China lifts stock market 'circuit breaker' controls
Sharp falls for shares in US, Tokyo, Hong Kong
Brent Crude falls below $33 per barrel
M&S chief executive Bolland to step down
That's all for tonight - tomorrow we will bring you some expected figures on UK trade and economics... but most importantly, it's US jobs day! We will see how many or few jobs the US economy added - and watch how investors react on the stock markets.
The Dow Jones has closed sharply lower by 2.32%, to 16,513 points.
Global economic woes from China and the Middle East continue to weigh heavy on investors' minds, along with the plunging oil price, which hit 12-year lows today.
The Nasdaq also closed 3.3% lower, while the S&P 500 closed 2.37% lower.
Image source, Getty ImagesShares in US gun maker Smith & Wesson have now turned downwards by 4.4%.
They surged in the run up to Obama's speech outlining gun control measures, where he proclaimed that "the gun lobby cannot hold us hostage".
Looks like investors are betting on a decrease in sales.
Image source, Getty ImagesUS shares have started to decline again, after a short-lived bout of optimism earlier today when China lifted its stock market controls.
The Dow Jones is 2.18% lower.
General Electric is one of the index's biggest losers, down over 4%, as it announced more sell-offs and divestitures in its finance business.
Volkswagen chief executive Matthias Mueller will meet the Environmental Protection Agency (EPA) next week, reports Reuters news agency.
The US Department of Justice is suing VW on behalf of the EPA, which uncovered VW's emissions-cheating software scandal in September.
Image source, Getty ImagesBanking stocks in the US have been falling today, amidst global economic concerns.
Bank of America shares are down 2.6%, and Citi Bank shares are down almost 4%.
Quote MessageIt's the general macro uncertainty, added with concerns about China... Given the assumption of slowing growth, interest rates may not rise and a lot of earnings estimates could be at risk, which are dependent upon the rising rates."
Brian Klein, Analyst at KBW
Image source, ReutersBoeing delivered 762 aircraft in 2015, exceeding its target of 755 to 760 planes, the company says.
The tally, which includes delivery of 34 of Boeing's flagship 787 Dreamliners in the fourth quarter, probably cements the company's position as the world's biggest aircraft manufacturer, topping rival Airbus Group for the fourth straight year.
However, the number of orders fell by about half compared with 2014.
Airbus is expected to say at its annual press conference on Tuesday that in 2015 it delivered slightly more than the 629 jetliners it delivered in 2014.
Image source, Getty ImagesAs a report in The Economist suggests, external that the Saudis are contemplating selling Aramco, the world's largest oil export company, BBC Business explains how the depleting oil price will affect the Saudi economy - and whether or not it can adapt.
BBC business reporter Victorial Fritz tweets:
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The Dow Jones is down 1.2%, but its movements have flattened somewhat, after China lifted its market control method of "circuit breaking".
The Nasdaq is also down by 1.6%, and the S&P 500 index is also down by 1.3%.
The falling price of oil, worries about China's economic slowdown, and global geopolitical tensions are worrying investors.
Shares in Asia all closed lower overnight too.
Image source, Getty ImagesAfter releasing its financial results and announcing that chief executive Marc Bolland is to leave, Marks & Spencer shares closed the day slightly higher by 0.1%, to 439.20p per share.
The FTSE 100 has continued its downward decline for the year.
It has closed over 2% lower to 5,951 points.
It was dragged down by the falling price of oil, which fell to record lows today, and commodities shares, which are being dragged down as commodity prices drop.
Anglo American shares were the FTSE's biggest loser, falling over 11%, while Glencore shares fell over 8%.
Image source, Getty ImagesOn news that China has lifted its stock exchange controls - which were put in place after last year's "exuberant" volatility - one analyst tells us that the circuit breaker was necessary to temper the extreme falls and rises in China - and that despite the controls being lifted, it does not remove China's real trading problem:
Quote MessageUnfortunately, the market needed to settle down and Chinese investors have yet to learn the art of long-term investing as they still see the market as more of a trading platform. As I see it, China - as the second largest market in the world - is trying to grow from being an emerging economy to a developed one. They are going through growing pains and experiment with mechanisms such as circuit breakers to try to force the path to their goal with speed. We expect more turbulence as this plays out."
Michelle McGrade, Chief investment office, TD Direct Investing
Image source, Getty ImagesApple shares are trading at around $99 per share - the lowest since October 2014.
Yesterday, when the tech giant's shares hit below $100 per share for the first time since August, analysts said that Apple was losing its kudos on Wall Street.
The decline began after reports earlier this week saying that Apple was cutting production of its latest iPhone 6S model, as demand was not as high as expected.
Some Apple supplier shares also were down this week.
Image source, Getty ImagesThe UK's Commons Leader, Chris Grayling, says it is not the government's role to launch a claim against Volkswagen - unlike the United States which has done exactly that.
"Let's be clear, what VW did was unacceptable, shocking, it has done immense damage to that company.
"It's utterly inappropriate for any major corporation to act in that kind of way. But of course prosecution decisions in this country are not a matter for government, they are a matter for the relevant authorities."
VW admitted last September that it had fitted software designed to cheat emissions tests for nitrogen oxides in 11 million diesel vehicles worldwide, including almost 1.2 million in the UK.
"Whilst still pretty dire, the global indices appear to have been (briefly) calmed this afternoon by news that China will be suspending the stock market circuit breaker rule that has wreaked such havoc this week," writes Conor Campbell, a financial analyst from SpreadEx.
"It seems that investors, for now at least, are taking the news as a positive, the move ostensibly preventing the panic-pause-more panic pattern that appeared in the Chinese markets on Monday and Thursday from repeating itself.
"That’s the theory, at least; we’ll just have to see how it works in practice tomorrow morning, as whilst the exacerbating nature of the circuit breaker rule may have been removed, the fear-inspiring issues currently scaring the bejesus out of investors remain unsolved," he adds.
Image source, Getty ImagesStocks in the US have lifted slightly.
They opened lower, partly because of fears over China which has seen the triggering of its circuit breaker for its stock exchange, stopping trading whenever China's indexes fell below 7%. The measure was to control the market's volatility, introduced last year.
But today, the Shanghai and Shenzhen stock exchanges said that the circuit breaker has been lifted.
..for now.
China has suspended its stock market circuit breaker, which was designed to stop the stock exchange from falling below 7%, the Shanghai and Shenzhen stock exchanges have said., external
The circuit breaker was introduced last year to stop the volatility in Chinese markets, and suspends trading for 15 minutes when things get too volatile.
It was triggered this week.
And things got so volatile on Monday and today, that the suspensions just kept on happening.
As predicted, shares in the US opened sharply lower - the Dow Jones is down 1.54%, as oil prices hit record lows, there are fears over China's stock market volatility controls, and commodity prices continue to slide.
Image source, Getty ImagesQuote MessageIt’s important to remember that the Chinese stock market isn’t necessarily reflective of the health of the broader economy, as many of its largest enterprises remain in state hands and the majority of trading on the stock market are individual investors. This is a fundamental difference between China and Western economies. China’s lower growth rate is indicative of the structural readjustment occurring in the economy as it becomes more domestic-driven and less reliant on exports. The overwhelming policy objective at this point is maintaining stability and supporting sustainable growth."
Fang Jian, Managing partner of Linklaters’ China practice.