Countries including Australia have asked for trade compensation from the UK and the EU over Brexit disruption.Fifteen countries, including the US, India and New Zealand, have been setting out Brexit concerns at a World Trade Organization (WTO) meeting in Geneva.

Australian officials said their beef and lamb exporters had already been hit after several Brexit delays.Brazil said Brexit plans for Northern Ireland could breach WTO rules.

The main issue for the 15 countries is a system which allows them easier access to the EU’s large market for limited quantities of some of their goods, mainly farm produce.

Hong Kong has confirmed it has entered its first recession for a decade as it continues to be gripped by protests. Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data.

It means the economy has contracted for two quarters in a row, which is the usual definition of a recession. Tourists are staying away and shops are suffering amid battles between anti-government protesters and police.

Saudi Arabia has placed a preliminary valuation on state oil company Aramco of between $1.6tn (£1.22tn) and $1.7tn. The company has published an updated prospectus for its initial public offering (IPO), seeking more than $25bn for the sale of 1.5% of its shares.

That would make it potentially the world’s biggest IPO, coming from the world’s most profitable company

Amazon has filed an intention to appeal the US Department of Defense’s decision to give a major contract to Microsoft.

Amazon had been considered the favourite to win the deal, worth $10bn over the next 10 years.

The company, which already provides cloud computing to the US Central Intelligence Agency, said the decision was made due to political pressure.

Global Market Summary