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Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Post update

    That's all on another busy day of Brexit developments. Join us from 6am tomorrow for more on this, and other news from the world of business and finance.

    Night, night  

  2. Wall Street rally continues

    Wall Street enjoyed a third straight day of gains as Britain's central bank raised the prospect of stimulus and consumer stocks gained on news of Mondelez International's $23bn bid for Hershey. 

    The Dow Jones ended up 235.31 points, or 1.33%, at 17,929.99, and the S&P 500 gained 28.09 points, or 1.36%, to 2,098.86. The Nasdaq added 63.43 points, or 1.33%, to 4,842.67. 

    All ten S&P sectors ended higher, led by a 2.2% climb for consumer staples shares.

    US markets fell sharply last week after the UK voted to leave the European Union.

  3. Brexit: 'more emotion than change' says UPS boss

    The BBC's Zoe Thomas has been to the Atlanta HQ of the world's largest delivery company, UPS. Chief executive David Abney tells her that the Brexit vote seems to have brought more "emotion" than "change".

    The firm is used to trading across different jurisdictions and under different trading rules. 

    He says: "We're not going to change our investment plans whether it be in Europe or in the UK. So we feel very comfortable that our customers are still going to have some very complex supply chain needs and our strategies and investments are going to continue to take place.”

  4. US wants urgent repair of 300,000 Honda vehicles

    Takata sign in showroom

    Safety regulators in the US have called for the urgent repair of more than 300,000 aging Honda vehicles fitted with Takata air bags.

    Japan's Takata and the car companies that use its air bags have faced huge problems over the risk of the inflators rupturing in a crash.

    The National Highway Traffic Safety Administration cited new test data that shows some Honda models from 2001-2003 have as high as a 50% chance of an air bag rupture.

    Takata air bag inflators have been linked to as many as 14 deaths worldwide, including 13 in Honda vehicles, because they can deploy with too much force and send deadly metal fragments flying.

  5. EU trade boss: 'First you exit then you negotiate'

    Newsnight

    Cecilia Malmstrom

    The European Union's top trade official says the UK cannot begin negotiating terms for doing business with the bloc until after it has left.

    "First you exit then you negotiate," Cecilia Malmstrom told BBC Newsnight.

    After Brexit, the UK would become a "third country" in EU terms, she said - meaning trade would be carried out based on World Trade Organisation rules until a new deal was complete.

    A recent trade deal with Canada took seven years to negotiate.

    The Canadian agreement will also require ratification by all EU countries, adding another one to two years before it takes effect.  Read more here

  6. Hershey rejects takeover bid

    Hershey's chocolate bars

    Confectionery giant Hershey has rejected a $23bn (£17.3bn) takeover bid by Mondelez International.

    Mondelez - which owns Cadbury's and Kraft and makes Oreos cookies  -  wants to expand its presence in the US and create the world's biggest confectionery company. 

     "The board of directors of the company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelez and the company," Hershey said in a statement. 

    By taking over Hershey Mondelez would gain control of the production and distribution of its Cadbury brand chocolates in the US, which Hershey currently holds the licence to produce, paying royalties to Mondelez.

    It would also mean Mondelez had the rights to produce and distribute Kit Kat in the US.

    Hershey's shares jumped 15% following the bid. 

  7. Wall Street still ahead ...

    Wall Street sign

    With just an hour of trading to go on Wall Street - what's the picture over there?

    Well, the major indexes are all still up ... buoyed by that speech earlier by Bank of England Governor Mark Carney hinting at an interest rate cut and/or further quantitative easing. 

    A short while ago the Dow Jones  stood at 17,898.42 - a rise of 1.15%.

    The Nasdaq was up 1.06% at 4,829.86.

    And the S&P 500 was at 2,094.56 - up 1.15%.  

  8. Oil price falls as supply rises

    Brent crude price graph

    The price of Brent crude oil fell by more than 2% today - pushed down by in part by the prospect of Nigeria and Canada pumping more oil. 

    Nigerian oil production has risen following pipeline repairs and the fact that there haven't been any new big militant attacks in the Delta region, the state oil company said earlier this week.  

    The news helped Opec's oil production climb in June, as did increased supply from Iran and the Gulf. 

    And the supply disruptions caused by the Canadian wildfires are expected to be virtually over by September.

  9. EU credit rating cut

    EU flag

    Ratings agency Standard and Poor's has cut its credit rating for the European Union following last week's Brexit vote. 

    S&P Global Ratings said it was cutting its long-term rating on the EU from AA+ to AA because the UK's leave vote meant "greater uncertainty" over the EU's revenue forecasting, long-term capital planning and adjustment to key financial buffers. 

    S&P said it had to review its "previously favourable opinion of solidarity within the EU" from positive to neutral because its previous view was based on all 28 member states remaining inside the European Union. 

  10. Can London's FinTech industry weather Brexit?

    Will the UK financial technology sector be poached by a European rival? Lawrence Wintermeyer, head of industry body Innovate Finance, gives the BBC's Manuela Saragosa his view.  

    Video content

    Video caption: Fears that other European cities may poach the UK financial technology sector.
  11. CBI: Barrier-free access to single market must be priority

    CBI logo

    So now we know - Boris Johnson won't stand in the Conservative Party leadership contest.

    However, five other candidates had come forward by today's midday deadline.

    Throwing their hats into the ring are Justice Secretary Michael Gove, Energy Minister Andrea Leadsom and ex-defence secretary Liam Fox - all of whom backed the Leave campaign in the run up to the EU referendum.

    Home Secretary Theresa May and Work and Pensions Secretary Stephen Crabb - both of whom supported the Remain camp - are also standing.

    But whether the candidates were pro- or anti-leaving the EU, the employers' organisation, the CBI, has the same message for all of them.

    Quote Message: What’s needed now is a plan which sets out the principles that should underpin our new relationship with Europe and how they will be achieved. It’s imperative that each of the candidates sets out clearly their detailed plan for this new relationship. First and foremost politicians must commit to openness. This means tariff and barrier free access to the single market; maintaining trade deals around the world; attracting and keeping skills; and working out the trade-offs between these three. In the immediate term, politicians of all persuasions must confirm that those people from the EU already working in the UK can stay. And businesses want them to get on with key infrastructure and spending decisions, which demonstrate that Britain is open for business. We need an urgent focus on productivity, innovation, skills and exports. from Josh Hardie Deputy director general, CBI
    Josh HardieDeputy director general, CBI
  12. What Brexit means for Barclays

    Let's quickly return to that interview that Jes Staley, chief executive of Barclays gave to the BBC earlier. 

    Here you can listen to what he said about how Brexit would affect the bank's jobs in London.

    Video content

    Video caption: Barclays has no plans to move staff from London
  13. Does Brexit really mean Brexit?

    The post-Brexit  debate rumbles on ...

    Here are some interesting thoughts about what happens now from Chatham House - the Royal Institute of International Affairs.

    View more on twitter
  14. Bank faces 'delicate balancing act'

    More reaction to Mark Carney's speech ...

    Quote Message: The Bank will update its forecasts and make a full assessment of the economic picture in its August Inflation Report. This probably leaves August as the likeliest date for a rate cut ... Carney and his MPC colleagues could face a delicate balancing act over the coming months, balancing higher inflation caused by the weaker pound with the need to stimulate growth. If history is anything to go by, growth will be the priority – remember the Bank was willing to ‘look through’ elevated inflation in the first phase of the financial crisis and cut rates to their current lows. from Ben Brettell Senior economist, Hargreaves Lansdown
    Ben BrettellSenior economist, Hargreaves Lansdown
  15. Markets love stimulus more than they hate uncertainty

    Reaction to Bank Governor's speech ...

    Quote Message: Once again we seem to be in a world where a few words from a central banker can move markets in an instant. Earlier this afternoon, before Mark Carney’s speech, the FTSE and sterling were broadly flat on the day. Following the governor’s words, the FTSE has just closed within a whisker of its highest level year-to-date, while sterling has lost a cent and a half against the dollar and more than a cent against the euro. Stock markets clearly love monetary stimulus far more than they hate Brexit-related uncertainty. from Ben Brettell Senior economist, Hargreaves Lansdown
    Ben BrettellSenior economist, Hargreaves Lansdown