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Business live: Greece votes on reforms tonight as Moscovici hails 'swift' progress Business live: Greece votes on reforms tonight as Moscovici hails 'swift' progress
(35 minutes later)
2.30pm BST14:30
1.29pm BST13:291.29pm BST13:29
I hope there are some speed readers in the Athens parliament -- tonight’s package of measures runs to over 900 pages:I hope there are some speed readers in the Athens parliament -- tonight’s package of measures runs to over 900 pages:
εδώ σας το έχω! Το μνημόνιο καλέ, τις 970 σελίδες που λέγαμε... pic.twitter.com/hVbwk0bcxSεδώ σας το έχω! Το μνημόνιο καλέ, τις 970 σελίδες που λέγαμε... pic.twitter.com/hVbwk0bcxS
So much for legislative scrutiny. Except that MPs wouldn’t be allowed to make any changes if they wanted to. This is what Greece’s eurozone partners want, so this is what they will get.So much for legislative scrutiny. Except that MPs wouldn’t be allowed to make any changes if they wanted to. This is what Greece’s eurozone partners want, so this is what they will get.
And the latest word from Athens is that the debate begins in four and a half-hours (8pm local time, or 6pm in the UK)And the latest word from Athens is that the debate begins in four and a half-hours (8pm local time, or 6pm in the UK)
Greek MPs unlikely to start debating tonight's bill in plenary until around 8pm, Skai TV reports. Naturally, late vote expected #GreeceGreek MPs unlikely to start debating tonight's bill in plenary until around 8pm, Skai TV reports. Naturally, late vote expected #Greece
1.18pm BST13:181.18pm BST13:18
Back in the financial markets, commodity prices are being hammered again - and taking mining stock down with them.Back in the financial markets, commodity prices are being hammered again - and taking mining stock down with them.
Gold is down another 1% today, platinum has lost 2%, and zinc has fallen by 3%:Gold is down another 1% today, platinum has lost 2%, and zinc has fallen by 3%:
Zinc is getting clobbered. http://t.co/wSwRp700cq pic.twitter.com/AjzXtx1FAvZinc is getting clobbered. http://t.co/wSwRp700cq pic.twitter.com/AjzXtx1FAv
And there’s a predictable impact on the companies who dig this stuff up.And there’s a predictable impact on the companies who dig this stuff up.
Shares in Anglo American, the world’s largest platinum maker, has slumped by over 6% today.Shares in Anglo American, the world’s largest platinum maker, has slumped by over 6% today.
BHP Billiton is down over 5%; having early beaten iron ore production forecasts but taken a $650m writedown on other assets. Glencore, the commodities trading giant, has also shed 5%.BHP Billiton is down over 5%; having early beaten iron ore production forecasts but taken a $650m writedown on other assets. Glencore, the commodities trading giant, has also shed 5%.
And there could be more trouble to come, with analysts predicting that prices will keep falling amid fears over the Chinese economy.And there could be more trouble to come, with analysts predicting that prices will keep falling amid fears over the Chinese economy.
Growing consensus that more pain to come for #gold.... Goldman Sachs forecast $1000 with ABN & SocGen foreseeing $1000 by DecemberGrowing consensus that more pain to come for #gold.... Goldman Sachs forecast $1000 with ABN & SocGen foreseeing $1000 by December
1.01pm BST13:011.01pm BST13:01
Ahead of tonight’s vote, bookmaker Paddy Power has all-but ruled out Greece leaving the single currency this year:Ahead of tonight’s vote, bookmaker Paddy Power has all-but ruled out Greece leaving the single currency this year:
Will Greece exit the Eurozone in 2015?Will Greece exit the Eurozone in 2015?
Quite a change in the last month - at one stage, Yes was a measly 11/8.Quite a change in the last month - at one stage, Yes was a measly 11/8.
12.42pm BST12:4212.42pm BST12:42
If Greece’s bailout isn’t agreed within a month, it will struggle to repay €3.2bn to the European Central Bank (due on 20 August).If Greece’s bailout isn’t agreed within a month, it will struggle to repay €3.2bn to the European Central Bank (due on 20 August).
One option, Jennifer reports, is to dip into Europe’s bailout fund again:One option, Jennifer reports, is to dip into Europe’s bailout fund again:
There is €6bn left in EFSM EU bailout fund. #Greece needs €5bn in August to pay debts. Could be last resort if talks drag on.There is €6bn left in EFSM EU bailout fund. #Greece needs €5bn in August to pay debts. Could be last resort if talks drag on.
12.15pm BST12:1512.15pm BST12:15
Moscovici isn’t expecting any hiccups in the Athens parliament tonight:Moscovici isn’t expecting any hiccups in the Athens parliament tonight:
Moscovici: I'm confident the second package of legislation will be adopted by Greek parliament tonight. #GreeceMoscovici: I'm confident the second package of legislation will be adopted by Greek parliament tonight. #Greece
12.12pm BST12:1212.12pm BST12:12
Pierre Moscovici adds that the new Greek bailout deal (the memorandum of understanding) should be completed in about a month.Pierre Moscovici adds that the new Greek bailout deal (the memorandum of understanding) should be completed in about a month.
Negotiations of the MOU have just started and will lead us to second fortnight of august, says @pierremoscovici #GreeceNegotiations of the MOU have just started and will lead us to second fortnight of august, says @pierremoscovici #Greece
12.11pm BST12:1112.11pm BST12:11
Moscovici: We're making swift progress with GreeceMoscovici: We're making swift progress with Greece
Swiftness has been in short supply in the eurozone crisis this year, often losing out to torpor and deadlock.Swiftness has been in short supply in the eurozone crisis this year, often losing out to torpor and deadlock.
But European commissioner Pierre Moscovici is telling reporters in Brussels that rapid progress is now being made towards a third Greek bailout, with all sides delivering on their commitments.But European commissioner Pierre Moscovici is telling reporters in Brussels that rapid progress is now being made towards a third Greek bailout, with all sides delivering on their commitments.
We are making swift progress towards implementation of the eurozone summit agreement, says @pierremoscovici on #GreeceWe are making swift progress towards implementation of the eurozone summit agreement, says @pierremoscovici on #Greece
Moscovici also credited the “constructive approach” shown by all sides.Moscovici also credited the “constructive approach” shown by all sides.
11.47am BST11:4711.47am BST11:47
Syriza MP Rachel Makri has pledged to oppose tonight’s measures:Syriza MP Rachel Makri has pledged to oppose tonight’s measures:
Syriza's Rachel Makri vows to vote against govt: "I won't betray our voters" #Greece pic.twitter.com/rUMZc0KOWaSyriza's Rachel Makri vows to vote against govt: "I won't betray our voters" #Greece pic.twitter.com/rUMZc0KOWa
Makri is one of 32 Syriza MPs who voted No a week ago.Makri is one of 32 Syriza MPs who voted No a week ago.
11.32am BST11:3211.32am BST11:32
Three former government ministers are glowering on the Athens parliamentary seats today:Three former government ministers are glowering on the Athens parliamentary seats today:
Former energy minister Panagiotis Lafazanis (left) and former deputy labor minister Dimitris Stratoulis (centre) were replaced by Alexis Tsipras on Friday night, after voting to reject the bailout deal.Former energy minister Panagiotis Lafazanis (left) and former deputy labor minister Dimitris Stratoulis (centre) were replaced by Alexis Tsipras on Friday night, after voting to reject the bailout deal.
They’re near Yanis Varoufakis, who had already stepped down before joining the rebels on Wednesday night.They’re near Yanis Varoufakis, who had already stepped down before joining the rebels on Wednesday night.
Updated at 11.32am BSTUpdated at 11.32am BST
11.20am BST11:2011.20am BST11:20
Heads-up.... the European Central Bank is expected to discuss the Greek banking system shortly.Heads-up.... the European Central Bank is expected to discuss the Greek banking system shortly.
Last Thursday, the ECB provided €900m in new emergency liquidity assistance (ELA) to Greece -- enough to last a week, according to Mario Draghi. So it could be time for another dose....Last Thursday, the ECB provided €900m in new emergency liquidity assistance (ELA) to Greece -- enough to last a week, according to Mario Draghi. So it could be time for another dose....
BBG Reporting That The ECB Could Hold Call On Greek ELA At 12:00 BSTBBG Reporting That The ECB Could Hold Call On Greek ELA At 12:00 BST
Updated at 11.20am BSTUpdated at 11.20am BST
11.13am BST11:1311.13am BST11:13
AFP’s Katy Lee has a good take on why tonight’s vote is a key test for Alexis Tsipras, after his cabinet reshuffle highlighted the divisions in his Syriza party:AFP’s Katy Lee has a good take on why tonight’s vote is a key test for Alexis Tsipras, after his cabinet reshuffle highlighted the divisions in his Syriza party:
Vassiliki Georgiadis, a political science professor at Athens’ Panteion University, said the split was between hard-left MPs -- “some of whom have spoken of a Greek exit from the eurozone as the only solution” -- and those more sympathetic to Tsipras’s arguments.Vassiliki Georgiadis, a political science professor at Athens’ Panteion University, said the split was between hard-left MPs -- “some of whom have spoken of a Greek exit from the eurozone as the only solution” -- and those more sympathetic to Tsipras’s arguments.
She added it would be “difficult” for the 40-year-old premier to continue in office if he was forced to rely on opposition MPs to get laws passed.She added it would be “difficult” for the 40-year-old premier to continue in office if he was forced to rely on opposition MPs to get laws passed.
Government spokeswoman Olga Gerovassili said Monday elections would not be “useful at the moment,” and the government had “no intention” of calling early polls.Government spokeswoman Olga Gerovassili said Monday elections would not be “useful at the moment,” and the government had “no intention” of calling early polls.
But while most Syriza MPs backed the government in the first vote last week, there has been a swell of anger against the deal amongst the party’s more radical rank-and-file members.But while most Syriza MPs backed the government in the first vote last week, there has been a swell of anger against the deal amongst the party’s more radical rank-and-file members.
Civil servants’ union ADEDY and the communist-affiliated PAME union said they would stage protests outside parliament during Wednesday’s emergency debate.Civil servants’ union ADEDY and the communist-affiliated PAME union said they would stage protests outside parliament during Wednesday’s emergency debate.
Greece to vote on second bailout bill in test for Tsipras http://t.co/okbyoqvSpX pic.twitter.com/KLNnOx8ealGreece to vote on second bailout bill in test for Tsipras http://t.co/okbyoqvSpX pic.twitter.com/KLNnOx8eal
Updated at 11.14am BSTUpdated at 11.14am BST
11.02am BST11:0211.02am BST11:02
The Institute of Directors isn’t impressed that the Greek crisis encouraged the Bank of England’s interest rate setters to sit on their hands again this month.The Institute of Directors isn’t impressed that the Greek crisis encouraged the Bank of England’s interest rate setters to sit on their hands again this month.
IoD chief economist James Sproule says borrowing costs should be raised to more normal levels, starting now.IoD chief economist James Sproule says borrowing costs should be raised to more normal levels, starting now.
“The longer interest rates languish at a historic low, the harder it will be for Mark Carney to raise them ‘slowly and gradually’. The earlier the process of normalising rates starts, the smoother the course will be, and the longer the economy will have to adjust and prepare.“The longer interest rates languish at a historic low, the harder it will be for Mark Carney to raise them ‘slowly and gradually’. The earlier the process of normalising rates starts, the smoother the course will be, and the longer the economy will have to adjust and prepare.
If rates do not begin to return to a more sustainable level soon, the Bank of England will be defenceless when the next crisis strikes, and unable to support the economy by shifts in monetary policy.”If rates do not begin to return to a more sustainable level soon, the Bank of England will be defenceless when the next crisis strikes, and unable to support the economy by shifts in monetary policy.”
Although, with inflation just zero, you can see why the MPC is taking its time....Although, with inflation just zero, you can see why the MPC is taking its time....
10.47am BST10:4710.47am BST10:47
Meanwhile in London the head of the City watchdog, Martin Wheatley, has told reporters that he’s “disappointed” by chancellor George Osborne’s decision to force him out last week.Meanwhile in London the head of the City watchdog, Martin Wheatley, has told reporters that he’s “disappointed” by chancellor George Osborne’s decision to force him out last week.
FCA boss Wheatley tells public meeting: Disappointed to be leaving, do so with a sense of unfinished businessFCA boss Wheatley tells public meeting: Disappointed to be leaving, do so with a sense of unfinished business
FCA's Wheatley: "We're not in regulation to regulate for the sake of it."FCA's Wheatley: "We're not in regulation to regulate for the sake of it."
Update: the FCA was also criticised over one of the scandal where small businesses were sold costly ‘swaps’ to protect them against interest rate rises:Update: the FCA was also criticised over one of the scandal where small businesses were sold costly ‘swaps’ to protect them against interest rate rises:
Anger at FCA public meeting over its handling of interest rate swaps misselling - 30,000 products were sold to small businessesAnger at FCA public meeting over its handling of interest rate swaps misselling - 30,000 products were sold to small businesses
FCA's Wheatley insists £2bn in compensation paid out and interest rate swap missellling redress process has been effectiveFCA's Wheatley insists £2bn in compensation paid out and interest rate swap missellling redress process has been effective
FCA's Wheatley forced to admit no one has been fined and no individuals been banned when pressed on the interest rate misselling scandalFCA's Wheatley forced to admit no one has been fined and no individuals been banned when pressed on the interest rate misselling scandal
Updated at 1.44pm BSTUpdated at 1.44pm BST
10.22am BST10:2210.22am BST10:22
Helena SmithHelena Smith
Over in Athens prime minister Alexis Tsipras has kicked of the day by meeting senior banking officials.Over in Athens prime minister Alexis Tsipras has kicked of the day by meeting senior banking officials.
Our correspondent Helena Smith reports:Our correspondent Helena Smith reports:
As finance minister Euclid Tsakalotos initiated the debate in parliament ahead of tonight’s vote (with much media commentary about his freshly cut locks), the Greek prime minister was meeting those who run the banking system following the opening of bank branches on Monday.As finance minister Euclid Tsakalotos initiated the debate in parliament ahead of tonight’s vote (with much media commentary about his freshly cut locks), the Greek prime minister was meeting those who run the banking system following the opening of bank branches on Monday.
Louka Katselli, the Yale-trained economist who heads the Greek banking association, was caught on camera saying with the real economy so damaged by the three-week closure of lenders, it was now vital that normality returned to the system. She praised the “responsible” response of Greeks who – defying expectation – did not stampede banks when they re-opened for (limited) business two days ago.Louka Katselli, the Yale-trained economist who heads the Greek banking association, was caught on camera saying with the real economy so damaged by the three-week closure of lenders, it was now vital that normality returned to the system. She praised the “responsible” response of Greeks who – defying expectation – did not stampede banks when they re-opened for (limited) business two days ago.
Aides said Tsipras, however, will use the meeting to “get some clarity” on the ever thorny issue of forced home foreclosures [or repossessions] which will be included in the banking laws that will be voted on tonight.Aides said Tsipras, however, will use the meeting to “get some clarity” on the ever thorny issue of forced home foreclosures [or repossessions] which will be included in the banking laws that will be voted on tonight.
The leftist leader cut to the chase saying it was expedient that vulnerable members of society were not affected by the foreclosures - an issue that would almost certainly prompt mass protests.The leftist leader cut to the chase saying it was expedient that vulnerable members of society were not affected by the foreclosures - an issue that would almost certainly prompt mass protests.
Greece’s four systemic banks have committed to put a ban on foreclosures until the end of the year but with non-performing loans now the biggest risk for the system they have also come under unprecedented pressure to tackle the issue.Greece’s four systemic banks have committed to put a ban on foreclosures until the end of the year but with non-performing loans now the biggest risk for the system they have also come under unprecedented pressure to tackle the issue.
Updated at 10.30am BSTUpdated at 10.30am BST
10.04am BST10:0410.04am BST10:04
Greece’s finance minister is looking a little less rumpled today:Greece’s finance minister is looking a little less rumpled today:
parliament now: tsakalotos got a haircut and is wearing an ironed shirt. hmmm...parliament now: tsakalotos got a haircut and is wearing an ironed shirt. hmmm...
9.55am BST09:559.55am BST09:55
Just in: photos of finance minister Euclid Tsakalotos urging MPs to support today’s reform bill:Just in: photos of finance minister Euclid Tsakalotos urging MPs to support today’s reform bill:
9.41am BST09:419.41am BST09:41
Greek crisis helped keep UK interest rates at record lowGreek crisis helped keep UK interest rates at record low
The Greek crisis helped to persuade the Bank of England to leave interest rates unchanged at just 0.5% this month.The Greek crisis helped to persuade the Bank of England to leave interest rates unchanged at just 0.5% this month.
Today’s minutes of the meeting show that some MPC members are more worried about medium-term inflation risks, meaning they were considering voting to raise rates.Today’s minutes of the meeting show that some MPC members are more worried about medium-term inflation risks, meaning they were considering voting to raise rates.
However, they weren’t prepared to risk a rate hike while Greece’s bailout was in the balance.However, they weren’t prepared to risk a rate hike while Greece’s bailout was in the balance.
The minutes say:The minutes say:
For these members, the uncertainty caused by recent developments in Greece was a very material factor in their decisions: absent that uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced.For these members, the uncertainty caused by recent developments in Greece was a very material factor in their decisions: absent that uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced.
In other words.... some MPC members may vote to raise UK interest rates once Greece’s third aid programme is agreed.In other words.... some MPC members may vote to raise UK interest rates once Greece’s third aid programme is agreed.
Some could make the move as early as next month.....Some could make the move as early as next month.....
We get the picture. very good chance that we could see 6-3 (yes 6, 3) at the August meeting ahead of the BoE inflation report #forexWe get the picture. very good chance that we could see 6-3 (yes 6, 3) at the August meeting ahead of the BoE inflation report #forex
On the basis of those minutes, I am going for 3 MPC members to vote for a 25bps hike in August (Weale, McCafferty and Forbes)On the basis of those minutes, I am going for 3 MPC members to vote for a 25bps hike in August (Weale, McCafferty and Forbes)
You can see the minutes here.You can see the minutes here.
Updated at 9.43am BSTUpdated at 9.43am BST
9.32am BST09:329.32am BST09:32
Minutes of the MPC Meeting ending 8 July reveal unanimous vote on #BankRate and Asset PurchasesMinutes of the MPC Meeting ending 8 July reveal unanimous vote on #BankRate and Asset Purchases
9.31am BST09:319.31am BST09:31
Bank of England minutes releasedBank of England minutes released
Here come the minutes of the Bank of England’s latest monetary policy committee meeting, two weeks ago.....Here come the minutes of the Bank of England’s latest monetary policy committee meeting, two weeks ago.....
And they show that the MPC voted 9-0 to leave interest rates unchanged at 0.5%. It was a “clear cut” decision, apparently.And they show that the MPC voted 9-0 to leave interest rates unchanged at 0.5%. It was a “clear cut” decision, apparently.
More to follow....More to follow....
9.18am BST09:189.18am BST09:18
Here’s how the next few weeks could play out:Here’s how the next few weeks could play out:
CHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSMCHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSM
9.18am BST09:189.18am BST09:18
Two underground stations in the centre of Athens will close early tonight, before tonight’s anti-austerity rally gets underway.Two underground stations in the centre of Athens will close early tonight, before tonight’s anti-austerity rally gets underway.
That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.
Syntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #GreeceSyntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #Greece
8.53am BST08:538.53am BST08:53
Greek finance minister: Let's get this wrapped upGreek finance minister: Let's get this wrapped up
Today’s debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.Today’s debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.
Tsakalotos told parliament it is vital to sign off the measures demanded by creditors, so that talks over a third Greek bailout can begin later this week.Tsakalotos told parliament it is vital to sign off the measures demanded by creditors, so that talks over a third Greek bailout can begin later this week.
Tsakalotos said:Tsakalotos said:
“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”
Ξεκίνησε η συζήτηση«Δεν υπάρχει η λέξη αγρότες στα προαπαιτούμενα Ασφυκτικά τα χρονοδιαγράμματα.» #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4Ξεκίνησε η συζήτηση«Δεν υπάρχει η λέξη αγρότες στα προαπαιτούμενα Ασφυκτικά τα χρονοδιαγράμματα.» #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4
8.42am BST08:428.42am BST08:42
Tonight’s vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.Tonight’s vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.
Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.
Opposition parties have suggested that Tsipras should focus on implementing his deal rather than calling a fresh election.Opposition parties have suggested that Tsipras should focus on implementing his deal rather than calling a fresh election.
Opposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #GreeceOpposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #Greece
Syriza still holds a solid lead in the opinion polls, suggesting Tsipras would win a snap election.Syriza still holds a solid lead in the opinion polls, suggesting Tsipras would win a snap election.
8.34am BST08:348.34am BST08:34
French business confidence hits four-year highFrench business confidence hits four-year high
France’s economy has shrugged off the impact of the Greek crisis.France’s economy has shrugged off the impact of the Greek crisis.
Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:
Manufacturers, wholesale traders, and service companies all reported that their business climate had improved this month.Manufacturers, wholesale traders, and service companies all reported that their business climate had improved this month.
It suggests the French economy is hitting a stronger patch this summer.It suggests the French economy is hitting a stronger patch this summer.
As Credit Agricole analyst Fred Ducrozet points out, there’s more to life than Greece:As Credit Agricole analyst Fred Ducrozet points out, there’s more to life than Greece:
French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.
8.26am BST08:268.26am BST08:26
No reforms, no money.No reforms, no money.
That’s the message to Athens from a senior German MP this morning.That’s the message to Athens from a senior German MP this morning.
Gunther Krichbaum, chairman of the German parliament’s Europe committee, told the Bild tabloid newspaper that:Gunther Krichbaum, chairman of the German parliament’s Europe committee, told the Bild tabloid newspaper that:
“We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow.”“We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow.”
8.24am BST08:248.24am BST08:24
Shares hit by US tech resultsShares hit by US tech results
European stock markets are falling in early trading, but we can’t blame Greece this time.European stock markets are falling in early trading, but we can’t blame Greece this time.
Traders are reacting to a triple-dose of financial results from major US tech firms last night.Traders are reacting to a triple-dose of financial results from major US tech firms last night.
Mike van Dulken of Accendo Markets sums it up:Mike van Dulken of Accendo Markets sums it up:
Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.
While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.
Yahoo! sales beat but profits missed estimates and guidance was below consensus.Yahoo! sales beat but profits missed estimates and guidance was below consensus.
And here’s the damage:And here’s the damage:
8.08am BST08:088.08am BST08:08
Bank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBPBank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBP
8.05am BST08:058.05am BST08:05
And they’re off.....And they’re off.....
Debate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7zDebate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7z
8.03am BST08:038.03am BST08:03
The Greek civil servants’ union, ADEDY, have organised anti-austerity protests for tonight:The Greek civil servants’ union, ADEDY, have organised anti-austerity protests for tonight:
Enikos has the details:Enikos has the details:
The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).
ADEDY demands that the new, “barbaric” bailout not pass, an end to all austerity measures “and the fulfilment of popular needs” as well as the cancellation of Greece’s debt.ADEDY demands that the new, “barbaric” bailout not pass, an end to all austerity measures “and the fulfilment of popular needs” as well as the cancellation of Greece’s debt.
Greek civil servants protest bailout - http://t.co/1n2WwATnVXGreek civil servants protest bailout - http://t.co/1n2WwATnVX
Updated at 8.03am BSTUpdated at 8.03am BST
7.59am BST07:597.59am BST07:59
Here's what Greek MPs will vote on tonightHere's what Greek MPs will vote on tonight
The reform package on the table today doesn’t contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.The reform package on the table today doesn’t contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.
But as my colleague Jennifer Rankin explains, it does include two far-reaching measures:But as my colleague Jennifer Rankin explains, it does include two far-reaching measures:
The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece’s current code of civil procedure has been little amended since it was introduced in 1967 and the country’s international creditors have been pressing for change.The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece’s current code of civil procedure has been little amended since it was introduced in 1967 and the country’s international creditors have been pressing for change.
Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.
The next task mandated by the eurozone is to put the bank recovery and resolution directive, one of the EU’s post-crisis banking rules, into Greek national law. The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures. Greece already has a legal obligation to adopt the plan.The next task mandated by the eurozone is to put the bank recovery and resolution directive, one of the EU’s post-crisis banking rules, into Greek national law. The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures. Greece already has a legal obligation to adopt the plan.
Here’s Jennifer’s story on tonight’s vote:Here’s Jennifer’s story on tonight’s vote:
Related: Chances of Greek bailout rest on MPs' voteRelated: Chances of Greek bailout rest on MPs' vote
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Tonight’s vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.Tonight’s vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.
The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.
Tsipras tried to rally the troops yesterday, telling them that the deal he struck was a “compromise” that allowed them to keep fighting.Tsipras tried to rally the troops yesterday, telling them that the deal he struck was a “compromise” that allowed them to keep fighting.
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Introduction: Another Greek vote loomsIntroduction: Another Greek vote looms
Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.
Greece’s parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.Greece’s parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.
It includes:It includes:
MPs in Athens will debate the laws in a committee session this morning, but the final debate is this evening. Local media reckon the vote will be at “midnight” (a flexible target, as regular crisis-watchers will know).MPs in Athens will debate the laws in a committee session this morning, but the final debate is this evening. Local media reckon the vote will be at “midnight” (a flexible target, as regular crisis-watchers will know).
#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis
It could be another bruising session for Alexis Tsipras, the Greek prime minister, who has already ousted many of the rebels who defied him a week ago.It could be another bruising session for Alexis Tsipras, the Greek prime minister, who has already ousted many of the rebels who defied him a week ago.
The measures are likely to pass, as opposition MPs are likely to back Tsipras. Unions, though, will be protesting outside the Athens parliament; anger over the deal struck in Brussels 10 days ago hasn’t gone away.The measures are likely to pass, as opposition MPs are likely to back Tsipras. Unions, though, will be protesting outside the Athens parliament; anger over the deal struck in Brussels 10 days ago hasn’t gone away.
Also coming up today......Also coming up today......
Europe’s stock markets are expected to dip, after technology firm Apple stunned Wall Street last night by missing forecasts for revenue and iPhone sales. Its shares fell over 6% in after-hours trading.Europe’s stock markets are expected to dip, after technology firm Apple stunned Wall Street last night by missing forecasts for revenue and iPhone sales. Its shares fell over 6% in after-hours trading.
Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724
The minutes of the Bank of England’s latest monetary policy meeting are released at 9.30am BST.The minutes of the Bank of England’s latest monetary policy meeting are released at 9.30am BST.
Last week, governor Mark Carney dropped a loud hint that interest rates could rise around the turn of the year; the minutes will show how many MPC member agree with him.Last week, governor Mark Carney dropped a loud hint that interest rates could rise around the turn of the year; the minutes will show how many MPC member agree with him.
I’ll be tracking all the action through the day...I’ll be tracking all the action through the day...
Updated at 8.04am BSTUpdated at 8.04am BST