Biggest BP profit in a decade fuels calls for windfall tax – live updates

Good morning. BP has announced plans to make share buybacks of $2.5bn this quarter after surging oil prices helped its cash flows surge.

The energy giant said booming prices had helped it offset a $25.5bn charge incurred after exiting its stake in Russian producer Rosneft. It posted a first-quarter profit of $6.2bn, the highest in a decade.

5 things to start your day 

1) Brussels accuses Apple of competition breach over contactless payments The iPhone maker has been accused of breaking competition law by limiting rivals’ ability to create contactless payment apps.

2) Why London’s Russian restaurateurs fear a backlash over Ukraine Dining hotspots that once boasted of their links to Putin are now speaking out against invasion.

3) London is battered by the rise of work from home Capital lags behind other cities as commuters shun the office.

4) Britain turns to South Korea in scramble to boost nuclear power Kwasi Kwarteng in talks over new generation of reactors as UK seeks stronger energy security

5) Julian Jessop: Brexit is not to blame for the surge in inflation and soaring food prices Experts are relying more on predictions and models than hard facts in recent commentary on Britain.

What happened overnight 

Asia stocks mostly fell on Tuesday as markets brace for a sharp US interest rate hike. Hong Kong returned from a long weekend break to lead the retreat, shedding more than 2pc at one point. Sydney also fell ahead of an expected interest rate hike by the Reserve Bank of Australia later in the day, while Taipei and Wellington were also down. Seoul edged up slightly, while Tokyo, Shanghai, Mumbai, Singapore and Jakarta were closed.

Coming up today

Full-year results: Card factory

Interims: BP

Economics: Manufacturing PMI, BRC shop price index (UK); unemployment rate (EU); factory orders (US)