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Summary

  1. Dollar at 13-year high as Fed chair signals rate rise "relatively soon"
  2. S&P 500 and Nasdaq trade higher
  3. FTSE 100 closes higher
  4. UK retail sales jump in October
  5. JP Morgan pays $264m in China hiring settlement
  6. Whiplash claims clampdown will cut insurance bills
  7. 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 from me

    Thanks for reading Business Live and I hope you can join us again tomorrow from 6.30am. Friday's highlights will include ONS overseas travel and tourism statistics and trading updates from Fuller's and Nationwide.

  2. US markets up at close

    All three major US markets have closed higher after a wave of positive economic data was published earlier today.

    The Dow Jones closed up 0.19%, or 35.68 points, at 18,903.82 points, the Nasdaq ended 0.74%, or 39.39 points, higher at 5,333.97 and the S&P 500 closed 0.47%, or 10.18 point higher, at 2,187.12.

    Among the best performers were chip maker Advanced Micro Devices Inc, up 10.3%, DIY chain Home Depot, up 2.87% and electronics retailer Best Buy Co. Inc., up 13.70%.

    It followed positive jobs and inflation data published this morning and comments from Fed chair Janet Yellen signalling a rate rise "relatively soon". Most analysts now see a December hike as inevitable.

  3. Tesla and SolarCity merger approved

    Elon Musk

    Shareholders for SolarCity and Tesla have approved a merger between the two companies.

    According to a statement Tesla sent to CNBC, more than 85% of shareholder votes were in favour of the acquisition, which will now be completed in the coming days.

    The deal has divided investors, some of whom have have tried to block it. Some allege Tesla chairman Elon Musk, who holds about 22% of SolarCity stock, is simply bailing out the smaller company because the US solar industry is in decline. 

    But others say the merger will boost Tesla's position as a sustainable energy company and enhance its balance sheet.

  4. Goldman uncertain about global markets in 2017

    Goldman Sachs has been sharing its thoughts about world markets next year and seems to be feeling uncertain. 

    On the plus side it expects global growth to pick up in 2017 "vs the somewhat disappointing performance in 2016". However, it also fears poor productivity and low GDP growth trend rates could restrain market returns.

    But it says there are reasons to think the longer-term outlook could brighten next year.

    "For one, in most countries, the falling growth rate of the working age population is forecast to decelerate over the next several years," it said. 

    "Second, research by our economics team suggests that the pace of scientific discovery and technological change has not slowed nearly as much as measured productivity indices would suggest.

    "Finally, there is the theoretical, but untested, possibility that untapped productivity growth lies hidden in the economy, and that all that is required is to let it 'run hot' for a while."

    Still, the bank says it remains skeptical. 

    "Until more clear evidence accumulates showing that the outlook for productivity and trend growth has improved, the opportunity set for investors is likely to remain low."

  5. Schäuble warns of costs of Brexit for UK

    Wolfgang Schäuble

    Germany’s finance minister told the Financial Times that, even after Brexit, the UK would be bound by tax rules that would restrict it from granting incentives to keep investors in the country - and would also face EU budget bills for more than a decade.

    Wolfgang Schäuble told the paper: "Until the UK’s exit is complete, Britain will certainly have to fulfil its commitments. Possibly there will be some commitments that last beyond the exit … even, in part, to 2030 … Also we cannot grant any generous rebates.”

    Schäuble also insisted that Britain must adhere to international rules on investment incentives - as with Japanese carmaker Nissan, which recently won UK government assurances when it agreed to keep its production in the UK.

    “These rules apply to all whether EU members or not,” he said.

  6. Mexico rate hike 'won't be enough'

    Quote Message: Some reaction from Mexico is better than no reaction. But today’s hike isn’t going to be enough. The peso has taken the brunt of the post-Trump sell off in emerging market currencies. The central bank really needed to get in front of the situation by raising rates by at least 75 basis points. Today was a missed opportunity. We might see more aggressive selling-off of the currency now. Time will tell what the bank does next. Markets have absorbed the initial shock of the surprise US election result but further action from Banco de Mexico depends on how the peso behaves in the coming months and how much President-elect Trump matches campaign rhetoric with actual policies. from Edwin Gutierrez Head of emerging market sovereign debt
    Edwin GutierrezHead of emerging market sovereign debt
  7. Strong dollar 'threatens global stability'

    Dollar

    As the US dollar hit a multi-year high today, economists warned the currency's strength could adversely affect financial stability next year. 

    The greenback has jumped 5% since Donald Trump's shock election win as investors bet on inflation rising faster than previously thought in 2017. 

    Money managers attending this week's Reuters Global Investment Summit said the spike in the currency, and in Treasury yields, could push up the cost of dollar debt.

    And that would be damaging for firms and households both in US and the rest of the world, where dollar-denominated debt now totals nearly $10tn.

    "If the dollar gently goes up, I think we'll be OK. But an aggressively rising dollar will be bad news for emerging markets, quite painful for China and it could undermine risk assets," said Mark Burgess, chief investment officer for Columbia Threadneedle Investments, EMEA.

    The other issue is that it could make US exports less attractive, choking off US growth. 

    Joachim Fels, a managing director at Pimco, said: "If you get too much dollar appreciation it feeds back negatively into US growth and particularly hurts the manufacturing sector, and these are Donald Trump's voters, so I think there is a certain limit."

  8. Mexico raises rate after Trump win

    Mexico City

    Mexico has raised its key interest rate from 4.75% to 5.25% following a steep fall in the value of the peso since Donald Trump's US election victory last week.

    Mexico's central bank increased the rate after the election "led to an increase in volatility in financial markets of every region". 

    The US president-elect says he is committed to building a wall between Mexico and America. He has also said he plans to renegotiate or scrap the North American Free Trade Agreement (Nafta), a three-nation pact between the US, Canada and Mexico.

  9. Premier League scores China TV deal

    Football match at Hong Kong stadium

    It is no secret that China's president, Xi Jinping, is a big football fan. Manchester City, which is backed by Chinese investors, hosted President Xi when he visited Britain last year.

    It now appears that Britain's Premier League has struck its biggest overseas deal by selling television rights to China for $700m.

    Associated Press reports that the rights have been sold in a three-year deal from the 2019-2020 season to PPTV, an online video streaming service. 

    PPTV is part of the Suning group which owns Italian club Inter Milan and currently has the rights to broadcast games from Spain's La Liga in China. 

  10. Europe space race makes giant leap

    Ariane 5 rocket in French Guiana

    Europe has made a giant leap forward in the race to provide accurate satellite-navigation systems.

    A further four Galileo satellites were launched on the Ariane 5 rocket from French Guiana.

    Galileo is owned and funded by the European Commission and following today's launch has 18 spacecraft in-orbit. 

    While the sat-nav project complements America's existing Global Positioning System (GPS), the hope is Europe's system will provide users with more accurate mapping positions with a general error of one metre, compared with the current GPS error of several metres.

    Europe also hopes it will benefit member state economies by forging new business that can exploit the services.

  11. Airbnb cooks up major expansion

    AirBnB site

    Airbnb will soon be more than a home renting service. 

    The company wants to offer customers the chance to plan every aspect of their time in their new temporary digs, to give them a more authentic flavor of the locality.   

    Airbnb hopes help travelers choose and book activities, including everything from dirt biking and cooking lessons to the more mundane, but no less important, restaurant reservations. 

    Brian Chesky, chief executive of Airbnb, said: "You immerse and you join the local community."

  12. Three quarters of people 'want rental sector regulated'

    Trevor Locke

    According to a survey conducted by ComRes for the BBC's Victoria Derbyshire programme, 76% of people want parts of the private rental sector regulated.

    The survey of 1,002 people asked whether they would support government regulation on such issues as letting agents fees, contract lengths, deposits and inventory checks.

    Nearly three-quarters said they would support rent control, with the government setting maximum caps on private rent prices.

    And more than two-thirds said they would support caps on rent increases when contracts were renewed.

    Trevor Locke (pictured) is one of several people who told the BBC they had struggled with the cost of renting. 

    "By the time you've put down the deposit, rent in advance, agents' fees, all the other costs, let alone the actual move itself, you're talking about somewhere between £2,500 and £3,500," he says.

    Read more

  13. Dollar hits 13-year high

    Dollar value chart

    The US dollar enjoyed a further shot in the arm today after Fed chair Janet Yellen signaled a rate increase would likely be appropriate "relatively soon".

    The currency hit a 13.5 year high versus a basket of major currencies after Ms Yellen finished her appearance before Congress' joint economic committee on Thursday. 

  14. US inflation hits six-month high in October

    Gas pump

    US inflation saw its strongest monthly rise in six months in October, due to higher prices for petrol and housing.

    According to the US Labour Department, the consumer price index rose 0.4% for the month, matching analyst expectations. 

    On a year-on-year basis, the index was up 1.6%, the biggest such gain since October 2014. 

    Rising fuel prices drove over half of the overall CPI gain - up 7% in October - while housing prices rose 0.4%.

    The core consumer price index, excluding food and fuel, rose only 0.1% for the second month in a row but was up 2.1% year on year.

  15. Donald Trump: Emerging markets braced for economic effects

    Brazilians holding up a pro Trump banner

    Donald Trump's US election victory caused shockwaves on Mexican and Brazilian markets, with the countries' respective currencies taking a battering.

    And that could be a foretaste of things to come: not just the US's so-called "backyard", but emerging markets in general are bracing themselves for the economic effects of Donald Trump's US election victory.

    Mr Trump does not become president until 20 January, and so far, we know little about the economic policies that he will actually put into practice.

    But analysts are watching for at least three factors that could have contradictory and clashing effects...

    Read more.

  16. Walmart results disappoint investors

    Walmart store

    As we reported earlier, Asda's sales tumbled in the third quarter, but it's also worth mentioning that its US parent Walmart is struggling too. 

    Walmart's like-for-like sales excluding fuel at its US stores rose by a slightly lower than expected 1.2% for the three months to October.

    Profits at the world's largest retailer fell to $3.03bn from $3.3bn in the same period last year.

    Walmart's chief financial officer Brett Biggs told Reuters that falling food prices continued to be "challenging" for the retailer. 

  17. BreakingS&P 500 and Nasdaq trade higher

    The S&P 500 and Nasdaq markets are heading higher in early afternoon trade.

    The former stands at 2185.85 points, up 0.41%, while the latter has reached 5,324.66 - up 0.57%.

    The Dow has also turned positive, trading up 0.05% at 18,878.48 points.

  18. FTSE 100 ends higher

    London Stock Exchange

    The FTSE 100 ended higher today helped by gains by mining firms and house builders.

    The index closed 0.67%, or 44.99 points, up at 6,794.71 points. 

    Among the strongest performers were Barratt Developments, up 3.51%, and Persimmon, up 3.10%, while miner Randgold climbed 4.02%.

    Royal Mail was the FTSE’s largest faller, down 7%, after half-year results showed profits had slipped 6%. 

    Most of that decline was driven by lower letter volumes, with better performances from parcels and the European business. 

  19. LinkedIn blocked by Russian authorities

    Linkedin logo

    Social network LinkedIn will be blocked in Russia, after a court found the company guilty of violating local data storage laws.

    Russia's communications regulator Roskomnadzor said LinkedIn would be unavailable in the country within 24 hours.

    Some internet providers have already cut access to the site, which has more than six million members in Russia.

    LinkedIn told the BBC it hoped to meet Roskomnadzor to discuss the block.

    Read more.