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Live Reporting

All times stated are UK

  1. Goodnight

    That's all for another day. The Livepage returns tomorrow as usual at 6am.

  2. Wall Street rebounds

    Wall Street closed higher as investors took a more optimistic stance on the Italian political crisis that sent them running for cover in Tuesday's session.

    The Dow Jones added 1.3% to close at 24,667.7 points. The broad-based S&P 500 also advanced 1.3% to 2,724, while the tech-rich Nasdaq rose 0.9% to 7,462.4.

    "Yesterday was a bit overdone," said Nathan Thooft of Manulife Asset Management, referring to the selloff on Tuesday.

  3. How to lose $160 trillion

    Men and women walking in street

    Gender inequality in the workplace could cost $160 trillion in lost earnings globally, a World Bank study has showed.

    That represents the difference between the combined lifetime income of everyone of working age in the world today - known as human capital wealth - and what it would be if women earned as much as men.

    Investing in women and girls would help to increase the wealth of both high- and low-income states, said the report's author Quentin Wodon, lead economist with the World Bank Group.

    "Everybody would benefit from gender equality," he told the Thomson Reuters Foundation.

  4. Plan to ease bank regulation

    The Wall Street bull

    US regulators have a proposal to ease rules reining in banks' risky trading, outlining changes that will cut compliance costs but stopping far short of allowing firms to return to their gambling days seen before the financial crisis.

    The Federal Reserve's long-anticipated proposal to alter the so-called Volcker Rule marked another step by Trump administration regulators to ease banking rules in a bid to boost lending and economic growth.

    Part of the 2010 Dodd-Frank financial reform law, the Volcker Rule had been aimed at preventing banks from making market bets while accepting taxpayer-insured deposits.

    It has forced many Wall Street banks to overhaul their trading operations and hive off billions of dollars worth of hedge funds and private equity funds.

  5. Wall Street update

    Flag atop Rome parliament

    US stocks continue to rise, with the S&P 500 set to erase all its losses from Tuesday as signs of easing political turmoil in Italy emerged.

    The Italian government's successful auction of five- and 10-year bonds also assuaged concerns about the country's ability to finance itself after a sell-off in Italian bonds on Tuesday resulted in the biggest one-day surge for two-year yields in 26 years.

    "The market is reversing what appears to be a knee-jerk reaction from yesterday," said Keith Lerner, chief market strategist at SunTrust Advisory Services. "As people take a step back, it appears that the sell-off was overdone."

    With about 30 minutes left of trading, the Dow Jones was up about 1.24%, and S&P 500 1.29% ahead. The Nasdaq added 0.93%.

    The Russell 2000 index of small-cap stocks hit an all-time high during Wednesday's session, buoyed by data confirming the strength of the US economy.

  6. Apple and Russia in Telegram face off

    Apple and Russia are locked in a stand-off over the company's App Store.

    The Russian telecoms regulator Roskomnadzor has asked the US firm to remove the popular messenger app Telegram from the Russian version of the store.

    Despite attempts by Russian authorities to block the app since mid-April, it remains in widespread use.

    Roskomnadzor has given Apple a month to reply and it is unclear what will happen if it ignores the request.

    Apple has previously complied with Chinese requests to remove VPN services from its App Store.

    Telegram was developed in Russia and is one of the world's most popular messaging services.

  7. Google launches UK solar panel service

    Solar panels

    Google is offering a new service, which it says could help British homeowners save money by switching to solar power.

    The tech giant has released an online tool calledProject Sunroof,in partnership with energy supplier Eon, that estimates savings using data from Google's Earth and Maps apps.

    It first launched in the US in 2015, where reviews suggestedit was broadly accuratebutgave some odd results.

    Google is also working with German software firm Tetraeder on the project.

    Project Sunroof uses machine learning to estimate how much solar potential a house has by examining the property's features, such as its roof area and angle, and weather data, such as sun positioning.

  8. Oil price jumps

    Oil prices have surged following reports that Opec producers will keep supply levels steady. Data also showed exports from Iran fell in May, after the US announced it would impose sanctions.

    Brent crude jumped 2.67% higher to $77.38 a barrel.

    David Madden, market analyst at CMC Markets, said: "The oil market has recovered a little in the wake of the severe sell-off at the back end of last week.

    "There is still talk that Saudi Arabia and Russia will increase supply, but that hasn't stopped the bulls today."

  9. Tesla shares rise on Consumer Reports' recommendation

    Tesla shares, which were hit after the Consumer Reports review last week, rose 2.7% to $291.73 on Wednesday after its updated report.

    Consumer Reports said it now recommends Tesla's Model 3 after its testers found an update improved the car's braking distance by nearly 20 feet.

  10. FTSE closes up 0.7%

    European stock markets recovered from a sharp sell-off on Tuesday triggered by the political turmoil in Italy.

    London's benchmark FTSE 100 index was 0.7% higher and Frankfurt's DAX 30 gained 0.9%, while the Paris CAC 40 slipped by 0.2%.

  11. Quarterly shake-up of the FTSE 100

    • GVC Holdings and Ocado Group to join FTSE 100
    • Mediclinic International and G4S to enter FTSE 250 in rebalance
    • There had been speculation that Marks & Spencer would exit, for the first time since the index started in 1984. But M&S stays.
  12. Tesla's Model 3 gets the thumbs up - finally

    Model 3

    Consumer Reports, the influential US magazine, says it is now recommending Tesla's Model 3 car.

    Testers at the magazine, closely followed by consumers and the industry alike, recently said it could not endorse the electric car because of breaking issues.

    However, a recent over-the-air update had improved the car's braking distance by nearly 20 feet, Consumer Reports said.

    The initial review said that despite many positives, the Model 3 had "big flaws," including braking slower than a full-sized pickup truck.

  13. US economy grows at a slower 2.2%

    Construction in USA

    The US economy grew at an annual rate of 2.2% in the first three months of the year, slightly more slowly than the original estimate of 2.3%.

    The Commerce Department published the revision on Wednesday in itssecond estimate of GDP.

    It said exports, inventory investments and consumer spending were weaker than first reported.

    The declines exacerbated the slowdown from the fourth quarter of 2017, when US GDP increased by 2.9%.

    The first quarter is typically the weakest of the year and many economists expect economic growth to accelerate in coming months, as some activity shifts later in the year.

    Read more here.

  14. 'Hijab fashion' designer jailed for fraud

    Anniesa Hasibuan

    A leading fashion designer, who made history at New York Fashion Week by having all her models wear headscarves, has been jailed for 18 years for fraud.

    Indonesian designer Anniesa Hasibuan and her husband, Andika Surachman, were found guilty of running a scam through their travel agency, First Travel.

    Prosecutors say they were paid over $60m (£45m) to organise mini pilgrimages to Mecca.

    But they were accused of embezzling the money and the trips never took place.

    Hasibuan has been described as a leader in Islamic fashion, due to her luxurious designs.

    Read more here.

  15. Tesla Autopilot blamed for crash with parked police car

    Scene of the crash

    A Tesla car has crashed into a parked police car in California.

    The driver suffered minor injuries and told police he was using the car's driver-assisting Autopilot mode.

    The crash has similarities to other incidents, including a fatal crash in Florida where the driver's "over-reliance on vehicle automation" was determined as a probable cause.

    Tesla has said customers are reminded they must "maintain control of the vehicle at all times".

    Read more here.