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Live Reporting

By Dan Ascher and Simon Read

All times stated are UK

  1. Good night

    Test card

    That's it from us on Monday, a day when stock markets fell, the pound plunged, oil prices slipped and the US President accused China of "currency manipulation".

    We'll be back tomorrow at 6am with all the breaking business news and analysis from around the world. See you then.

  2. US markets follow UK woes

    Meanwhile US markets look set to have another bad day.

    The Dow Jones is down 2.12%, losing 560.40 at 25,924.61, although it's recovered slightly in the last few minutes.

  3. Hargreaves leads FTSE losers

    Hargreaves Lansdown share graph

    Among a sea of red in the blue-chip index today Hargreaves Lansdown stands out after slumping almost 7%.

    Its share price dropped 139.50 to 1,903.50, with a sudden slide towards the end of the day's trading.

    Other losers include Prudential down 5.53%, JD Sports 5.24%, Taylor Wimpey 5.18%, M&S 5.15%, Micro Focus 5.15%, Smiths (DS) 5.12% and Standard Chartered 5.08%.

  4. BreakingHeathrow strike cancelled

    A planned strike of thousands of workers at Heathrow tomorrow will not go ahead.

    The Unite Union and the airport have reached a deal over workers’ pay.

  5. BreakingGloomy day for UK shares

    The UK's blue-chip index has ended the day down 2.47%.

    The FTSE fell 183.21 to 7,223.85.

    Meanwhile the FTSE 250 fell 1.98%, dropping 381.75 to 18,871.42

  6. HSBC's Flint neither 'revolutionary' nor 'disaster'

    John Flint

    After the surprise departure of HSBC boss John Flint, Hargreaves Lansdown analyst Nicholas Hyett has offered a view on the banker's brief tenure.

    "Flint’s only been in the role 18 months, and while his strategy might not be revolutionary it’s certainly not been a disaster, it seems strange to be changing leadership again before reforms have had a chance to bed in," he said.

    "With the retail bank doing well when others are struggling, and the outlook for the investment bank set to improve, the change of leadership could be particularly confusing.

    "However we think the very cautious outlook statement might provide the explanation. With macroeconomic and geopolitical headwinds mounting, the HSBC board could be looking for more radical reform.”

  7. US services sector growth slows

    US office blocks being constructed

    Growth in the US services sectors fell back in July to its weakest level in three years.

    The Institute for Supply Management said its non-manufacturing activity index fell to 53.7 from 55.1 the month before. A reading above 50 indicates expansion in the sector.

    “For an economy that is so heavily dependent on the service sector, this is a particularly troubling release,” Ian Lyngen, head of US interest rates strategy at BMO Capital Markets wrote in a research note.

  8. No-deal Brexit risk weighs down pound

    The pound hit a new low today against the euro of €1.0870, despite the better-than-expected UK services data we reported earlier. What's going on?

    Rehan Ansari, head of options at Caxton FX, says:

    Quote Message: Further weakness is being priced in to the UK pound due to the political uncertainty as we approach the next deadline on 31 October. The two scenarios that are weighing on the pound are: no-deal Brexit and the chances of a General Election, both of which have previously driven the UK’s currency lower.
  9. 94 new jobs at sandwich maker

    Around Noon staff

    At last some good news! A sandwich company in Newry, Northern Ireland is creating 94 jobs in a £7m investment.

    The company, Around Noon, makes "on the go" convenience food products like sandwiches, salads and sushi.

    It employs 328 people in Newry, Dublin and Slough.

    Chief executive Gareth Chambers said its goal was to become the UK and Ireland's leading manufacturer of premium food on the move.

    Read more here.

  10. 'Services sector in a relatively good place'

    Pot of tea being poured

    Despite this morning's data from IHS Markit showing that the services sector is stagnating overall, Chris Sood-Nicholls from Lloyds says there are "bright spots".

    “While services businesses generally remain subdued in light of continued uncertainty in the market – with some putting the brakes on investment and instead opting to hold on to cash – they are at least growing slowly," he said.

    “In a hugely diverse sector, there are sub-sectors – such as some professional services – that are seeing strong demand. Nobody is getting carried away, but the services sector looks to be in a relatively good place to deal with whatever the months ahead have in store.”

  11. Half a million Monzo customers told to change PIN

    Monzo ad

    Challenger bank Monzo has asked up to half a million of its customers to change their PINs after discovering a bug that meant they were visible to engineers.

    The security cock-up saw customer PINs inadvertently stored in two distinct files in the company's architecture, one of which was open to engineers as part of their job.

    "No one outside Monzo had access to these PINs," the bank said. "We’ve checked all the accounts that have been affected by this bug thoroughly, and confirmed the information hasn’t been used to commit fraud.

    "Just in case, we’ve messaged everyone that’s been affected to let them know they should change their PIN by going to a cash machine."

  12. EWM boss hopes to keep Jack Wills out of administration

    EWM office

    Retail tycoon Philip Day wants to keep struggling Jack Wills out of administration if he can fend off competition from Mike Ashley to buy it, according to PA.

    It reports that Day’s Edinburgh Woollen Mill Group has put in a bid for the struggling fashion brand

    PA reported that that Day hopes to buy the company’s debt and has committed to not considering any restructuring for the first month of ownership.

    One source said: “EWM Group is worried that KPMG are going to stick it into administration, when they’ve told them pretty specifically that it doesn’t need to go into administration.”

    Mr Day is also expected to install either himself or an ally as executive chairman and provide a £12 million working capital fund to cover the chain’s near-term costs.

    Day bought Jaeger out of administration in 2017.

  13. Tesco plans to 'simplify and reduce'

    Tesco sign

    Tesco said it will "simplify and reduce processes" at its 153 Tesco Metro stores.

    "Simplify and reduce" could be instructions for making stock or soup, but what does it mean to the grocer?

    The company explained it will mean:

    • faster and simpler ways of filling shelves, with fewer products stored in back rooms and more stock going straight to the shop floor;
    • colleagues working more flexibly across the store to improve customer service at the busiest times of the day and in the right areas of the store; and
    • a leaner management structure, as we simplify our ways of working.
  14. Tesco job cuts blamed on 'challenging, evolving' environment

    Announcing those 4,500 job losses, Tesco chief Jason Tarry said:

    Quote Message: In a challenging, evolving retail environment, with increasing cost pressures, we have to continue to review the way we run our stores to ensure we reflect the way our customers are shopping and do so in the most efficient way. We do not take any decision which impacts colleagues lightly, but have to make sure we remain relevant for customers and operate a sustainable business now and in the future."
  15. Breaking4,500 Tesco workers to lose their jobs

    Around 4,500 staff in 153 Tesco Metro stores are set to lose their jobs in the latest round of redundancies at the UK's biggest supermarket, Tesco has announced.

  16. BreakingUS markets head down

    Market woes have continued in the US today with the Dow Jones slumping 1.55% on opening.

    It's started the day at 26,073.38, down 411.63.

  17. Last straw for McDonald's

    McDonald's cups with straws

    There's embarassment for fast food giant McDonald's today after it has been forced to admit that new paper straws - described as "eco-friendly" by the US fast food giant - cannot be recycled.

    Last year, it axed plastic straws, even though they were recyclable, in all its UK branches as part of a green drive.

    But the firm says the new paper straws are not yet easy to recycle and should be put into general waste.

    In a statement the firm said: “Last year our customers asked us to change our plastic straws to paper ones, we listened and made that switch. We use 1.8m straws a day, so this is a significant step in helping to reduce single-use plastic.

    “As a result of customer feedback we have strengthened our paper straws so, while the materials are recyclable, their current thickness makes it difficult for them to be processed by our waste solution providers.”

    Read more here

  18. Heathrow talks ongoing at lunchtime

    Heathrow

    Officials from Heathrow and the Unite union are holding talks to avert strike action which would disrupt flights at the airport on Tuesday.

    Monday's strike at the UK's biggest airport was called off late on Sunday and some airlines, such as British Airways, reinstated flights.

    Even so, 16 flights were cancelled, including three by Lufthansa.

    With a walkout of workers still scheduled for Tuesday, many more flights risk being cancelled.

  19. Car industry looking to new government for support

    New cars in lot

    The car industry will be looking to Boris Johnson for support after yet another month of poor sales, according to Ian Gilmartin from Barclays.

    "Summer is always a bit quieter, so traders will be focused on their plans for the plate change in September, and hoping that the new administration in Westminster will take steps to give the industry the support it needs to get more cars rolling out of the showrooms before the end of the year," he said.

    "Whether it’s genuine clarity on policy around fuel types or more direct incentives to encourage drivers to upgrade their vehicle, the car sector needs to see something concrete that demonstrates explicit support from the government for the UK’s car traders and manufacturers.”

  20. Dutch bonds go negative

    Dutch Parliament with tulips in front

    The yield on Dutch 30-year bonds has turned negative for the first time ever.

    It is yet a further sign of market jitters as investors try to find a place to keep their money safe, even if it means they have to pay for the privilege.

    A negative bond yield means investors would lose money if they buy a bond and hold it to maturity.

    Last week, 30-year German bonds also fell into the red.