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Summary

  1. European shares post sharp gains
  2. ECB president Mario Draghi says central bank "will not hesitate to act" if necessary
  3. Japan's economy contracts 0.4% in fourth quarter
  4. HSBC's board votes to keep HQ in London
  5. HSBC Chairman: 'No pressure' on government

Live Reporting

By Matthew West

All times stated are UK

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  1. That's all folks

    BBC test card

    That's the end of the livepage for today - a bit quieter than usual with no Wall Street in action.Thanks for staying with me through to the end. 

    Tomorrow brings the promise of those annual results from Anglo-American and French energy giant EDF. There's also annual consumer price inflation data for January and house price data for December from the Office for National Statistics. Ben and Anthony will be with you, as usual, from 06:00.

  2. Oil price rises

    With US markets closed, trade in crude oil is thin. But Brent crude made a late surge - continuing gains from Friday's session, currently up 1.8%, just under $34 a barrel. US light crude was up 2.6% at $30.19. 

  3. Venezuelan oil minister in Qatar

    oil rig

    Venezuelan oil minister Eulogio Del Pino arrived in Qatar, a fellow Opec member, earlier on Monday, a source has told Reuters.

    The minister, who declined to make any comment, floated the idea of a production "freeze" at current levels during a recent tour of producing countries which included Russia, Iran, Qatar and Saudi Arabia, sources familiar with those discussions have said. 

    Venezuela has been one of the countries worst affected by the collapse in oil prices in the last 18 months and among the most vocal in calling for reductions in oil output to bolster prices. 

  4. Kayne pitches for investment

    As far as business plans go, I suspect this one needs a little refining. 

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  5. BT in muddle over internet's origins

    An advert published by BT has indicated suggested some confusion within the firm about the internet's origins.

    BT's Openreach division referred to the UK as the "country that invented the internet" in the ad, which was printed over the weekend.

    However, the US is widely credited as being the net's creator thanks to a Department of Defense project that dates back to the 1960s.

    BT has acknowledged the error.

  6. HSBC 'scared by Hong Kong politics'

    HSBC chose to keep its headquarters in London, and not move to Hong Kong because of fears over interference by Beijing, Alex Frangos from the Wall Street Journal tells World Business Report. Beijing's disappearing chief executives and missing book store owners are a few more of the reasons, he explains.

    Video content

    Video caption: We ask why HSBC bank chose to keep its headquarters in London, and not move to Hong Kong.
  7. Bank of England responds to Vickers criticism

    The Bank of England has rebuffed criticism from Sir John Vickers, that its bank capital plans are not strong enough.

    Sir John led an inquiry into the future safety of Britain's banks when he headed up the Independent Commission on Banking (ICB).

    The Bank of England said it continued to support the ICB's conclusions but that it is "proposing a higher level of capital and overall resilience in the banking system than was proposed by the ICB in their final report".  

    The statement continued: "The Bank of England’s proposals reflect the cost of the crisis and the benefits of more resilient banks, the new international standards on bank capital and bank resolution and the more active use of countercyclical tools.   

    "This judgement is informed by two years of severe but plausible stress tests. UK banks are now within touching distance of meeting these proposed new standards.  

    "On a comparable basis, globally systemic banks in the UK will be required to have ten times more capital than before the crisis.”

  8. A glimpse into the future

    Future London skyline

    Ever heard of Earth-scrapers? No, me neither, but in 100 years apparently they'll be all the rage so it might be worth setting up an investment fund now, right?

    Samsung-owned SmartThings - yes there really is a business angle on this story - commissioned a report by a group of futurologists to try to discover what the future might look like. 

    And, well, the future looks like something out of the 1960s. According to report, we will be living in 'Earth-scrapers', which will go up to 25 storeys underground.

    Furniture within homes become 3D-printed, but replicas of entire houses and structures could be printed. In the workplace, holograms will enable virtual meetings to take place.   

    And we will have begun to colonise not only the Moon but Mars as well which will come as a relief to Nasa.

    Still the imagery is striking. Just look how tiddly the Shard - currently Europe's tallest building - looks next to all those mega skyscrapers.

  9. Anglo American debt downgraded to 'junk' by Moody's

    Mining giant Anglo American has had its credit rating downgraded to "junk"  by Moody's, which cited the further downward trajectory of commodity prices and a "longer and more uncertain deleveraging period". 

    Moody's downgraded the company to Ba3 from Baa3, and said the outlook on the ratings was negative. 

    Moody's said it does not expect Anglo American to generate enough operating cash flows to deliver substantial organic debt reduction in the next two years. 

    The company is expected to report full-year results on Tuesday. 

  10. Markets have 'priced in' 60% chance of UK interest rate cut

    Bloomberg interest rate chart

    Mark Carney has the backing of economists when he insists the next move in UK interest rates is more likely to be up than down, reports Bloomberg.

    There’s only a 10% chance the Bank of England chief and his officials will cut the benchmark rate from its record-low 0.5%, according to its monthly survey of economists.

    But there's a sting in the tale of this little report, which is that those economists are squarely at odds with interest-rate futures markets, which are pricing a more than 60% possibility that the next move in rates will be down. Yikes. 

  11. Bank of England 'not out of ammunition'

    Ian McCafferty

    Upside risks to UK wage growth and inflation have grown more distant, Bank of England policymaker Ian McCafferty has said, after dropping his lone call to hike interest rates earlier this month.

    "The upside risks to wage costs and inflation haven't disappeared by any sense, but they have been pushed further out," Mr McCaffery told the Wall Street Journal.

    He added that the Bank of England was not "out of ammunition" if it needed to fight a renewed downturn by cutting interest rates or restarting its bond-buying programme.

  12. European shares close higher

    European share indexes have closed higher although off mid-afternoon highs after ECB president Marion Draghi said the bank would "not hesitate to act" to help stimulate the eurozone economy. 

    Mr Draghi's words were widely interpreted to mean the ECB would extend its massive €60bn monthly bond buying programme, which was due to come to an end in September.

    Global growth fears, a volatile stock market and commodity prices that have plummeted have all made the prospect of the bank's quantitative easing programme coming to an end in a little over six months a distant one.

    Germany's Dax close up 2.67% at 9,206.8, France's Cac-40 closed 3.02% higher at 4,115.65 and the UK's FTSE 100 closed 2.01% higher at 5,824.28.

  13. Steel protesters call for EU help

    Brussels steel protestors

    Thousands of steel industry workers have been protesting in Brussels in support of their ailing industry.

    Hundreds of workers from the UK were among those pressing for the European Commission to tackle cheap Chinese steel being "dumped" across Europe.

    Karl Koehler, chief executive of Tata Steel's European operations, also joined the protest.

    He said: "The situation facing Tata Steel and other European steelmakers is perilous."

    Mr Koehler added: "If the European Commission does not take immediate and robust action, thousands of jobs in the industry, and many more thousands in the wider supply chain, will be threatened."

  14. Russia not discussing output cuts with Opec

    Russia is not discussing output cuts with the Organisation of Petroleum Exporting Countries (Opec), but is in talks on the issue with individual members of the cartel, Interfax news agency quoted a Russian official as saying.

    "The dialogue is with separate member nations of the organisation, it is mainly conducted via Venezuela," Vladimir Voronkov told Interfax.

  15. ECB could accept bad loans as collateral

    A bit more from ECB president Mario Draghi. He says the central bank can accept securities backed by non-performing loans (NPL) as collateral from banks, provided they have a credit rating above a certain threshold.

    "We're not talking about buying anything, the question is whether the NPLs in a specific asset backed securities format could be accepted as collateral," he said.

    "The ABS will have to have a minimum second-best rating of single A. Therefore, the inclusion of NPLs in the pool of underlying assets does not preclude these ABSs ... from collateral eligibility."

  16. India trade figures show continued slowdown

    Exports out of India shrank in January for the 14th month persistent weak demand from Europe, the country's biggest market.

    Exports fell 13.6% from a year earlier, while imports dipped 11%, official figures show. 

    The trade deficit for January narrowed to $7.64bn (£5.27bn) mainly due to soft demand for crude oil and falling commodity prices, versus $11.66bn a month ago.