RBS swings to loss in Q3, Aveva interim revenue grows

London open

The FTSE 100 was called to open seven points lower at 7,253.

Stocks to watch

Royal Bank of Scotland said it swung to a third-quarter loss after making a £900m provision for payment protection insurance.

In the three months to 30 September, the bank made an operating loss before tax of £8m versus a £961m profit in the same period a year ago.

Aveva said it achieved low double-digit interim revenue growth after benefiting from a continuation of the strong sales execution seen in the first quarter, early renewal of a large contract and a moderate increase in revenue from multi-year contracts.

The engineering and industrial software provider reported that each region performed well in the six month period ended 30 September, with Asia Pacific showing particular strength.

Newspaper round-up

Retailers have axed 85,000 jobs in the past year as weak consumer demand, rising costs and the switch to online shopping, exacerbated by Brexit uncertainty, have put businesses under increasing pressure. The job losses in the UK’s biggest private employment sector – with particular importance for women – are the latest sign of a crisis on the high street that has seen the closure of thousands of shops and the collapse of some well-known retail names. – Guardian

The five biggest oil and gas companies, and their industry groups, have spent at least €251m (£217m) lobbying the European Union over climate policies since 2010, research has revealed. The data on the scale of lobbying by oil companies and their representatives comes as 200 organisations demand the setting up of a firewall around democratic politics to protect it from the influence of the fossil fuel industry. – Guardian

An aggressive US investor has snapped up a major stake in Domino’s Pizza, piling more pressure on the takeaway business as it grapples with angry franchisees and seeks out a new boss. Los Angeles-based hedge fund Browning West has become the UK-listed pizza company’s fifth biggest shareholder with a stake of 5.33pc worth £70m. – Telegraph

US close

US stocks closed higher on Thursday as shares in bellwether Caterpillar sank on the back of a significant earnings miss and a downgrade to its full-year outlook were offset by some positive headlines regarding Boeing's 737 Max aircraft.

At the close, the Dow Jones Industrial Average was up 0.17% at 26,833.95, while the S&P 500 was 0.28% stronger at 3,004.52 and the Nasdaq Composite was 0.19% higher at 8,119.79.