Summary

  • Nasdaq edges higher as Dow Jones slips

  • Barcelona signs €220m sponsorship deal with Rakuten

  • UK unemployment hits 11-year low

  • Sterling treads water while FTSE ends lower

  1. Wales outperforms UK on unemploymentpublished at 11:32 Greenwich Mean Time 16 November 2016

    Exterior of Job Centre with blurred figure passing byImage source, PA

    More on the latest jobs figures ... and they show that unemployment in Wales has risen slightly.

    The Office for National Statistics data shows 67,000 people were unemployed in Wales between July and September - 3,000 more than the previous quarter.

    But the figures also show 23,000 fewer unemployed in Wales than a year ago.  

    The unemployment rate is now 4.4% in Wales; the rate for the UK as a whole is now down to 4.8%. 

    Only the south west, south east and east of England had lower rates of unemployment than Wales.

    And First Minister Carwyn Jones had this to say about the numbers. 

    Quote Message

    Year on year, Wales has outperformed the rest of the UK when it comes to improvements in employment, unemployment and economic inactivity. Unemployment in Wales, at 4.4%, is lower than in England, Scotland or Northern Ireland and remains well below the UK average. Meanwhile the employment rate remains close to its record high, with 41,000 more people in work across Wales than at this same time last year. Unemployment amongst 18 to 24 year-olds in Wales is down 9.1% on the year and there are also 19,000 fewer people economically inactive than a year ago.

    Carwyn Jones., First Minister of Wales

  2. Rolls-Royce accounting shake-up 'should provide clarity'published at 11:19 Greenwich Mean Time 16 November 2016

    Rolls Royce engineImage source, PA

    Rolls-Royce's accounts should be easier to follow after new accounting policies begin, according to George Salmon, equity analyst at Hargreaves Lansdown.

    "Five profit warnings in the 20 months up to November 2015 mean Rolls-Royce shareholders have had anything but a smooth ride recently.

    "Over this time, the group’s credibility took a pasting and its accounting policies were widely criticised.

    "For example, Rolls previously accounted for aftermarket revenues, the maintenance and service work done after the engines are initially sold, upfront. But when customers started to retire old planes rather than have existing ones serviced, much of that cash never materialised.

    "The new accounting policies mean that last year’s profits will be restated, and adjusted down by £900m. However, that doesn’t affect what is actually coming in to the group’s coffers, only when it’s accounted for. The new system should mean greater clarity moving forward."

  3. Oil demand won't peak before 2040, despite Paris deal, says IEApublished at 11:00 Greenwich Mean Time 16 November 2016

    An Indian oil refinery belonging to Essar Oil at VadinarImage source, Getty Images

    The International Energy Agency expects global oil consumption will not peak before 2040, leaving its long-term forecasts for supply and demand unchanged despite the 2015 Paris Climate Change Agreement entering into force.

    The Paris accord to cut harmful emissions seeks to wean the world economy off fossil fuels in the second half of the century in an effort to limit the rise in average world temperatures to "well below" 2 degrees Celsius above pre-industrial times.

    But while demand for oil to fuel cars, for example, may drop, other sectors may offset this fall.

    "The difficulty of finding alternatives to oil in road freight, aviation and petrochemicals means that, up to 2040, the growth in these three sectors alone is greater than the growth in global oil demand," the IEA said in its annual World Energy Outlook. 

  4. Radical action needed to curb global warming, IEA sayspublished at 10:52 Greenwich Mean Time 16 November 2016

    Wind farmImage source, Getty Images

    Cuts in emissions to zero by around 2040 are needed to hit global warming targets, the International Energy Agency (IEA) has said.

    "The unavoidable conclusion is that there is an urgent need for immediate radical reductions in energy sector CO2 [carbon dioxide] emissions if there is to be any chance of achieving the 1.5 degree Celsius goal," the IEA said in its World Energy Outlook 2016.

    Around 90% of electricity production would need to come from nuclear power plants or renewables such as wind and solar, while fossil fuel generation such as gas would need technology to capture and store emissions, the report said. 

  5. Are you a 'Jam'?published at 10:38 Greenwich Mean Time 16 November 2016

    Ben Morris
    Business reporter

    Philip Hammond, Chancellor of the ExchequerImage source, Getty Images

    In a week's time Chancellor Philip Hammond will present the Autumn Statement. It's a big moment for the new Chancellor, who gets an opportunity to break from the tax and spending policies of his predecessor.

    However the Financial Times reports today, external that there has been tension between him and Theresa May in the run-up to the statement. 

    It says that Mr Hammond wants a modest package of measures, but Mrs May has been pushing for help for so-called Jams - people who are just-about-managing.

    Keep an eye on our special report page over the coming days.

  6. Morrisons 'money-spinner'published at 10:29 Greenwich Mean Time 16 November 2016

    Amazon warehouse worker with bag of groceriesImage source, Amazon

    As we reported earlier, Morrisons is extending its tie-up with Amazon and offering one-hour delivery of groceries from Morrisons stores to selected postcodes in London and Hertfordshire.

    Neil Wilson of ETX Capital says:

    Quote Message

    It’s pure profit for the supermarket - the scheme is “capital light” and will contribute to a £50m-£100m incremental profit opportunity outlined in the 2015/16 preliminary results. This is a big money-spinner for Morrisons and gives it a massive edge over Tesco and Sainsbury in the home delivery market. With prices being slashed and competition fierce, this is the kind of deal that will make a big difference to the bottom line.

    Neil Wilson, Markets analyst, ETX Capital

  7. Surprise before the storm?published at 10:17 Greenwich Mean Time 16 November 2016

    While the fall in the unemployment rate was unexpected, it may not last, says Ben Brettel of Hargreaves Lansdown.

    Quote Message

    The UK’s labour market continues to surprise with its resilience to the Brexit shock... However, there could be storm clouds gathering on the horizon. The claimant count – which in a quirk of the data is a more recent figure than the unemployment rate – jumped by 9,800 in October, with September’s figure revised upwards from 700 to 5,600. All in all, it does seem likely that unemployment could tick up somewhat during the coming months, though dire predictions made in the immediate aftermath of the vote appear wide of the mark."

    Ben Brettel, Senior economist, Hargreaves Lansdown

  8. Productivity growth weakenspublished at 09:53 Greenwich Mean Time 16 November 2016

    Man holding Union Jack umbrella while looking at City of London skylineImage source, Getty Images

    UK labour productivity, external - or output per hour - edged up by 0.2% in the three months to the end of September, according to the ONS. 

    The figure is arrived at by looking at the latest Labour Force Survey data and the preliminary gross domestic product estimate.

    The third quarter figure compares with the 0.6% growth seen in the three months to the end of June. 

    "The weakening of productivity growth in Quarter 3 is the result of slower GDP growth combined with an increase in average weekly hours worked and stronger employment," says the ONS.   

  9. Snapchat: Is it really worth $25bn?published at 09:52 Greenwich Mean Time 16 November 2016

    Media caption,

    Snapchat: Is it really worth $25bn?

    Snap, the parent company of messaging app Snapchat, has filed to list on the US stock market, according to several reports.

    And while Snap won't comment - it's thought it could be valued at $25bn (£20bn).

    The BBC's North America technology reporter Dave Lee takes to Snapchat to ask if it is really worth so much money.

  10. UK jobless rate falls to 11 year-low but benefit claims risepublished at 09:44 Greenwich Mean Time 16 November 2016

    Britain's unemployment rate fell in the first three months after the Brexit vote to its lowest level in 11 years, but there were some signs that a slowdown in the labour market could be coming.

    The unemployment rate edged down to 4.8% in July to September.

    However, the number of people in work rose by 49,000, the slowest increase since the three months to March this year, the Officefor National Statistics said., external

    And the number of people claiming unemployment benefits in October rose by 9,800, the biggest rise since May, the ONS added.

  11. Wages climb by 2.3%published at 09:38 Greenwich Mean Time 16 November 2016

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  12. Employment rate equals recordpublished at 09:35 Greenwich Mean Time 16 November 2016

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  13. Unemployment downpublished at 09:33 Greenwich Mean Time 16 November 2016

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  14. UK jobless rates fallspublished at 09:33 Greenwich Mean Time 16 November 2016

    The UK unemployment rate has fallen in July to September to 4.8%% compared with 4.9% in June to August. 

  15. Ocado shares fall after Morrisons Amazon announcementpublished at 09:26 Greenwich Mean Time 16 November 2016

    Shares in online grocery company Ocado have fallen more than 6% after supermarket Morrisons set up a same-day groceries deliveries service for Amazon Prime customers.

    Ocado has its own agreement with Morrisions.

  16. Currency markets calmpublished at 09:19 Greenwich Mean Time 16 November 2016

    Sterling, euro and dollar notesImage source, getty

    It's pretty quiet on the currency markets. 

    The pound has nudged up against the dollar. It's trading at $1.2471 which is a rise of 0.14%. 

    Against the euro it's up 0.28% at €1.1644.

    And analysts don't think sterling will be much affected by the unemployment figures due out soon. 

    "Today's labour market data will only serve as a brief intermezzo for sterling exchange rates. Medium to long term, Brexit will dominate," Commerzbank strategists said in a research note.

  17. Barratt's shares dip on London slowdownpublished at 09:05 Greenwich Mean Time 16 November 2016

    Shares in housebuilder Barratt Developments have fallen by slightly more than 2% following the release of its trading update.

    The reasons seem to be falling property prices in central London as a result of an increase in stamp duty and uncertainty created by the June 23 EU referendum.

    "We do recognise that at price points about £600,000, particularly at price points once you move above £1m, the market is clearly slower," said Barratt chief executive David Thomas.

    When asked how much Barratt is cutting prices in London, he added: "You are seeing commentary about prices backing off year-on-year on a 5% to 10% basis so I think that it's in that sort of order."

    Mr Thomas said in a statement, external: "We are mindful of the potential for economic uncertainty created by the outcome of the EU referendum.

    "However, market fundamentals are robust," he added.

  18. Asia markets close mixedpublished at 08:55 Greenwich Mean Time 16 November 2016

    A mixed day in a volatile week for global marketsImage source, Getty Images

    It's been a mixed day in Asia in what's been a volatile week for global markets after Donald Trump's election victory. 

    Japan's Nikkei 225 held its gains earlier in the day to finish 1.1% higher.  

    South Korea's Kospi was up 0.6%, while Australia's ASX200 was up only marginally.

    The Hang Seng ended the day in negative territory, down 0.2% at 22,280.53. 

    The Shanghai Composite Index closed slightly lower at 3,205.06.  

  19. RBS shareholders sue over toxic debtpublished at 08:51 Greenwich Mean Time 16 November 2016

    RBS logoImage source, PA

    Shareholders allege that Royal Bank of Scotland managers avoided repricing billions of dollars of souring investments just before the 2008 financial crisis for fear of endangering bonuses and the ABN Amro takeover bid for a rival.

    Shareholders are seeking billions of pounds in compensation for losses suffered when the bank was bailed out in the 2008 crisis.

    The claimants allege senior RBS managers were warned by internal risk experts for more than six months that overvalued toxic debt, including subprime mortgage bonds, had left the bank dangerously exposed to a collapse in US property prices.

    The bank rejects those allegations, and denies that it should have repriced assets more promptly or that it misled shareholders over its finances. 

  20. Too many housing reviews?published at 08:38 Greenwich Mean Time 16 November 2016

    Independent housing expert tweets on Redfern Review

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