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| UK economy grew by 0.6% in final quarter of 2017, thinktank says – as it happened | |
| (35 minutes later) | |
| The FTSE 100 has made it back into positive territory, up 13 points, putting it on course for another closing high. | The FTSE 100 has made it back into positive territory, up 13 points, putting it on course for another closing high. |
| Here are the latest scores across Europe: | Here are the latest scores across Europe: |
| FTSE 100: +0.2% at 7,745 | FTSE 100: +0.2% at 7,745 |
| Germany’s DAX:-0.9% at 13,258 | Germany’s DAX:-0.9% at 13,258 |
| France’s CAC: -0.4% at 5,500 | France’s CAC: -0.4% at 5,500 |
| Italy’s FTSE MIB: +0.4% at 23,085 | Italy’s FTSE MIB: +0.4% at 23,085 |
| Spain’s IBEX: +0.1% at 10,433 | Spain’s IBEX: +0.1% at 10,433 |
| Europe’s STOXX 600: -0.5% at 398 | Europe’s STOXX 600: -0.5% at 398 |
| Wall Street is forecast to open lower: | Wall Street is forecast to open lower: |
| US Opening Calls:#DOW 25282 -0.43%#SPX 2740 -0.44%#NASDAQ 6639 -0.60%#IGOpeningCall | US Opening Calls:#DOW 25282 -0.43%#SPX 2740 -0.44%#NASDAQ 6639 -0.60%#IGOpeningCall |
| On that note, it’s time to close for the day. Thanks for all your comments, and we’ll be back tomorrow. | On that note, it’s time to close for the day. Thanks for all your comments, and we’ll be back tomorrow. |
| Over to Greece now, where thousands of protestors have taken to the streets on the first day of a parliamentary debate about austerity measures. | Over to Greece now, where thousands of protestors have taken to the streets on the first day of a parliamentary debate about austerity measures. |
| Helena Smith reports from Athens: | Helena Smith reports from Athens: |
| Public sector unionists and communist-affiliated workers took to the streets in fury over yet more reforms included in a multi-bill of ‘prior actions’ submitted to parliament. | Public sector unionists and communist-affiliated workers took to the streets in fury over yet more reforms included in a multi-bill of ‘prior actions’ submitted to parliament. |
| Among the most contentious is the demand that Greece pare back the right of unionists to press ahead with industrial action - in a country where strikes are regarded as a hallowed right won with sweat and blood. | Among the most contentious is the demand that Greece pare back the right of unionists to press ahead with industrial action - in a country where strikes are regarded as a hallowed right won with sweat and blood. |
| Demonstrators also converged on courts in angry scenes protesting against electronic auctions of properties belonging to indebted bank depositors. Athens has to enforce the measures to conclude a compliance review that will unlock more rescue funds (an estimated €5.5bn) given the debt-stricken nation’s exclusion from capital markets. | Demonstrators also converged on courts in angry scenes protesting against electronic auctions of properties belonging to indebted bank depositors. Athens has to enforce the measures to conclude a compliance review that will unlock more rescue funds (an estimated €5.5bn) given the debt-stricken nation’s exclusion from capital markets. |
| The leftist-led government is keen to legislate the measures in time for the next EU leaders’ summit meeting on 22 January. | The leftist-led government is keen to legislate the measures in time for the next EU leaders’ summit meeting on 22 January. |
| Billionaire investor Warren Buffet is the latest big name to predict a burst bubble for bitcoin. | Billionaire investor Warren Buffet is the latest big name to predict a burst bubble for bitcoin. |
| The chairman of Berkshire Hathaway told CNBC: | The chairman of Berkshire Hathaway told CNBC: |
| In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. | In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. |
| When it happens or how or anything else I don’t know. | When it happens or how or anything else I don’t know. |
| Buffet said he would not take a short position on bitcoin futures. | Buffet said he would not take a short position on bitcoin futures. |
| I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about. | I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about. |
| The Financial Conduct Authority has warned spread betting firms could be putting UK consumers at serious risk of harm. | The Financial Conduct Authority has warned spread betting firms could be putting UK consumers at serious risk of harm. |
| Shares in the sector fell sharply after the warning this morning about the contracts for difference market. CFDs are a type of high-risk, complex derivative that allow investors to gamble on the price of an asset without owning it. | Shares in the sector fell sharply after the warning this morning about the contracts for difference market. CFDs are a type of high-risk, complex derivative that allow investors to gamble on the price of an asset without owning it. |
| Read our full story here: | Read our full story here: |
| Superdry is the biggest faller in the FTSE 250, with shares down 8%, after the clothing retailer announced a fall in profits despite a positive Christmas performance: | Superdry is the biggest faller in the FTSE 250, with shares down 8%, after the clothing retailer announced a fall in profits despite a positive Christmas performance: |
| Superdry's strong Christmas marred by profit drop https://t.co/6kqwYPMQyf pic.twitter.com/u8BmdjNVUL | Superdry's strong Christmas marred by profit drop https://t.co/6kqwYPMQyf pic.twitter.com/u8BmdjNVUL |
| The RAC says the recent rise in oil prices to just below $70 could be bad news for UK motorists without a significant strengthening of the pound. | The RAC says the recent rise in oil prices to just below $70 could be bad news for UK motorists without a significant strengthening of the pound. |
| The breakdown recovery firm warns the rise could potentially put further pressure on Britain’s cash-strapped consumers if they have to pay more at the pump. | The breakdown recovery firm warns the rise could potentially put further pressure on Britain’s cash-strapped consumers if they have to pay more at the pump. |
| Simon Williams, fuel spokesman at the RAC, comments: | Simon Williams, fuel spokesman at the RAC, comments: |
| Oil hitting $70 a barrel is potentially very bad for motorists who are already having to get used to paying 7p a litre more for petrol and 9p more for diesel than they did last July. | Oil hitting $70 a barrel is potentially very bad for motorists who are already having to get used to paying 7p a litre more for petrol and 9p more for diesel than they did last July. |
| If oil stays at this level, pump price hikes will be almost inevitable. With households across the country still feeling the cost of Christmas this is not the start to 2018 anyone would have wanted. It could also negatively affect business and further fuel inflation. | If oil stays at this level, pump price hikes will be almost inevitable. With households across the country still feeling the cost of Christmas this is not the start to 2018 anyone would have wanted. It could also negatively affect business and further fuel inflation. |
| The price of a barrel of Brent crude oil is just a touch below $70 at $69.33, the highest level since 5 December 2014. | The price of a barrel of Brent crude oil is just a touch below $70 at $69.33, the highest level since 5 December 2014. |
| Britain’s economy grew by 0.6% in the final quarter of 2017, according to an estimate by the National Institute of Economic and Social Research*. | Britain’s economy grew by 0.6% in the final quarter of 2017, according to an estimate by the National Institute of Economic and Social Research*. |
| That would be the fastest rate of growth since the final three months of 2016, and would put annual growth in 2017 at 1.8%, slightly below growth of 1.9% in 2016. | That would be the fastest rate of growth since the final three months of 2016, and would put annual growth in 2017 at 1.8%, slightly below growth of 1.9% in 2016. |
| The economy grew by 0.4% in the third quarter of 2017. | The economy grew by 0.4% in the third quarter of 2017. |
| Amit Kara, head of UK macroeconomic forecasting at the thinktank, says: | Amit Kara, head of UK macroeconomic forecasting at the thinktank, says: |
| We estimate that economic growth recovered to 0.6% in the final quarter of this year from 0.4% in the third quarter. Economic growth has picked up in the second half of 2017 after a period of subdued growth in the first six months. | We estimate that economic growth recovered to 0.6% in the final quarter of this year from 0.4% in the third quarter. Economic growth has picked up in the second half of 2017 after a period of subdued growth in the first six months. |
| The recovery has been driven by both the manufacturing and the service sectors, supported by the weaker pound and a buoyant global economy, while construction output continues to lag. | The recovery has been driven by both the manufacturing and the service sectors, supported by the weaker pound and a buoyant global economy, while construction output continues to lag. |
| We’ll have to wait until 26 January for the first official estimate from the ONS. | We’ll have to wait until 26 January for the first official estimate from the ONS. |
| *In this morning’s agenda I incorrectly stated the NIESR estimate would be published at 1pm. Sorry about that. AM | *In this morning’s agenda I incorrectly stated the NIESR estimate would be published at 1pm. Sorry about that. AM |
| @angelamonaghan Hi there, just to let you know we now release the GDP estimates at 12, not 1 https://t.co/6ZsizVHpny | @angelamonaghan Hi there, just to let you know we now release the GDP estimates at 12, not 1 https://t.co/6ZsizVHpny |
| The UK’s small exporting firms are optimistic about the future, according to the trade body that represents them, despite Britain’s wider trade deficit in November. | The UK’s small exporting firms are optimistic about the future, according to the trade body that represents them, despite Britain’s wider trade deficit in November. |
| The Federation of Small Businesses (FSB) said the broader trend was more positive, with the trade in goods and services deficit narrowing by £2.1bn to £6.2bn in the three months to November. | The Federation of Small Businesses (FSB) said the broader trend was more positive, with the trade in goods and services deficit narrowing by £2.1bn to £6.2bn in the three months to November. |
| Mike Cherry, national chairman at the FSB: | Mike Cherry, national chairman at the FSB: |
| It’s a positive step to see the UK’s total trade deficit narrowing in the three months to November 2017. | It’s a positive step to see the UK’s total trade deficit narrowing in the three months to November 2017. |
| Our own research shows exporting small firms remain optimistic about trade prospects, with an increase in those reporting either stable or increasing international sales in the last quarter of 2017. Our exporters continue to benefit from a depreciated pound and strong economic growth overseas. | Our own research shows exporting small firms remain optimistic about trade prospects, with an increase in those reporting either stable or increasing international sales in the last quarter of 2017. Our exporters continue to benefit from a depreciated pound and strong economic growth overseas. |
| “The success of the UK economy rests on helping more small businesses to export, and with nine in ten small firms that do business internationally trading with EU nations, securing the right Brexit deal will be crucial. | “The success of the UK economy rests on helping more small businesses to export, and with nine in ten small firms that do business internationally trading with EU nations, securing the right Brexit deal will be crucial. |
| The ONS stats show an increase in exports to non-EU countries have contributed to the narrowing of the deficit, showing the importance of new agreements with key markets beyond Europe. | The ONS stats show an increase in exports to non-EU countries have contributed to the narrowing of the deficit, showing the importance of new agreements with key markets beyond Europe. |
| Here is our full story on the UK data published this morning: | Here is our full story on the UK data published this morning: |
| Britain’s business secretary Greg Clark is in Paris for talks with Carlos Tavares, the chief executive of PSA, owner of Peugeot and Vauxhall. | Britain’s business secretary Greg Clark is in Paris for talks with Carlos Tavares, the chief executive of PSA, owner of Peugeot and Vauxhall. |
| Concerns over the future of the Vauxhall plant at Ellesmere Port mounted after another 250 job cuts were announced this week, bringing the total number of redundancies announced over the past three months to 650. | Concerns over the future of the Vauxhall plant at Ellesmere Port mounted after another 250 job cuts were announced this week, bringing the total number of redundancies announced over the past three months to 650. |
| The cuts mean that more than a third of the workforce will have been lost since PSA took control last year. | The cuts mean that more than a third of the workforce will have been lost since PSA took control last year. |
| Do #British consumers care where their cars are made? @unitetheunion thinks so. But when so much production could move abroad without #Brexit deal and electric cars subsidised by gov't, consumers could wave goodbye to more than just Astras @dgbailey https://t.co/JdrxGOjv6i | Do #British consumers care where their cars are made? @unitetheunion thinks so. But when so much production could move abroad without #Brexit deal and electric cars subsidised by gov't, consumers could wave goodbye to more than just Astras @dgbailey https://t.co/JdrxGOjv6i |
| The pound is slightly up against the dollar, rising 0.1% to $1.3551. Earlier it dipped below $1.35 for the first time in a week, despite some fairly upbeat UK data. | The pound is slightly up against the dollar, rising 0.1% to $1.3551. Earlier it dipped below $1.35 for the first time in a week, despite some fairly upbeat UK data. |
| Against the euro, the pound is down 0.5% at €1.1291. | Against the euro, the pound is down 0.5% at €1.1291. |
| The dollar meanwhile is down 0.6% against a basket of other major currencies, its biggest drop in a month. | The dollar meanwhile is down 0.6% against a basket of other major currencies, its biggest drop in a month. |
| The FTSE 100 has slipped into the red, failing to hang on to earlier gains as markets across Europe fall: | The FTSE 100 has slipped into the red, failing to hang on to earlier gains as markets across Europe fall: |