Oil hits $90 a barrel for the first time since 2014

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Figures from Wizz Air show there is still some way to go for the recovery of the airline industry, with omicron weighing on demand in the last three months of the year.

The Hungarian airline slumped to €213.6m (£179m) in the third quarter and warned it would worsen over the next three months as travel uncertainty persisted.

Wizz Air is pursuing an aggressive expansion plan in a bid to close the gap with rival Ryanair. Chief Executive Jozsef Varadi has ordered more jets and bought slots at Gatwick Airport to help growth.

5 things to start your day

1) Bentley will develop its first electric car in Britain The automaker is planning an upgrade to its Crewe headquarters, where the new model will be produced

2) Boost for post-Brexit Britain as businesses focus on city EY report finds nine out of ten large financial services companies plan to establish or expand their business in the Square Mile

3) Owner of Wolseley, a restaurant for the rich and famous, pushed into administration Angry investor Minor International says Corbin & King ‘is insolvent and badly needs further financial support’

4) $40 billion takeover in doubt amid growing Nvidia gloom Regulatory freezes leave US chip giant facing $1.25 billion in fees if deal is blocked

5) How the Covid loan scheme sparked an unprecedented wave of fraud and a Whitehall blame game ‘School mistakes’ and shrinking fraud checks cost taxpayers billions

What happened overnight

Asian stock markets got off to a cautious start on Wednesday after another volatile session on Wall Street as investors braced for the outcome of the Fed’s late-day meeting and any hints of a faster tightening. Monetary Policy.

MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.26% early Wednesday, but the index has slipped 2.4% this year and is testing a one-year low from mid- December.

Concerns that the Fed’s planned interest rate hikes could hammer Asian stock markets weighed on the regional benchmark, though moves elsewhere were even more dramatic.

The Japanese Nikkei lost 0.8pc to hover around its lowest level since December 2020.

In early trading on Wednesday morning, China’s blue chip index was up 0.4pc, while Hong Kong’s Hang Seng index was up 0.6pc.

coming today

• Business : Brewin Dolphin, CMC Markets, Fresnillo, Pets at Home, Quilter, Sage Group, Wizz Air (Commercial Update)
• Economy: Federal Reserve Interest Rate Decision (WE)Fed Monetary Policy Statement (WE)new home sales (WE)