Rolling coverage of the latest economic and financial news
- Introduction: President demands larger stimulus cheques
- Brexit talks rumble on
- France lifts UK travel ban
8.10am GMT
The oil price has dipped today, as traders digest President Trump’s threat not to sign the long-awaited US stimulus bill, and monitor the latest Covid-19 developments.
No one will walk away from a stimulus deal; it is all about what contours get changed. And frankly, I do not think Main Street will mind getting a $2000 surprise stocking stuffer, and neither will the markets.
“This is the holiday period, when people go out and that prompts fuel demand. But now, a majority of flights have been cancelled to and from the UK, so this is going to impact oil demand (overall),”
7.34am GMT
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
It’s the last full trading day before Christmas, and the City is focused on some familiar themes – Brexit, the US stimulus package, and the deadlock at Britain’s ports.
“The $900 billion package provides hardworking taxpayers with only $600 each in relief payments and not enough money is given to small businesses.”
“Congress found plenty of money for foreign countries, lobbyists and special interests, while sending the bare minimum to the American people who needed it wasn’t their fault.”
Republicans repeatedly refused to say what amount the President wanted for direct checks. At last, the President has agreed to $2,000 — Democrats are ready to bring this to the Floor this week by unanimous consent. Let’s do it! https://t.co/Th4sztrpLV
The developments stoked concern in the market that after months of bartering and dysfunction in Congress in getting a much needed package together, it may fall down at the final hurdle.
European Opening Calls:#FTSE 6436 -0.27%#DAX 13393 -0.19%#CAC 5463 -0.08%#AEX 617 -0.03%#MIB 21896 +0.24%#IBEX 7913 -0.26%#OMX 1858 -0.28%#STOXX 3493 -0.14%#IGOpeningCall
Related: Covid relief: Trump demands changes to sign $900bn bill
The EU has said it is willing to lose 25% by value of the fish its fleets catch in UK waters. The UK has proposed the repatriation of 35% – a potential difference of €63.8m (£58.1m).
However, Barnier said the British offer did not include pelagic fish such as anchovies, tuna and mackerel, meaning the loss of annual income would be closer to €230m a year.
Related: Von der Leyen takes control of Brexit talks in attempt to strike deal
Related: UK ferry passengers disembark in Calais after France eases travel ban
Related: France agrees to reopen UK border to lorry drivers with negative Covid test