BP followed in the footsteps of its Big Oil rivals, achieving a huge increase in profits. The FTSE 100 company said profits tripled to $8.5bn (£6.9bn) in the second quarter – the highest since 2008. Like its rivals, BP has benefited from rising energy prices amid Russia’s war in Ukraine and is sharing the spoils with investors. The company raised its dividend by 10% and announced a $3.5 billion share buyback program over the next three months. That follows the $3.8 billion it bought back in the first half. Meanwhile, household energy bills are expected to hit £3,615 in the new year, according to the latest forecasts from Cornwall Insight. That’s hundreds of pounds higher than previous predictions.

5 things to start your day

  1. Electric jaguars will be tested to avoid disrupting household appliances. The memory of a passing car turning a TV to static may be distant, but it risks making a comeback with electric vehicles
  2. The tax burden under Sunak will remain at a 70-year high – even after the promised income tax cut, the IFS warns that the ex-Chancellor’s planned cuts will not undo the damage from his earlier raids on National Insurance and corporate taxation
  3. How HSBC ended up at the forefront of a new Cold War Bank attacks Chinese bid to power its boardroom
  4. Soldiers told to clear security clearances from LinkedIn amid spying fears Recruiters appear to have contacted defense personnel touting top-secret access amid spying risks from China
  5. One in three chance of New Zealand going into recession, Goldman Sachs economists warn the economy has yet to recover from Jacinda Ardern’s strict lockdowns

What happened in the night

Asian shares continued to fall on Wall Street this morning and long-term US Treasury yields sank to a four-month low, dragging the US dollar lower against the yen and other currencies as investors worried about the risk of a global recession. Australian shares fell amid an uncertain outlook for commodity demand – which also weighed on crude oil prices – while the local dollar hovered near its highest level against its US counterpart since mid-June, with the central bank widely expected to deliver a third straight half-point rate hike later in the day. Australian and South Korean shares lost about 0.3% each, while Japan’s Nikkei fell 1.17%. Chinese blue chips fell 1.06 percent and Hong Kong’s Hang Seng lost 1.1 percent. Taiwan’s stock index fell 1.68%. MSCI’s broadest index of Asia-Pacific shares fell 0.8 percent.

It’s coming today

Corporate Companies: BP, Capital & Counties Properties, Coats Group, Direct Line, Domino’s Pizza, Elementis, Fresnillo, Greggs, Man Group Rotork, Synthomer, Travis Perkins (intermediate); Sage Group (transaction update) Finance: Nationwide House Price Index (UK)