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Windfall tax on UK energy industry

Today's news headlines:

‘EU aims to dispel ambiguity on Putin’s Rubles-for-gas demand’. The European Union will provide more clarity on what European companies can and can’t do under EU sanctions in response to Russia’s demands to pay for gas in Russian Rubles. Russia is demanding companies open a Ruble account and a foreign currency account at Gazprombank in order to pay for Russian gas. However, according to EU energy commissioner Kadri Simson, the demand is a ‘violation of the sanctions and cannot be accepted’. (Bloomberg)

‘Fresh demands for UK windfall tax on energy companies’. The UK’s opposition parties have called for the Government to impose a windfall tax—a one-off tax on companies who experience above-average profits for reasons beyond control—in order to help households with the cost-of-living crisis. Having previously rejected the idea, Chancellor Rishi Sunak said he would consider such a tax if the industry failed to ramp up investment in new energy projects. (Financial Times)


European equities opened lower while sovereign yields climbed on Tuesday morning ahead of an important week of central bank meetings from the Federal Reserve and Bank of England. The Australian Dollar climbed overnight after the country's central bank hiked interest rates by more than expected, while the US Dollar climbed on a trade-weighted basis over the UK’s bank holiday Monday.


UK Manufacturing Purchasing Managers’ Index (Apr): 9:30AM
US Factory Orders (Mar): 3:00PM
US Durable Goods Orders (Mar): 3:00PM

Interbank rates:
GBP/USD – 1.2528
GBP/EUR – 1.1926
EUR/USD – 1.0505
USD/CAD – 1.2864

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