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Summary

  1. US markets remain volatile in afternoon trade
  2. FTSE 100, Cac and Dax close higher
  3. Japan's Nikkei finishes at nine-month high
  4. Taylor Wimpey shrugs off Brexit fears
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Daniel Thomas

All times stated are UK

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  1. That's all folks

    Thanks again for reading Business Live. We'll be back at 6am tomorrow so do tune in for more news, reaction and analysis on the global markets.

  2. May promises economy that 'works for everyone'

    Theresa May

    In a speech at the Guildhall in the City of London, Prime Minister Theresa May has called on business leaders to help her government win back Britons disillusioned with liberal elites and globalisation.

    Mrs May described the election of Donald Trump and Britain's vote to leave the EU as signs that "change is in the air" and said the UK needed an economy that "works for everyone". 

    As such, she said she would champion a "new industrial strategy" that would target strengths across the British economy - be they universities, start-ups or dynamic businesses.

    However, she also said Britain should not shy away from showing the benefits of global trade and urged calm in the face of populism. 

    "At this moment of change, we must respond with calm, determined, global leadership to shape a new era of globalisation that works for all," she said. "I stand here confident that in facing these new challenges, once again, Britain can lead." 

    She gave little away about her strategy towards exit negotiations with the EU, but said: "All of us here tonight know that there is not some choice between hard Brexit and soft Brexit. It is about how business and government works together to get the best deal; the right deal for Britain and the right deal for businesses working across the continent." 

  3. BreakingUS share markets run out of steam

    US stock markets had another volatile day today, as the upward momentum seen towards the end of last week petered out. 

    The S&P 500 closed 0.01% lower, or 0.25 points, at 2,164.20, the Nasdaq was 0.36%, or 18.72 points, lower at 5,218.40 points and the Dow Jones was up 0.11%, or 21.03 points, at 18,868.69 points.

    Fallers included Visa Inc, down 4.27%, Galena Biopharma Inc, down 15.71% and Michael Kors, down 5.11%. 

  4. US tech sector sends Trump list of priorities

    Donald Trump

    The US tech sector was almost diametrically opposed to Donald Trump during the election campaign. But conceding they will now have to work with him, a group of leading firms today sent the president-elect a detailed list of their policy priorities. 

    The Internet Association, whose 40 members include Google, Facebook and Twitter among others, listed some ideas that chimed with Mr Trump's stance, Reuters reported.  

    These include easing regulation for the sharing economy, lowering taxes on profits made from intellectual property and applying pressure on Europe to not erect too many barriers restricting US internet companies from growing in the bloc.

    But other ideas are likely to clash with Mr Trump, including supporting unbreakable encryption in products, upholding recent reforms to US government surveillance programmes, and maintaining net neutrality rules.

    The association also seeks immigration reform to support more high-skilled workers staying in the US - and Mr Trump has suggested he could restrict H-1B visas for skilled workers.

  5. PwC report predicts 'limited' oil price rise

    Oil rig

    Oil companies have been warned it is "unlikely" prices will return to $100 a barrel levels in the near future.

    A report from business advisers PwC said prices could instead rise to between $60 and $70 a barrel in the next few years.

    It said this could trigger a rise in capital investment and overall activity levels after the recent downturn.

    Industry body Oil and Gas UK said the sector was showing "drive and determination".

    Read more.

  6. ECB warns on US protectionism

    Vitor Constancio

    Vitor Constancio, vice president of the European Central Bank, today warned that the protectionist policies promised by Donald Trump risked weakening global growth. 

    The world economy was facing an "abnormal degree of uncertainty", he said, adding that the initially positive reaction on financial markets to Trump's win may be short-lived. 

    "The markets' perception that the US is embarking into a new phase of expansionary budgetary policy has lifted optimism," he said, referencing Trump's pledges to cut taxes and increase spending. 

    But he said the "real negative effects" of an "America first policy" - a nod to Trump's promises to scrap international trade deals - could come later. 

  7. Kerviel says...

    View more on twitter

    And this is what Mr Kerviel has to say about that: "Sometimes the winner is only a dreamer who has not let go." How very enigmatic, how very French....

  8. Jerome Kerviel

    View more on twitter

    Jerome Kerviel, the French rogue trader at Societe General, remember him? The French government certainly does. According to the French financial newspaper Les Echos, France's finance ministry has started the process of reclaiming a 2.2bn euro tax deduction granted to the bank after suffering huge losses caused (only partly it now seems) by Kerviel, back in 2008.

  9. Mexico to raise interest rates

    People walk past a board displaying the exchange rate for the Mexican peso and the US dollar in a bank in Mexico City

    Reuters in Mexico City has done a ring-round of some financial analysts, who reckon that the country's central bank will put up interest rates on Thursday. The peso has fallen further since Mr Trump became US President-elect. The expectation seems to be that Mexican interest rates will be shoved up by half a percentage point to 5.25%. That would be the fourth rate rise so far this year. The peso has dropped 6% since the last rate rise in September and is now at a record low against the US dollar.

  10. Wealth manager Nutmeg raises £30m

    Martin Stead

    Online platforms are disrupting the wealth management industry by offering consumers cheaper and easier ways of investing their money.

    That's what they claim, anyway.

    Nutmeg, the UK’s first digital wealth manager (nice jargon, there) today announced it had raised £30m to grow more. 

    It manages more than half a billion pounds on behalf of over 20,000 customers. 

  11. Mnuchin 'recommended' for Trump team

    Steven Mnuchin

    Donald Trump may be about to make another appointment to his administration team, Bloomberg reports, quoting sources. 

    His transition team has recommended that former Goldman Sachs banker Steven Mnuchin should serve as his treasury secretary, although Mr Trump is yet to make a final decision.

    Mnuchin, who was the Trump campaign’s national finance chairman, has been tipped for the job for while. 

    It comes after Mr Trump appointed Steve Bannon, former president of Breitbart News, as his "chief strategist and senior counselor", and Republican National Committee chair Reince Priebus as his chief of staff.

  12. Italy's UniCredit SpA 'seeks €13bn to shore up finances'

    UniCredit SPA

    More worrying signs for Italy's banks. Lender UniCredit SpA is planning to raise €13bn ($14.11bn) to shore up its finances, a source has told the Wall Street Journal.

    That's almost equivalent to the bank's entire market capitalisation.

    Concerns are mounting over Italian banks, many of which are carrying massive bad debts and thought to be a risk to the economy.  

    Four lenders were bailed out by investors last December and the government is seeking similar solutions for others.  

    Shares in UniCredit - which is also planning to sell off assets and make drastic cost savings - have dropped by 55% since January.   

    Sources told the WSJ the bank would wait until after the result of a constitutional referendum Italy will hold on 4 December before setting a date for the cash call. A 'no' vote on the referendum could unseat the government and cause a period of market instability.

  13. More doubts over GOP backing Trump spending plans

    Chief executive of Ritholtz Wealth Management tweets...

  14. How can Facebook fix its fake news problem?

    Fake Trump news post
    Image caption: Fabricated news looks just like any other article on Facebook

    Facebook chief Mark Zuckerberg has promised the social network will take action over fake news appearing in its feeds, following complaints that the social network is deluged with fabricated posts.

    In a post on his personal profile, he said he was "cautious" not to make Facebook an "arbiter of truth" but said the company was testing new tools to flag hoax content.

    "Facebook's algorithm prioritises the popular, it doesn't know how to distinguish between real and not real," said Kate Bevan, a technology writer and broadcaster, explaining the problem. 

    "It doesn't care about the quality of a page - if something looks convincing and people are sharing it, that gets prioritised."

    Read more.

  15. PM 'will not hit' one million new homes target

    Kamal Ahmed

    Economics editor

    Homebuilders

    Theresa May put affordable housing at the heart of her "offer" to voters when she became prime minister.

    The government's target is one million new homes by 2020; the argument being that more supply will bring down prices.

    But the head of one of the UK's largest housebuilders, Berkeley Homes, says the target may be missed.

    Radical change will be required to raise the current new-build rate above 170,000 per year, says Rob Perrins.

    Read more of Kamal's blog.

  16. Trump rally 'petering out'

    NYSE

    With the S&P 500 and Dow Jones little changed on Monday, and the tech-heavy Nasdaq Composite lower, adding to last week's losses, some are suggesting that last week's Trump-inspired rally is fizzling out. 

    Analysts told Reuters that investors wanted more details about Trump's policies and on key appointments in his administration.

    "In any election cycle, many candidates make a lot of election promises and obviously they can't deliver for a variety of reasons on all these promises," said Mohannad Aama, managing director at Beam Capital Management in New York.

    "Right now during this transition period, there is a lot of pricing in the unknown."

  17. Does a clash loom over Trump spending plans?

  18. BreakingFTSE 100, Dax and Cac close up

    Trader

    The FTSE 100 has closed higher despite paring earlier gains, with analysts partly blaming the loss of momentum on a heavy sell-off in the bond markets. 

    The index closed 0.34%, or 22.75 points, higher at 6,753.18 points. It was a similar story for Germany's Dax and France's Cac which both closed up after trimming early gains. 

    The FTSE 100's best performers were banks, with Barclays up 5.23% and RBS up 4.37%. 

  19. UK employers 'expect slower hiring'

    Fewer British employers expect to hire staff in late 2016 as the impact of the decision to quit the EU sets in, a report from the Chartered Institute of Personnel Development claims. 

    The industry body also said wages in real terms were likely to fall next year as inflation rose.

    "The report points to the UK economy beginning to face some likely headwinds following the UK's decision to leave the European Union," Gerwyn Davies, a labour market analyst at the CIPD, told Reuters.

    "Pay expectations are already weak, and as inflation moves up we can expect a period of low or negative real wage growth for the squeezed middle."

    Annual inflation rose to 1% in September and is expected to climb towards 3% by the end of next year, reflecting the fall in the value of sterling since the Brexit vote.