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Live Reporting

By Tom Espiner and Simon Read

All times stated are UK

  1. Good night

    Test Card

    That's it from Business Live for today.

    But we'll be back bright and early from 06:00 tomorrow.

    Do join us then for all the latest breaking news and analysis.

  2. FTSE 100 casualties

    Some 98 of the FTSE 100 stocks ended the day in the red after the blue-chip's biggest collapse for three and a half years.

    The worst performer was Hargeaves Lansdown, which slumped 7.53% to 1,855.

    Also feeling the sting was Kingfisher which fell 6.33%, Associated British Foods, down 6.25%, 3i Group, 5.6% and Antofagasta, 5.33%.

    The only two stocks which gained in the day were Flutter, which announced a megamerger with a US online gambling firm, to end the day up 6.94% at 8,164, and Tesco, which climbed 0.21% after chief Dave Lewis announced he would step down.

  3. FTSE's worst day for three and a half years

    The FTSE 100 has had its worst day since January 2016.

    The blue-chip index sunk 3.23%, or 237.78, to 7,122.54.

    The wider FTSE 250 index fell 1.99%, or 395.91, to 19,476.91.

  4. BP boss Dudley to step down next year

    BP sign

    BP boss Bob Dudley has confirmed he will step down next year, when he reaches 65, even though the company's board has yet to make a decision on his resignation.

    The company's first US chief took over when previous BP boss Tony Hayward stepped down in the wake of the April 2010 Deepwater Horizon disaster in the Gulf of Mexico that left 11 rig workers dead and led to the largest oil spill in US history.

    Mr Dudley told reporters at an energy conference in Moscow he had long intended to step down at the age of 65 - which he will reach in September 2020.

  5. UK government responds to WTO Airbus ruling

    The Department for International Trade said: "Resorting to tariffs is not in the interests of the UK, EU or US. The UK is working closely with the US, EU and European partners to support a negotiated settlement to the Airbus and Boeing disputes.

    “The UK, through the EU, is seeking confirmation from the WTO that we have complied fully with WTO rulings regarding support to Airbus, and should not be subject to tariffs."

  6. Dow Jones has begun 'to properly gush blood'

    Wall Street

    "The markets truly lost their minds on Wednesday afternoon," said Connor Campbell of spreadex.com.

    "After a broadly recuperative September, October has gotten off to a dreadful start.

    "Still having nightmares over yesterday’s manufacturing data, and worried by a lacklustre ADP non-farm number, the Dow Jones began to properly gush blood after the WTO freed up the USA to impose tariffs on $7.5bn in European goods."

  7. Dow Jones spirals downwards

    The Dow Jones is extending its early losses and is getting close to falling 500 points.

    It's now at 26,105.33, down 467.71, or 1.76%.

  8. Hargreaves and Kingfisher shares down almost 7%

    Hargreaves Lansdown and Kingfisher are battling to end the day as the FTSE 100's worst performers.

    The financial firm is down 6.7% while the B&Q owner has lost 6.67% of value.

    The only other share close to slumping as much is Associated British Foods, which is down 5.86%.

  9. FTSE falls to lowest level since March

    FTSE graph

    The FTSE 100's dismal day is continuing with the publication of those Brexit proposals offering no respite.

    It's now down almost 3% on the day, losing 215 to fall to 7,146, its lowest level since early March.

  10. Brexit proposals published

    Irish border

    Meanwhile, the government has published its Brexit proposals to the EU, including plans to replace the Irish backstop.

    The plan would see Northern Ireland essentially stay in the European single market for goods through the creation of a "all-island regulatory zone".

    The Northern Ireland Assembly would have to approve the arrangements first and be able to vote every four years on whether to keep them.

    The European Commission says it will "examine [the proposals] objectively".

  11. Airbus ruling: EU warns US

    EU Commissioner for Trade Cecilia Malmström has responded to the WTO ruling, pointing out that the parallel Boeing case will grant the EU rights to impose countermeasures against the US. She said:

    Quote Message: Both the EU and the US have been found at fault by the WTO dispute settlement system for continuing to provide certain unlawful subsidies to their aircraft manufacturers. A preliminary list of US products to be considered for countermeasures was published last April. The mutual imposition of countermeasures, however, would only inflict damage on businesses and citizens on both sides of the Atlantic, and harm global trade and the broader aviation industry at a sensitive time. If the US decides to impose WTO authorised countermeasures, it will be pushing the EU into a situation where we will have no other option than do the same.
  12. WTO: the full Airbus rulling

    If you want to read the full ruling from the World Trade Organisation over that Airbus row, it's here.

    But set aside plenty of time. It's 156 pages of densely-written stuff!

  13. 15 year legal battle ends in £6.1bn ruling

    A logo at the Airbus A380 assembly site in Blagnac, southern France, on March 21, 2018.

    The US has been given the go-ahead to impose tariffs on $7.5bn (£6.1bn) worth of goods it imports from the European Union.

    It is the latest chapter in the 15-year battle between the US and the EU over subsidies given to Airbus and its American rival Boeing.

    The decision was made by the World Trade Organization (WTO) which handles trade disputes.

    It could mean tariffs on goods ranging from planes to shellfish are imposed.

  14. BreakingWTO rules US can impose tariffs on $7.5bn of EU imports

    The World Trade Organization has ruled that the United States could target $7.5billion of imports from the European Union over illegal subsidies for planemaker Airbus.

  15. US markets head downwards

    Unsurprisingly Wall Street is following the UK into the red.

    The Dow Jones has opened down 300 points, or 1.13%, at 26,273.45.

    Meanwhile the Nasdaq is down 100 points, or 1.28%, at 7,586.67.

  16. UK Brexit envoy arrives in Brussels

    David Frost

    David Frost, the PM's Brexit envoy, has arrived at the European Commission's headquarters in Brussels.

    Was he carrying the much-awaited letter outlining the UK's new terms?

    We'll bring you more news of this breaking story as we get it!

  17. Bolsonaro-backed road targets heart of Brazil's Amazon

    Brazil BR-319 road bridge

    Brazil’s President Jair Bolsonaro has vowed to resuscitate the BR-319, a road built in the 1970s by the military and quickly abandoned..

    Some scientists say the project will open up more of the Amazon to deforestation, tipping the rainforest into a self-perpetuating destructive cycle that will eventually turn it into savannah.

    But the Brazilian government says such fears are overblown.

    "Our goal isn’t to generate deforestation," said Mateus Salome do Amaral of Brazil’s Infrastructure Ministry.