Large businesses repaid £2.1bn in loans from banks in August, whilst small and medium sized businesses repaid £1.0 billion. Private non-financial companies redeemed £1.1 billion in net finance from capital markets in August, compared to a monthly average net issuance of £2.8 billion since March 2020.

Morrisons takeover battle to go to auction on Saturday

The fate of Morrisons will be decided on Saturday. The UK’s Takeover Panel has launched an auction process for Morrisons – its suitors have until Saturday to table final bids.

Britain’s fourth-largest supermarket chain has been in talks with both of its US private equity suitors this month.

In August, the board of the grocer recommended that shareholders back an offer by Clayton, Dubilier & Rice (CD&R) that would value the supermarket chain at £7bn (or £9.7bn including debt).

However, the rival private equity firm Fortress, owned by the Japanese investment bank SoftBank, which has had its offers of £6.5bn and £6.7bn trumped by CD&R, could still come out with an improved bid.

The Takeover Panel said:

The auction procedure will consist of a maximum of five rounds which will all take place on Saturday 2 October 2021. In the first round, either offeror may make an increased bid. If the auction procedure has not concluded in the first round (which it will if no increased bid is made in the first round), there will be up to three further rounds, in which an offeror will be eligible to make a bid only if the other offeror made an increased bid in the immediately preceding round.

If the auction procedure has not concluded after these three further rounds (which it will if no increased bid is made in a round), there will be a fifth and final round, in which both offerors may make an increased bid.

Updated

AstraZeneca has just overtaken Next as the FTSE’s top riser, up 3.1%, after announcing that its newly acquired Alexion division would take full control of the rare diseases specialist Caelum Biosciences in a deal that could be worth up to $500m.

Caelum is developing a monoclonal antibody treatment for AL amyloidosis, a a rare disease in which misfolded amyloid proteins build up in organs throughout the body, including the heart and kidneys, causing significant organ damage and failure that could ultimately be fatal. The drug is in late-stage clinical studies.

About 20,000 people in the US, France, Germany, Italy, Spain and Britain have the disease.

Updated

Next shares hit record high despite price and staff warning

Next is the top riser on London’s FTSE 100 index, after the UK fashion chain raised its full-year outlook again on the back of soaring sales, although it also warned over rising prices and staff shortages in the run-up to Christmas.

Its shares went up as much as 4% in early trading to hit a fresh record of £84.08, after the company reported pre-tax profits of £346.7 million for the six months 31 July. Full-price brand sales jumped 62% year-on-year and were 8.8% higher compared with pre-pandemic levels.

However, Next said due to supply chain problems, higher freight costs had pushed up prices by about 2% in the first half and cautioned this would continue into next year, with prices set to rise by about 2.5% in the first half of next year.

Next added that it was also seeing some areas of the business come under pressure from staff shortages, particularly in logistics and warehousing, which may affect its delivery service going into the peak festive season.

Updated

Oil prices fall for second day as rally fades

Oil prices are falling for a second day as crude’s rally petered out, with Brent crude – the global benchmark – down 1.7% at $77.75 a barrel and US light crude trading 1.8% lower at $73.9 a barrel. US crude inventories unexpectedly rose and doubts over demand have resurfaced as Covid-19 cases continue to climb around the world.

Oil prices had been rallying as economies recover from the coronavirus crisis and fuel demand has picked up, while some oil producing countries have suffered supply disruptions.

Europe’s stock markets have opened higher, rebounding from yesterday’s losses.

  • UK’s FTSE 100 index up 42 points, or 0.6%, to 7,071
  • Germany’s Dax up 0.7%
  • Spain’s Ibex up 0.6%
  • Italy’s FTSE MiB up 0.5%

James Spencer, managing director at Portland Fuel, told the BBC that the fuel crisis was easing.

I would say logically the worst is behind us. The original crisis - if you want to call it that - was caused by 25 to 30 petrol stations closing down near the south coast.

It was never a particularly major crisis in the first place, obviously then there was the panic buying, sales at forecourts went up by 500% over the weekend.

Lot of people have filled up their tanks now, so you might actually see a dip in demand and the replenishment of fuel at petrol stations is a 24-hour, seven-days-a-week job, so as we speak the petrol stations are being replenished.

To a certain extent that hasn’t been helped by all the queues at the petrol stations because all of the tankers have not been able to get in.

He added:

I would probably have to say there is a minor supply problem which is related to a shortage in tanker drivers. The shortage of tanker drivers is nothing like as acute as the shortage of general haulage drivers.

Introduction: UK military tank drivers could be deployed 'by end of week'

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, eurozone, business, and the UK’s supply chain crisis.

The prime minister said yesterday that the fuel situation was “improving” adding that keyworkers would not get priority at petrol stations, while Sky reported a Ministry of Defence source as saying it was “highly likely” army deliveries would begin within days.

The BBC reported that a decision on whether to deploy military tanker drivers has yet to be taken but about 150 will now get ready. A government source said 16% of all petrol stations were now fully supplied with fuel, compared with 10% at the weekend during some of the worst of the fuel rush. The source said that in normal times 40% of petrol stations are fully supplied.

Long queues formed outside petrol forecourts in north London again today and on the busy M25 motorway circling the capital, Reuters reported.

The Petrol Retailers Association said yesterday that just over a third of filling stations had run out of fuel, compared with 50% to 90% at the weekend.

Stock markets had a bad day yesterday, with European indices down over 2%, with the exception of the FTSE 100 which only edged down 0.5% to 7,028, helped by its energy component. US markets also recorded losses, with the Nasdaq hitting its lowest levels in over a month.

Michael Hewson, chief market analyst at CMC Markets UK, says:

Once again it is fears about surging energy prices, supply chain disruptions, and concerns about more persistent inflation that is sparking a move out of the more highly valued areas of the stock market, as the volatility that we saw last week, continues into this week as bulls and bears indulge in a game of pass the parcel. The pound is also suffering as a consequence of the entirely self-inflicted fuel crisis, that has seen petrol station forecourts run dry, and concern over an economic slowdown.

Having been told for months that inflation is transitory, and that rates would stay low until 2024, it is becoming increasingly apparent that recent events are sowing concern amongst policymakers, that a rate rise could well be on the cards by the end of next year, two years earlier than had originally been priced in March.

We are already seeing declining consumer confidence because of these headwinds, as US consumer confidence for September hit a six-month low, and yesterday’s comments from Fed chair Jay Powell would suggest that it would need a very high bar for the Fed not to start tapering by the end of this year, though he was keen to stress that this shouldn’t be interpreted as a timetable towards a rate hike.

Asian stocks declined, with Japan’s Nikkei down 2.1% and Australia 1.2% lower, while markets in Europe have opened higher today. The focus will be on three top central bankers who are speaking at the European Central Bank’s forum on central banking this afternoon: Christine Lagarde of the ECB, Andrew Bailey of the Bank of England and Fed chair Jay Powell.

The Agenda

  • 8am BST: Spain inflation for September (forecast: 3.5%)
  • 9am BST European Central Bank Forum on central banking
  • 9.30am BST: UK Mortgage approvals (forecast: 73,000) and consumer credit for August
  • 10am BST: Eurozone consumer confidence (final) for September (forecast: -4)
  • 3pm BST: US Pending home sales for August
  • 3.45pm BST: US Federal Reserve chair Jerome Powell speaks
  • 4.45pm BST: ECB president Christine Lagarde and BOE governor Andrew Bailey speak

Updated

 

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