Stock markets gripped by US election race – business live

Rolling coverage of the latest economic and financial news

In the UK:

6.55pm GMT

Here’s our news story on the slowdown in Britain’s service sector last month, which makes a double-dip recession look increasingly likely….

Related: UK economy heading for double-dip recession as summer recovery stalls

6.25pm GMT

Guy Foster, head of research at wealth manager Brewin Dolphin, predicts any future stimulus package agreed by Congress would be smaller than the Democrats would really like:

“The fate of the next president’s major policies depends on control of Congress. It now appears unlikely that the Democrats will win control of the Senate, leaving them unable to push through significant Covid-19 coronavirus stimulus packages or tax reforms, which is positive news for growth stocks. There is still likely to be some fiscal stimulus ahead but it will probably be a smaller package than if the Democrats were to control the Senate.

“There may be plenty of fluctuations, as the market seeks to predict who will be the winner. However, bear in mind that, at present, the market has wider concerns, and remains focused on the development of a vaccine, which will be increasingly vital if there looks likely to be no further stimulus.

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