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Live Reporting

Tom Espiner

All times stated are UK

  1. Good night

    That's all for tonight from the Business Live page.

    Dp join us again tomorrow from 06:00 for all the latest news, views and analysis form the world of business.

  2. Wall Street - nothing to see here

    Wall Street trader

    There's little change for US stocks after the Federal Reserve kept rates unchanged.

    Peter Cardillo, chief market economist for Spartan Capital Securities said: "You can see the reaction in the market is basically nil, just mixed today, coming off of a strong rally yesterday.

    "I think the message from the Fed is this: rates are going up for the right reasons, not the wrong reasons, so that should not negatively affect equities."

    The Dow Jones Industrial Average was up 10.92 points or 0.042% at down 26,191.22.

    The S&P 500 ended the day at 2,803.77, down 10.12 points or 0.36%.

    And the Nasdaq was down 39.87 points or 0.53% at 7,530.88.

  3. Gujarat traders 'making false orders from online giants'


    A group of traders in Gujarat are making false orders to online giants because they are annoyed about the discounts offered by Amazon, Flipkart and Alibaba, Business Standard reports.

    The traders order, choosing to pay cash on delivery, and then refuse to pay when the order turns up.

    The Surat Mobile Traders Association claims to have ordered thousands of pounds worth of stock, only to have sent it back. They claim the packaging and delivery costs will hurt the giants.

    It is unclear how effective this protest will be. Amazon, for example, made record profits of close to £2bn in the three months to the end of June.

  4. VW plans Tesla electric car rival for less than €20,000

    VW logo

    Volkswagen will offer a rival electric car to Tesla priced below €20,000, and will convert three of its factories into electric car plants as part of a far-reaching overhaul, Reuters reports.

    The electric car, known as "MEB entry" is being readied for a production volume of 200,000 vehicles, while a saloon, the I.D. Aero, will have a production volume of 100,000 units, the article said.

  5. Heineken 'to build Brexit beer buffer'

    Heineken beer barrels

    Heineken is going to build up stocks of imported beer and drinks ingredients to a greater extent than normal in the run-up to Brexit, according to Bloomberg.

    Other drinks firms are doing the same, logistics firm Wincanton told the news organisation.

    "The move highlights growing corporate anxiety as the Brexit deadline looms," the article added.

  6. Dollar gains, stocks slip

    Natalie Sherman

    New York business reporter

    The Fed's decision to leave interest rates unchanged was widely anticipated, but that doesn't mean markets were entirely unfazed in the aftermath.

    About 45 minutes after the announcement, the Dow was down 0.3%, the S&P down 0.6% and the Nasdaq down 0.9%. The dollar was up almost 0.4%.

    The reaction is likely a sign that analysts remain confident of a December rate rise.

  7. December rate hike in the offing

    U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017.

    US President Donald Trump blamed Fed rate hikes when stock markets went on a roller coaster ride in October,

    But few analysts thought that would deter the US central bank from a December rate hike. And it's likely even fewer think so now.

    Brian Coulton, chief economist at Fitch Ratings, writes:

    "In a way, the most interesting thing is the absence of any reference to October’s stock market volatility, which implies the Fed is not concerned that there’s been any material tightening of financial conditions. Alongside the October wage print, it now looks like a hike in December is pretty much set in stone."

  8. SSE and Npower tie-up hits a snag

    SSE Power wind farm

    A merger of SSE Energy Services and Npower has been delayed, with the firms saying the government's price cap could affect its ability "to obtain and retain an appropriate credit rating".

  9. Fed holds says economy remains on track

    The US Federal Reserve says ongoing strong job gains and household spending had kept the economy on track.

    "The labour market has continued to strengthen and... economic activity has been rising at a strong rate," the Fed said in its policy statement, leaving intact its plans to continue raising rates gradually.

  10. "Best hopes fading"

    Natalie Sherman

    New York business reporter

    The Fed tweaked its statement slightly, to note moderating business investment.

    Business investment has been watched closely, to see if predictions that it would rise due to the 2017 corporate tax cut pan out.

    As Mr Hamrick notes: "Indicates best hopes of tax cut are fading."

  11. BreakingFed keeps rates unchanged

    Federal Reserve

    The US Federal Reserve has kept rates at a range of 2%-2.25%.

  12. Davis: Brexit 'scare stories' are nonsense

    Video content

    Video caption: The former Brexit secretary says the UK can 'look after itself'

    The former Brexit secretary says the UK can 'look after itself'.

  13. Bank tests the banks...

    Chris Johnston

    Business reporter, BBC News

    Bank of England

    Do not be alarmed: the Bank of England will carry out a test tomorrow to gauge the financial sector's ability to withstand a major cyber attack.

    The Bank said it would carry out the test in partnership with the Treasury and the Financial Conduct Authority.

    "The exercise will help authorities and firms identify improvements to our collective response arrangements, improving the resilience of the sector as a whole," it said.

  14. Oil drops as rising global supply forces price U-turn

    Brent crude futures price

    Oil prices are near three-month lows as investors focus on global crude supply, which is increasing more quickly than many had expected.

    Chinese data earlier today showed record oil imports. Record US crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019 pushed the price of Brent oil to its lowest since mid-August earlier in the week.

    Brent crude was trading down 1.14% at $71.25 per barrel.

  15. EU watchdog proposes derivatives changes in case of no-deal Brexit

    City of London

    The European Union's markets watchdog has proposed temporary exemptions from EU rules to ensure that uncleared derivatives contracts are not disrupted if there is a no-deal Brexit.

    The changes would mean that banks have a year to shift their derivatives positions from London to the EU if Britain crashed out of the bloc next March, the European Securities and Markets Authority said.