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| Markets tumble as impatience mounts over Trump's policies - business live | Markets tumble as impatience mounts over Trump's policies - business live |
| (35 minutes later) | |
| 1.20pm GMT | |
| 13:20 | |
| Donald Trump is awake and would like to reassure markets: | |
| Big day for healthcare. Working hard! | |
| Wall Street bell goes in 10 minutes... | |
| 1.18pm GMT | |
| 13:18 | |
| Twitter has reacted with a combination of anger and humour to those Dijsselbloem comments that appear to be critical of the behaviour of Southern European countries. | |
| Dijsselbloem’s offensive remarks are unacceptable! Real shame for representative of our political family to defy unity, respect, solidarity! | |
| Who said: "I spent a lot of money on booze, birds and fast cars. The rest I just squandered." | |
| 12.51pm GMT | 12.51pm GMT |
| 12:51 | 12:51 |
| The FTSE 100 is currently down 65 points or 0.9% at 7,314. | The FTSE 100 is currently down 65 points or 0.9% at 7,314. |
| The FTSE 250 is down 1.1% at 18,788. | The FTSE 250 is down 1.1% at 18,788. |
| Nicholas Hyett, equity analyst at Hargreaves Lansdown, provides this lunchtime summary: | Nicholas Hyett, equity analyst at Hargreaves Lansdown, provides this lunchtime summary: |
| A partial reversal of the so called ‘Trump Trade’ has sent defensives and precious metal producers to the top of the FTSE 100 today, as investors worry that President Trump’s conflict with Congress will prevent him delivering the pro-business agenda on which he campaigned. Only six FTSE 100 stocks had made it into positive territory at lunchtime, with Randgold topping the list, up 0.8%. | A partial reversal of the so called ‘Trump Trade’ has sent defensives and precious metal producers to the top of the FTSE 100 today, as investors worry that President Trump’s conflict with Congress will prevent him delivering the pro-business agenda on which he campaigned. Only six FTSE 100 stocks had made it into positive territory at lunchtime, with Randgold topping the list, up 0.8%. |
| Despite recently warning that conditions remain challenging, hopes of an uptick in the global economy helped FTSE 250 shipping group Clarkson enjoy a strong run recently. However, with pro-Trump sentiment wavering it’s perhaps unsurprising to see this bellwether of global trade lose some of the wind from its sails, sending the shares down 4.5%. | Despite recently warning that conditions remain challenging, hopes of an uptick in the global economy helped FTSE 250 shipping group Clarkson enjoy a strong run recently. However, with pro-Trump sentiment wavering it’s perhaps unsurprising to see this bellwether of global trade lose some of the wind from its sails, sending the shares down 4.5%. |
| 12.20pm GMT | 12.20pm GMT |
| 12:20 | 12:20 |
| Earlier the Bank of England published its latest agents’ summary of business conditions. | Earlier the Bank of England published its latest agents’ summary of business conditions. |
| The Bank has 12 regional agents who have discussions with about 700 firms across the UK to glean the latest snapshot of conditions. | The Bank has 12 regional agents who have discussions with about 700 firms across the UK to glean the latest snapshot of conditions. |
| The survey for the first quarter of 2017 found that growth in retail sales was slowing as the weak pounds feeds through to higher prices and reduces the spending power of consumers. | The survey for the first quarter of 2017 found that growth in retail sales was slowing as the weak pounds feeds through to higher prices and reduces the spending power of consumers. |
| Overall the report was mixed, with exports up and investment intentions picking up. Agents concluded: | Overall the report was mixed, with exports up and investment intentions picking up. Agents concluded: |
| Moderate rates of activity growth had continued overall. Retail sales volumes growth had eased. It was expected to slow further during the year ahead as the fall in sterling fed through to higher prices, reducing households’ purchasing power. In contrast, export volume growth had picked up. That was due to the fall in sterling and stronger world growth. | Moderate rates of activity growth had continued overall. Retail sales volumes growth had eased. It was expected to slow further during the year ahead as the fall in sterling fed through to higher prices, reducing households’ purchasing power. In contrast, export volume growth had picked up. That was due to the fall in sterling and stronger world growth. |
| Investment intentions had picked up, pointing to modest growth in spending in the year ahead. That reflected continued moderate demand growth and less uncertainty about economic prospects, particularly in the near term. But a lack of visibility of the United Kingdom’s future trading arrangements was weighing on longer-term plans for some contacts. | Investment intentions had picked up, pointing to modest growth in spending in the year ahead. That reflected continued moderate demand growth and less uncertainty about economic prospects, particularly in the near term. But a lack of visibility of the United Kingdom’s future trading arrangements was weighing on longer-term plans for some contacts. |
| The fall in sterling was being passed through into higher manufacturing output and consumer goods price inflation. Business and consumer services price inflation had edged higher. | The fall in sterling was being passed through into higher manufacturing output and consumer goods price inflation. Business and consumer services price inflation had edged higher. |
| 12.10pm GMT | 12.10pm GMT |
| 12:10 | 12:10 |
| Eurogroup boss Dijsselbloem criticised for comments | Eurogroup boss Dijsselbloem criticised for comments |
| Over in Brussels, Jeroen Dijsselbloem - head of the Eurogroup of finance ministers - appears to be in a spot of bother. | Over in Brussels, Jeroen Dijsselbloem - head of the Eurogroup of finance ministers - appears to be in a spot of bother. |
| Margrethe Vestager, the European commissioner for competition, said Dijsselbloem was “wrong” to make comments that were interpreted as criticism of southern European countries. | Margrethe Vestager, the European commissioner for competition, said Dijsselbloem was “wrong” to make comments that were interpreted as criticism of southern European countries. |
| Speaking to the German newspaper, Frankfurter Allgemeine Zeitung, Dijsselbloem said: | Speaking to the German newspaper, Frankfurter Allgemeine Zeitung, Dijsselbloem said: |
| In the euro crisis, the northern eurozone states demonstrated solidarity with the countries in crisis. As a Social Democrat, I believe solidarity is extremely important. But whoever demands it also has obligations. | In the euro crisis, the northern eurozone states demonstrated solidarity with the countries in crisis. As a Social Democrat, I believe solidarity is extremely important. But whoever demands it also has obligations. |
| I can’t spend all my money on booze and women and then ask you for your support. This principle holds at personal, local, national and even European levels. | I can’t spend all my money on booze and women and then ask you for your support. This principle holds at personal, local, national and even European levels. |
| His comments drew strong criticism in Spain and Italy and the Portuguese prime minister called for Dijsselbloem’s resignation. | His comments drew strong criticism in Spain and Italy and the Portuguese prime minister called for Dijsselbloem’s resignation. |
| A spokesman for Dijsselbloem defended his comments along the following lines: | A spokesman for Dijsselbloem defended his comments along the following lines: |
| He didn’t refer to any specific country or group of countries. | He didn’t refer to any specific country or group of countries. |
| His message was that solidarity comes with obligations, and the message was for all eurozone countries. | His message was that solidarity comes with obligations, and the message was for all eurozone countries. |
| EU Commissioner @vestager on Dijsselbloem's comments on "women and alcohol": "I wouldn't have said it and I think it's wrong" | EU Commissioner @vestager on Dijsselbloem's comments on "women and alcohol": "I wouldn't have said it and I think it's wrong" |
| 11.35am GMT | 11.35am GMT |
| 11:35 | 11:35 |
| New £300m UK plant to build electric black cabs | New £300m UK plant to build electric black cabs |
| Now for some news from Coventry, where the grand opening of the first new car plant in Britain for more than a decade is taking place today. | Now for some news from Coventry, where the grand opening of the first new car plant in Britain for more than a decade is taking place today. |
| The London Taxi Company (LTC), maker of the famous London black cab, will build electric cabs at the plant, creating more than 1,000 jobs. It is being funded by a £300m investment from China’s Zhejiang Geely Holding Group, owner of LTC, plus a £16.1m government grant. | The London Taxi Company (LTC), maker of the famous London black cab, will build electric cabs at the plant, creating more than 1,000 jobs. It is being funded by a £300m investment from China’s Zhejiang Geely Holding Group, owner of LTC, plus a £16.1m government grant. |
| As well as being a boost for Coventry it’s a boost for the UK automotive industry, which backed the remain camp in the EU referendum and has voiced concerns that Brexit will lead foreign investment elsewhere. | As well as being a boost for Coventry it’s a boost for the UK automotive industry, which backed the remain camp in the EU referendum and has voiced concerns that Brexit will lead foreign investment elsewhere. |
| The business secretary Greg Clarke said the new factory, where research and development will also take place, showed that the UK was a “world leader in the development of new automotive technologies”. | The business secretary Greg Clarke said the new factory, where research and development will also take place, showed that the UK was a “world leader in the development of new automotive technologies”. |
| Read our full story on the new plant here: | Read our full story on the new plant here: |
| 11.12am GMT | 11.12am GMT |
| 11:12 | 11:12 |
| Global shares 'could fall 10%' in Trump related sell-off | Global shares 'could fall 10%' in Trump related sell-off |
| Global equities could have quite a bit further to fall according to analysts at Saxo Bank, as Trump’s pro-growth policies hit several hurdles along the way. | Global equities could have quite a bit further to fall according to analysts at Saxo Bank, as Trump’s pro-growth policies hit several hurdles along the way. |
| Peter Garnry, the bank’s head of equity strategy, explains: | Peter Garnry, the bank’s head of equity strategy, explains: |
| So much of the narrative has revolved around US president Donald Trump since his election on November 8 but the conviction in the reflation trade faded abruptly in the last US session with the S&P 500 declining more than 1% for the first time since October. | So much of the narrative has revolved around US president Donald Trump since his election on November 8 but the conviction in the reflation trade faded abruptly in the last US session with the S&P 500 declining more than 1% for the first time since October. |
| So what are we to make of all of this? Where do we go from here? | So what are we to make of all of this? Where do we go from here? |
| Global equities could easily fall 5-10% in what would be a normal healthy technical correction. And the selloff will be driven by cyclicals: financials, materials, consumer discretionary - a big question mark here is whether technology stocks will hold the line. | Global equities could easily fall 5-10% in what would be a normal healthy technical correction. And the selloff will be driven by cyclicals: financials, materials, consumer discretionary - a big question mark here is whether technology stocks will hold the line. |
| We see further upside in volatility as markets are now constructing a new narrative that essentially centres on the likelihood that the pro-growth Trump policies or set for a bumpy road with many road blocks . | We see further upside in volatility as markets are now constructing a new narrative that essentially centres on the likelihood that the pro-growth Trump policies or set for a bumpy road with many road blocks . |
| Credit growth has stalled lately and the energy impulse into inflation is gone by June. | Credit growth has stalled lately and the energy impulse into inflation is gone by June. |
| 10.51am GMT | 10.51am GMT |
| 10:51 | 10:51 |
| Gold hits 3-week high as investors sell shares | Gold hits 3-week high as investors sell shares |
| Gold is benefitting from the widespread equities sell-off and weaker dollar. | Gold is benefitting from the widespread equities sell-off and weaker dollar. |
| Spot gold touched a three-week high of $1,248.47 per ounce, and is currently up 0.1% at $1,245. | Spot gold touched a three-week high of $1,248.47 per ounce, and is currently up 0.1% at $1,245. |
| Edward Meir, analyst at INTL FCStone said gold would continue to benefit while investors sold shares: | Edward Meir, analyst at INTL FCStone said gold would continue to benefit while investors sold shares: |
| It seems that equity investors decided to take some money of the table, perhaps getting slightly wary about the progress in President Trump’s legislative agenda. | It seems that equity investors decided to take some money of the table, perhaps getting slightly wary about the progress in President Trump’s legislative agenda. |
| Gold will likely continue to rally going into Wednesday’s session as Tuesday’s US stock market sell-off was significant and will likely have a knock-on effect on international equity markets over the next 24 hours. | Gold will likely continue to rally going into Wednesday’s session as Tuesday’s US stock market sell-off was significant and will likely have a knock-on effect on international equity markets over the next 24 hours. |
| 10.26am GMT | 10.26am GMT |
| 10:26 | 10:26 |
| Top bosses earn almost 400 times more than workers on national living wage | Top bosses earn almost 400 times more than workers on national living wage |
| Some people are feeling the pinch more than others of course. | Some people are feeling the pinch more than others of course. |
| A report by the Equality Trust found that the average FTSE bosses earns 386 times more than a worker on the national living wage. | A report by the Equality Trust found that the average FTSE bosses earns 386 times more than a worker on the national living wage. |
| Taking 2015 annual reports from all FTSE 100 companies, the charity calculated that chief executives were paid £5.3m a year, compared with £13,662 for someone on the national living wage of £7.20 an hour. | Taking 2015 annual reports from all FTSE 100 companies, the charity calculated that chief executives were paid £5.3m a year, compared with £13,662 for someone on the national living wage of £7.20 an hour. |
| Here is the full story from the Guardian’s Katie Allen: | Here is the full story from the Guardian’s Katie Allen: |
| Updated | Updated |
| at 10.28am GMT | at 10.28am GMT |
| 10.08am GMT | 10.08am GMT |
| 10:08 | 10:08 |
| UK households most downbeat about finances since 2013 | UK households most downbeat about finances since 2013 |
| Investors are not the only ones feeling pessimistic. | Investors are not the only ones feeling pessimistic. |
| UK households are the most downbeat about prospects for their finances since November 2013 according to the Markit Household Finance Index. | UK households are the most downbeat about prospects for their finances since November 2013 according to the Markit Household Finance Index. |
| Families are starting to feel the pinch of rising inflation, as everyday goods get more expensive and wage growth remains weak. It suggests that consumer spending - the main driver of UK growth currently - will start to weaken as households become more cost conscious. | Families are starting to feel the pinch of rising inflation, as everyday goods get more expensive and wage growth remains weak. It suggests that consumer spending - the main driver of UK growth currently - will start to weaken as households become more cost conscious. |
| Tim Moore, senior economist at IHS Markit, explains: | Tim Moore, senior economist at IHS Markit, explains: |
| UK households reported greater pressure on their financial wellbeing in March, as rising inflation has started to erode incomes and reduce cash available to spend. On average in the first quarter of 2017 survey respondents have reported the sharpest increase in their everyday living costs for three-and-a-half years. | UK households reported greater pressure on their financial wellbeing in March, as rising inflation has started to erode incomes and reduce cash available to spend. On average in the first quarter of 2017 survey respondents have reported the sharpest increase in their everyday living costs for three-and-a-half years. |
| A combination of rising inflation and subdued pay trends has forced households to recalibrate their expectations for the year ahead. After holding steady last summer, UK consumers are now more downbeat about their financial outlook than at any time since late-2013. | A combination of rising inflation and subdued pay trends has forced households to recalibrate their expectations for the year ahead. After holding steady last summer, UK consumers are now more downbeat about their financial outlook than at any time since late-2013. |
| Expectations for finances in the next month fell to 45.3 on the index in March, from 48.1 in February, where anything below 50 signals contraction. | Expectations for finances in the next month fell to 45.3 on the index in March, from 48.1 in February, where anything below 50 signals contraction. |
| People living in the East Midlands were the most downbeat about their financial outlook, followed by those in the North East and London. | People living in the East Midlands were the most downbeat about their financial outlook, followed by those in the North East and London. |
| Meanwhile 58% of households expected the Bank of England to raise interest rates in the next 12 months. | Meanwhile 58% of households expected the Bank of England to raise interest rates in the next 12 months. |
| Updated | Updated |
| at 10.15am GMT | at 10.15am GMT |
| 9.49am GMT | 9.49am GMT |
| 09:49 | 09:49 |
| US futures suggest the sell-off on Wall Street is likely to continue when markets open later: | US futures suggest the sell-off on Wall Street is likely to continue when markets open later: |
| Dow Jones futures: -0.3% | Dow Jones futures: -0.3% |
| Nasdaq futures: -0.2% | Nasdaq futures: -0.2% |