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Live Reporting

By Jill Treanor and Tom Espiner

All times talked about are UK

  1. Marston’s shares fade

    brexit Pint

    Copyright: Getty Photography

    Shares in the pub community Marston’s fell as significant as 6% before paring losses after it gave a buying and selling update in which it talked about this one year’s pre-tax profits might presumably per chance be around £101m, a minute of decrease than remaining one year.

    Ralph Findlay, chief executive, talked about his heart of attention used to be on reducing debt by £200m and creating a industry that will presumably per chance additionally generate cash, after dividends and expenditure.

    ‘Our drinks businesses non-public conducted properly, reaching extra enhance in opposition to an exceptionally solid 2018. Wet-led pubs non-public led the charge continuing their sure trajectory and food pubs non-public accomplished modest sales enhance.

    “Operationally, we remain centered on extra bettering our proposition and thought to rep additional investment in both our pub groups and digital marketing and marketing in the imminent one year,” he talked about.

  2. Eon to diminish a complete lot of UK jobs

    brexit Eon emblem

    Copyright: Getty Photography

    German energy agency Eon is to diminish between 500 and 600 jobs from its UK team of 9,000, the agency says.

    It talked about in a assertion: “Suppliersin the UK energy market are going thru a important
    threat to their futures in a market that remains to be extremely aggressive
    but that is additionally massively distorted by the energy sign cap and the many companies
    now seemingly relate material to accelerate at a important loss.

    “Simplest companies that proceed to adapt and adapt to the nature
    and challenges of the market shall be in a diagram to be triumphant. As a consequence, we are in a position to
    verify now we non-public announced to colleagues a proposal to minimize between 500 and
    600 roles all the draw thru aid actions and managerial positions in the UK.

    “We can seek the advice of completely with
    switch unions on these proposals and, as consistently, hang our colleagues completely
    with the component of any proposed modifications to how we feature and handle them
    told of any developments.”

  3. Pound jumps on draft Brexit deal rumours

    brexit Pound v buck

    Copyright: Getty Photography

    Sterling has jumped in opposition to the buck after experiences that UK and EU negotiators are closing in on a draft Brexit deal.

    Neil Wilson, chief market analyst for Markets.com, says: “These more or much less experiences expose honest how inclined
    sterling is to headline threat. At original these are unconfirmed experiences and desire
    to be verified.”

    “If a draft deal might presumably per chance additionally additionally be accomplished we would quiz
    one other spike north to $1.30 on cable in very short expose, and potentially $1.3170 shall be centered. It is going to additionally rep very uneven now.”

    “Nonetheless… there is but
    plenty to overcome even though a deal is agreed – most significantly Parliament would
    must aid the agreement and right here is important from assured.”

  4. BreakingRoyal Mail workers vote for strike lunge

    Royal Mail postal workers non-public voted for strike lunge.

    It capacity Royal Mail is now going thru its first nationwide
    postal strike in a decade.

    Around 110,000 contributors of the Verbal exchange Workers Union
    had been balloted in a dispute over terms and cases and job safety, and 97% voted in favour of industrial lunge.

    The turnout in the pollused to be 76%.

  5. ‘Active atmosphere’ at CWU strike ballot

  6. Thomas Cook dinner rescue ‘throwing honest cash after sinful’

    brexit Andrea Leadsom

    Copyright: Parliament Live TV

    Industry Secretary Andrea Leadsom is up in front of the industry committee, and she is being quizzed on Thomas Cook dinner.

    When asked why the authorities didn’t set aside up £250m to handle the agency afloat, Ms Leadsom says:

    “The Treasury seemed very conscientiously into the case, and it used to be somewhat clearly the £200m+… that the corporate used to be taking a glimpse for would handiest non-public dealt with it in the short length of time, they customarily had been carrying important quantities of debt, and it used to be simply the case that it would be throwing honest cash after sinful.

  7. Energy body: UK homes must be more energy efficient

    brexit Loft insulation

    Copyright: Getty Photography

    UK energy industry body Energy UK has talked about authorities energy efficiency proposals for industry constructions are welcome, but that it is some distance “disappointing that there is unruffled no longer more
    for UK homes”.

    “The web-zero target is a game-changer and we
    must lunge extra and faster by making energy efficiency a nationwide infrastructure
    precedence if we’re to seriously meet our target by 2050 and style out native climate
    switch,” talked about Lawrence Slade, chief executive at Energy UK.

  8. Citi profits boosted by consumer revenues

    brexit Citibank emblem

    Copyright: Getty Photography

    Citigroup has reported increased
    profit and earnings pushed by enhance in its global
    consumer industry and decrease prices.

    Citi’s web profits appropriate to the financial institution rose 6% to $4.9bn in the third quarter from $4.6bn a one year earlier.

    The financial institution talked about earnings in its
    consumer industry rose 4% besides the impact of currency
    fluctuations.

    Person industry used to be padded out by more US credit ranking card
    customers initiating to pay passion as promotional sessions wore
    off.

    North America branded card earnings jumped 11% in the
    quarter.

  9. Wells Fargo profits accelerate

    brexit Wells Fargo signal

    Copyright: Getty Photography

    Wells Fargo has reported a accelerate in quarterly profit, as mortgage profits sank
    and it braced for added correct prices tied to a sales
    practices scandal that erupted more than three years previously.

    Discover profits appropriate to traditional inventory fell to $4.04bn in the third quarter that ended 30 September from $5.45bn a one year earlier.

    The financial institution is under heavy regulatory scrutiny,
    in conjunction with a rare cap on its balance sheet by the
    Federal Reserve, because it tries to rebuild its repute after
    revealing in 2016 that it had opened potentially thousands and thousands of
    unauthorised accounts.

    The financial institution has paid billions of dollars in fines and penalties
    and launched a campaign to salvage aid the faith of its customers
    and merchants.

    It talked about on Tuesday it had issue aside $1.6bn for correct
    prices connected to the retail sales practices.

  10. Price decrease a in point of fact significant if Brexit lengthen

    The Monetary institution of England will potentially
    must decrease passion rates if Brexit is delayed once more, in step with Gertjan Vlieghe, who sits on the Monetary Coverage Committee.

    “A scenario of entrenched Brexit uncertainty is seemingly to
    handle economic enhance under probably, and require some financial
    stimulus,” he talked about in a speech to the MMF Monetary and
    Monetary Coverage Convention.

  11. Sterling touches 5-month euro high

    brexit Pound coins and notes

    Copyright: Getty Photography

    The pound has hit its absolute most reasonable level in opposition to the euro since Might per chance as the currency continues to be triumphant in from hopes that a Brexit deal might presumably per chance additionally additionally be reached.

    Staunch before midday it briefly sneaked above the €1.15 level, and even though it has lost a minute of ground since then it unruffled stands at €1.1486, up 0.6% for the day.

    Against the buck, the pound is currently up 0.3% at $1.2643.

  12. Treasury committee on Woodford

  13. ‘Narrow path’ to Brexit deal this week – Barnier

  14. J&J profits upward thrust

    brexit medication

    Copyright: Bloomberg

    US drug agency Johnson & Johnson has reported results.

    Its third quarter earnings of $20.73bn used to be a minute of more than had been forecast by analysts.

    Discover profit rose 1.5% to $5.6bn. That amounted to $2.12 per part, 7
    cents increased than the same quarter remaining one year when the corporate
    reported EPS of $2.05.

    Earlier this month the corporate used to be suggested to pay $8bn (£6.6bn) in punitive damages to a person over claims he used to be no longer warned that an anti-psychotic drug might presumably per chance additionally consequence in breast enhance. J&J has talked about it allure in opposition to the ruling, which it talked about used to be “grossly disproportionate”.

  15. ‘Solid originate’ for US earnings season

    brexit wall road signal

    Copyright: Getty Photography

    Goldman Sachs and JP Morgan are effectively kicking off the third quarter reporting season in the US, along with United Neatly being and Johnson & Johnson which non-public additionally reported.

    Neil Wilson, chief markets at Markets.com, talked about: “Over once more the shopper is proving more resilient than
    anybody dare credit ranking.

    “JPMorgan delivered on both the tip and final analysis in
    the third quarter, with its earnings update boding properly for US huge
    cap banks, even though Goldman Sachs neglected its anticipated [earnings per share] quantity.

    “It additionally
    signifies decent consumer energy that implies outlets, consumer staples
    are issue up properly for this season.

    “Broadly we are in a position to claim Q3 earnings season is off
    to a solid originate with three Dow substances reporting higher-than-anticipated
    numbers and honest Goldman Sachs undershooting honest.”

    He talked about the Dow Jones index used to be anticipated to start 100 aspects or so increased.

  16. JPMorgan beats Wall St estimates

    brexit JP Morgan Droop building

    Copyright: Getty Photography

    JPMorgan Droop has beaten Wall
    Avenue estimates for quarterly profit by a wide margin, underpinned by energy in bond buying and selling, underwriting
    and residential lending earnings.

    Discover profits for the quarter that ended on 30 September used to be $9.08bn in contrast with $8.38bn a one year previously.

    The financial institution’s quarterly experiences are watched for signs
    in regards to the properly being of the US economy because it is some distance a
    predominant residential and commercial lender as properly as an asset
    manager.

  17. Goldman Sachs profits descend

    brexit goldman emblem

    Copyright: Getty Photography

    Goldman Sachs has reported web revenues of $8.32bn for the third quarter of 2019, 6% decrease than the third
    quarter of 2018 and 12% decrease than the 2d quarter of 2019.

    Pre-tax profits had been $2.4m, down 22% on a one year earlier.

    “Our results thru the third quarter replicate the underlying energy of our global client franchise and its capacity to
    rep solid finally ends up in the context of a mixed working ambiance,” talked about David Solomon, chief executive, talked about.

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    “We proceed to attain on our strategic
    priorities, in conjunction with investing in important enhance opportunities in our original and contemporary businesses and in turning in
    for our purchasers in potentially the most productive and effective manner probably”.

  18. Ofgem cuts funding for Hinkley Point energy hyperlink

    brexit Hinkley Point​ a nuclear energy online page online

    Copyright: Getty Photography

    Nationwide Grid will accumulate much less funding than it asked for to hyperlink the Hinkley Point C nuclear plant to the UK’s grid.

    Ofgem talked about it would grant Nationwide Grid £637m to present the transmission hyperlink for the nuclear plant, under the corporate’s preliminary ask for £717m.

    The energy regulator talked about it reduced the amount allowed “after rejecting £40m in ‘threat funding'” that Nationwide Grid had sought to be included in the upfront sign of the hyperlink.

    It talked about Nationwide Grid “might presumably per chance additionally be in a assign to to find additional funding for some dangers, equivalent to evil climate or standard flooding, in the event that they’re efficiently managed and pick assign at some stage in construction”.

  19. US China switch battle “already affecting global enhance”

    brexit Container ship

    Copyright: Getty Photography

    Monetary institution of England financial protection maker Donald Kohn is asked in regards to the consequences of the switch battle between the US and China.

    Mr Kohn says: “[The trade war] is already having an detrimental discontinue on global enhance. And also that you just would be in a position to additionally note all of it over the assign, especially in the US, but completely different areas as properly. The uncertainty about how right here is going to play out is having a extremely detrimental discontinue on industry capital spending. Companies are inserting off choices, they attain no longer know how the provision chains must be reconfigured, they rep no longer what the sign of the inputs and the sign they rep for the outputs shall be, so or no longer it is already having an detrimental discontinue on the global economy.”

  20. Is limitless economic enhance a fairy memoir?

    Be aware Carney is asked whether or no longer he concurs with Greta Thunberg that on a finite planet limitless economic enhance is a fairy memoir.

    He says: “I’m worried I attain no longer accept as true with that… There is carbon-light enhance, there is asset-light enhance. Whilst you occur to contemplate the nature of significant of consumption, how or no longer it is shifted over time… in opposition to experiences in conjunction with virtual entertainment – that’s additionally enhance.”

    “So I rep no longer deem they’re uncommon.”

    Nonetheless, he says the market is “pricing the transition” some distance from carbon as being as a minimum 3.75 degrees, “potentially north of 4” degrees in the case of world warming.

    “That tells you something in the case of the sum of world native climate protection,” Mr Carney says, with the implication being that it is some distance never any longer though-provoking snappy satisfactory.