That’s according to Goldman Sachs, which predicted the European benchmark would fall to 85 euros per megawatt hour from its current level of 120 euros. It put the drop down to unusually warm weather, which contributed to a delay in heating demand, as well as a rush to ship liquefied natural gas to Europe. These allowed countries to refill storage facilities before winter. However, the situation looks likely to worsen again next summer, with prices soaring to almost €250 by the end of July.

5 things to start your day

  1. Bosses are moving staff back to the office as remote work peaks Employers are cutting back on flexible work offers as recession looms, survey finds
  2. Crispin Odey closes hedge fund after mini-Budget bets on pound pay off – Brexit-backing hedge fund chief bans new clients from investing after assets rise
  3. Fax machines will finally go away with proposed Ofcom rule changes – BT will no longer be legally required to provide connections
  4. Fears over writer’s pay could close chapter on world’s biggest book merger – Europe’s biggest media conglomerate king’s crown begins to slip
  5. Ex-Aston Martin boss ready to buy Blyth gigafactory site if battery champ collapses – Andy Palmer set to look at Northumberland plant as Britishvolt fights for survival

What happened in the night

Asian stocks fell in cautious trade on Wednesday, while the dollar eased slightly as investors braced for the US Federal Reserve’s policy outcome later in the global day. The Hang Seng fell 0.43 percent to 15,389.55, the Shanghai Composite fell 0.29 percent to 2,960.65 and the Shenzhen Composite on China’s second bourse fell 0.21 percent to 1,938. Tokyo shares also opened lower, with the Nikkei 225 index down 0.36% to 27,580.26 in early trade, while the broader Topix was down 0.06% at 1,937.39. Read below for the latest updates.