Germany avoids recession in third quarter

Germany has avoided a recession in the third quarter thanks to strong exports, state spending and consumers. Figures published by the Federal Statistics Office showed exports grew 1 percent in the quarter and net trade contributed 0.5 percent to the overall economic expansion.

The German economy is experiencing a soft patch as its export-oriented manufacturers cope with trade friction and the car industry faces struggles and uncertainties over Britain's proposed departure from the European Union.

Calls from industry groups and economists for a stimulus package to boost the economy have been rejected by Chancellor Angela Merkel's right-left coalition government.

Roche extends deadline on deal for Spark Therapeutics

Roche has announced it is extending the deadline for its offer to purchase all outstanding shares of common stock for gene therapy company Spark Therapeutics. The Swiss drug maker said US and British anti-trust authorities needed more time to review the deal.

The deadline for the offer was originally due to expire on 25 November but has now been extended to 10 December with all terms and conditions remaining the same.

Nationwide reports sharp fall in profits 

Nationwide Building Society has reported a 33 percent fall in profits as the banking sector continues to suffer the effects of tough competition and the PPI scandal.

The British mortgage lender said its profits fell to $395 million over the April to September period, from $592 million a year ago.

This was partly also the result of Nationwide continuing to invest in technology despite the tough market and continuing Brexit uncertainty. Nationwide, as a member-owned society, is not under the same pressure as major banks to deliver greater returns to shareholders.

UK government borrowing figures hit five-year high for October

The UK government's borrowing in October hit $14 billion, $2.9 billion up on the previous year, according to the Office for National Statistics. It was the month's highest figure for five years.

Total government borrowing this financial year is now at $59 billion, 10 percent more than the same period a year earlier.

The figures came in higher than economists had predicted and arrived in the middle of the UK's election campaign, which has seen the major parties promising to boost spending if elected.