UK and US manufacturing slows; eurozone inflation hits 8.6%; petrol at new record – as it happened

Orders at UK factories fall for first time in 17 months and prices accelerate at a record pace across the eurozone

• Latest: Petrol hit a new record on Thursday
• UK manufacturing growth at two-year low as new orders fall
• Eurozone inflation hits record high
• Putin orders transfer of Sakhalin-2 gas project to new Russian entity
• Slowdown at Asia-Pacific factories adds to global recession fears
• $13 trillion wiped off global markets so far this year
• Brexit led to 14% fall in UK exports to EU in 2021, trade figures say

The economic battle between Russia and the West has taken another twist, after President Vladimir Putin signed a decree to take charge of the Sakhalin-2 gas and oil project.

The move could force Shell and Japan's Mitsui and Mitsubishi to abandon their investments in the project, in Russia's far east.