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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Spotify valued at close to $30bn
  3. FTSE 100 ends lower
  4. Tesla shares rebound
  5. RAC breaks rules on insurance renewals

Live Reporting

By Chris Johnston

All times stated are UK

  1. Good night!

    That's all from Business Live for today - thanks for reading.

    We are back bright and early at 06:00 tomorrow so do join us then.

  2. Wall Street recovers

    The three main indexes in New York have ended higher after a choppy session.

    The Dow Jones Industrial Average rose almost 390 points, or 1.6%, while the S&P 500 gained 32 points, or 1.26%. The Nasdaq added 1%.

  3. BreakingSpotify closes at $149

    Spotify shares ended their first day of trading in New York at $149.01, down from an opening price of $165.90.

    Late yesterday the NYSE set a "reference price" of $132 a share for the music streaming service, in line with recent informal trading.

    So the stock has either risen, or fallen. Take your pick!

  4. Amazon's rising tide

    Natalie Sherman

    New York business reporter

    President Donald Trump kept up his attacks on Amazon on Tuesday - but this time investors don't seem to be listening.

    The online retailer's shares rose 1.5% in afternoon trade in New York, getting a boost after Bloomberg reported that the president's Twitter tantrum had not resulted into anything as concrete as policy discussions or planning.

    Amazon's recovery helped to lift markets more widely. All three main indexes - the Dow, the S&P 500 and the Nasdaq - were set to close in positive territory after sharp losses yesterday.

  5. Two sides of the Apple story

    Speaking of the gender pay gap, Apple says men earned 5% more on average than women at its UK operations - although the pay gap on the median measure was 2% higher for women.

    The iPhone maker says the gender pay gap is due to more men in senior positions than women, which led to higher pay and bonuses. Apple 30% of its 6,000 UK workers are women, up from 28% in 2014.

    It plans steps to close the gaps, such as no longer asking employees for their salary history.

  6. 'Just as hyped'

    Tomas Otterback, an analyst at Redeye Financial in Stockholm - where Spotify was born - says the float is "just as hyped" as the IPOs of Twitter and Snap.

    "It's the same with Spotify. Private investors and traders will probably trade the share up substantially at the beginning," he says.

    "It will be more interesting to see what happens to the share in the coming two to three days."

  7. Spotify shares fall back

    After that quite impressive debut earlier, Spotify shares have now lost some ground.

    The stock opened at $165.90 but has now fallen as low as $155 on the New York Stock Exchange.

  8. Apple Watch provides murder case clues

    Apple watch

    Police in Australia have presented data gathered from an Apple Watch as evidence in a murder trial.

    Grandmother Myrna Nilsson was wearing the device when she was killed in 2016.

    Her daughter-in-law Caroline Nilsson is accused of staging an ambush, after claiming she was tied up by a group of men who entered the house.

    But data from the victim's smartwatch suggests that she was ambushed as she arrived home, and died hours earlier than Ms Nilsson claims.

    Read more here.

  9. It was 40 years ago today...

    ...that the world's first mobile phone call was made

    Haven't we come a long way... and you think your phone tales a long time to charge?!

    View more on twitter
  10. Jobs threat as seafood firm plans closure of factory

    Salmon

    One of the largest private-sector employers in the south of Scotland has announced plans to close a major factory, with the loss of 450 jobs.

    Young's Seafood said it would begin a consultation with staff on the future of Pinneys of Scotland, based in Annan.

    Local MSP Colin Smyth said the news was "absolutely devastating" for the workforce and their families.

    He said it would send "shockwaves" through an already fragile local economy.

    Read more here.

  11. What is the attraction of Spotify?

    Quote Message: The attraction of the music-streaming service probably lies in Spotify’s strong market share and rapidly growing revenues. It may be some time before Spotify actually turns a profit though, as the company is resolutely prioritising growth over profit, and will be channelling money into investing in services and building further scale from Laith Khalaf Senior analyst at Hargreaves Lansdown
    Laith KhalafSenior analyst at Hargreaves Lansdown
  12. Carillion HQ on the market

    Carillion HQ

    The Wolverhampton headquarters of collapsed engineering giant Carillion are up for sale for more than £3m.

    The official receiver said another 97 of the firm's employees had also been made redundant, taking the total number of job losses to more than 1,800.

    Carillion went into liquidation in January after running up debts of about £1.5bn.

    The news comes as it was revealed work on two hospitals is still being delayed by the firm's collapse.

    Read more here.

  13. Spotify worth almost $30bn

    Kim Gittleson

    New York business correspondent

    Spotify NYSE

    Like the cool kid who knows to show up late to the party, Spotify took its time in figuring out how it would make its public stock market debut.

    But in pricing its shares at $165.90, the music streaming service is worth $29.5bn (£20.9bn) - more than Twitter. This suggests that there was strong investor interest in the company, which has yet to turn a profit.

    In a departure from technology stock listings of the past neither co-founder Daniel Ek nor any senior managers were spotted on the floor.

    That reflects the company's decision to choose an unusual direct listing strategy, which means it is not raising any extra money.

    The strategy, however, means that insiders are allowed to immediately sell shares. It's estimated that Mr Ek will be made a billionaire several times over as a result of the listing.

  14. BreakingSpotify starts trading

    Shares in Spotify have finally been priced at $165.90.

  15. New head for New York Fed

    John Williams

    John Williams, the president of the Federal Reserve Bank of San Francisco, has been appointed to head the New York Fed.

    The 55-year-old will succeed Bill Dudley in what is seen as the second-most influential position at the US Federal Reserve.

    The decision to appoint a white man and long-time Fed insider may spark criticism that more diverse candidates were overlooked. The NY Fed's directors said the search was "exhaustive and inclusive".

  16. $170 may be the magic number

    Spotify

    The expected price that Spotify shares will start trading at keeps rising - it's now between $165 and $170, Reuters reports.

    It shouldn't be long now before we find out. The delay is due to Spotify's unusual direct listing on the NYSE/ That means the traders who typically help keep the market liquid for most shares listed on the exchange have been forced to huddle together in a bid to gauge both investor demand and the number of shares that would be sold.