Good morning. Inflation data from China showed its producer price index jumped 9pc from a year earlier, the highest in over 12 years, on surging commodity prices.
Meanwhile the FTSE 100 is tipped to open flat.
5 things to start your day
1) Sunak wants the City to be exempt from G7 tax raid: Chancellor is arguing Britain’s world-leading financial sector warrants a ‘carve out’ from the rules approved by the G7 finance ministers.
2) Bezos battles Branson and Musk as race for space heats up: Amazon founder’s 11-minute trip 62 miles above Earth will intensify the galactic tussle with the Tesla and Virgin billionaires.
3) How a tiny US firm caused world’s biggest websites to crash: Millions of internet users attempting to access news outlets, social media platforms and gov websites were confronted by “Error 503” messages.
4) Electric car maker warns it may run out of cash before selling first vehicle: GM-backed Lordstown Motors said it did not have enough money to reach commercial sales and might need to take on additional debt.