Many UK exporters say Brexit trade deal hurts business; price rises loom; US jobless claims rise – as it happened

Rolling coverage of the latest economic and financial news

• BCC: 71% of exporters say EU trade deal is not helping
• Majority of firms think it pushed up costs, increased paperwork & delays
• Five problems... and solutions
• US jobless claims up.... housing starts down
• Cutting EU migration won't deliver high-wage economy
• Nestle to keep raising prices as costs increase
• Crypto assets market poses threat to global financial stability'

Food group Nestle is planning to keep raising its prices this year, to shore up its profit margins in the face of rising costs.

The Swiss food and drinks giant beat expectations this morning by reporting organic growth of 7.5% for last year, the highest in over a decade. But, 2% of that growth came from price increases, with Nestle lifting prices by 3.1% in the fourth quarter.

It is a safe assumption that our input cost increases for 2022 will be higher than 2021, that is something that we have to reflect in our pricing.

There is almost no place in the company that is exempt of inflation now....Some of these things you can hedge against, some not."

Ukraine's growth-linked 2040 bonds dropped more than 4 cents in the dollar to trade at 68.425 cents, having suffered their biggest daily tumble in more than three weeks, Tradeweb data showed.

Longer-dated Russian bonds slipped more than 2 cents in the dollar to trade at 105.5 cents.