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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden (until 3pm) and Nick Fletcher

Commodity crunch: Brent crude oil plunges through $40 – as it happened

An oil rig in the North Sea
An oil rig in the North Sea Photograph: Danny Lawson/PA

European markets hit by commodity crunch

The slump in oil and iron ore has sent commodity companies, and by extension stock markets, sharply lower again. Even a revival in the oil price - Brent crude is currently down 0.9% at $40.34 a barrel after earlier falling as low as $39.81 - failed to make much impact. (Although it did help BP become, surprisingly, just one of two risers in the UK market, the other being a rather more defensive stock in the form of Sainsbury).

Anglo American’s decision to scrap its dividend sent its shares moire than 12% lower and, with weak Chinese trade data, helped push mining shares lower. Iron ore fell for the seventh day in a row, down another 1.2% to $38.9, the lowest level since the Steel Index began in 2008. The final scores showed:

  • The FTSE 100 fell 1.42% or 88.30 points to 6135.22
  • Germany’s Dax dropped 1.95% to 10,673.60
  • France’s Cac closed 1.57% lower at 4681.86
  • Italy’s FTSE MIB lost 2.26% to 21,538.04
  • Spain’s Ibex ended down 2.04% at 9837.1
  • In Greece, the Athens market finished 4.43% lower at 581.90

On Wall Street, the Dow Jones Industrial Average is now down 169 points or 0.95%.

On that note, it’s time to close for the evening. Thanks for all your comments, and we’ll be back tomorrow.


The FTSE 100 in the UK - dominated by commodity companies - has ended down 1.42%, its lowest level since the 6118 it reached on 13 November.

Here is the damage done by the mining sector:

Mining shares lead FTSE 100 lower
Mining shares lead FTSE 100 lower Photograph: Reuters

Russia will cut spending even further if the oil price continues to fall, according to deputy finance minister Alexei Moiseev.

He told Reuters in London that the government would stick to tight fiscal policies as the economy contracted. He said:

If oil goes to $20, we will need to do additional (spending) cuts. Clearly we have shown that we are very willing to cut fiscal spending in line with an oil price at $60, for example. In order for us to be long-term sustainable (with the) oil price at $40, we need to do additional cuts, but if the oil price goes to $20 we need to do even more cuts.

Updated

Of course, one of the reasons for the hefty fall in Anglo American’s share price - down nearly 11% at the moment - is that the mining company is dropping its payout to shareholders. There is also the worry that this sets a precedent for the rest of the sectors. Joshua Mahony, market analyst at IG said:

Today’s decision from Anglo American to scrap its dividend is likely to be the beginning of a worrying trend for the miners. The attractiveness of owning oil or mining shares has been questionable of late and with the prospect of dividends also being scrapped, the sector is fast running out of reasons to invest. The selloff seen across FTSE commodities stocks highlights the flock to dividend safety with Anglo American likely to be the first of many firms sacrificing its dividend.

He also highlights the forthcoming Chinese inflation figures due overnight and points out that, in a return to the old bad news is good news mantra, a weak reading could be a benefit:

The commodities sector will be back in focus tomorrow, following the release of Chinese CPI data. With China firmly at the forefront of traders’ minds following the overnight trade data, many will be hoping for a weak CPI reading to advance the view that China will ease once more, spurring on greater domestic consumption and investment.

Mining companies continue to be the day’s big losers but oil shares have edged - very slightly - higher as the crude price came back from its worst levels.

Anglo American is currently 11% down while Rio Tinto is off more than 7%. But BP is 1.2p ahead at 348.8p and Royal Dutch Shell A shares have added 2.5p to £15.21. Brent crude is down 0.9% at $40.36 after falling as low as $39.81. But analyst Connor Campbell at Spreadex said:

There is little on the horizon that looks like it can provide a salve for today’s commodity burns; if anything, with a Chinese inflation figure released in the early hours of Wednesday morning, a figure that could easily underperform expectations if today’s trade balance data is anything to go by, tomorrow may be even worse.

In the UK, the Bank of England is on track to raise interest rates in February after the NIESR think tank said the country’s economy grew at around 0.6% in the three months to November.

This is down from the 0.5% figure for the three months to October. NIESR said:

This implies a year-on-year growth rate of 2.2 per cent for the three months to November 2015, compared with 2.3 from the three months to October 2015...

This rate of growth is consistent with the continued absorption of spare capacity in the UK economy and our own view that the Bank of England is most likely to begin to increase rates in February 2016,” NIESR said.

Updated

Still in the US and monthly job openings came in lower than expected at 5.38m in October compared to 5.53m last month and forecasts of 5.5m.

This is a measure that the US Federal Reserve pays close attention to, but the slightly weaker figure is unlikely to dissuade the central bank from lifting interest rates next week.

The quits rate - which reflects how confident people are that they will find a new job when they resign from their existing one - was steady at 1.9% (for the seventh consecutive month).

Every share on the Dow Jones industrial average is in the red.

Oil giant Exxon is leading the fallers, down 3.1%, followed by major rival Chevron which has lost 2.9%.

Caterpillar is next, down 2.5%. It makes mining and construction machinery and vehicles, meaning it is very exposed to the ups and downs of the global economy.

US oil companies are dropping sharply in early trading, dragging Wall Street down.

US oil prices
US oil prices Photograph: Bloomberg TV

Investors are reacting to the slump in the oil price, the iron ore rout, and weak Chinese trade data overnight (exports shrank by 6.8% year-on-year in November, while imports fell by 8.7%)

Dow Jones sheds 200 points as Wall Street joins selloff

FILE - This Oct. 2, 2014 file photo shows a Wall Street sign adjacent to the New York Stock Exchange, in New York. European shares shed earlier gains Thursday, Dec. 3, 2015 after the European Central Bank failed to cut a key interest rate as much as many in the markets had expected. (AP Photo/Richard Drew, File)

The opening bell is ringing on the New York stock market, and trading is underway.....

...and shares are falling, fast, as investors respond to the latest twists in the commodity market.

The Dow Jones industrial average has swiftly shed 201 points to 17530 points. That’s a drop of 1.1%.

The tech-heavy Nasdaq index lost 0.99%.

And the broader S&P 500 is also down 1%, putting it in the red for 2015.

This matching the losses in Asia and Europe already today (see earlier post for full details).

Updated

At the risk of drifting into domestic politics, the oil price rout would be posing serious questions for an independent Scotland.

Twenty Fenchurch Street, The Leadenhall building and the Swiss Re Tower in the City of London from the South bank of the River T<br>F0416J Twenty Fenchurch Street, The Leadenhall building and the Swiss Re Tower in the City of London from the South bank of the River T
The City of London. Photograph: Alamy

Over in the City, the FTSE 100 index has shed 88 points or 1.4% as shares are buffered by the commodity crunch.

Anglo American is ploughing new lows, down 11.4% as investors reacts to its plan to cut thousands of jobs and suspend its dividend (covered earlier in the blog)

Glencore, the mining and commodity giant, has tumbled by 10%. And Antofagasta, the copper producer, is down almost 7%.

Conner Campbell of SpreadEx sums it up:

Both oil and mining sectors are in dire straits at the moment.

There are now only three risers on the FTSE 100 -- the other 97 blue-chip companies are in the red.

They include EasyJet and IAG (British Airway’s parent company) are bucking the trend, both up around 0.5%. They should benefit from cheaper oil prices.

Updated

Here’s confirmation that Brent crude has slumped into the $39/barrel region for the first time since the global downturn in 2009, via Bloomberg:

Brent crude

Brent crude hits new lows

Brent crude has crashed through the $40 per barrel mark for the first time since February 2009.

A barrel of Brent crude, sourced from fields in the North Sea, for delivery in January is changing hands for just $39.95 today.

That’s a fall of over 1.5%, or 78 cents, adding to yesterday’s 5% tumble.

Brent crude has now lost almost 8% since last week’s OPEC meeting, where cartel members were unable to agree production quotas.

It’s a roller coaster ride, as this oil chart deftly shows:

Hold on tight, Calvin!

Updated

The Canadian dollar is a casualty of today’s swings.

The ‘Loonie’ has fallen to a new 11-year low against the US dollar, dropping below 74 cents for the first time in 11 years.

Canada is the sixth-largest oil producer in the world, so will suffer from the slump in crude prices.

Ipek Ozkardeskaya of London Capital Group says:

“The prospects of cheaper oil should keep the pressure on the downside despite the deepening oversold conditions in the loonie.”

Why is oil falling again?

Analysts says the oil price is still suffering from Opec’s failure to agree production cuts, which means its members are free to pump merrily away.

As Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd, puts it:

“OPEC countries will continue to pump as much as possible for now....“So the crude market remains oversupplied.”

Oil is also susceptible to “flash crashes”, in which the price can suddenly plummet when high-speed computer trading software kicks in.

Back in October, regulators said there had been 35 oil flash crashes this year alone.

The FT explained at the time that:

Such so-called “flash events” have become linked with the growing popularity of high-speed, computerised trading, which has been criticised by institutional investors for fuelling volatility.

Where US oil leads, Brent crude may follow....

Oil has suddenly dropped almost 2% to fresh six-year lows, surprising and alarming analysts:

Bloomberg TV
Bloomberg TV Photograph: Bloomberg TV

Updated

Oil price falls below $37/barrel

The selloff in the oil price is accelerating, sending crude down to fresh lows.

US crude just crumbled through the $37/barrel mark, for the first time since early 2009.

And Brent crude, sourced from the North Sea, is on the brink of dropping through $40/barrel, having hit new near-seven year lows yesterday.

Global stock markets are all falling today, as a sea of red electronic ink sweeps across the City and beyond.

Europe’s major equities indices are all down, following losses overnight in Asia. And Middle East markets are also weaker. with Egypt’s EGX 30 losing almost 2.4%

Energy and mining companies are, predictably leading the selloff.

Here’s the damage:

Major world stock markets
Major world stock markets Photograph: Thomson Reuters

The Saudi stock market (not pictured above) has also been hit:

And Wall Street is expected to follow, when trading begins in under two hours time.

After a calm start, the oil price is dipping as US traders reach their desks.

US crude has dipped into the red, touching new near-seven year lows.

Anglo to shrink workforce

Anglo American is planning to lose around 85,000 workers, under the restructuring plan announced by the troubled miner today.

That’s on top of the dividend freeze that will last 18 months.

My colleague Sean Farrell explains:

In a presentation to investors, Anglo American said it would reduce its number of mines from 55 to about 20 and cut employee numbers from 135,000 to less than 50,000 after 2017. It will halve the number of business units from six to three: the De Beers diamond operation, industrial metals and bulk commodities.

The company, which mines iron ore, manganese, coal, copper and nickel, said it would cut capital spending by a further $1bn (£670m) to the end of 2016, taking the reduction in capital spending to $2.9bn by the end of 2017. It increased the amount it plans to raise from asset sales to $4bn from $3bn....

Iron ore is slipping further below $40/tonne to new 10-year lows....

Britain’s factories could face a tough winter, as the challenging global economy hits demand for exports.

New data shows that UK manufacturing output shrank by 0.4% in October, meaning the sector is still below its peak in 2008.

My colleague Heather Stewart explains:

Official figures showed that while George Osborne has pledged to unleash a “march of the makers”, manufacturing output in October stood 0.1% lower than the same month in 2014 — and remains 6.1% below its pre-recession peak.

Overall industrial production, which includes mining and utilities, as well as manufacturing, increased just 0.1% in October on the previous month, and 1.7% higher than a year earlier; but economists pointed out that the rise was driven by a sharp swing in gas output.

Here’s Heather’s story:

It’s a blow to attempts to rebalance the UK economy away from the ever-dominant service sector. And economists at Royal Bank of Scotland suggest it could be an impossible task....

Updated

Bloomberg’s commodity index, which tracks every significantly traded commodity (coal, oil, gas, coffee, hog futures...) has been dragged down to a 16-year low.

Mining giants could be in serious trouble if the iron ore price keeps falling.

John Kovacs, senior commodities economist at Capital Economics in London, says producers will be desperate to see the price rise back over $40 per tonne pronto.

He reckons that the most expensive operations at the four largest suppliers are on the verge of making losses at rates below $40 a metric ton

Kovacs warned:

“The big four will find it hard to maintain output at below $40.

“If prices remain weak, output from the highest-cost mines of the big four will be under pressure.”

Bloomberg has more details:

The slump in the iron ore price reflects falling demand for steel in China.

And that could become a bigger problem - as surveys suggests that China’s factory sector is still struggling, pushing prices down.

Paul Bartholomew, Platts managing editor of steel and steel raw materials, has warned that it could be a bleak winter for the industry:

“Steel market conditions in China continue to deteriorate and weak domestic demand has been exacerbated by the onset of cold winter weather, which heralds a slowdown in construction activity.”

Iron ore hits 10-year low

Iron ore has hit its lowest level in a decade, according to new industry data today.

Reuters has the details:

Benchmark 62-percent grade iron ore for delivery to China’s Tianjin port fell 1.3% to $38.90 a tonne on Monday, according to The Steel Index (TSI), falling for a seventh straight day.

It was the lowest on record by TSI since it began collecting data in 2008. Under the annual pricing regime that preceded the spot-based system, it was the lowest since 2005, based on data compiled by Goldman Sachs.

This chart shows prices going back to 2008, confirming that prices are lower than in the financial crisis:

Iron ore index
Iron ore index Photograph: Thomson Reuters

Today’s selloff follows the 6.8% decline in Chinese exports reported today; a sign that global demand is weak.

And it is reflected in today’s slump in mining shares, with many firms tumbling around 5%.

It also highlights why the cutbacks announced today are needed (with Anglo American is suspending its dividend, and Rio Tinto slashing capital expenditure).

The crash in iron ore is even more severe than in oil. Iron ore was trading at $190 per tonne in early 2011, so has lost 80% of its value since.

Kit Juckes, currency strategist at French Bank Societe Generale, believes iron ore could remain in the firing line.

Once the post-OPEC concern about a lack of storage and on-going excess supply fade, there’s a good chance that oil will continue to out-perform iron ore, which is obviously more tied to the (soggy) Chinese economic outlook.

Updated

Lord Browne: It's foolish to predict the oil price

Lord Browne
Lord Browne Photograph: Bloomberg TV

Lord Browne, the former boss of BP, is discussing the situation on Bloomberg TV (who are all over the commodities story today)

He says he wasn’t surprised that Opec failed to agree any production cuts at its acrimonious meeting last Friday.

Opec is being consistent with the view that it will continue to maintain market share, keep producing, and see what other people do, explains Lord Browne, adding:

In the end it is about Opec. It is the only swing producer, and it’s looking to protect its market share.

John Browne (as he then was) ran BP from 1995 to 2007, during which time he saw oil rise from $10 per barrel over $100 per barrel.

And that taught him that it “really is impossible” to predict how the price of crude will change.

It is a foolish business to be in.

The problem, he continues, is that when the price of oil goes up, people think that everything is possible.

So they stop thinking about the price of a barrel of oil and start fixating on the volume of a barrel of oil, trying to get as much out as fast as possible.

So, could oil hit $20 per barrel, asks host Jonathan Ferro:

Nothing is impossible, in the short term, Browne replies.

In the long run, $20 is probably wrong, but that’s as far as I’d go.

Updated

Mike van Dulken, head of research at Accendo Markets, also reckons that more mining giants may suspend shareholder payments, following Anglo’s lead today.

Commodity prices continue to fall, looking like they’d prefer to be back in the ground themselves and Anglo American (AAL) is the latest of the mining majors to capitulate and suspend dividends.

Following hot on the heels of Glencore (GLEN) which is racing to cut debt and also decided to deprive loyal investors of income for a while, the question is whether we are set to see a rush of others doing the same to protect balance sheets in the face of tanking material prices and much reduced demand.

With AAL and GLEN shares -70% YTD, is BHP Billiton (BLT), down 47% over the same period, next in the firing line?

How bad could the commodity crunch get?

Claus Vistesen, economist at Pantheon Economics, reckons that we could see some energy companies actually collapse:

Andy Lynch of Schroder is more optimistic - he believes this might be a good moment to start buying into mining shares. But be cautious! He’s not calling the bottom of the market.

He says:

The pain is now widespread, with lots of shares down 60 to 70% this year.

The world is still going to need some iron ore, we’re still going to want some gold, and these are the companies who are going to produce it for us.

So, if you start ‘layering in’ by buying small amounts of shares, regularly, then over the next 12 to 18 months you’ll find the bottom of the market, Lynch argues.

Updated

The London stock market’s mining sector is now at its lowest level in over 10 years, as every company is hit by the deepening selloff:

Oil companies could be forced to follow Anglo American’s lead and cut their own payments to shareholders.

That’s according to Andy Lynch of Schroder Investment Management, who is discussing the commodity crash on Bloomberg TV now.

He says that oil producers will have to rethink their plans if the oil price remains around $40 per barrel.

Some of them will have to start looking at whether the dividend is sustainable, or try the old trick of moving to paying the dividend partly in cash and partly in shares.

Anglo shares hit record low after dividend blow

Sheesh... Anglo American’s shares have now tumbled by over 8% this morning to a fresh record low.

Updated

World economy faces another deflationary hit

The slump in iron ore and oil prices could deliver a new dose of deflation to advanced economies.

Jeremy Cook, economist at World First, warns that prices may have further to fall.

He writes:

Both oil and iron ore prices took a substantial beating yesterday, dragging commodity currencies lower and increasing the fears of additional deflationary pressures through developed economies in the coming year.

OPEC’s decision to hold production at current levels on Friday, keeping the supply glut in essence, alongside continually poor economic data from the developing world has maintained the double-whammy of disappointment for commodities in general. Demand is weak and supply is massive; prices are coming lower with some business pages talking about oil at $20 a barrel. It is currently trading at $37.

The outlook for commodities is predicated on growth; grow and demand picks up. The weak growth of the global economy alongside the huge inventory will maintain prices at these low levels for a while one would have to think. We do not where the bottom is, but it is not here.

Bad news for mining companies, and countries with large natural resource sectors (such as Australia’s iron ore sector, or Saudi Arabia’s oil interests)

But it’s surely welcome for consumers, particularly in countries that are net importers of commodities. It could even give a pre-Christmas boost to household budgets, if cheaper prices are passed on.

Oil Exploration Operations In The Pre-Salt Fields Off Brazil’s Coast<br>Gas flares from a Floating Production Storage & Offloading vessel (FPSO) off the coast of Macae, Brazil, on Monday, Feb. 4, 2013. Helicopters ferry workers out to vessels and oil platforms from Macae to work in oil exploration and production operations in the pre-salt oil fields located offshore. Photographer: Dado Galdieri/Bloomberg via Getty Images AMERICAS; AMERICA|BRAZIL; BRAZILIAN|OIL; GAS; PETROL|EXPLORE; EXPLORATION|HELICOPTER; HELICOPTERS|DRILL; RIG; PLATFORMFLY;

After yesterday’s tonking, the oil price has gained around 0.5% today.

A barrel of US crude oil is trading at $37.86, up 21 cents.

And Brent crude, which hit near seven-year lows yesterday, is up 34 cents at $41.07. That’s still 20% lower than two months ago.

Iron ore rout hits London shares

Mining shares are dragging the London stock market down in early trading.

Anglo American has lost 2.7%, as investors digest the news they won’t get a dividend until 2017 (at the earliest).

Other companies are being hit harder, as they feel the impact of relentlessly falling metals prices, which has driven iron ore below $40/tonne.

FTSE 100 mining stocks
Mining stocks in London this morning Photograph: Thomson Reuters

China’s weak trade data is also denting the mood. The steep drop in Chinese imports and exports last month suggests demand for commodities will remain weak.

Tony Cross, market analyst at Trustnet Direct, says iron ore has replaced oil as the number one cause of woes in the City.

Reports are circulating suggesting that iron ore spot prices have fallen to the lowest level ever recorded despite a marked jump in Chinese imports and this sentiment is certainly being priced in with the heavyweight miners scattered across the foot of the index.

Updated

The iron ore price has fallen further today, losing another 1% to $39.06.

It has shed almost 40% this year, which is one reason that Anglo American has been forced to announce such drastic cuts.

Iron ore price
Iron ore price Photograph: Thomson Reuters

Kieron Hodgson, mining analyst at City firm Panmure Gordon, has told Bloomberg TV that he expects other mining companies to follow Anglo American’s lead and suspend their dividends too.

Anglo American suspends dividend as commodity rout bites

Smelting minerals at an Angllo American Mining metal works. Anglo American has announced a 14% rise in profits.

Another troubled mining company is making major changes, in an attempt to ride out the commodity slump.

Anglo American, which produces iron ore, manganese, coal, copper and nickel, has just announced details of a “radical portfolio restructuring”, which will cut costs and boost productivity. Here’s the statement.

It will see Anglo cut its number of assets by around 60%.

Mark Cutifani, Anglo American’s CEO, calls it “an accelerated and more aggressive strategic restructuring of the portfolio”.

Anglo will now focus on assets that are “best placed to deliver free cash flow through the cycle” and provide long-term value.

In a blow to investors, the company is also suspending its dividend for the second half of this financial year, and for 2016 too.

Here’s the key points from its statement:

  • Focus on Priority 1 assets to deliver free cash flow and greater returns through the cycle - number of assets to be reduced by ~60%
  • Corporate structures and overhead to be aligned to future portfolio
  • Consolidate from six to three businesses: De Beers, Industrial Metals, Bulk Commodities

There is one piece of good news this morning - Japan isn’t in recession after all.

Updated GDP data shows that the Japanese economy expanded by an annualised rate of 1% in the last quarter.

Encouragingly, business investment was stronger than expected, suggesting prime minister Shinzo Abe’s plan to end deflation and spur growth may not be failing.

The commodity crash has forced Rio Tinto to slash its spending plans, in a signal that the sector is hunkering down.

Rio, which is the world’s second-largest miner after BHP Billiton, is cutting up to $1bn off its capital expenditure bill for 2016, in the face of falling metals prices. It has also lopped off around $500m off this year’s bill.

The FT’s Peter Campbell explains:

It expects total capital expenditure in 2016 will be around $5bn, compared to previous forecasts of less than $6bn.

It previously cut this year’s budget from $5.5bn to $5bn.

Chief executive Sam Walsh said the company “remained focused on investing in only the best quality projects”.

Updated

Mining shares hit multi-year lows

Shares in the world’s largest mining companies have slumped to their lowest levels since the financial crisis, or even earlier.

The latest falls in the prices of iron ore, oil, copper, zinc and other commodities is further bad news to a sector that has already suffered a year to forget.

Shares in BHP Billiton tumbled by over 5% in Australian trading, to their lowest point since summer 2005.

Fellow Anglo-Australian miner Rio Tinto shed over 4.2%, to levels last seen in 2009 after the collapse of Lehman Brothers.

This wiped 3.5% off the value of Australia’s basic materials index, while the energy sector lost 6%.

Australian stock market by sector
Australian stock market by sector Photograph: Thomson Reuters

Updated

Asian markets
Fears over the commodity sector has hit Asian markets today Photograph: Bloomberg TV

Chinese trade data shock

New trade data from China has reinforced fears over its slowing economy.

Chinese exports shrank by 6.8% year-on-year in November. That’s a bigger fall than expected, and the fifth monthly decline in a row.

Imports also fell, by 8.7%, for the 13th straight month running. It indicates weak domestic demand in China.

The news hit stock markets in Asia, driving indices down to three-week lows. China’s Shanghai index led the rout, down almost 2%.

Chinese manufacturing is struggling as Beijing attempts the tricky job of rebalancing towards a more service-driven economy.

Kinger Lau, chief China strategist at Goldman Sachs, told a briefing in Hong Kong that:

“Investors will remain quite sceptical about the true growth conditions of China which will mean that sentiment will remain quite fragile going into 2016.”

(via Reuters)

The agenda: The commodities rout

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Today, we’ll be tracking the commodity rout that began in Europe yesterday.

The oil price is currently bobbing around its lowest level since early 2009, after Monday’s rout send Brent crude down towards $40/barrel.

With iron ore prices also falling steeply, there are growing concerns about the

Michael Hewson of CMC Markets sets the scene:

Iron ore prices slipped further below $40 a ton yesterday and with no evidence of a base in sight, this in turn is likely to turn the screws further on a highly leveraged mining sector.

At the beginning of this year Sam Walsh CEO of Australian giant Rio Tinto asserted that the prospect of $30 a ton iron ore was in the realms of fantasy land, and would never be reached. Given that we are now $9 away this fantasy could well be about to turn into a nightmare.

We have new economic data from the UK and the eurozone today:

  • 9.30am: UK manufacturing and production output for October
  • 10am: Eurozone GDP for the third quarter, final estimate (likely to confirm the eurozone grew by 0.3%)
  • 3pm: The NIESR thinktank will publish its estimate for the UK’s GDP in September-November quarter

And European finance ministers are gathering in Brussels for an Ecofin meeting.

Last night, the eurogroup of eurozone ministers did their best to chivy Greece along to keep implementing its bailout programme:

We’ll be tracking all the main events through the day...

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