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| Version 4 | Version 5 |
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| Relief for investors as Greece averts fresh crisis - as it happened | |
| (35 minutes later) | |
| 2.13pm BST | |
| 14:13 | |
| That’s it for today folks. Thank you for your comments and have a lovely weekend. AM | |
| 1.59pm BST | |
| 13:59 | |
| Cladding for Grenfell Tower was cheaper, more flammable option | |
| My colleague Rob Davies reports that the material used in the cladding that covered the Grenfell Tower was the cheaper, more flammable version of the two available options. | |
| Omnis Exteriors manufactured the aluminium composite material (ACM) used in the cladding, a company director, John Cowley, confirmed to the Guardian. | |
| Read the full story here: | |
| 1.51pm BST | 1.51pm BST |
| 13:51 | 13:51 |
| US housing starts fall to eight-month low | US housing starts fall to eight-month low |
| New US homebuilding fell for a third month in May, to the lowest level in eight months. | New US homebuilding fell for a third month in May, to the lowest level in eight months. |
| Housing starts fell 5.5% to an annual rate of 1.09 million units, the US Commerce Department said. It was the lowest level since September 2016, and reflected a broad slowdown in construction. | Housing starts fell 5.5% to an annual rate of 1.09 million units, the US Commerce Department said. It was the lowest level since September 2016, and reflected a broad slowdown in construction. |
| It was weaker than expected, with economists polled by Reuters predicting 1.2 million starts. | It was weaker than expected, with economists polled by Reuters predicting 1.2 million starts. |
| 1.34pm BST | 1.34pm BST |
| 13:34 | 13:34 |
| Over in Greece, prime minister Alexis Tsipras has called last night’s Eurogroup decision a “decisive step” towards ending the country’s eight-year-long economic crisis. | Over in Greece, prime minister Alexis Tsipras has called last night’s Eurogroup decision a “decisive step” towards ending the country’s eight-year-long economic crisis. |
| Helena Smith reports from Athens: | Helena Smith reports from Athens: |
| In upbeat mood, Alexis Tsipras described the decision to throw Greece a new credit line as a “clear sign” of confidence towards markets. | In upbeat mood, Alexis Tsipras described the decision to throw Greece a new credit line as a “clear sign” of confidence towards markets. |
| Briefing head of state President Prokopis Pavlopoulos on the details, Tsipras said the agreement thrashed out between eurozone member states and the IMF in Luxembourg late Thursday, amounted to “a clear commitment” that Greece would emerge from international stewardship. | Briefing head of state President Prokopis Pavlopoulos on the details, Tsipras said the agreement thrashed out between eurozone member states and the IMF in Luxembourg late Thursday, amounted to “a clear commitment” that Greece would emerge from international stewardship. |
| A clear sign of confidence was given to markets and a clear commitment [was given] to the Greek people, who have suffered so much. | A clear sign of confidence was given to markets and a clear commitment [was given] to the Greek people, who have suffered so much. |
| [A clear commitment] that the programmes will end decisively with the end of the third [bailout] programme in a year from now. | [A clear commitment] that the programmes will end decisively with the end of the third [bailout] programme in a year from now. |
| Tsipras’ own poll ratings and that of his two-party coalition have fallen precipitously as the government, under pressure from creditors, has time and again been forced to legislate highly unpopular pension cuts and tax increases. | Tsipras’ own poll ratings and that of his two-party coalition have fallen precipitously as the government, under pressure from creditors, has time and again been forced to legislate highly unpopular pension cuts and tax increases. |
| Now we must step up our efforts to create the conditions for a dynamic recovery which will be felt by citizens in their every day life with a view to … healing the wounds of the crisis.” | Now we must step up our efforts to create the conditions for a dynamic recovery which will be felt by citizens in their every day life with a view to … healing the wounds of the crisis.” |
| Tsipras’ term ends in 2019. In a bid to turn around flagging morale, the government is expected to launch an all-out drive to spin the results of last night’s deal - even if it did not get the debt relief it had been hoping for. | Tsipras’ term ends in 2019. In a bid to turn around flagging morale, the government is expected to launch an all-out drive to spin the results of last night’s deal - even if it did not get the debt relief it had been hoping for. |
| 1.23pm BST | 1.23pm BST |
| 13:23 | 13:23 |
| Time for a market update. European indices have held on to earlier gains, with the latest scores as follows: | Time for a market update. European indices have held on to earlier gains, with the latest scores as follows: |
| FTSE 100: +0.5% at 7,458 | FTSE 100: +0.5% at 7,458 |
| FTSE 250: +0.9% at 19,721 | FTSE 250: +0.9% at 19,721 |
| Germany’s DAX: +0.3% at 12,725 | Germany’s DAX: +0.3% at 12,725 |
| France’s CAC: +0.7% at 5,252 | France’s CAC: +0.7% at 5,252 |
| Italy’s FTSE MIB: +0.4% at 20,937 | Italy’s FTSE MIB: +0.4% at 20,937 |
| Spain’s IBEX: +0.3% at 10,728 | Spain’s IBEX: +0.3% at 10,728 |
| Greece’s ATG: +1.6% at 812.5 | Greece’s ATG: +1.6% at 812.5 |
| Europe’s STOXX 600: +0.6% at 388 | Europe’s STOXX 600: +0.6% at 388 |
| 1.10pm BST | 1.10pm BST |
| 13:10 | 13:10 |
| The yen is at a two-week low against the dollar after the Bank of Japan kept interest rates on hold and said it was in no hurry to follow the US Fed and tighten monetary policy. | The yen is at a two-week low against the dollar after the Bank of Japan kept interest rates on hold and said it was in no hurry to follow the US Fed and tighten monetary policy. |
| The yen fell nearly 0.5% to 111.415 per dollar. | The yen fell nearly 0.5% to 111.415 per dollar. |
| Martin Arnold, currency strategist at ETF Securities, said: | Martin Arnold, currency strategist at ETF Securities, said: |
| The theme continues to be the potential for further yen weakness because they are still grappling with the deflationary mindset of the Japanese consumer. | The theme continues to be the potential for further yen weakness because they are still grappling with the deflationary mindset of the Japanese consumer. |
| I think safe haven trade is the only light at the end of the tunnel - there has to be some sort of significant [risk] event to light a spark under the yen. | I think safe haven trade is the only light at the end of the tunnel - there has to be some sort of significant [risk] event to light a spark under the yen. |
| 12.24pm BST | 12.24pm BST |
| 12:24 | 12:24 |
| Weak pound boosts UK tourism | Weak pound boosts UK tourism |
| Foreign tourists came to Britain in bigger numbers in April, taking advantage of the weaker pound. | Foreign tourists came to Britain in bigger numbers in April, taking advantage of the weaker pound. |
| There were 3.7 million visits during the month, up 19% compared with the same April 2016. They spent 20% more too, at £2bn according to the ONS figures. | There were 3.7 million visits during the month, up 19% compared with the same April 2016. They spent 20% more too, at £2bn according to the ONS figures. |
| Numbers were partly boosted by the timing of Easter, which fell in April this year but March the year before. | Numbers were partly boosted by the timing of Easter, which fell in April this year but March the year before. |
| However, the number of Brits travelling abroad is far greater, at 6.1m visits in April, up 2% compared with a year earlier. UK residents spent £3.5bn, down 1%. | However, the number of Brits travelling abroad is far greater, at 6.1m visits in April, up 2% compared with a year earlier. UK residents spent £3.5bn, down 1%. |
| Patricia Yates, director of Visit Britain (the UK’s tourist authority) commented on the figures: | Patricia Yates, director of Visit Britain (the UK’s tourist authority) commented on the figures: |
| Tourism is one of Britain’s most valuable export industries and it is very encouraging to see this continued growth as we head into the peak summer season and beyond. | Tourism is one of Britain’s most valuable export industries and it is very encouraging to see this continued growth as we head into the peak summer season and beyond. |
| We continue to drive home the message of value and welcome globally, particularly in our high spending markets China and the US and the valuable European market. | We continue to drive home the message of value and welcome globally, particularly in our high spending markets China and the US and the valuable European market. |
| 11.24am BST | 11.24am BST |
| 11:24 | 11:24 |
| The pound is roughly flat against the dollar, after receiving a boost on Thursday from the shock news that three Bank of England policymakers voted to raise interest rates at their June meeting. | The pound is roughly flat against the dollar, after receiving a boost on Thursday from the shock news that three Bank of England policymakers voted to raise interest rates at their June meeting. |
| They were outvoted 5-3 but it signalled a deeper-than-expected split among the Monetary Policy Committee and edged the Bank closer to a rate hike. | They were outvoted 5-3 but it signalled a deeper-than-expected split among the Monetary Policy Committee and edged the Bank closer to a rate hike. |
| Sterling is up 0.1% at $1.2765, but down 0.1% against the euro at €1.1423. | Sterling is up 0.1% at $1.2765, but down 0.1% against the euro at €1.1423. |
| David Madden, market analyst at CMC Markets: | David Madden, market analyst at CMC Markets: |
| The GBP/USD has been trading within a tight range, the pound hasn’t made any more gains versus the US dollar in the wake of the surprisingly hawkish BoE vote yesterday, but neither has it given up much ground. | The GBP/USD has been trading within a tight range, the pound hasn’t made any more gains versus the US dollar in the wake of the surprisingly hawkish BoE vote yesterday, but neither has it given up much ground. |
| 11.03am BST | 11.03am BST |
| 11:03 | 11:03 |
| Hammond: UK must focus on jobs in Brexit talks | Hammond: UK must focus on jobs in Brexit talks |
| Philip Hammond has been speaking to reporters in Luxembourg, where finance ministers are gathered for today’s Ecofin meeting. | Philip Hammond has been speaking to reporters in Luxembourg, where finance ministers are gathered for today’s Ecofin meeting. |
| He said Britain must prioritise jobs and future prosperity when Brexit negotiations kick-off next week. | He said Britain must prioritise jobs and future prosperity when Brexit negotiations kick-off next week. |
| As we enter negotiations next week we will do so in a spirit of sincere co-operation taking a pragmatic approach to trying to find a solution that works both for the UK and for the European Union 27. | As we enter negotiations next week we will do so in a spirit of sincere co-operation taking a pragmatic approach to trying to find a solution that works both for the UK and for the European Union 27. |
| My clear view, and I believe the view of the majority of people in Britain, is that we should prioritise protecting jobs, protecting economic growth, protecting prosperity as we enter those negotiations and take them forward. | My clear view, and I believe the view of the majority of people in Britain, is that we should prioritise protecting jobs, protecting economic growth, protecting prosperity as we enter those negotiations and take them forward. |
| Updated | Updated |
| at 11.04am BST | at 11.04am BST |
| 10.39am BST | 10.39am BST |
| 10:39 | 10:39 |
| The poll below suggests other EU countries have no appetite to follow the UK out of the union: | The poll below suggests other EU countries have no appetite to follow the UK out of the union: |
| After #Brexit, no desire amongst Europeans to follow Britain out the door. pic.twitter.com/NZ2NCHbgUT | After #Brexit, no desire amongst Europeans to follow Britain out the door. pic.twitter.com/NZ2NCHbgUT |
| 10.35am BST | 10.35am BST |
| 10:35 | 10:35 |
| Former finance minister Yanis Varoufakis is not the only one sceptical about the Greek deal struck in Luxembourg last night. | Former finance minister Yanis Varoufakis is not the only one sceptical about the Greek deal struck in Luxembourg last night. |
| Kit Juckes at Societe Generale also suggests it was an elaborate exercise in kicking the can down the road: | Kit Juckes at Societe Generale also suggests it was an elaborate exercise in kicking the can down the road: |
| The politics of debt relief are too toxic to cope with so [Eurogroup president] Jeroen Dijsselbloem called for the tee, put the debt can on top of it, lined it up and kicked it straight between the posts and down the road behind. Then he declared it a ‘major step forward’ that would help put the Greek economy on a sounder footing. Job done. | The politics of debt relief are too toxic to cope with so [Eurogroup president] Jeroen Dijsselbloem called for the tee, put the debt can on top of it, lined it up and kicked it straight between the posts and down the road behind. Then he declared it a ‘major step forward’ that would help put the Greek economy on a sounder footing. Job done. |
| I expect this to be greeted with muted applause by European bond investors, by which I mean peripheral debt should do fine and the currency won’t care. | I expect this to be greeted with muted applause by European bond investors, by which I mean peripheral debt should do fine and the currency won’t care. |
| 10.23am BST | 10.23am BST |
| 10:23 | 10:23 |
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| 10.09am BST | 10.09am BST |
| 10:09 | 10:09 |
| Eurozone inflation slows to 1.4% in May | Eurozone inflation slows to 1.4% in May |
| The eurozone’s headline rate of inflation in May has been confirmed at 1.4% by statistics office Eurostat, down from 1.9% in April. | The eurozone’s headline rate of inflation in May has been confirmed at 1.4% by statistics office Eurostat, down from 1.9% in April. |
| Petrol prices and hotel stays were more expensive than a year earlier, while phone costs and clothing prices fell. | Petrol prices and hotel stays were more expensive than a year earlier, while phone costs and clothing prices fell. |
| At 1.4%, eurozone is well below UK inflation of 2.9%. The sharp fall in the value of the pound since the Brexit vote has pushed up the cost of goods imported from abroad and is feeding through to higher shop prices. | At 1.4%, eurozone is well below UK inflation of 2.9%. The sharp fall in the value of the pound since the Brexit vote has pushed up the cost of goods imported from abroad and is feeding through to higher shop prices. |
| Updated | Updated |
| at 10.12am BST | at 10.12am BST |