China forced to cut rates as zero-Covid policy hits growth – live updates

Good morning.

Russia has taken a step towards reopening its markets – but only for countries it deems “friendly”.

Bond trading will resume on the Moscow Exchange today for investors from “countries that are not hostile” – meaning those that haven’t targeted Russia with sanctions.

China and Turkey are likely to be included in that group. But the move excludes countries such as EU states, Canada and Japan, which together made up 90pc of investments in Russia last year.

It marks the end of a near six-month shutdown, with Putin halting bond and stock markets in the wake of his invasion of Ukraine in late February.

5 things to start your day 

1)  Saudi Aramco books record profit as oil demand soars: State-owned giant makes record $48.4bn in second quarter.

2) Nine in 10 Bank of England staff handed bonuses as inflation soars: More than 300 employees received a bonus of between £10,000 and £15,000.

3)  Pubs and restaurants warn of winter closures as energy bills soar 300pc: Industry pushes for consumer-style price cap and says crisis ‘no less of a threat’ than drought hitting Britain

4) UK’s first four-day week trial battles staff confusion and rota chaos: Companies involved say the policy may not survive beyond the ‘bumpy’ experiment

5) The Peckham Thatcherite who ‘straightened out’ Stormzy: Carpet tycoon Lord Harris has won praise from the rapper for his commitment to education

What happened overnight 

Tokyo shares opened higher this morning following gains on Wall Street. The benchmark Nikkei 225 index rose 0.6pc, while the broader Topix index climbed 0.2pc.

Meanwhile, Hong Kong stocks dropped at the open, with the Hang Seng Index plummeting 0.7pc. The Shanghai Composite Index dipped 0.3pc and the Shenzhen Composite Index on China’s second exchange slipped 0.2pc.

Coming up today

Corporate: Phoenix Group (Interim results)

Economics: GDP (Japan); industrial production, retail sales (China); public holiday (Germany/France/Spain)