US economy boosted by 225,000 jobs in January- business live

Rolling coverage of the latest economic and financial news, after data showed 225k jobs were added to the US economy in January

1.48pm GMT

1.44pm GMT

Naeem Aslam, a chief market analyst at online trading platform AVA Trade, says excitement about the bumper US jobs figures won't last long:

The US NFP number rocked the markets. Throughout this week, we have seen investors brushing away all ill thoughts about markets and today's number has put a final seal on this. The bottom line is that the data has confirmed that the US job market is solid and tight.

Having said this, we do have concerns that the positive impact of this jobs report may not last long because the fact that China has delayed its release of economic number, and major warnings coming from Burberry, indicates that investors are likely to see tumultuous time.

1.40pm GMT

Job growth surged in January. The U.S. added 225,000 jobs last month, well above Wall Street expectations. https://t.co/UT5yTyHDB8 pic.twitter.com/ZwjXSk9S55

1.36pm GMT

More details on US jobs figures:

The unemployment rate ticked up to 3.6%, versus forecasts for the rate to remain steady at 3.5%.

1.31pm GMT

US non-farm payrolls have come in at 225k for the month of January.

That compares to a Reuters poll forecasting 160k, and is much higher than December's tally which was revised up from 145k to 147k.

12.53pm GMT

Foxconn, the electronics company that supplies Apple, has begun manufacturing its own surgical masks, allowing Chinese workers to churn out iPhones uninterrupted as the coronavirus crisis continues.

The Taiwanese company's production lines have been shut down because of the disruption caused by the outbreak, slowing down the supply chain that feeds Apple's global retail network.

Related: Foxconn makes masks for its iPhone workers amid coronavirus crisis

12.10pm GMT

Mihir Kapadia, the CEO of Sun Global Investments, says the coronavirus could have a long term effect on the stock market:

The short-term rally in global stocks has expectedly began to show signs of slowing as the growing death rate and the economic impact the coronavirus has had has become more understood. Despite the efforts of the Chinese government to contain the virus and its wide spreading impact, the death roll has doubled in a week while more than 31,000 have been infected in what is a sign that the situation is not slowing.

Investors have wisely been playing a cautious game, but it will take time for any government action to come into effect.

However the fact that much still remains unknown about the coronavirus, and the key question whether it has yet reached his peak, could potentially have a long-lasting effect on the markets even if it is contained and dealt with.

11.30am GMT

Nearly a quarter of US companies in China expect their revenues to fall by at least 16% this year due to the coronavirus.

That's one of the stark statistics from a new American Chambers of Commerce in Shanghai survey released today.

11.03am GMT

Thursday's bounce didn't last for European stocks. Today, a mix of profit-taking and coronavirus jitters seem to be weighing on markets.

Germany's Dax is down 0.5% while the French Cac is down 0.3%.

Happy jobs day everyone. Don't forget to get in your #NFPGuesses

10.36am GMT

The Financial Conduct Authority has fired a warning shot at insolvency practitioners (read: administrators) after learning that there have been illegal attempts to sell customers' personal data after a company goes bust.

Passing on that data may breach key data protection rules like GDPR.

We are aware that some insolvency practitioners and FCA-authorised firms have attempted to sell clients' personal data to claims management companies (CMCs) unlawfully.

This can happen either before or after a firm has gone into administration and where it is likely claims for compensation will be made to FSCS (Financial Services Compensation Scheme).

CMCs using such personal data may not be acting in the customers' interests. CMCs seeking to rely on legitimate interest grounds for processing such data are highly unlikely to meet the requirements of the GDPR.

CMCs that intend to buy and use such personal data must be able to demonstrate how they have considered the fair treatment of customers and how their actions comply with privacy laws.

9.52am GMT

Overnight, S&P Global Ratings estimates that Chinese GDP growth will fall to 5% for 2020. That is down from forecasts for 5.7% growth before the outbreak.

And this might be a bold prediction, but S&P is also claiming that the virus could be contained by March 2020.

We expect the effect to be more drawn out than in SARS given the longer time to reach peak infections and the more vigorous policy response, especially travel restrictions, in this episode.

Household consumption will take the main hit, especially spending on discretionary goods and services as individuals avoid public spaces to minimise the risk of infection.

9.38am GMT

One of our readers got in touch with concerns about our post on Halifax house price data for January.

He made the point that "better than expected" made it sound like higher costs for housing was a positive result, full stop.

9.13am GMT

Burberry's finance chief Julie Brown has said the impact of the coronavirus on the business has been more significant than recent protests in Hong Kong.

Footfall at the 44 stores that are still open in mainland China have dropped by up to 80%, with customers staying home amid the outbreak.

It is more serious in Hong Kong than the protests

8.46am GMT

One story is rocking the banking world this morning and that's the surprise resignation of Credit Suisse CEO Tidjan Thiam.

It follows a bitter boardroom battle that escalated after a spying scandal that engulfed the Swiss bank last year.

The bank's board announced on Friday morning that it had "unanimously accepted" the 57-year-old's resignation and that Thomas Gottstein, the current head of Credit Suisse's home business in Switzerland, will take over as chief executive. The board also gave its full support to the chairman, Urs Rohner, to complete his term until April 2021.

Thiam and Rohner have been in conflict since it emerged that the Zurich-based bank had hired a corporate espionage company to follow Iqbal Khan, the former head of the bank's wealth management division, shortly after he left for a position at rival UBS. Credit Suisse insisted it was a one-off incident but then months later admitted a second executive had been tracked by private detectives.

Related: Credit Suisse chief Tidjane Thiam ousted after spying scandal

8.38am GMT

The Halifax House Price Index has come in higher than expected, with prices rising 0.4% month-on-month compared to Reuters poll for a flat reading.

On an annual basis, January house prices were 4.1% higher than the same time last year to reach an average of 240,054.

A number of important market indicators continue to show signs of improvement. We have seen a pick-up in transactions with more buyer and seller activity consistent with a reduction in uncertainty in the UK economy.

However, it's too early to say if a corner has been turned. The recent positive figures may actually represent activity that would ordinarily have been expected to take place last year, but was delayed by economic uncertainty. So while housing market activity has undoubtedly increased over recent months, the extent to which this persists will be driven by housing policy, the wider political environment and trends in the economy.

8.23am GMT

You can read the full Burberry release here:

8.11am GMT

European markets are back in the red after a bounce yesterday:

8.03am GMT

Burberry's London-listed shares are down 3.2% at the start of trading, making it the worst performing stock on the FTSE 100.

7.50am GMT

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

Luxury goods group Burberry has become the latest company to warn that its business is being knocked by the coronavirus outbreak, which has forced the company to temporarily close more than a third of its 64 stores in mainland China.

We are taking mitigating actions but the benefit in the current year will be limited given the proximity to our March year end. We also intend to continue our key growth initiatives in preparation for a recovery in luxury demand. We will provide a retail trading update following our financial year end.

We are extremely grateful for the incredible effort of our teams and our immediate thoughts are with the people directly impacted by this global health emergency.