Tuesday,22 November 2022 16:48:58

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Tuesday,22 November 2022 at 16:51

The National Grid issued a surprise warning on its capacity for tonight as British households were expected to increase energy consumption during the cold snap.

The notice of its tight electricity margin was sent out warning of a potential shortage from 7pm, when most people would be returning from work, cooking their dinner and using household appliances.

The National Grid quickly cancelled the automated warning as it put in place its contingency systems but experts said it was a signal of "much tighter days ahead”

The electricity network operator issues the warnings when "there may be less generation available" than operators expect will be needed "to meet national electricity demand".

UK & European markets were slightly higher as investors assessed the economic outlook and concerns over China’s tightening of Covid restrictions, which are continuing to pressure output.

The dollar steadied after rallying the previous day as investors flocked to the safe haven currency on worries over China’s Covid flare-ups.

Oil rose after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising Covid-19 case numbers.

Gold prices snapped a four-session slump to rise, propped up by a retreat in the dollar while investors awaited cues on the U.S. Federal Reserve’s monetary policy path.

Markets

the close

FTSE 100 7,452 +1.03%

FTSE 250 19,422 +0.05%

DAX 14,422 +0.29%

16:45

Dow Jones 33,980 +0.83%

S&P 500 3,978 +0.71%

NASDAQ 11,073 +0.44%

Fixed Income

UK 10-YR YIELD 3.133

Exchange Rates

GBP/USD 1.185

GBP/EUR 1.154

Commodities

Gold $1,741 +0.25%

Brent $89.18 +1.56%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.