Oil prices rise by more than $ 80 as China’s energy shortages worsen – live updates

GOdo morning.

Goldman Sachs’ economic growth forecast has slowed as China’s next boom hit industrial production and pushed Beijing to shift to coal exports.

Electricity shortages in China have led to the closure of Apple and Tesla-like factories in the country’s industrial district of Jilin, with power outages in at least 10 other provinces.

The power company has called for more coal to be imported, as supplies are expanding at “any cost.”

Power outages: 3G coverage has been cut off, and elevator and traffic lights have been shut down in cities such as Henyang and Dalian – home to more than 13 million people.

Goldman estimates that 44 percent of China’s industrial output has been affected by energy shortages, down 1 percent year-on-year in GDP and two percentage points from October to December.

In a note published last Tuesday, the 2021 GDP growth forecast for China is 8.2 pcs.

5 things to start your day

1) Billionaire Wise Founder fined The chief financial officer was fined hundreds of thousands of pounds by HMRC for deliberately failing to pay the tax.

2) Recovery goes into “strong backyards,” says Bailey The Bank of England warns of a “recovery” in October as fears of a recession threaten the economy.

3) Oxford Academy in the Huawei Video Row Pinar Ozkan says she would never agree to appear in promotional videos for China Telecom.

4) As the energy crisis worsens, oil prices will rise by $ 80 a barrel According to Goldman Sachs analysts, Brent, based in the North Sea industry, could increase by $ 90 per barrel by the end of the year.

5) Electric car manufacturer Polster is valued at $ 20 billion under the Spac deal The electric car company, backed by actor Leonardo DiCaprio, has become the latest big car maker.

What happened in one night

Asian stocks fell sharply as investors became frustrated with China’s overhead debt crisis and the impact of growing energy shortages in China.

Outside Japan, ACCI-Pacific stocks fell 0.13 PCs on Tuesday following a session on Wall Street.

As of early Tuesday, the Australian S&P / ASX200 index was down about 1 pc and Japan’s Nike was up 0.6 pcs.

The Hong Kong Hang Singh Index gained 0.44 pcs, while the Chinese blue chip index CSI300 increased by 0.1 pcs.

It will come today

  • Corporate: Ferguson, Smith’s team, close brothers (Full Year Results); Penon Group, Munpig (Transaction update)
  • Economics Home price index (England, USA); Consumer trust (USA); BRC Store Price Index (UK)

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