Economics Summary: Another Greek crisis?

Stocks fall in Athens after presidential election called for December 17th

  • Markets fear a general election if government doesn't amass enough votes in parliament to elect a new president; Athens Stock Exchange down 12.78 per cent at 16.06 GMT. 

Shanghai stock market slumps, closes down 5.43 per cent. 

  • The biggest fall since August 2009, attributed to profit taking and newly introduced rule on use of corporate bonds as collateral for short term financing. 

UK manufacturing output disappoints 

  • ONS says output fell 0.7 per cent in October versus revised figure of 0.7 per cent growth in September; manufacturing up 1.7 per cent year on year. 

Tesco issues profit warning

  • Shares in Tesco fall almost 10 per cent as it says profits won't exceed £1.4 billion in the year to February.