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Live Reporting

Tom Espiner

All times stated are UK

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  1. Good night

    That's all from the Business Live page for tonight - but do visit the BBC's Election 2017 Live page. As well as the election results, it will have updates on how the pound is fairing. And you can join us again from tomorrow at 06:00.

  2. Wall Street closes higher after Comey testimony

    Traders work on the floor of the New York Stock Exchange

    It was a jittery session for shares on Wall Street as investors weighed testimony from former FBI Director James Comey.

    The Dow Jones Industrial Average edged 8 points higher to close at 21,182.

    The S&P 500 was more or less flat for the day, ending at 2,433.

    The technology rich Nasdaq added 24 points to close at 6,321.

    Mr Comey told a Senate committe that the White House "chose to defame me, and more importantly the FBI" by claiming the agency was "poorly led".

    However some analysts were relieved by what they heard from Mr Comey today.

    "If there was something [damning] that's going to come out, as leaky as things seem to be, we would have heard something more than what we've been hearing so far," said Scott Wren, senior global equity strategist at Wells Fargo.

  3. 'Is there a compelling reason to buy the pound?'

    This from Neil Wilson from ETX Capital.

    "If Theresa May increases her majority the pound ought to inch higher, certainly above $1.30, as part of a broader relief rally in UK assets."

    "A Conservative victory almost completely priced into this result – markets have pretty well ignored Corbyn’s bounce in the polls."

    "The election simply clears the air for the much bigger task ahead. Brexit looms and there are so many unanswered questions around this – is there a compelling reason to be buying the pound right now? It’s hard to really answer that until we get more clarity on Brexit."

  4. JP Morgan scales back US tax cut forecast

    People pass a sign for JPMorgan Chase & Co

    JP Morgan analysts have scaled back their forecast on the size of possible US tax cuts after potential setbacks for President Donald Trump and leading Republican lawmakers' economic agenda.

    In a research note, the analysts said they now see $100bn of annual debt-financed tax cuts to take effect in the second quarter of 2018.

    They previously forecast $200bn of such tax cuts per year to start in the third quarter of 2017.

  5. Vauxhall Opel deal could be completed by end of July

    Vauxhall plant

    Vauxhall and Opel's sale to France's PSA Group could be completed as early as 31 July, subject to regulatory approval, Opel has said.

    In March, when Peugeot owner PSA agreed to buy Opel from General Motors (GM) in a 2.2bn euro deal, the companies said the transaction could be completed by the end of the year.

  6. JPMorgan operating chief Zames 'to leave bank'

    JPMorgan Chase chief operating officer Matt Zames is to leave the bank in a matter of weeks, chief executive Jamie Dimon said in an internal memo seen by Reuters.

    His duties are being transferred to a number of other senior executives, Reuters reported.

    Mr Zames was among several deputies considered a potential successor to Mr Dimon.

  7. Trump lawyer denies Comey allegations

    A lawyer acting for US president Donald Trump has denied that Mr Trump asked former FBI director James Comey to drop an investigation into former US national security adviser Michael Flynn.

    The lawyer, Marc Kasowitz, said: "The president never, in form or substance, directed or suggested that Mr Comey stop investigating anyone, including suggesting that Mr Comey 'let Flynn go,'"

    Mr Kasowitz added that Mr Comey had "unilaterally and surreptitiously made unauthorised disclosures to the press of privileged communications with the president".

  8. Markets positive after Comey testimony

    Jamie Robertson

    Business reporter

    James Comey
    Image caption: Comey - "no smoking gun".

    The market's verdict on FBI Director James Comey's testimony was that it would have little effect on the President's agenda of lower taxes and lax regulations.

    The Dow, Nasdaq and S&P 500 have all been on the rise, the Dow by more than 60 points closing in on 21,250. The S&P 500 was up 0.16%, the Nasdaq up 0.23%.

    Thomas Simons, money market economist at Jefferies & Co in New York said: "There's no smoking gun here."

    The other news components making up what's been called super Thursday have so far had positive or neutral effects: The statements from the European Central Bank's boss Mario Draghi suggest the eurozone economies are doing better, and there are still a few hours to go before we start to get the results of the UK general election.

  9. Verizon 'expected to cut 2,000 jobs'

    Verizon logo

    Verizon is expected to cut about 2,000 jobs when it completes its $4.48bn acquisition of Yahoo core assets next week, Reuters reports.

    The cuts are expected to come from Verizon's AOL and Yahoo units and represent about 15% of the staff at the two units.

  10. Renewable economics

    Jamie Robertson

    Business reporter

    Wind farm
    Image caption: Powering the UK - especially Hull and the Isle of Wight

    Great rejoicing among renewable energy wonks that some time yesterday around lunchtime, power from wind, solar, hydro and wood pellet burning supplied more than half of all UK energy.

    And the more the nation is fed by wind power, the better it is for, specifically, the economies of Hull and the Isle of Wight.

    Jennifer Webber, Director of External Affairs at Renewable UK, the renewable energy trade association, pointed out on Five Live that the Siemens factory in Hull and the MHI Vestas plant in the Isle of Wight are both crafting 80 meter long wind turbine blades "the same height as the Gherkin tower in London".

    She said: "They are producing blades that are going out to British offshore wind farms as well for export so they are a great economic benefit to the areas that need it most."

  11. Mexican inflation hits nine year high again

    Jamie Robertson

    Business reporter

    President Trump
    Image caption: President Trump - warm words on Mexican trade weakened the peso

    Despite the central bank’s best intentions, Mexico’s inflation rate is still on the up, thanks to the weak peso (courtesy of some warm words from President Trump on Mexican trade) and higher energy prices.

    Inflation has been hitting nine year highs most of this year and reached 6.15% in May, and the Banco de Mexico has been matching the rises with interest rate hikes, but so far to no effect.

    Central bank deputy governor Javier Guzman has said there could be more interest rate rises this year although he expected inflation to start falling in the second half of the year.

  12. Boeing embraces automation

    A Boeing factory

    Boeing is is embracing automation in a bid to cut costs, Reuters reports.

    The aerospace firm, which cut 8% of its workforce last year, is replacing humans with complex robots for tasks such as drilling and riveting.

    It has also streamlined its manufacturing processes, cutting production time by more than two-thirds in four years.

    The moves are part of a long-term cost-cutting plan at the world's biggest plane maker, which has faced fierce competition with rival Airbus and a drop in new orders.

  13. Sterling edges down as investors eye UK election result

    Pound coins and currencies

    Sterling has slipped against the dollar as Britain voted in the general election.

    The pound hit a two-week high of $1.2978 in morning trade, but slipped back later in the day to trade down 0.2% at $1.2931.

  14. FTSE 100 closes down

    The FTSE 100 stock index has closed 0.38%, or 28.64 points down at 7,449.98 points.

    Investors were considering all scenarios in terms of the outcome of the UK general election.

    Vodafone closed down 4.7% after going ex dividend, and WPP closed down 2.7%. The advertising giant rattled investors in March when it cut its 2017 sales forecast, citing an ultra competitive environment in which rivals were having to fight for every dollar of advertising spending.

  15. Wall Street stocks back in positive territory

    Major US stock indexes are on their way back into positive territory as former FBI director James Comey continues giving his evidence to Congress.

    The Dow Jones Industrial Average is up 22.02 points at 21,195.71, the S&P 500 is 0.53 points higher at 2,433.60, and the tech-heavy Nasdaq is up 8.81 points at 6,305.86.