Stock markets rise as investors shrug off inflation worries – business live

Traders working on the floor of the New York Stock Exchange.

FTSE 100 ends the day higher

Updated at 4.54pm GMT

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49m ago16:42

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3h ago14:55

Wall Street opens higher

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4h ago13:55

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4h ago13:55

4h ago13:44

US producer price figures show inflation building

Updated at 2.00pm GMT

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4h ago13:34

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4h ago13:24

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5h ago12:50

Soybean futures hit seven-month high

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6h ago11:57

Volatility falls back

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6h ago11:41

Swiss drugmaker Novartis offices in Athens.
 Swiss drugmaker Novartis offices in Athens. Photograph: Costas Baltas/Reuters

Over in Greece former prime minister Antonis Samaras has announced that he has acted on his pledge to take legal action against current PM Alexis Tsipras.

Samaras filed a suit against Tsipras today, accusing him of concocting what he described as a “horrible conspiracy” of bribery claims involving the Swiss pharma giant Novartis.

Helena Smith reports from Athens:

In an unprecedented step, the former prime minister said he would be suing Tsipras because (he claims) it was clear the leftist-led government was bent on defaming its opponents with “lies” aimed ultimately at dividing the Greek people.

“He is responsible for the horrible conspiracy that is being put together,” said Samaras arguing that between 2012 and 2015, his years in office, expenditure in the Greek public health sector, and on provision of drugs, had been dramatically reduced.

Earlier this week, Tsipras called for a parliamentary inquiry into allegations, contained in a report compiled by anti-corruption prosecutors, that ten top former politicians, including two erstwhile premiers, had received millions of euros in bribes from Novartis in exchange for granting the company preferential treatment.

Overpriced contracts in pursuit of profits at the expense of the Greek health system were among the accusations made by protected witnesses who testified before prosecutors. The state is believed to have lost as much as €4bn between 2006 and 2015 when the malpractice allegedly occurred.

Samaras said the use of whistleblowers had also prompted him to take legal action because it set a dangerous precedent. “In the future every new government will be able to use coached informants to do away with political opponents.”

But government officials said demands that the witnesses be revealed were preposterous. “In the democratic history of our country it is unprecedented that judges should be accused of deliberately setting up a case, especially when we are talking about the country’s anti-corruption prosecutor who we should all support,” said Stelios Koulouglou, a euro MP representing Tsipras’ Syriza party.

“All the great economic scandals, like the Panama papers have been revealed thanks to the action of [protected] public witnesses .. they are the modern heroes of our times. There has to be protection of witnesses in our country.”

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6h ago11:11

Standard Life Aberdeen shares slide after Lloyds pulls out

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7h ago10:38

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8h ago09:43

RBC: Rees-Mogg might be bad for the pound

Updated at 9.49am GMT

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9h ago08:55

US dollar under the cosh again

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9h ago08:45

European markets open higher

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9h ago08:25

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9h ago08:25

Updated at 8.36am GMT

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9h ago08:03

Analyst: It’s a temporary lull

Updated at 8.20am GMT

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10h ago07:49

The agenda: Markets in risk-on mood again