US economy returns to growth; oil keeps sliding – business live

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Rolling coverage of the latest economic and financial news, as the US economy returns to growth

  • Latest: US annualised GDP surged 33.1% in Q3
  • Economy grew 7.4% on quarter/quarter basis
  • Unemployment claims fall, but still over 750k

Earlier:

  • FTSE 100 inches higher after rout
  • Stocks tumbled on Wednesday as France and Germany tightened rules
  • Coronavirus – latest updates
  • See all our coronavirus coverage

2.34pm GMT

US and European stock markets are a rather mixed picture right now.

In New York, the Dow has pulled back its earlier losses. That’s thanks a 2.3% jump in Apple’s share prices while Microsoft are up 1%, as investors pile into technology stocks again.

2.14pm GMT

European Central Bank president Christine Lagarde has warned that the eurozone economic outlook has deteriorated.

Lagarde told the ECB’s press conference that November will clearly be a tough month, given the new restrictions being imposed in many European countries.

Rising COVID-19 cases and containment curbs have led to a “clear deterioration” in the euro zone’s near-term outlook, but it is too early to say if the economy will shrink in the fourth quarter, ECB President Christine Lagarde said on Thursday.

Third-quarter economic growth data might be better than expected but the fourth quarter is almost certain to be below forecasts, with November “very negative,” she told the European Central Bank’s post-meeting news conference.

#ECB‘s Lagarde: Expect November economic output to be “very negative.” Don’t know if GDP will contract in 4Q. Q3 GDP release Friday may surprise on upside. pic.twitter.com/AqGsxmhj4O

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