Putin announces partial military mobilization of Russia
Russian President Vladimir Putin delivers a speech during a ceremony to receive credentials from newly appointed foreign ambassadors at the Kremlin in Moscow, Russia, on September 20, 2022.
Pavel Bednyakov | Sputnik | Reuters
Russian President Vladimir Putin announced a partial military mobilization in Russia on Wednesday, putting the country’s people and economy on a war footing as Moscow’s invasion of Ukraine continues.
In a rare pre-recorded televised announcement, Putin said the West “wants to destroy our country” and claimed the West had tried to “turn the people of Ukraine into cannon fodder”, in comments translated by Reuters.
Putin said “mobilization events” would start on Wednesday without providing much more detail, as well as saying he had ordered an increase in funds to boost Russia’s weapons production.
– Holly Ellyatt
Germany nationalizes energy giant Uniper as Russia restricts gas supply
Uniper has received billions in financial aid from the German government as a result of rising gas and electricity prices following Russia’s war in Ukraine.
Images Alliance | Images Alliance | fake images
The German government on Wednesday agreed to nationalize utility Uniper as it struggles to keep the industry afloat in the wake of a global energy crisis.
Having agreed in July to bail out the top gas importer with a 15 billion euro ($14.95 billion) bailout deal, the state will now buy the 56% stake in Finland’s Fortum for 500 million euros. The German state will own around 98.5% of Uniper.
“Since the stabilization package for Uniper was agreed in July, Uniper’s situation has deteriorated even more rapidly and significantly; as such, further measures have been agreed to resolve the situation,” Fortum announced in a statement on Wednesday. morning.
Oil Prices Rise as Investors Prepare for More Fed Rate Hikes
Oil prices rose slightly after losing in earlier trade on Wednesday ahead of an expected aggressive rate hike from the Federal Reserve.
“The US Energy Information Administration expects oil production in the seven major US oil and gas basins to increase modestly in September,” Commonwealth Bank of Australia analyst Vivek wrote in a note. Dhar.
— Lee Ying Shan
CNBC Pro: FedEx warned of a bleak outlook: should investors worry?
FedEx’s dismal preliminary earnings and revised outlook sent shares tumbling last week, but is it as bad as it sounds?
CNBC Pro asked investment experts for their thoughts on what the announcement means for the global economy and for investors.
Professional subscribers can read more here.
European companies are rethinking their plans in China
European companies in China increasingly face an environment in which “ideology trumps economics”, the European Union Chamber of Commerce in China said in its annual position paper released on Wednesday.
Joerg Wuttke, chairman of the business group, said this year’s Covid checks have made China a “closed” and “characteristically different” country that could prompt companies to leave.
Earlier this month, Chinese President Xi Jinping said the country “continued to respond to Covid-19 and promote economic and social development in a well-coordinated manner,” according to a paraphrase of his remarks shared by the Foreign Ministry. from China.
CNBC Pro: Do you want to play in the electric vehicle sector? Analysts Say This Lithium Stock Could Shoot 70%
As interest in battery stocks mounts after a rough year so far, CNBC Pro looked at a number of stocks in the sector that analysts say have great potential.
CNBC Pro screened the Global X Lithium & Battery Tech ETF in FactSet for stocks that could outperform. A stock that made the list has jumped more than 40% this year so far, and analysts say it has an additional advantage of more than 70%.
— Weizhen Tan
European markets: here are the opening calls
European stocks are expected to open in negative territory on Wednesday as investors react to the latest US inflation data.
The UK’s FTSE index is expected to open 47 points lower at 7,341, Germany’s DAX 86 points lower at 13,106, France’s CAC 40 down 28 points and Italy’s FTSE MIB down 132 points. drops to 22,010, according to IG data.
Global markets have retreated after a higher than expected result US Consumer Price Index August report showing prices rose 0.1% monthly and 8.3% annually in August, the Bureau of Labor Statistics reported Tuesday, defying economists’ expectations that headline inflation would fall 0.1 % monthly.
The core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.
UK inflation figures are expected for August and Eurozone industrial production for July will be released.
— Holly Ellyatt