Another day, another reminder of the energy crisis facing Europe as Ukraine stems the flow of Russian gas.
Prices surged on this latest threat to supply which will concentrate European minds on the need to find alternative energy sources. In the meantime it only adds to the inflationary concerns dogging the markets.
“However, a rally for the tech-heavy Nasdaq index yesterday helped boost sentiment with investment trust Scottish Mortgage, a big investor in innovative growth companies, among the top FTSE 100 risers on Wednesday,” said AJ Bell investment director Russ Mould.
“Given the reaction to ITV’s full-year results, when its shares slumped heavily on scepticism about its new streaming platform and concerns about content costs, there will be a sigh of relief in the company’s boardroom that its first quarter update has been greeting with a shrug by investors rather than another sell-off.
“There was some reassurance on advertising, as revenue from this source came in ahead of expectations, though this is unlikely to fully alleviate fears about the future impact of a cost of living crisis on advertising spending. Speculation it might bid for Channel 4 went unaddressed.”