European stocks hit record high despite coronavirus outbreak – as it happened

Rolling coverage of economics, markets and business as Chinese tariff cuts on US goods help to stimulate markets to record highs

• Chinese tariffs on 1,700 US imports halved amid virus response
• Royal Mail shares hit record low after warning on 'challenging' year

12.51pm GMT

A quick roundup of what's happened so far today:

12.30pm GMT

Twitter shares are up 6% in pre-market trading after releasing fourth quarter and annual earnings figures for 2019.

Twitter tops expectations with first $1 billion quarterly revenue, but outlook lags https://t.co/RCdAFGnKmz by @eculliford $TWTR pic.twitter.com/3BZMAydI4w

12.20pm GMT

The FTSE 100 is still holding above 7,500 (at least by 13 points or so).

It's being helped in part by the weaker pound which is down 0.3% against both the euro and US dollar.

11.46am GMT

The FCA's letter to investment platforms CEOs can be read in full here.

11.33am GMT

The Financial Conduct Authority has written to CEOs of investment platforms, warning that they must be "impartial" when putting together Best Buy lists for customers.

The "Dear CEO" letter touches on a number of issues including conflicts of interest:

If not appropriately identified and managed, conflicts of interest can lead to customers receiving poor value for money and / or products and services that are unsuitable for their needs.

We expect you to identify all potential conflicts of interest and to have processes in place to effectively manage them.

10.49am GMT

A quick catch-up on Christine Lagarde, who was speaking in the European parliament. Nothing ground-breaking.

While uncertainties surrounding the global economic environment remain elevated, those related to trade tensions between the United States and China are receding.

10.33am GMT

The Scottish government's budget will take place after midday, and will be led by Kate Forbes, the Scottish public finance minister.

She replaces Derek Mackay, who resigned this morning as finance minister over texts to a 16-year-old boy.

10.25am GMT

At mid-morning the European stock rally has lost some of its momentum.

The FTSE 100 and the mid-cap FTSE 250 are both up by about 0.2%, while Germany's Dax and France's Cac 40 have gained about 0.6% apiece.

10.19am GMT

Some good news for 70,000 customers of Nationwide, the UK's largest building society, which has failed to warn customers of impending charges for the second time in six months.

10.05am GMT

Trade wonk news: the government has launched its consultation on Britain's post-Brexit tariff schedules, with plans to remove levies on products that are used by key manufacturing industries and those where the UK has no domestic production.

The four-week consultation (to close on 5 March) will likely be the target of intense lobbying, as manufacturing industries in particular try to secure cheaper materials and components.

As an independent trading nation, we will have a new UK Most Favoured Nation (MFN) tariff schedule which will enter into force on 1st January 2021.

The UK Global Tariff will be simpler and suit priorities.

Contribute herehttps://t.co/29YENHsJMG

9.44am GMT

And that oil price data for you: Brent crude futures have gained 0.6% to reach $55.60 per barrel - although they have retreated somewhat from the levels above $56.50 hit in the early morning.

The price of futures for West Texas Intermediate, the North American benchmark, have held on to more of their gains: one option will set you back $51.39, a gain of 1.3% for Thursday.

9.38am GMT

Oil prices have continued to rally from lows hit earlier in the week, as investors weigh whether the hit to demand has been fully priced in, and producers near agreement on output cuts.

A meeting of Opec as well as Russia could result in a deal today to cut back on production, sustaining prices, Reuters reports:

An Opec+ technical committee may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day in response to the coronavirus' impact on energy demand and global economic growth, two sources told Reuters.

The so-called JTC panel has extended its meeting for a third day into Thursday after Russia voiced its opposition to a deeper supply cut and was instead suggesting an extension of current cuts.

Talks between experts from OPEC and its allies spilled into an unprecedented third day. Maybe I'm over thinking it but perhaps their trying to buy time to stabilise price as rest of market is rallying. Whilst meeting is on people will be reluctant to be sat in a short position pic.twitter.com/ez2qOBnriH

9.14am GMT

Carmaker Toyota has bucked the recent trend and raised its profits forecasts - but the Japanese carmaker acknowledged that coronavirus had not yet been factored in on its earnings.

We are looking very closely at inventories of components which are made in China and used in other countries, including Japan, and at the possibility of alternative production.

8.54am GMT

Derek Mackay, Scotland's finance secretary, has resigned only hours before he was due to deliver next year's budget after revelations that he texted a 16-year-old boy.

Related: Scottish finance secretary quits over messages to boy, 16

8.39am GMT

Another bad day in the torrid tale of Royal Mail since privatisation: shares hit a new record low after it warned that 2020 will be "challenging". It's down by 8%.

Royal Mail said its outlook for the next fiscal year is "challenging" and the threat of a strike in late 2019 hurt parcel revenue growth during the Christmas period as customers opted to use other carriers.

Unless we are able to make significant progress in delivering our transformation plan, our ability to meet the year three targets of our Journey 2024 plan will be compromised.

8.06am GMT

And European shares follow their Asian counterparts in rising, setting a new record for the Euro Stoxx 600 index.

The index, which tracks the largest companies in the UK and European stock exchanges

7.55am GMT

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

China has said it would halve additional tariffs levied against 1,717 US goods last year, in a move that has boosted markets in Asia that have been under pressure since the start of the coronavirus outbreak.

Risk-on mood in global markets has stepped up a gear as worst of coronavirus fears seems being behind us. US politics, solid econ data & China tariff cuts announcement fire up mood. Global stocks now back within 1% of ATH. Bonds lower w/US 10y at 1.66%. Gold 1558, Bitcoin $9.7k. pic.twitter.com/Eyn5VbwK1u

It shouldn't be surprising news as this comes after both nations had agreed in Phase 1 negotiations that they would reduce tariffs on each other's goods as part of the deal