Well that's all from us today, thanks for following along as always. Be sure to join us again tomorrow, when we'll be back for more of the latest markets news and all that's happening across the global economy,

Until then, have a good evening.

Russia’s economy grew by 3.1% year-on-year in the third quarter, slowing from a rate of 4.1% the previous three months, according to Moscow’s official statistics agency,

Annual inflation came in at 8.5% during October, the Rosstat statistics body also said on Wednesday, down from 8.6% a month before.

It came as Russian Energy Minister Sergei Tsivilev said that the ministry believed it was possible to lift restrictions on gasoline exports as fuel prices have been stable.

The RIA news agency said the ministry sent its proposals on gasoline exports restrictions to the government.

“We will lift restrictions on exports now, because everything is stable with prices, the situation on the market is stable, so restrictions can be lifted - they were introduced to stabilise prices on the domestic market,” RIA quoted the minister as saying.

Bitcoin (BTC-USD) has soared passed $92,000 today, up more than 7% during the session. It comes as traders are spurred on by the “fear of missing out” on potential deregulation in the Trump administration.

Speculators are racing to buy the digital asset after the president-elect promised to make the US the “crypto capital of the world”.

The consumer price index (CPI), which measures price growth across a basket of goods, climbed to an annual pace of 2.6% in October, up from 2.4% in September, which had been the slowest rate in more than three years.

Stripping out volatile food and energy costs, the closely watched “core” inflation index held firm at 3.3%. The reading was in line with economists’ expectations.

Food prices went up by 2.1% year-on-year last month while energy costs fell by 4.9%,

Ross Mayfield, investment strategist at Baird, said:

Richard Flynn, managing director at Charles Schwab UK, said:

The Financial Conduct Authority (FCA) has revealed plans to extend the time allowed for motor finance companies to address an anticipated surge in consumer complaints, following a recent Court of Appeal decision that declared it unlawful for banks to pay commissions to car dealers without customers’ informed consent.

The UK regulator warned that car finance providers are likely to see a significant influx of complaints over alleged mis-selling practices.

Proposals are set to be published within a fortnight; if carried forward, it would result in the complaint extension coming into force by mid-December.

Money saving expert Martin Lewis, shared on social media: "While not specified in its announcement, I've had it confirmed this applies to ALL car finance commission complaints, not just the Discretionary Commission Arrangements (DCAs) complaints previously covered.

"It signals that the FCA is paving the ground to in future broaden the scope of its car finance investigation, so not only at the 40% of past claims that had DCAs (where dealers could increase their commission by increasing interest) but all commissions including fixed commissions."

Lewis added that "almost everyone" could see money returned to them with this also including drivers who were previously rejected under the DCA complaints process.

Read the full article here

Swedish buy-now, pay-later business Klarna has filed for an initial public offering (IPO) in New York.

The move will set the business up for a potential listing in 2025.

The final offer price has yet to be determined, but bankers expect the financial technology business to attract a valuation of between $15bn and $20bn.

Investment firm Chrysalis Investments, a UK-listed shareholder in Klarna, last month upped the value of its stake in the business, giving the company, which was founded in 2005 by Sebastian Siemiatkowski, an implied valuation of $14.6bn.

That valuation is still far lower than the $46bn investors, including Japan’s SoftBank, bestowed on Klarna in a 2021 funding round, before it dropped to $6.7bn in a subsequent investment deal a little over a year later.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said:

Homebase could be heading for a partial collapse, putting thousands of jobs at risk, amid reports that the chain has appointed insolvency experts with a potential buyer of parts of its 130-store estate also circling.

The DIY retailer is reportedly lining up insolvency practitioners at the Teneo consultancy, which could see it placed into administration.

Homeware specialist The Range poised to snap up to 75 Homebase stores including its Irish branches in a pre-pack sale, saving close to 1,500 jobs, as first reported by Sky News.

Bank of England (BoE) policy maker Catherine Mann has warned of upward pressures on UK inflation. The American economist, who voted against last week’s interest rate cut, said:

Mann said energy prices were more likely to rise than fall and highlighted “pretty sticky” services price inflation in Britain. She was speaking on the Female Central Bankers panel organised by BNP Paribas’ Global Markets.

She was the only member of the Bank’s nine-strong monetary policy committee who voted against cutting borrowing costs last Thursday, when Bank Rate was lowered to 4.75% from 5%

Emerging markets are teetering on the edge of a financial storm as Trump’s return to the White House is fuelling a massive dollar rally that could wreak havoc on developing economies.

This is the warning from Nigel Green, CEO of deVere Group, as the US dollar touched its strongest level in six months on Tuesday.

The Dollar Index, which tracks the US currency against a basket of peers, was up 0.4% for the day.

He said:

Trump’s renewed America First agenda could mean unprecedented tariffs on China, potentially up to 60%.

As we head into the afternoon, here's a quick look at what's been happening in equity markets today:

• Smiths Group (SMIN.L) jumped to the top of the FTSE 100 as it raised its growth and margin guidance and beefed up its share buyback programme after an "outstanding" first quarter.

• Flutter Entertainment (FLTR.L) was a high riser as it slightly lifted its full-year revenue and EBITDA guidance. Ladbrokes owner Entain (ENT.L) also gained.

• SSE (SSE.L) was in the black as it posted a rise in half-year earnings and said its long-standing chief executive was standing down. SSE posted adjusted operating profits of ￡860.2m in the six months to September end, up on last year's ￡693.2m. On a reported basis, operating profit rose 40% to ￡902.8m.

• Weapons maker Babcock (BAB.L) surged as it reported a sharp jump in half-year profits and held annual guidance as geopolitical tensions increased demand from governments for military hardware.

• Trainline (TRN.L) advanced on the back of an upbeat 'Tempus' column in The Times.

• Just Eat Takeaway (JET.L) shot up after agreeing to sell US business Grubhub to Wonder Group for $650m.

• On the downside, Intermediate Capital (ICG.L) and Experian (EXPN.L) were both weaker after results.

UK grocery sales growth slowed over the last month as shoppers reined in their spending ahead of Black Friday promotions and Christmas festivities.

According to the latest data from market researcher NIQ, supermarket sales in Britain rose 4.0% in the four weeks to 2 November year-on-year, having been up 4.7% in the previous month.

Mike Watkins, NIQ’s UK head of retailer and business insight, said:

He noted the UK has "a polarised consumer", with 50% of households continuing to feel pressure on personal finances.

NIQ said that sales of general merchandise fell 1.4% in value terms, with volume sales down 5.5%.

Tesla’s (TSLA) surprise stock rally, which pushed its market valuation back over the $1tn mark, is being driven by optimism among investors that Donald Trump’s return to the White House might benefit Elon Musk’s companies, particularly Tesla. But will it?

Trump’s victory could mean regulatory and trade policies favouring US-based companies over international competitors, which would shield Tesla from the threat of cheaper Chinese electric vehicles (EVs) flooding the market.

Analysts remain divided, though, on whether this optimism is well-founded or if Tesla’s rally will prove short-lived given the company’s existing challenges, high valuation, and potential risks from economic uncertainty.

Find out more here

Crude oil prices are almost unchanged today, hovering above the $68 mark, close to November’s recent lows reached in the previous session.

Oil remains under pressure after an OPEC report projected a slower growth in global demand for 2024 and next year compared to earlier forecasts.

This demand downgrade largely reflects weaker-than-expected economic activity in China, where, despite Beijing’s stimulus efforts, growth is expected to fall short of previous predictions.”

Ricardo Evangelista, senior ActivTrades analyst, said:

SSE (SSE.L) posted a 26% rise in first-half profits on Wednesday, boosted by a strong performance in its electricity networks and renewables businesses.

It comes as boss Alistair Phillips-Davies will stand down from the helm next year, but will remain in post until a successor is appointed.

He said:

The Perth-based the power generator and network operator revealed an adjusted pre-tax profit of ￡714.5m for the six months to 30 September, and stuck to its annual profit forecast.

Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said:

Renters are increasingly eager to purchase fixer-upper properties as a more affordable route to property ownership, according to property site Rightmove (RMV.L).

The attraction lies in the significant price difference — fixer-uppers are currently priced, on average, 12% lower than non-renovated properties.

The average asking price for a property in need of work stands at ￡327,224, compared to ￡371,858 for a home in move-in condition. That’s a saving of ￡44,634 — a considerable amount, especially for first-time buyers trying to enter the housing market.

According to the findings, 68% of renters are now willing to take on homes in need of renovation, a stark contrast to 54% of current homeowners.

Rental prices, which have surged by 61% over the past decade, are contributing to the shift. The average advertised rent outside London is now ￡1,344, up from ￡832 in 2014, putting increased financial pressure on renters.

As a result, many are looking to the fixer-upper market as a viable means of getting onto the property ladder, particularly in areas where housing costs are highest, such as the South East, London, and the West Midlands.

Read the full article here

Delivery company Just Eat Takeaway (TKWY.AS), which is Europe’s largest meal delivery firm, is set to sell Grubhub to New York restaurant chain Wonder in a deal valued at $650m (￡510m).

It comes just four years after it bought the US-app in a multi-billion dollar tie-up following the the first COVID lockdowns.

Just Eat had been looking to offload its US unit since as early as 2022, as the pandemic boost faded and it battled tough competition.

The deal with Wonder, which is led by former Walmart executive and serial entrepreneur Marc Lore, is expected to close in the first quarter of 2025, provided it receives the usual regulatory approvals. Just Eat said it would retain no material liabilities associated with Grubhub.

Global sales of fully electric and plug-in hybrid vehicles rose 35% in October, compared to the same month a year ago. It was boosted by a 54% jump in sales in China, which hit a record high 1.2 million vehicles.

China's passenger vehicle sales jumped 11.2% in October year-on-year, data from China Passenger Car Association showed last week, led by domestic EV champion BYD.

Meanwhile European sales rose just 0.8%, reaching 0.26 million, up slightly on the year but down 14% from September.

However, sales on the continent were up in annual terms for the second straight month, research firm Rho Motion said, expecting a good end to the year in the region.

In the United States and Canada, EV sales were up 11.4% to 0.16 million, and sales of EVs reached 1.72 million worldwide last month, the data showed.

"The Chinese EV market shows no signs of slowing down as it enters the final two strong automotive sales months of the year," Rho Motion said in a statement.

The Post Office has revealed that 115 branches are at risk of closure, affecting around 1,000 workers, with hundreds of jobs also under threat at the group's headquarters as part of a major overhaul.

The Communication Workers Union (CWU) said that for the Post Office to propose such plans as the public inquiry into the Horizon IT scandal continues was "immoral" and "tone deaf".

"We call on the Post Office to immediately halt these planned closures," said Dave Ward, general secretary of the union.

The strategic review, led by the Post Office’s new chairman Nigel Railton, is designed to fundamentally change how the Post Office operates.

The Post Office, which is owned by the government, has 11,500 branches across the UK, most of which are franchises. Of this number, 115 are Crown Post Offices in city centres staffed by Post Office employees.

The boss of JD Sports (JD.L) has warned that upcoming tax rises will be “too much to bear” for UK businesses.

Andrew Higginson, who chairman of high street chain as well as the British Retail Consortium, told BBC Radio 4’s Today programme that consumers face “significant inflation” unless chancellor Rachel Reeves agrees to gradually phase in her ￡40bn of tax increases.

He said: