CHINA DIP RAISES GLOBAL FEARS
The Chinese economy grew last quarter at its slowest pace since the depths of the economic crisis, reports the Financial Times. The news has heightened concerns over global growth prospects and increased the prospects of Beijing introducing broader stimulus measures. GDP expanded 7.3% in the third quarter from the same period a year earlier, its weakest performance since the first quarter of 2009.
‘GET USED TO LOW PAY’ BANKERS TOLD
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Bankers must get used to lower pay, a senior policymaker at the Bank of England has said. The BOE’s deputy for financial stability, Sir Jon Cunliffe, told a London audience: "The sluggish adjustment in pay [since the crisis] may well reflect the expectation that returns in banking are set to increase in the future.” However, he added that it is unlikely that pre-crisis returns on equity will return.
IPHONE 6 HELPS APPLE BEAT FORECASTS
Apple has bettered analysts’ forecasts by posting third-quarter earnings of $8.47bn (£5.24bn), reports the BBC. The figure, a 13% rise from the same period a year earlier, was helped by sales of its new iPhone 6 models, which were on sale for 10 days during the three-month period ending 30 September. Total iPhone sales for the period came in at 39.3m.
CARNEY PROBES PAYMENTS COLLAPSE
Mark Carney has launched a probe into how one of the central parts of the UK’s payments infrastructure collapsed for 10 hours, delaying house purchases. The governor of the Bank of England Governor has vowed to get to the bottom of what caused the enforced closure of the £277bn-a-day CHAPS payment system, which delayed hundreds of billions worth of deals.
QUOTE OF THE DAY … COMPARISON TRANSPARENCY NEEDED
“We want the sites to be more transparent about their commission arrangements with suppliers and make sure that consumers understand the impact these have on the results they will see." Ofgem on the accusation that price comparison websites are hiding the cheapest energy deals.
DO BANK FINES DAMAGE PUBLIC TRUST?
Large fines on banks are making it tougher for the industry to win back public trust, says the outgoing chairman of Barclays. Sir David Walker said there is an “urgent need for a proactive initiative … to turn the tide” and restore public confidence, but added that “disproportionately big” fines have fuelled “mistrust”. Walker was appointed chairman of Barclays in the wake of the Libor-rigging scandal in 2012.
THE NUMBERS... AT 0740 BST
FTSE-100: down -0.68 to 6267.07Dow Jones: up +0.12 to 16399.67Dax: down -1.50 to 8717.76Cac-40: down -1.04 to 3991.24Nikkei: down -1.90 to 14824.03Hang Seng: down -0.17 to 23031.72US dollar: buys €0.77940 and £0.61820Sterling: buys $1.61750 and €1.26070Oil: $85.28 down -0.8
