Oil hits five-month low as Covid-19 lockdown fears weigh on markets – business live

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Rolling coverage of the latest economic and financial news

7.24am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Markets like certainty. But that affection melts away when it’s the certainty of a four-week lockdown that will derail parts of England’s economy in the run-up to Christmas.

UK’s FTSE 100 index almost the worst performing advanced equity index this year

Today called -0.4% post #Lockdown2 announcement pic.twitter.com/BDH65Pfw72

“The economy is likely to show zero growth or even have a small decline in the fourth quarter of the year.

This has all the signs of a double-dip recession.”

Related: Second England lockdown fuels fears of Covid double-dip recession

“Lockdown is a decision for government, not business, and firms share the Prime Minister’s ambition to defeat the virus, But for many businesses, a second national lockdown marks the start of a bleak midwinter.”

“With the right support firms will do everything possible to minimise the damage. Across the country they have already shown how resilient they can be in the face of tighter restrictions. And thanks to huge efforts by businesses to make workplaces Covid secure, more of the economy can now stay open.”

Related: Second England lockdown fuels fears of Covid double-dip recession

Related: ‘Red mirage’: the ‘insidious’ scenario if Trump declares an early victory

US investors expect, surely rightly, Mr Biden to win but can cope with a Trump second term and their main interest is the size of the inevitable fiscal stimulus (which will be determined by the party that controls the Senate).”

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