1 The Federal Reserve has launched a campaign to curb rampant inflation, raising interest rates for the first time since December 2018 and indicating that more would follow. Officials at America’s central bank now expect to increase rates at each of this year’s six remaining policy meetings.
2 Energy companies and traders are calling for emergency support to prevent them running out of cash. “Sound and healthy energy companies” are at risk of being unable to meet huge margin calls triggered by extreme market conditions, the European Federation of Energy Traders warned.
3 Global equity markets rose as investors grew hopeful for a breakthrough in ceasefire talks between Russian and Ukraine. A positive session in Asia, buoyed by plans for extra measures to boost the Chinese economy, helped Europe’s traders to start the day on a positive footing.
4 The number of empty shops and restaurants has fallen for the first time since 2018, prompting hopes that a recovery may be under way. In the second half of last year, the vacancy rate fell by 0.1 per cent from the first half to reach 14.4 per cent, the Local Data Company said.
5 The Treasury select committee said that it would consider compelling Martin Wheatley, former boss of the Financial Conduct Authority, to appear before it after John Swift QC described how Wheatley had refused to co-operate with his inquiries into the regulator’s handling of the mis-selling of interest rate derivatives by banks.
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6 Interest rates must rise today and the only question is by how much, according to The Times’ shadow monetary policy committee. The Bank of England should raise interest rates by at least 0.25 points to maintain their credibility and manage inflation expectations in light of soaring prices, the panel said.
7 Oil markets are facing “the biggest supply crisis in decades”, one that threatens to keep prices high and depress economic growth, the International Energy Agency has warned.
8 Metals traders endured a chaotic day as the reopening of the nickel market came to an abrupt halt in the morning before resuming after lunch. The London Metal Exchange stopped trading minutes after reopening at 8am.
9 The takeover of a London-listed cybersecurity specialist by an American rival is set for a regulatory inquiry after officials said that consumers faced a “worse deal”. The Competition and Markets Authority said that Avast and NortonLifeLock were competitors in the market with few rivals.
10 Soho House will speed up its club openings worldwide as it tries to underpin its recovery, with sales above pre-pandemic levels for the first time and losses narrowing. Nick Jones, the chief executive, said that business had recovered markedly. Revenues had surpassed 2019 levels last month, he said.