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Summary

  1. Stock markets slide on global slowdown fears
  2. Deutsche Bank leads financials sell-off with 8.5% decline
  3. Fiat Chrysler shares suspended after 7.5% fall
  4. First gas flows from new Shetland plant
  5. Randgold hails its best year

Live Reporting

By Chris Johnston

All times stated are UK

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  1. That's all folks

    Time's up for another day of Business Live. Will the stock market gyrations continue tomorrow? Join us again from 06:00 and find out.

  2. Oil lower for a third day

    Oil

    Oil fell 3% to settle down for a third consecutive day on Monday on fears about the global economy and US crude stockpiles reaching new record highs. 

    US crude settled below $30 a barrel, finishing down $1.20 at $29.69, while Brent dropped $1.18 to $33.88. 

  3. Tech trouble

    Banks and technology shares suffered the most on Wall Street, with Facebook sinking 4% and Amazon shedding 3%. The losses brought the Nasdaq composite index down almost 20% from its record high last year. 

  4. Wall Street pares losses

    US markets have managed to pare some losses late in the day, with the Dow Jones falling 1.1% and the S&P 500 down 1.4%. After being down as much as 3% a short time ago, the Nasdaq Composite finished 1.8% lower.

    "When you see selling this broad and non-discriminant, when everything is being sold, it tends to end when it just exhausts everyone who's worried," said Rick Meckler of LibertyView Capital Management. 

  5. The fear...

    Jim McDonald, chief investment strategist at Northern Trust, sums up the market gyrations thus: "Traders are worried that the financial market weakness that we're experiencing is going to lead to weakness in the real economy.''

  6. Wall Street sinks

    The S&P 500 is down 2.4% - its lowest level since April 2014, with 135 of the companies on the index falling by at least 5%. Ouch. The Nasdaq Composite, which has now fallen 3%, hasn't been lower since October 2014. 

  7. ECB paper: Tax hikes 'self-defeating' in cutting government debt

    Greek national flags fly from vendor's stalls outside the Greek parliament

    Raising taxes is "self-defeating" when a country is trying to bring down the ratio between its public debt and economic output, according to a European Central Bank research paper based on the eurozone's recent history.

    Researchers found that a reduction in government spending was more likely to generate a lasting reduction in the debt-to-GDP ratio.

    Findings were based on data from 11 eurozone countries, including bailout recipients Greece, Portugal and Ireland, between 2000 and 2012.

    Greece's 2010 bailout programme included cuts to government spending worth 7% of the country's GDP, coupled with tax increases equivalent to 4% of the economic output. 

    Greece's government debt-to-GDP ratio rose to 180% at the end of 2014 from 127% five years earlier, before the first bailout programme, according to Eurostat data. 

  8. Win a year's pocket money!

    Pocket Money Pitch graphic

    Breakfast business presenter Steph McGovern has a new show, and it's on CBBC.

    It's called Pocket Money Pitch and it's like Dragons' Den for children.

    They have the chance to pitch their ideas for the chance to win a year's worth of pocket money (£322.40 for some reason) to invest in their businesses.

    The first episode is now available on BBC iPlayer.

  9. India blocks Facebook Free Basics

    BBC World Service

    India's decision to block Facebook's Free Basics scheme is being seen as a victory for so-called net neutrality campaigners like the venture capitalist Mahesh Murthy. He spoke with the BBC's Jon Bithrey.  

    Video content

    Video caption: Net neutrality campaigners are celebrating a ruling from India's telecoms regulator.
  10. Why so dismal?

    Laith Khalaf, senior analyst at Hargreaves Lansdown, comments on today's stock market turmoil:

    "The collapse in the oil price has been a big shock to the financial system and its effects are still being absorbed by international stock markets, in particular the implications for global demand. 

    "Financials have been really badly hit of late, and in a sign of how dire things have got, some European banks are trading lower than they did during the depths of the financial crisis. There doesn’t seem to be much justification for such a dismal outlook, but markets appear to be stuck in a negative feedback loop at the moment."

  11. Tech shares punished

    Facebook

    US tech stocks with with hefty valuations, have continued to slide on Monday after a sell-off on Friday, dragging the Nasdaq Composite index down 2.8%  to its lowest point for nearly 18 months. Facebook is 5% lower and Salesforce.com is off 8%.

    Michael James, managing director of equity trading at Wedbush Securities, says: "I think we're in an environment right now of shoot first, ask questions later. That's the mentality of technology investors right now - any disappointment is being taken out to the woodshed." 

    Avondale Partners analyst Randle Reece says: "I think that what we see is a crisis in valuation for the highest multiple stocks, where valuations ... had been driven too far for thematic reasons, what investors perceived as the hottest growth areas." 

  12. Oil sinks again

    Oil pump

    Oil prices have sunk further, with US crude hovering back around the $30 a barrel mark, down 2.7%, while Brent crude is 1.7% lower at $33.48.

  13. Star Wars boosts Hasbro

    Star Wars cast

    Demand for toys based on Star Wars: The Force Awakens and Jurassic World has helped Hasbro report its biggest rise in quarterly revenue in nearly five years. Revenue from toys aimed at boys, including action figures based on the two top-grossing movies of last year, jumped 35% percent in the Christmas quarter. 

    Hasbro expects sales from Star Wars merchandise to match 2015 levels as The Force Awakens is released on DVD and download services and Rogue One, a Star Wars-based film with new characters, arrives in December. 

  14. Banks battered

    Barclays ended the day 4% lower and is down almost a quarter this year, while HSBC was down 3.6%, RBS fell 4.6% and Standard Chartered lost 5.7%. 

    Atif Latif, director of trading at Guardian Stockbrokers, said: "The banks have continued to have a weak start to the year on concerns over dividend cuts and weaker emerging markets growth ... We also see some concerns on the outlook for Brexit if it occurs." 

  15. Yoox Net-A-Porter firmly in fashion

    Net-A-Porter

    Slowdown? Not at the online fashion retailer Yoox Net-A-Porter, which posted a bigger-than-expected rise in sales last year as consumers increasingly shopped on mobile devices. At constant currencies, sales were up 21% to €1.7bn - €100m higher than analysts had forecast.  

    Italy's Yoox bought upmarket rival Net-a-Porter in March last year in a deal that made Swiss luxury group Richemont its biggest shareholder.     

  16. Wall Street wobbles

    Shares in New York continue to slide, with the S&P 500 at its lowest level since April 2014, down 2%, with the Dow Jones falling a similar amount - about 330 points. 

    The tech-focused Nasdaq composite, is 2.5% lower.