Aposto Europe

delivers your daily briefing on markets, politics, business, tech and more - all under 5 minutes. Don't miss out on what's happening in the world.

Friday

The UK economy contracted by more than first thought in Q3, according to revised figures from the Office for National Statistics released on Thursday, as Britain is widely expected to be heading into a recession. Britain’s GDP fell by a revised 0.3% in Q3-2022 against the 0.2% decline initially estimated.

• Looking back: The ONS said the economy also grew less than first estimated throughout the first half of the year, with revisions showing the UK eked out growth of 0.6% in Q1 and 0.1% in Q2. The ONS has previously said growth stood at 0.7% and 0.2% in those quarters respectively.

Thursday

Elon Musk pushed back on criticism from one of Tesla’s most vocal supporters amid growing concern about the billionaire CEO’s ability to manage Twitter and his other businesses.

• What happened? Ross Gerber, CEO of Gerber Kawasaki Wealth Management and longtime investor, tweeted about a perceived lack of leadership at the electric vehicle maker and said it’s "time for a shakeup." Musk replied by asking Gerber for his "great ideas" for Tesla and its board, and telling him to go "back and read your old Securities Analysis 101 textbook."
• Why it matters: The discord comes as Tesla’s stock is down more than 60% since the start of the year. Meanwhile, Musk has sold nearly $40 billion worth of Tesla stock in the past year, with much of that going to fund his purchase of Twitter — despite repeatedly saying he would stop selling down his stake.

Wednesday

Russian gas flows are continuing via alternative links after an explosion occurred at a section of the Urengoy-Pomary-Uzhgorod link that goes to Ukraine for further supplies to Europe, Bloomberg reported on Tuesday. A fire was extinguished after the incident, which reportedly happened during scheduled maintenance, according to local emergency services.

• Zoom in: Dutch front-month gas futures —Europe’s benchmark— briefly surged as much as 6.6% on the explosion reports before erasing those gains. Gas nominations for Wednesday's transit via Ukraine so far remain unchanged, according to the nation’s grid data.

Subscribe