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Live Reporting

By Jill Treanor

All times stated are UK

  1. That's all for now

    That's it from the Live Page for this week, an early close for the day.

    But it won't be long until we're back - at 06:00 on Monday.

  2. Market update

    The FTSE 100 is up 30 points at 7,217.35, with Royal Bank of Scotland the biggest riser. That's a 0.4% rise.

    But the FTSE 250 is powering ahead - up more than 3% or 639 points - at 19,875. Again it is the banks and builders that are the biggest risers.

  3. Bid for Thomas Cook Nordic operations

    Travel firm Thomas Cook has received a non-binding bid for its Nordic operations.

    "There is a first so-called non-binding offer for our Nordic operations," said Fredrik Henriksson, head of communications at Thomas Cook Northern Europe/Ving, told Reuters.

  4. Entertainment One takeover just in time?

    Peppa Pig

    The latest results from Peppa Pig maker Entertainment One - showing a £43m loss for the first quarter - do not "make for great viewing", says Russ Mould, investment director at AJ Bell.

    He says investors in the firm "may be breathing a sigh of relief over its decision to accept a takeover approach from toymaker Hasbro in August".

    “While the takeover was always likely to be approved, today’s update will sharpen shareholders minds with many likely feeling a bid came just in time.

    “And the hope now must be that there are no issues over the regulatory approval of the transaction.”

  5. Hugo Boss shares slide

    model

    Shares in Hugo Boss are down 13% - at their lowest levels in almost a decade - after the German fashion business issued a profits warning late on Thursday.

    "In North America, the market environment further deteriorated during the third quarter, " it said.

    "Business in Hong Kong has been substantially negatively affected since the beginning of the political unrest and demonstrations," it added.

  6. More Quiz outlets to close?

    Kate Ormrod, lead retail analyst at GlobalData, says fashion chain Quiz's slide in sales "highlights its failure to excite shoppers with its ranges and entice them to spend".

    "With extensive choice at the youth end of the womenswear sector, Quiz is in danger of being easily replaced."

    She adds that the retailer's use of department store concessions has backfired over the past year.

    "With Debenhams’ store closures on the horizon and no clear path to recovery for the department store operator, there will undoubtedly be further fallout for Quiz.

    "This makes its previous commitment to closing 20 concessions in FY2019/20 wholly insufficient, and we expect further locations to close."

  7. Jet2 shares jump

    hotel

    Shares in Dart Group, owner of Jet2Holidays, have jumped 17% after it revealed it was getting a boost from the collapse of Thomas Cook.

  8. RBS, housebuilders extend gains

    There are some big gainers in the FTSE 100 as the Brexit talks continue.

    Royal Bank of Scotland is now up 14%, Lloyds is up 10%.

    House builders are also continuing to climb: Persimmon, Taylor Wimpey and Barratt Developments are all up 10%.

  9. Three-month high for sterling

    Quote Message: Sterling has reached a three month high against the US dollar, extending yesterday’s rally, which at 2% against the US dollar was impressive in its own right." from Ranko Berich, head of market analysis at Monex Europe.
    Ranko Berich,head of market analysis at Monex Europe.
  10. Pound update

    pound chart

    The pound is now up more than 1.7% on expectations in the markets that there could be a Brexit deal, pushing up through $1.26

    The currency has now bounced 3% in two trading sessions, since Mr Johnson and his Irish counterpart Leo Varadkar agreed they could "see a pathway to a possible deal".

  11. BP shares down

    BP logo

    Shares in the oil giant BP are down 1.5% after it updated the market on its plans to sell off business worth $10bn, saying the sale of some of these businesses would require it take to a charge of between $2 to $3bn in the third quarter.

    BP also said its third quarter 2019 production had been hit turnarounds in some of the highest-margin regions, and output in the Gulf of Mexico was significantly disrupted by Hurricane Barry, with facilities shut down for around 14 days.

    "Taken together, these factors impacted BP's third quarter 2019 production by around 100,000 barrels of oil equivalent per day, with the overall production mix in the third quarter having a higher proportion of barrels produced from higher tax regions".

  12. Stay 'nimble' on sterling

    dollar bills and coins

    Sterling is rising as talks continue over Brexit, amid hopes in the markets of a deal.

    Dean Turner, economist at UBS Wealth Managemen says sterling investors will be "cheered".

    "But we recommend they [investors] remain nimble with much still uncertain as the sand in the Brexit hourglass continues to run down".

    “An extension followed by a call for a general election is still the most likely outcome, in our view, and we would expect to see sterling trade between 1.25-1.29 against the dollar.

    "However the possibility of a deal has undoubtedly increased, which could further prolong sterling’s rally. In our view, a benign deal could see £/$ rallying to 1.35 and €/£ dropping into the low 0.80s.

    “Clarity will be key, as we await further details on what the Prime Minister has agreed (if anything) and whether it stands a fighting chance of getting through parliament.”

  13. Uber no further comment on tax

    Uber app by a london bus

    Uber has sent this statement about its possible VAT bill: “We can't comment on any discussions with HMRC but we will always fulfil the tax obligations in any country in which we operate".

  14. RBS bounces on 'happy' Brexit talk

    Bloomberg TV presenter tweets

    View more on twitter

    It is not just RBS either. Lloyds Banking Group is also extending gains, and is now up 8%.

  15. Uber faces VAT bill

    uber on a handset

    Reports are emerging about the possibly of taxi-hailing app Uber facing VAT - of 20% - on its bookings.

    The Financial Times has dug through the accounts of Uber London Ltd and found the reference to "on-going" dialogue with HM Revenue and Customs over with it is classified as a transportation provider.

    "Being classified as a transportation provider would result in a VAT (20%) on gross bookings or on the service fee that the company charges drivers, both retroactively and prospectively".