Summary

  • US Fed announces third interest rate rise this year

  • Republicans reporting tax deal is agreed

  • Fed raises growth forecast and forsees more hikes in 2018

  • Crude oil prices head higher

  • UK employment falls by 56,000

  • Get in touch: bizlivepage@bbc.co.uk

Live Reporting

Mary-Ann Russon and Lucy Hooker

  1. PM questioned on bank closures

    BBC personal finance correspondent tweets:

    This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
    The BBC is not responsible for the content of external sites.
    Skip twitter post

    Allow Twitter content?

    This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy and privacy policy before accepting. To view this content choose ‘accept and continue’.

    The BBC is not responsible for the content of external sites.

  2. FTSE 100 drifts before interest rate decisions

    The FTSE 100 has been drifting around break-even so far today.

    Investors seem unwilling to take any big bets before the outcome of an interest rate meeting in the US later today and one at the Bank of England on Thursday.

    Financial shares were among the best performers, HSBC Holdings was up 1.6%.

    Analysts say the prospect of higher interest rates in the US has helped support bank shares.

    Rising rates are good for banks as they tend to boost profit margins.

    Dixons Carphone was the biggest winner on the FTSE 250, with a 6.5% gain. Investors have looked at the company's latest results and clearly seen things they liked.

  3. Starbucks' China bonanza

    Jonathan De Mello is a retail and property expert at Harper Dennis Hobbs.

    (We think he means "one Starbucks opens every 15 hours".)

    This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
    The BBC is not responsible for the content of external sites.
    Skip twitter post

    Allow Twitter content?

    This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy and privacy policy before accepting. To view this content choose ‘accept and continue’.

    The BBC is not responsible for the content of external sites.

  4. Video: Dan TDM the world's richest YouTuber

    How do you go from working in a supermarket five years ago to earning £12m a year?

    YouTuber, Dan TDM (real name Dan Middleton) has done just that by uploading videos of himself playing video games.

    He has endeared himself to parents though, with his clean but fun style.

    Victoria Derbyshire spoke to him earlier.

    DanTDM 'I feel loads of responsibility to my fans'

  5. Toyota and Panasonic eye electric battery tie-up

    Toyota employees work on the production line at a Toyota assembely plant in JapanGetty Images

    Toyota and Panasonic may join forces to develop batteries for electric vehicles.

    The pair said in a statement on Wednesday they are exploring a joint business for devices to power zero-emission vehicles, a move that could boost Panasonic’s dominance in the supply of lithium-ion car batteries.

    The Japanese electronics firm already makes batteries for Toyota’s gasoline-electric and plug-in hybrid models.

    Last year Toyota, a pioneer of hybrid cars, said it would add electric vehicles to its line-up, in the early part of the next decade.

    Shares of Toyota added 0.6% and Panasonic climbed 1.2% in Tokyo trading.

  6. Jobs growth: 'End of the road'

    jobs graphic - regional differences

    Britain’s remarkable jobs boom looks like it may have finally reached the end of the road, with employment falling slightly since June of this year. This still leaves Britain with one of the highest employment rates in Europe, though still some way behind countries like Germany, the Netherlands and Sweden.

    We have also seen a fall in the total number of hours worked, the silver lining of which is that it suggests productivity growth may finally be strengthening. Britain’s equally remarkable pay squeeze will continue to bite in the run-up to Christmas, with wage growth for 2018 expected to be anaemic at best.”

    Stephen Clarke, Economic analyst, Resolution Foundation

  7. Is the jobs boom running out of steam?

    Today's labour market data provide a further indication that the great British jobs boom of recent years may be running out of steam. Employment in the three months to October was down 56,000 on the previous three months, although still more than 300,000 higher than a year earlier. Declining employment was not due to rising unemployment, however, which fell by a further 26,000 in the three months to October with the unemployment rate remaining at 4.3%, the joint lowest since 1975. Instead, more people are becoming economically inactive, dropping out of the labour market altogether rather than actively looking for work.

    Average earnings growth did also pick up to 2.5%, although this was largely due to higher bonuses, which tend to be erratic. Regular pay growth, which is a better indicator of underlying trends, only edged up slightly to 2.3% and remains well below the latest consumer price inflation rate of 3.1%. Real pay levels continue to be squeezed, and we expect this to persist for at least the first half of 2018, further dampening consumer spending growth."

    John Hawksworth, Chief economist, PwC

  8. Pay checked

    BBC economics correspondent tweets:

    This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
    The BBC is not responsible for the content of external sites.
    Skip twitter post

    Allow Twitter content?

    This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy and privacy policy before accepting. To view this content choose ‘accept and continue’.

    The BBC is not responsible for the content of external sites.

  9. Jobs data: 'no reason to change interest rates'

    A second successive fall in employment over the three months to October suggests that persistent lacklustre economic growth and appreciable economic and Brexit uncertainties are currently reining in the labour market after a strong performance over much of 2017.

    There are signs that underlying pay growth is creeping up but a decisive upward move remains conspicuous by its absence despite the very low inflation rate and inflation being up at 3%.

    The tight squeeze on consumer continues as earnings growth remains clearly below inflation. Indeed, total real earnings growth fell 0.2% year-on-year in the three months to October, which was a seventh successive decline.

    It is a nailed-on certainty that the Bank of England will keep interest rates unchanged at 0.50% on Thursday after the December MPC meeting, given that policy was tightened by 25 basis points in November.

    Howard Archer, Chief economic adviser, EY Item Club

  10. Unemployment - region by region

    Here's the latest jobs figures by regional breakdown (region, total unemployed, change on quarter, unemployment rate).

    • North East - 77,000, no change, 5.9%
    • North West - 150,000, plus 5,000, 4.2%:
    • Yorkshire and the Humber - 131,000, plus 4,000, 5.0%
    • East Midlands - 98, 000, plus 7,000, 4.2%:
    • West Midlands - 150,000, minus 14,000, 5.3%:
    • East - 115,000, minus 7,000, 3.6%
    • London - 240,000, minus 13,000, 4.9%
    • South East - 145,000, minus 8,000, 3.0%
    • South West - 105,000, minus 1,000, 3.7%
    • Wales - 71,000, plus 6,000, 4.7%
    • Scotland - 114,000, plus 8,000, 4.1%
    • Northern Ireland - 34,000, minus 12,000, 3.9%

  11. 'Tentative' signs of job market weakness

    The number of people in work fell by 56,000 between August and October, that was the biggest fall since the three months to May 2015.

    It is also the second decline in a row and Ben Brettell, senior economist at Hargreaves Lansdown said that was a "tentative" sign of weakness in the jobs market.

    "The bigger picture is that the labour market remains robust, with employment close to all-time highs and plenty of vacancies if you’re seeking work.

    "The pay squeeze continues for now, but with wages growing a little more strongly and inflation set to fall back in the new year, this looks like it’ll come to an end in the next few months."

  12. Unemployment at 42-year low

    Unemployment graph
    Employment graphh

  13. Inflation eats into earnings

    BBC business correspondent tweets:

    This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
    The BBC is not responsible for the content of external sites.
    Skip twitter post

    Allow Twitter content?

    This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy and privacy policy before accepting. To view this content choose ‘accept and continue’.

    The BBC is not responsible for the content of external sites.

  14. Average worker still getting poorer

    Between August to October 2016 and August to October 2017, in real terms (that is, adjusted for consumer price inflation), regular pay for employees in Great Britain fell by 0.4% and total pay for employees in Great Britain fell by 0.2%.

  15. Unemployment at 4.3%; Wage growth edges higher
    Breaking

    Factory workerGetty Images

    The UK unemployment rate was 4.3% in the three months to October, unchanged from the previous month's figure.

    Regular pay increased by 2.3%, which is a slight improvement on the previous month's figure, but still well below the inflation rate of 3.1%.

    That's according to the Office for National Statistics.

  16. Dixons Carphone: More changes ahead?

    Dixons Carphone has enjoyed another record Black Friday, and increased its market share in the key electricals and white goods markets. While there are still plenty of challenges ahead, this more resilient showing has given the group the confidence to say it’ll be holding the dividend steady this year.

    However, the main challenge facing the group is in mobile. Increasingly marginal improvements from one generation to the next, plus the squeeze on the UK consumer, mean customers are using phones for longer and replacing less often.

    Dixons Carphone’s efforts on pricing haven’t managed to reverse this trend, but have seen margins drop. With mobile profitability falling, we wouldn’t be surprised to see the group make some major changes in the not-so-distant future, unless of course the iPhone X starts to fly off the shelves.”

    George Salmon, Equity analyst, Hargreaves Lansdown

  17. Westfield shares rally in Sydney

    People walking in a Westfield shopping mallGetty Images

    Shares of shopping centre operator Westfield surged in Australia after it agreed to a takeover by France's Unibail-Rodamco.

    The stock rocketed nearly 14% in Sydney trading, while the broader S&P/ASX 200 index inched up 0.1%.

    Markets elsewhere in Asia mostly pushed higher. Hong Kong’s Hang Seng index climbed 1.5%.

    South Korea’s Kospi index finished up 0.8%.

    Japan was the outlier, with the benchmark Nikkei 225 Index dropping 0.5%.

  18. A turbulent week in the energy markets

    North Sea Brent Crude

    It's been a volatile week so far for oil and wholesale gas prices.

    North Sea Brent Crude climbed sharply on Monday and Tuesday to peak at $65.80 a barrel.

    UK gas prices also climbed steeply to 73.70p/therm.

    Traders were reacting to new of the closure of an important North Sea oil pipeline and a fire at an Austrian gas hub.

    But late on Tuesday there was a major reversal with oil falling back to close to $63 per barrel and gas to 66p/therm.

    As for today, North Sea Brent Crude is up again, 86 cents higher at $64.20 per barrel.

    But gas prices have fallen to 64.60p/therm.

  19. Could the Aussie dollar go digital?

    Australian banknotesGetty Images

    Central banks are wondering whether the technology behind Bitcoin, might be of use to them.

    Australia's central bank is open to the idea of creating electronic bank notes, using blockchain.

    The bank is looking at the pros and cons because cash has fallen out of favour in Australia.

    A blockchain based currency might be useful for specialised transactions, for example contracts that require multiple stages of payments.

  20. Ofwat pledges lower water bills

    Regulator says bills in England and Wales will fall by between £15 and £25

    Dominic O'Connell
    Business Presenter, BBC Radio 4 Today programme

    Jeremy Corbyn has a simple remedy for the perceived excessive profits and underperformance of water companies – nationalisation. Ofwat’s answer is not so easily digestible – 260 pages of dense regulator-ese, full of catchy concepts like the “weighted average cost of capital for appointee companies".

    The headline savings promised, just £15-to-£25 a year from an average bill in the five years from 2020, will also not set many hearts racing. Ofwat’s problem is that the companies it regulates have by and large prospered despite its successive attempts to crack down on returns.

    Severn Trent, the largest quoted water company – one that has shares listed on the stock exchange – has promised its shareholders dividends of inflation plus 4% for the foreseeable future, an astonishing return for what is a low-risk utility stock.

    Ofwat needs to find a much sharper tool if its solution - rather than Mr Corbyn’s -is to catch the public imagination