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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Shares fall as US-China trade war escalates
  3. Brent oil rises 2% amid Middle East tension
  4. Centrica warns of 'challenging' trading conditions
  5. Metro Bank shares fall

Live Reporting

By Ben Morris

All times stated are UK

  1. Goodbye

    That's it from us tonight. But don't worry we'll be back bright and early tomorrow at 6am. Do join us then.

  2. FTSE 100 closes lower

    City trader

    The FTSE 100 has ended the day 0.55% lower at 7,163.68. Meanwhile the FTSE 250 suffered deeper losses, dropping 1.2% at 19,126.88.

  3. Apple lawsuit given green light

    Apple iphone

    The US Supreme Court has paved the way for a class action lawsuit by consumers accusing Apple of monopolising the market for iPhone software applications and forcing them to overpay.

    The court said the customers could sue Apple over the 30% commission it charges developers who want to sell apps through its App Store.

  4. 'Investors are going to be on high alert'

    Connor Campbell, financial analyst at Spreadex, says the Dow Jones has got off to a "truly horrible start to the week".

    "China announced that it was hiking tariffs on a number of different US products, the rates being lifted by anywhere between 5% and 25%.

    "The majority are at the upper end of that band, with just shy of 2,500 items being hit by the top tax.

    "Perhaps even more worrying is the speculation by Global Time’s editor in chief Hu Xijin that China may also stop buying US agricultural products, as well as slashing its Boeing orders, developments investors are going to be on high alert for in the next few sessions at least."

  5. EU removes islands from blacklist

    Sandy beach

    EU finance ministers will remove the British overseas territory of Bermuda, the Dutch Caribbean island of Aruba and Barbados from an EU blacklist of tax havens, Reuters reports.

    The move will be formalised on Friday and will remove the only EU territories from the list, said the newswire, citing an EU official.

    The list in now made up of United Arab Emirates, Oman, American Samoa, Guam, the US Virgin Islands, Belize, Fiji, the Marshall Islands, Vanuatu, Dominica, Samoa and Trinidad and Tobago.

  6. European shares also under pressure

    European shares have not been excluded from today's downturn.

    In Frankfurt the Dax index is down 1.6%. Steel maker Thyssenkrupp is down more than 7%. Computer chip firm infineon is down more than 4% and Daimler is down by 3.7%.

    In Paris the Cac-40 is down 1.5%. Car parts maker Valeo the biggest loser - down by more than 5%.

  7. US shares: 'This just got messier'

    S&P 500

    Only two weeks ago US shares were hitting record levels on optimism that China and the US would settle their differences over trade.

    The chart above shows the S&P 500 over the last year. You can see its climb to a record level this year.

    But the escalation of the trade war has knocked the market off its upwards trajectory.

    "This just got messier and more expensive to the global economy and until we get break here, markets are going to be under pressure," said Art Hogan, chief market strategist at National Securities in New York. "Every increase in tariffs is a drag to the global economy and if it drags the economy down, it will drag earnings down, so stocks are going to react to that."

  8. Uber shares continue to fall

    Uber screen

    Uber only made its stock market debut on Friday, with shares priced at $45 each.

    Since then shares have tumbled, down to $38.50 today, a fall of 14%.

  9. Honda confirms closure of Swindon plant

    Honda plant

    Honda has confirmed that its factory in Swindon will close in 2021. The move puts around 3,500 jobs in jeopardy.

    “It is with a heavy heart that today we confirm the closure of Honda’s factory in Swindon. We understand the impact this decision has on our associates, suppliers and the wider community. We are committed to continuing to support them throughout the next phases of the consultation process,” Jason Smith, from Honda said.

    Honda first announced the move in February.

  10. US shares slide on trade war fears

    US shares have fallen sharply in early trading.

    The Dow Jones is down 1.8% and the Nasdaq Composite is down by 2.2%.

    It follows an escalation of the trade war between the US and China.

    China plans to impose tariffs on $60bn (£46bn) of US goods from 1 June.

    The move comes three days after the US more than doubled tariffs on $200bn of Chinese imports.

    Apple shares are down more than 4%. The company receives more than 20% of its sales from China and some of its most import suppliers are based in the country.

    Other technology shares are also lower - in particular computer chip shares.

  11. Looks like a bumpy start for US shares

    The futures market is indicating some pretty hefty losses for the US market at the open of trading, which is at 14:30 BST.

    In particular Apple and Uber share are indicating to open sharply lower.

    Investors appear to be rattled by the escalation in the trade war between the US and China.

  12. China strikes back

    china

    China has said it will impose tariffs on $60bn (£46bn) of US goods from 1 June, extending a bilateral trade war.

    The move comes three days after the US more than doubled tariffs on $200bn of Chinese imports.

    Earlier, US President Donald Trump denied that US consumers would pay for higher tariffs on Chinese imports and warned China not to follow suit.

    Read more here.

  13. Has VW reformed?

    beetle

    Volkswagen has its annual meeting tomorrow. Shareholder advisory groups have been scathing of the carmaker's progress since its 2015 pollution scandal.

    “Considering the fines from German authorities and the new onslaught of indictments against VW, as well as the fact that the emissions scandal continues to spread and both boards continue to not be transparent in their dealings, we believe they may be held responsible as board members for material failures of governance, stewardship, risk oversight, and fiduciary responsibilities at the company," ISS says.

    That may fall on deaf ears, however, because more than 70% of the voting rights are held by the Porsche/Piech families and the state of Lower Saxony.

  14. EssilorLuxottica: peace breaks out

    glasses

    EssilorLuxottica, the sunglasses giant formed by a merger between Ray-Ban frames-maker Luxottica and lenses specialist Essilor, said they have come to an arrangement over how to hire a new chief executive.

    A row emerged over succession flowing the $61bn mega-merger. The two former chiefs of the founder companies won't pursue the top job.

  15. City to borrow money

    city

    The City of London Corporation will borrow money for the first time since 1991, the Financial Times reports.

    The local authority, which has unique status due to its wealth and age, needs some quick cash to help out with £3.3bn of building it plans, including moving the Museum of London.

  16. Platinum price bounce?

    Investors have bet on a revival of platinum prices after a decade of declines, Reuters reports. Once the most expensive precious metal with prices of more than $2,000 an ounce in 2008, it sank to a 10-year low of $751.25 last year. It's used in catalytic converters and jewellery.

    "If you have an investment horizon of two years or more, platinum is a buying opportunity," Commerzbank analyst Carsten Fritsch told the newswire.