Stock market correction of 5%-10% ‘likely before year end’; US inflation expectations rise – as it happened
Rolling coverage of the latest economic and financial news
- Latest: Beware FAKE Walmart press release on litecoin
- Deutsche Bank survey finds many investors expect correction soon
- Virus fears and inflation top list of concerns
- But most investors still expect markets to be higher in a year
Earlier:
- FT: Beijing to break up Ant’s Alipay
- China “wants to end big tech’s control of data”
- Primark hit by pingdemic sales drop
- Growth and inflation worries weigh on markets
5.35pm BST
Time to wrap up….
Here’s today’s main stories:
Related: Alibaba shares plunge as Beijing ‘seeks to break up Ant’s Alipay’
Related: Stock market pullback likely by year end, Deutsche Bank survey finds
Related: Evergrande investors face 75% hit as company edges closer to restructure
Related: UK cancels Covid vaccine deal with French firm Valneva
Related: Higher taxes could leave low-paid frontline workers £1,000 worse off
Related: EU Brexit controls are pointless bureaucracy, says M&S chairman
Related: Brexit trade barriers added £600m in costs to UK importers this year
Related: Primark hit by ‘pingdemic’ but it says supply crisis won’t lead to shortages
Related: West End theatres bank on staging a revival with big-budget productions
Related: All Sainsbury’s stores to stay shut on Boxing Day as a ‘thank you’ to staff
Related: UK to offer £265m in subsidies for renewable energy developers
5.18pm BST
European stock markets have shrugged off growth fears and talk of a stock market pullback, to end the day higher.
In London, the FTSE 100 gained 39 points or 0.55% to end at 7068 points. Royal Mail (+3%), Lloyds Banking Group (+2.8%), and hedge fund management group Pershing Square (+2.6%) led the risers.
Spain’s Ibex up 1.3%. German Dax up 0.6%
The major European indices are ending the day with gains across the board:
German DAX, +0.56%
France’s CAC, +0.2%
UK’s FTSE 100, +0.55%
Spain’s Ibex, +1.3%
Italy’s FTSE MIB, +0.9%
In other markets as European/London traders look to exit:
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