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Summary

  1. FTSE 100 jumps more than 2%
  2. The High Street is dead, Mike Ashley tells MPs
  3. Trump says China will cut tariffs on US cars
  4. US stocks soar on opening
  5. Qatar set to leave Opec
  6. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

  1. Goodnight

    That's all from the first business livepage of the week. Please join us again tomorrow at the usual time of 6am.

  2. Trade truce sparks Wall Street rise

    Wall Street's major indexes rallied on Monday following a truce between the US and China in their trade war, which has clouded the outlook for the stock market for much of the year.

    At the close, the Dow Jones was up 287.9 points, or 1.13%, to 25,826.4, and the S&P 500 gained 26 points, or 0.94%, to 2,786.2. The Nasdaq added 99.2 points, or 1.35%, to 7,429.7.

  3. Video content

    Video caption: G20 summit: Corbyn on world trade and human rights

    In response to last week's G20 summit, Jeremy Corbvn say economics are important, but human rights and democratic principles "must never be subservient" to them.

  4. Police struggling to tackle fraud

    Hacker image

    "The overwhelming majority of fraud offences do not result in a conviction," says a new report from the Police Foundation.

    Just 7.7% of the fraud incidents reported were investigated in 2017, the report said.

    And only 3% of the crimes reported resulted in a charge, summons, caution or community resolution.

    That's much worse than other types of crime, the report said.

  5. Apple shares rise

    Apple in Paris

    Shares in Apple are up 2.85% to $183.6, possibly buoyed by comments by Larry Kudlow, director of the US National Economic Council.

    Discussing the 90-day pause in the trade row between the US and China, he said: "Hopefully there will be no additional tariffs or higher tariff rates so iPhones won't be included."

    Apple's share price has been particularly hard hit in recent weeks, weighed down on concerns that the trade war could impact its sales - Greater China accounts for about 20% of the company's revenue.

  6. Marlboro-maker in talks to buy marijuana firm - report

    Marijuana

    Altria, the company which makes Marlboro cigarettes, is in talks to buy Cronos, a Canadian marijuana business, according to Reuters.

    It says that the two companies are in early stage talks which are expected to last several weeks.

    In October, Canada legalised marijuana for recreational use.

    A deal would mark one of the biggest combinations of a traditional tobacco company and the marijuana industry.

  7. US oil reverses earlier falls

    Oil field workers

    After a brief dip earlier today, US oil prices have come roaring back - West Texas Intermediate is up 1.07% at $52.87 a barrel.

    Brent crude is up 4.1% at $61.60.

    Oil prices have been boosted by a 90 day pause in hostilities between the US and China over trade as well as an expected output cut by Opec and Russia.

  8. EY global chief to leave

    EY, the accountancy firm, says that its global chairman and chief executive Mark Weinberger will step down on 1 July next year.

    He has held the job since 2013.

    The Financial Times reports that EY will begin a search for his successor in 2019.

  9. US stocks give up some gains

    Stock market traders

    The Dow Jones Industrial Average has erased some of its earlier gains, but is still ahead 0.70% at 25,716.7.

    The Nasdaq is up 1% at 7,409.53 while the S&P 500 is 0.80% higher at 2,782.32.

    Michael Arone, chief investment strategist at State Street Global Advisors, said: "Today is mostly about celebrating the fact that the US and China have delayed what could have been the some of the worst-case scenarios regarding their trade relations."

  10. BreakingAshley in talks to sell Newcastle United

    Mike Ashley and Lee Charnley, managing director of Newcastle United
    Image caption: Mike Ashley (C) and Lee Charnley, (R) managing director of Newcastle United

    Mike Ashley says that he is in talks to sell Newcastle United, according to Sky News.

    In an interview, the billionaire businessman said that the talks were not yet "exclusive" but were "at a more progressed stage than they have ever been".

    He told Sky News that he hopes a deal will go through before the January transfer window.

    Mr Ashley, who founded and leads Sports Direct, has owned Newcastle United since 2007.

  11. OPEC thanks departing Qatar

    Opec

    OPEC has finally responded to Qatar's decision to withdraw from the group.

    It says: "The organisation respects the decision taken by the State of Qatar.

    "The OPEC Secretariat expresses thanks to the State of Qatar for its support of the organisation over the many decades of its membership.

    It says: "In the past three years, OPEC has seen Gabon (2016) rejoin the organisation and welcomed new members, Equatorial Guinea (2017) and the Republic of the Congo (2018).

    "OPEC appreciates the continued interest of producers wanting to join the organisation."

  12. SpaceX launches reusable rocket

    View more on twitter

    SpaceX, the business founded and lead by Elon Musk has launched a Falcon 9 rocket launch from the Vandenberg Air Force Base in California.

    It is the third time the Falcon 9 rocket has been used and it is launching 64 satellites.

  13. China tariff on US cars will fall to zero, says Trump adviser

    Larry Kudlow, director of the US National Economic Council, says that he expects Chinese tariffs on US cars to fall to zero.

    That would be a reduction from a current 40%.

    He says: "We don't yet have a specific agreement on that. But I will just tell you...we expect those tariffs to go to zero."

    He also said he expects China to quickly roll back retaliatory tariffs on US commodities.

    US President Donald Trump and China President Xi Jinping have agreed a 90-day ceasefire in their row over trade.

  14. China 'made $1.2 trillion in trade commitments'

    US and Chinese flags

    US Treasury Secretary Steve Mnuchin claims that China has made $1.2 trillion in additional trade commitments during a meeting at the G20 summit between President Donald Trump and China President Xi Jinping.

    He tells CNBC: "They put on the table an offer of over $1.2 trillion in additional commitments. But the details of that still need to be negotiated.

    "This is the first time that we have a commitment from them that this will be a real agreement."

  15. MI6 chief queries China's role in 5G sector

    MI6 boss Alex Younger
    Image caption: MI6 boss Alex Younger

    The chief of MI6 has raised questions over Chinese technology companies being involved in the UK's communications infrastructure.

    Australia and New Zealand have already blocked Chinese company Huawei from supplying equipment for their 5G mobile network, and other countries have raised concerns.

    MI6 boss Alex Younger said Britain needs to decide how comfortable it is "with Chinese ownership of these technologies".

    In a rare speech, he also said British intelligence needs to innovate faster than its adversaries to cope with threats the country faces.

    Read the full story here.

  16. Video content

    Video caption: Cox: Brexit backstop a 'calculated risk' for UK

    Attorney General Geoffrey Cox says aspects of the Brexit backstop plan are "unattractive" but he backs it because he does not believe the UK will be permanently "entrapped".

  17. Oil prices diverge

    Oil rig

    Brent Crude is up 2.62% at $60.69 a barrel but West Texas Intermediate is down 0.10% at $52.26.

    Both oil prices had been up earlier in the day after the US and China agreed to a 90-truce in their trade war.

    Also Opec, the cartel of oil producing Middle East and African countries, signalled that they would cut output when it meets on Thursday.

    Non-Opec member Russia is also expected to agree to cuts.

  18. UK stock market closes higher

    The FTSE 100 has closed up 82.17 points, or 1.1% at 7,062.41.

    The FTSE 250 has ended 83.02 points, or 0.45% higher at 18,563.85.

  19. Ashley signs off

    That's it from Mike Ashley and his appearance in front of the cross-party Housing, Communities and Local Government committee.

    It was an extraordinary performance.

    He made it clear he wasn't going to be painted as some sort of pantomime villain over issues such as zero hour contracts and turned the discussion to what the session was supposed to be about - the future of the High Street.