Chinese stock market hits 31-month low as Xi and Putin blast protectionism – business live

All the day’s economic and financial news, as Chinese leader calls for Asian states to unite against US protectionist trade policies

11.20am BST

Newsflash: The chairman of Royal Bank of Scotland has warned that taxpayer can’t expect to recoup the money spent rescuing the bank.

“The focus on survival over a decade has had a cost.

“The bank has lost almost 130 billion during the period. That amounts to around four-and-a-half times the bank’s current market capitalisation.”

Related: Hammond defends RBS shares sale after £2bn loss to taxpayers

“It seems clear that, in aggregate, the cost of these remedies to the bank and its shareholders was very much greater than could reasonably have been forecast at the time.

“It is another important reason why the book value of the bank is not greater than it is today.”

10.53am BST

Ouch! Factory output across the eurozone fell unexpectedly in July.

Industrial production fell by 0.8% during the month, compared with June. Durable consumer goods production shrank by 1.9%, while non-durable consumer goods fell by 1.3%.

Euro area #IndustrialProduction -0.8% in July over June, -0.1% over July 2017 https://t.co/hLHnxmayfn pic.twitter.com/4PKCaZp1ID

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