Oil majors are announcing strong earnings at the same time as high energy prices and gas shortages threaten to keep Europe cold over winter. Credit Suisse has some ideas on how to stay warm, though. It is raising 4 billion francs (including 1.5 billion francs from Saudi National Bank) which, based on recent experience, will promptly get incinerated in its cash furnace.

The lowdown

• ⬆️ ECB raises interest rates by 75 basis points, to 1.5%.

• 💸 Credit Suisse seeks billions in fresh capital as part of restructure plans.

• 🐣 Elon Musk buys Twitter; CEO and CFO immediately escorted from the building.

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Solid earnings if you look away from tech

We have had somewhat of a preoccupation with the woes faced by tech businesses this earnings season, but some non-tech businesses are actually doing quite well in the background.

First are oil and gas companies, who have benefited from higher energy prices. Their strong earnings are somewhat of a double-edged sword at the moment: while dividends are increasing, the companies will face calls for windfall taxes, as ordinary people struggle with increased prices.

Second is what are known as recession-resistant stocks. These include companies that seek to offer consumers compelling value in times of economic hardship and include companies such as Walmart, Dollar Tree and McDonald’s.

McDonald’s reported improved quarterly earnings yesterday, driven by higher menu prices and increased customer volumes. The company’s share price rose by 3.5% to $265.69.

"We're gaining share right now among low-income consumers," CFO Ian Borden said during a call with investors. This appears to be a repeat of the 2008 financial crisis, when McDonald’s was able to hold onto customers through its dollar menu and everyone got fat.

The content we're consuming today

• The Economist: The archaeology of the office: A walk around the workplace is also a trip back in time ($).

Off-balance sheet items

• On the subject of McDonald’s, the Big Mac Index, published annually by The Economist, is an interesting take on purchasing power parity.

• And also on this subject is this very interesting theory on why the company chooses to release the McRib when it does.

The bottom line