Oil prices, stock markets slide as coronavirus cases rise – as it happened

• Covid-19 concerns and pessimism that a US fiscal stimulus package can be passed before next week's election drag markets lower
• German business confidence survey shows first decline since April
• AstraZeneca: Covid-19 vaccine prompts immune response in old and young people
• Sterling rises on Brexit optimism
• Closing summary

2.50pm GMT

Stock and commodity markets have had a rough start to the week, as new coronavirus cases in the US and France hit record levels, and Spain and Italy brought in night-time curfews. The Spanish government declared a six-month state of emergency.

Moreover, hopes that a US fiscal stimulus package can be agreed before next week's election are fading fast. Germany's closely watched Ifo business confidence survey came in worse than expected and showed the first decline since April, raising fears of a double-dip recession.

2.25pm GMT

Tomorrow, the airplane engine maker Rolls-Royce will ask shareholders for 2bn to help it survive the pandemic. Shareholder advisory groups Glass Lewis and Institutional Shareholder Services have urged investors to back the fundraising.

Shareholders can buy 10 new shares for every three they own at 32p each. The company made a 5.4bn loss in the first half of the year and needs to repay 3.2bn of debt at the end of next year. As demand for its engines has fallen, Rolls' market value has plummeted from more than 20bn two years ago to 4.7bn, roughly the same as the online fashion retailer Asos.