Live German economy stagnates – live updates

  • Feb 14, 2020
  • The Telegraph

3) Universal Music, the world's biggest record company, will be listed on the stock market by its French owner in the next three years. Vivendi revealed the surprise move alongside its annual results on Thursday. It considered a float in 2017 but decided it would be too complicated.

4) EDF has bought one of Britain's biggest electric vehicle charging companies in the latest foray by an energy company into renewables. The French state-controlled utility is understood to have paid more than £100m for Pod Point, a British charging firm, in its first such investment.

5) JCB cuts production on coronavirus shortages: The measures will see the introduction of a 34-hour week for UK factory employees until further notice, although JCB employees will be paid for a 39-hour week and will bank the hours, working them back later in the year.

Fears over the new coronavirus rattled investors in Asia on Friday morning as they struggled to work out if the China epidemic was worse than being reported by authorities. A dramatic rise in the number of deaths and new cases of the virus on Thursday fuelled suspicions that Beijing was concealing the true scale of the illness. Hong Kong fell 0.11 per cent at the open before recovering, while the Shanghai Composite Index was 0.59 per cent higher after dipping into the red at the open. Elsewhere, Tokyo was down 0.52 per cent, Sydney put on 0.44 per cent, Seoul added 0.78 per cent and Taipei gained 0.35 per cent.

Royal Bank of Scotland, like Barclays, will look to put PPI in the past. Costs from the mis-selling scandal dragged the lender to a shock loss in thirdquarter results, with analysts’ profit expectations missed by a wide margin. NatWest is a particular weak spot, having warned on trading conditions.

Analysts at Barclays warn that restructuring at NatWest Markets may prove costly. Lots to worry about, but chief executive Alison Rose is likely to still be in enough of a honeymoon stage to avoid much personal blame if investors are left disappointed.

Preliminary results: Segro, AstraZeneca, Royal Bank of Scotland

Economics: GDP (eurozone), retail sales, industrial production (US)

Register for unlimited access to Energy news and press releases