Should SPD leader Scholz become Chancellor by the end of the year, it could be the start of a new European policy for Europe biggest economy, with more integration and less austerity.

Meanwhile, investors are welcoming an easing of tensions between China and the US after a deal between the two countries allowed the daughter of Huawei's founder to return home. The FTSE 100 was up 0.6% this morning.

The index is supported by high oil prices, which fuel heavyweight energy stocks. BP jumped 1.8% after it announced that close to a third of its British petrol stations had run out of the two main grades of fuel. The shortages led the government to suspend competition laws and allow firms to work together towards a solution.

Meanwhile, Rolls-Royce jumped 4.7% after Morgan Stanley raised the price target on the stock. The British engine and jet engine manufacturer is benefiting from the upturn in the aviation industry and the alliance between the United States, Australia and Great Britain.

Things to read:

Credit Investors Follow The Workers (Wall Street Journal)

Europe’s Energy Crisis Is Coming for the Rest of the World, Too (Bloomberg)

Top Investors split on direction of “tempestuous” China markets (Financial Times)