Europe’s energy crisis has deepened further this morning as the continent prepares for a further cut in Russian gas supplies. The orders show that flows through the main Nord Stream pipeline – the largest natural gas connection from Russia to the EU – will operate at just 20% capacity from 8am. Berlin time. That’s in line with cuts the Kremlin threatened earlier this week. Benchmark natural gas prices rose as much as 11% in their sixth day of gains, extending a 24% gain since the start of the week. Prices are now more than 10 times higher than usual levels for this time of year. It is sparking fears of blackouts this winter and also threatens to push the region into recession.

5 things to start your day

  1. Long-term Covid shrinks workforce by 110,000 Cases exacerbate skills shortages, damaging economic recovery
  2. The “complacent” Rishinomics in the spotlight in the contest to become prime minister The leadership candidate’s policies described in televised debates, in depth
  3. ‘Impossible to have confidence’ that Randox Covid contracts were awarded fairly, says MPs Diagnostics firm awarded almost £800m worth of test kit contracts during pandemic
  4. Union bosses block rail pay deal that could avert strike RMT rejects Network Rail proposals for new pay rise
  5. Crisis-hit Credit Suisse to lose second chief executive in three years Thomas Gottstein was brought in to restore the bank’s reputation but presided over a string of costly mistakes and profit warnings

What happened in the night

Tokyo stocks opened lower this morning, with the Nikkei 225 down 0.4%. While the broader Topix index fell 0.31pc. Hong Kong shares fell more than 1% at the open. The Shanghai Composite fell 0.2 percent while the Shenzhen index on China’s second exchange also fell 0.2 percent.

It’s coming today

Corporate Company: British American Tobacco, Ibstock, Lloyds Banking Group, Primary Health Properties, Provident Financial, Reckitt Benckiser, Rio Tinto, Smurfit Kappa, Unite Group (intermediaries) Fresnillo, GSK, Lancashire Holdings, Paragon Banking, Wizz Air (transaction update) Economics: Fed rate decision (US), durable goods orders (US), GfK consumer confidence (Germany)