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Good morning from the Financial Times, today is Tuesday, July 5th, and this is your FT News Briefing.

Power prices in Europe have hit a new record. Foreign investors are bailing out of Indian stocks,

and the FT's chief economics commentator, Martin Wolfe, will discuss what's happening in the

global economy. It's almost a perfect storm of shocks, which have left us now in a period of

great uncertainty. I'm Jess Smith, in from our Filipino, and here's the news you need to start your day.

European electricity prices yesterday reached their highest sustained level on record. German

base load power for delivery next year, that's the benchmark price, hit 325 euros per megawatt hour.

The equivalent contract in France has doubled to 366 euros since the start of the year.

The new records come as Russia's cuts to European gas applies ripple through the

continent's energy networks. Gas is used to generate electricity, so the cost of gas affects

power prices. Also, maintenance problems at French nuclear plants are making the situation worse.

Foreign investors have dumped a record $33 billion of Indian shares since last October.

That's according to research from Goldman Sachs. Our correspondent in Mumbai,

Chloe Cornish, says all the pension funds and international mutual funds who went to India looking

for higher returns are taking profits off the table. At the moment, we're in what's called a

risk-off environment where investors who have noticed that Fed is raising interest rates and

that things are a bit spooky in terms of the global economy, they want to move their money into safer

places. One of the reasons that it's a good time for them to do this is because they've made quite a

lot of money in India. So over the past two years, there's been a massive rally in Indian stocks.

The stock markets have been rising in India faster than their peers in other Asian economies.

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