Live, rolling coverage of business, economics and financial markets as global stock markets drop after US central bank keeps interest rates steadyGood morning, and welcome to our live coverage of business, economics and financial markets.London’s FTSE 100 is set to fall when it opens after the US Federal Reserve held interest rates steady despite the increasing expectations of inflation, while Donald Trump’s renewed attacks on Iran promised to add fuel to the price rise fire.This rise in yields ended up weighing on equities after some big intra-day swings. The SP 500 went from trading more than half a percent down pre-FOMC to higher on the day during Warsh’s press conference but then saw a sharp drop in the final hour of trading to close -1.52% lower. Equities were also weighed down by another rout in chip stocks, with the Philly semiconductor index slumping by -5.33%.9am BST: Germany GDP growth (second quarter; previous: 0.3% quarter-on-quarter; consensus: 0.1%)10am BST: Eurozone GDP growth (second quarter; prev.: -0.2% quarter-on-quarter; cons.: 0.2%)10am BST: Eurozone unemployment (June; prev.: 6.2%; cons.: 6.2%)12pm BST: Bank of England interest rate decision (prev.: 3.75%; cons.: 3.75%)1pm BST: Germany inflation (July; prev.: 2.3%; cons.: 2.7%)1:30pm BST: US core personal consumption expenditure index (June; prev.: 0.3%; cons.: 0.2%)1:30pm BST: US GDP growth (second quarter; prev.: 2.1%; cons.: 2.1%) Continue reading... ...read more read less