Elon Musk joining Twitter’s board; US stops Russian dollar debt payments; inflation worries rise – as it happened

Rolling coverage of the latest economic and financial news

• Elon Musk joining Twitter board after buying 9.2% stake
• US Treasury to halt Russian government dollar debt payments
• Move could hamper Russia's ability to fund Ukraine war
• EU proposes new sanctions on Russia
• UK service sector prices soared last month
• UK March car sales lowest since March 1998
• Russian private sector shrinking as sanctions bite

Business confidence in the eurozone has slumped to a 17-month low as rising geopolitical tensions and inflation weighed on the outlook, the latest survey of purchasing managers shows.

The PMI report also shows that eurozone companies raised their prices for goods and servics at the fastest rate on record.

Exports are already back in decline as the war has directly hit travel and transport, and the downturn in confidence suggests that domestic demand conditions across the eurozone could also come under pressure, notably from consumers via the soaring cost of living, at the same time as companies struggle with a lack of materials.

The outlook for growth has therefore deteriorated at a time when the inflation outlook has worsened.

The cost of living crisis is having an impact on people's purchasing power, which coupled with the continued interruption in the global supply of parts means new car dealers are facing challenging times.

Even the arrival of the new number plates at the start of March could not unwind the difficulties the new car market is facing.

It was widely anticipated that the automotive sector would take most of 2022 to sufficiently increase component capacity and put an end to the supply shortages that have limited car production during the pandemic.

But the implications of war in Ukraine and heightened restrictions in China add further complexity and exacerbate this challenge.