Thanks for joining me. German chancellor Olaf Scholz has been accused of overseeing “absolutely toxic” net zero policies.
Siegfried Russwurm, head of industry body the BDI, warned Europe’s largest economy is being placed at a disadvantage by its phasing out of nuclear energy and switching to renewables from coal and gas.
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3) Carney raises $10bn to back net zero projects | Former Bank governor’s new fund will invest in technologies including carbon capture
4) Empire of Selfridges tycoon faces fraud complaint | Signa creditors push for investigation into alleged ‘unlawful transactions’
5) Ben Marlow: The unravelling of a national champion is a blow to French prestige | Atos’ demise threatens to be one of the most humiliating corporate spectacles in history
What happened overnight
Hong Kong and Shanghai stocks rallied Tuesday after Chinese authorities pledged to boost their investment as part of a drive to staunch a long-running rout, though Asian markets were mixed following a drop on Wall Street.
Traders in the Chinese cities enjoyed much-needed buying interest after a unit that controls company stakes on behalf of the government said it had expanded the scope of investments.
Hong Kong and Shanghai are among the world’s worst-performing markets in 2024 as traders fret over ongoing weakness in the world’s second-largest economy, particularly the colossal property sector, as well as government crackdowns on various industries, including tech.
China’s leadership has become increasingly worried about the sell-off, which has wiped trillions off valuations, and has unveiled a string of measures to try to staunch the rout.
Central Huijin Investment, the unit that holds Chinese government stakes in big financial institutions, said it would increase its exchange-traded fund holdings.
The S&P 500 fell 0.3pc, to 4,942.81 from the all-time high set on Friday. The Dow Jones Industrial Average of 30 leading American companies dropped 0.7pc, to 38,380.12, and the Nasdaq Composite index edged down 0.2pc, to 15,597.68.
The yield on 10-year US Treasury bonds climbed to 4.16pc from 4.09pc late on Friday and from less than 3.80pc late last year.