All the latest business and economics news, as a new survey shows business optimism fell sharply in OctoberMarkit: Business confidence now lowest since 2009Firms fear worsening global outlook, rate rises, geopolitics....Spanish 10-year yields hit record low below 2% 9.02am GMT Bloomberg is reporting that Greece’s government will hold talks with its lenders tomorrow, in Paris, in an attempt to reach a breakthrough over its bailout programme.Bloomberg : GREEK GOVT, TROIKA OFFICIALS SAID TO MEET IN PARIS TOMORROW #Greece #euro 8.51am GMT Eurozone government bond prices are rallying this morning, driving down the interest rates on the debt to all-time lows.10yr yields hit record lows across Europe http://t.co/u1tNZgf4hT Spain 1.98% Italy 2.18% France 1.10% Austria 0.939% pic.twitter.com/PKgiKYwbY2 8.36am GMT Shares in Friends Life have jumped 7% to 373p as investors respond to the £5bn takeover approach from rival life assurance firm Aviva.Aviva’s shares are down 3.8% in early trading, at 519p. 8.27am GMT Crumbs. Shares in oil producer Petrofac have plunged by almost a quarter this morning, after the company issued a profits warning. 8.11am GMT A range of threats have combined to drive global business confidence down to a five-year low.The firms surveyed by Markit cited: “fears of a worsening global economic climate, and notably a renewed downturn in the Eurozone, the prospect of higher interest rates in countries such as the UK and US next year, geopolitical risk emanating from crises in Ukraine and the Middle East, plus growing political uncertainty in many countries, notably the US, UK and Japan.” 8.02am GMT Global business confidence has plunged to its lowest level in at least five years, according to a new survey published this morning.Data firm Markit reports that optimism at companies across the world fell sharply in October.“Clouds are gathering over the global economic outlook, presenting the darkest picture seen since the global financial crisis. Companies’ hiring and investment intentions have both fallen to post-crisis lows alongside the bleakest outlook for future business activity seen over the past five years.”Of greatest concern is the slide in business optimism and expansion plans in the US to the weakest seen over the past five years. US growth therefore looks likely to have peaked over the summer months, with a slowing trend signalled for coming months. “There’s also little sign of the Eurozone’s malaise ending any time soon, as companies have become even less optimistic about the outlook.Russia is the biggest concern, with sanctions, a spiralling currency and uncertainty driving business expectations down sharply to a new low. 7.59am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Coming up today....Predictably resource stocks have flown today, with the market taking heart that China has stepped its easing actions to be more in-line with many other Western economies. Continue reading...
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