Brent crude falls to $79.36 per barrelECB warned to expect lower growth and inflation 4.07pm GMT PS: a mini closing market report, courtesy of Chris Beauchamp, Market Analyst, IG:Oil firms and associated companies are once again populating the bottom of the FTSE 100s scoreboard as Brent drops below $80 for the first time in over four years. A hefty day of UK earnings means that the broader index is still posting good gains, helped along by the likes of ITV and the LSE, rising after decent figures this morning. Hopes of Chinese stimulus following underwhelming data this morning look a bit far-fetched, but with a paucity of real data it looks like the market is pleased to believe in the idea for the time being. US indices continue to provide strength from which the UK and Europe can draw to gain further ground, although the DAXs drop below 9300 will have a few traders fretting that divergences between the economies of the eurozone and the US will continue to make themselves felt. Even so, a few calming words from Mario Draghi could easily allow Europe to make up the gap, as we continue to await an early Christmas present from the ECB. 3.55pm GMT Early finish today, as tomorrows going to be busy -- growth figures for much of the eurozone are released in the morning. Were about to find out if Germany is in recession, and if the wider European economy stagnated..... See you in the morning....GW 3.53pm GMT That increase in Americans resigning their jobs may herald a pick-up in earnings...Think quitters never win? Not so in the labor market...rising "quits" often foreshadow mounting wage pressures. pic.twitter.com/uodA3uvIC5 3.52pm GMT Americas employment market continues to improve, according to the latest US labour force data.The number of job hires jumped to a six-year high of five million in September, with the job hire rate hitting 3.6%, up from 3.3% in August."Take This Job and Shove It" index at cycle highs pic.twitter.com/EZXgCk7Sb2Last month, 2.8 million people quit a job, the most since April 2008. http://t.co/dWDdYSljXk pic.twitter.com/3kybcNEinz 3.43pm GMT ECB governing council member Sabine Lautenschlaeger didnt really cause a stir in Stockholm today, despite speculation that she might criticise calls for more stimulus measures.Instead, the German central banker announced that the ECB has received capital-raising plans from the banks which failed its stress tests last month.We have received these plans ...on Nov 10, and are now in the process of thoroughly checking them with the aim to provide banks with an assessment before the end of the year, 2.34pm GMT Interested in inequality? Check out this piece by my colleague Angela Monaghan on how American wealth has become increasingly concentrated in the hands of, well, a handful of ultra-rich:Wealth inequality in the US is at near record levels according to a new study by academics. Over the past three decades, the share of household wealth owned by the top 0.1% has increased from 7% to 22%. For the bottom 90% of families, a combination of rising debt, the collapse of the value of their assets during the financial crisis, and stagnant real wages have led to the erosion of wealth. 2.01pm GMT Financial experts have been digesting the huge fines handed down yesterday to banks who didnt prevent their traders manipulating the foreign exchange market.Any thought of a quick return of respect and trust towards the financial sector has been blown out of the water by a small collection of mindless, greedy, selfish and arrogant congenital idiots.ON MONDAY: You are on your way to the fruit market, because you want to buy five oranges. Someone youve never met before accosts you on your way and says Hey, you! Could you buy me five oranges please? Ill give you the money when you come back and pay you ten pence for doing it. You think what the hell, and say yes.Down at the market, there is one stall which has five oranges for sale at 50p each, and another stall with five oranges for sale but charging 55p each. You buy ten oranges and head back home.These guys really were cheating. By knowing in advance what their buddies were doing, by concentrating orders in one set of hands, by feeling out the non-chat-room banks, the traders in their chat rooms did get an unfair advantage that allowed them to feel comfortable trading in inefficient ways that did push the price around more than pure supply and demand would dictate. But this isnt Libor manipulation, where they just made stuff up. 1.33pm GMT Just in -- the number of Americans signing on for jobless benefit jumped by 12,000 last week, to 290,000.Economists had only expected a 2,000 rise. BREAKING: Jobless claims hit 290,000 vs. 280,000 estimate. http://t.co/dbcoqEA2Oo pic.twitter.com/F7aDXaLDzI 1.11pm GMT The oil price is hitting new four-year lows, with Brent crude now down to $78.71 per barrel.Thats a drop of over $1.50, or 2%, today, amid talk of the oil market being flooded with supplies. 1.00pm GMT Quick tweak: Berkshire Hathaway are paying $4.7bn in P&Gs own shares for Duracell, which will be recapitalised with $1.7bn of cash from P&G before being sold to Warren Buffett.So theres $6.4bn sloshing around here, but I think effectively P&G will be $3bn better off in return for selling their battery business. 12.50pm GMT The Duracell Bunny is moving to a new warren, literally.I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and GilletteDuracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway. 12.13pm GMT Jaguar Land Rover workers have turned down a pay offer worth an extra 15% over the next three years, ITVs Joel Hills reports.Workers at JLR overwhelmingly reject (96%) company's latest pay offer. Unite threatening ballot for industrial action unless talks resume.JLR is thriving but workforce unhappy with way the wealth is being shared. Company making record profits but faces threat of strike action. 12.07pm GMT The Brent crude oil price will keep falling, reckons Capital Economics experts....Capital Economics - Brent to drop to $70 by end 2016. "The world will soon be awash with oil" 11.31am GMT This mornings eurozone inflation data, and the latest fall in the oil price, add to the gloom in the eurozone, reckons Edward Knox, currency analyst at Caxton FX.With the oil price continuing to drift with very little support, and increasing geo-political risks todays announcement will have done no favours for Mario Draghi and his team. Monetary easing is a tool that they still have in their locker, and the pressure to use this will have increased this morning. Mounting expectations of further stimulus down the line will most likely have a negative impact on the single currency going forward. The US dollar, backed by the resurgent US economy is the currency most primed to take advantage of the weaker outlook in the euro zone. 11.10am GMT Greeces unemployment rate has fallen, but thats partly because more adults dropped out of the labour force this summer.The Greek jobless rate dipped to 25.9% in August, down from 26.1% in July. Thats an improvement on the 27.8% recorded a year ago. (these rates are all seasonally adjusted.) 10.09am GMT The oil price has hit a new four-year low today, in another sign of economic weakness.Oil remains under the cosh after China Industrial production data confirmed the nations slowdown moving into the fourth quarter of the year, intensifying questions over global demand while production is rising.Brent crude extended losses from a four-year low, trading near $80 a barrel amid signs that OPEC remains unwilling to reduce outputThe price of a barrel of Brent Crude Oil remains below US $80 (79.69) as commodity #Disinflation pressures mount.Talk of a price war is a sign of misunderstanding, deliberate or otherwise, and has no basis in reality...We want stable oil markets and steady prices, because this is good for producers, consumers and investors. On course for five successive monthly declines in a row for #Brent #Oil - worst performance since 2008 - pic.twitter.com/ZZjjQ8xcuB 9.36am GMT A group of Europes top economists and forecasters have slashed their growth and inflation forecasts for the eurozone, highlighting the regions economic problems.They have warned the European Central Bank that they expect euro inflation to be just 0.5% this year, down from 0.7%; and 1.0% in 2015, down from 1.2% previously. Since the summer months, incoming data and survey evidence have overall indicated a weakening in the euro areas growth momentum.In particular, the weakening in the euro areas growth momentum, alongside heightened geopolitical risks, could dampen confidence and, in particular, private investment. In addition, insufficient progress in structural reforms in euro area countries constitutes a key downward risk to the economic outlook. 9.07am GMT Octobers Italian inflation data is just out, and it shows that prices inched up by just 0.1% over the last year, and also on a month-on-month basis.#Italy | OCT FINAL CPI M/M: 0.1% V 0.1% PRELIM; Y/Y: 0.1% V %0.1 pic.twitter.com/kCopvO7Lec 8.36am GMT Back in the UK, Bank of England deputy governor Ben Broadbent has warned that real wages and productivity need to rise for Britain to enjoy a proper recovery.Speaking to the BBC, Broadbent said it was extremely welcome that real wages are finally rising. but:What is true is that its hard to have a sustained recovery in which ... productivity and real rates of pay dont start to rise,. 8.22am GMT #Inflation numbers out this morning: Germany: +0.8% (0.8% in Sep) France: +0.5% (0.4% in Sep) Spain: -0.1% (-0.2% in Sep) 8.21am GMT Here comes the Spanish inflation data.... and it shows that prices are still lower this year than in 2013.The Spanish consumer prices index fell by 0.1% annually in October, matching Septembers decline. On a EU-harmonised basis, CPI fell by 0.2%.Spanish CPI inflation rate at -0.1% Y/Y in October, core rate -0.1% #deflation 8.09am GMT The long-term trend of German and French inflation shows a clear direction....German CPI at 0.7% but... pic.twitter.com/leVZIqlTBo@fwred @graemewearden 7 year direction pic.twitter.com/PA5zKN2Mjj 7.59am GMT Frances statistics body, INSEE, says that rising costs of food and services helped to push the French inflation rate up to 0.5% last month.However, the prices of manufactured products declined in October and those of energy, especially those of petroleum products, went on falling. 7.52am GMT Here comes the French inflation report...and its slightly more encouraging than expected.However, the data also shows that Europes second-largest economy remains worryingly close to deflation.#EU #FRENCH OCT. EU-HARMONIZED CPI RISES 0.5% FROM YEAR EARLIER, a bit higher than expectedUpside surprise to French HICP inflation, UP by one tenth to 0.5% YoY (+2 tenths on CPI). Nothing spectacular, but direction matters. 7.44am GMT German inflation rate remains weak, with prices in Europes largest economy rising by just 0.8% over the last year.Data released by federal statistics office Destatis showed that the German consumer prices index rose by 0.8% in October, or just 0.7% on an EU-harmonised basis.http://t.co/aUjQDWlWoD @ECBs #Weidmann: Likelihood of #deflation remains small. Meanwhile,#German MoM #CPI @ -0.3%. pic.twitter.com/Hwy33Z9qae 7.40am GMT Good morning, and welcome to our rolling coverage of the financial markets, the world economy, eurozone and business.Coming up today... new inflation figures from the Eurozones Big Four economies are all released this morning. Europe. CPI numbers out today and will have a big influence on central bank policy. If very low will see more free money into europeGiven all the chatter about splits in the governing council it might well be listening to the other German on the ECB council, Sabine Lautenschläger later this morning when she gives a speech in Stockholm, and who like Bundesbank chief Jens Weidmann is not a fan of QE. Good morning. No cheerful news. China's slowdown continues into fourth quarter http://t.co/B1PWoCXNxR via @fastFT Continue reading...
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