Thanks for joining me. Russia has announced a six-month ban on petrol exports from March 1 to compensate for rising demand from consumers and farmers and to allow for planned maintenance of refineries.
The ban, first reported by RBC, was confirmed by a spokesman for Deputy Prime Minister Alexander Novak.
5 things to start your day
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2) Vodafone and Three’s £15bn merger will harm competition, says Virgin Media O2 boss | Lutz Schüler warns tie-up risks leaving rivals with patchier connections
3) Short-sellers bet Hargreaves Lansdown shares have further to fall despite slump | The investment firm faces pressure to cut fees amid rising competition
4) Lords seek powers to block Telegraph takeover | Laws proposed to give Parliament veto on foreign state ownership of British news media
5) How planning chaos built a failing housing market | Britain’s complicated and costly rules come under fire as the housing crisis deepens
What happened overnight
Asian shares were mixed on Tuesday after US and European stocks edged back from their record heights.
Traders are growing cautious after the New Year’s rally that has swept much of the world’s markets.
Stephen Innes of SPI Asset Management said: “All in all, investors are taking a well-deserved breather to start the week.
“This subdued tone suggests a moderation in investor sentiment following the recent tech-driven buying spree.”
Tokyo’s Nikkei 225, which has twice breached records in recent days, closed flat at 39,239.52, while the broader Topix index closed up 0.2pc, or 4.84 points, to 2,678.46.
Japan’s government reported that consumer prices rose 2.2pc in January from the year before, less than the 2.6pc rate in December, but above forecasts.
Higher inflation supports expectations that the Bank of Japan may soon make a shift in its longstanding ultra-lax monetary policy, which is underpinned by a minus 0.1pc benchmark interest rate.
Chinese markets were mixed, with Hong Kong’s Hang Seng falling 0.2pc to 16,595.29 and the Shanghai Composite up 0.7pc at 2,996.87.
South Korea’s Kospi declined 0.9pc to 2,623.40, while India’s Sensex rose 0.2pc. In Bangkok, the SET was down 0.5pc.
In Wall Street, the S&P 500 slipped 0.4pc, to 5,069.53, after closing last week at an all-time high. The Dow Jones Industrial Average of 30 leading US companies fell 0.2pc, to 39,069.23, and the Nasdaq Composite dipped 0.1pc, to 15,976.25.
Treasury yields ticked higher in the bond market. The yield on 10-year Treasury bonds rose to 4.27pc from 4.25pc late on Friday.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
