The Bank of England's chief economist Andy Haldane has started his Twitter Q&A, and responds to one user who asked: 'Official interest rates are v low, so why are rates on credit cards/personal loans still so high? Mkt failure? #BoEOpenForum, external'

Not that we're making predictions but could someone else be suggesting it might be a quiet day for the US markets? 

Image source, Jaeger

The boss of fashion retailer Jaeger has quit after a reported disagreement over whether the brand should focus on mass market sales. Colin Henry has departed after two years at the helm. Jaeger, which runs 56 stores and also has concessions in department stores, is in the middle of a turnaround after private equity firm Better Capital bought a 90% stake in the business for £19.5m in 2012 from Harold Tillman. The company was established in 1884.

So it's not quite business news we know, but nevertheless we feel compelled to tell you that Australian prime minister Tony Abbott has been ousted as leader of the Liberal Party. That means challenger Malcolm Turnbull, who won the ballot by 54 votes to 44, takes over as PM.

Image source, Getty Images

While the UK frets about a probable 0.25 percentage point rate rise at some stage in the next few months, spare a thought for Ghana. The central bank has just raised its main rate by 1 percentage point to an eye-watering 25% in a bid to offset the risk of inflation. The country started a three-year IMF aid deal worth $918m (£595m) in April.

Image source, Getty Images

The FTSE 100 is fast giving up this morning's gains to be just 13 points, or 0.2%, higher at 6,131 after four hours of trading. Paris and Frankfurt are still in positive territory - but only just.

Are refugees good for the economy? Sweden has let in more asylum seekers per head of population than any other EU country. Its migration minister Morgan Johansson tells Business Daily that other countries are overlooking the potential benefits of letting them in. Listen to the interview here.

Our personal finance correspondent tweets:

Bank of England chief economist Andy Haldane is answering questions on Twitter this afternoon:

Kamal Ahmed
Business editor

This morning, business leaders woke up to the fact that the shadow chancellor is a man who has argued in the past for the nationalisation of the UK's banking system, a 60% top rate of tax for those earning over £100,000, higher taxation for the City, caps on high pay, a rapid expansion of public ownership and a "removal" of the "monopoly of the big six energy companies".

He is also opposed to a third runway at Heathrow, an infrastructure project supported by many businesses.

John McDonnell's Who's Who entry talks of "generally fermenting the overthrow of capitalism". He may have meant fomenting. Or maybe he was making a home brew joke.

To put it mildly, Mr McDonnell is certainly a different character from Ed Balls, his predecessor.

Read more from Kamal here.

New shadow chancellor, John McDonnell, has said the economy "will be safe in our hands, and more prosperous". He said he had "a long history" of financial administration, pointing out he was "chancellor of the exchequer for London at age of 29" and chief executive of the Local Government Association.

Robert Peston
Economics editor

Labour's new shadow chancellor John McDonnell is not - to quote him - a "deficit denier".

In a blog about Jeremy Corbyn's economic policies just a few weeks ago, he wrote that, external "deficit denial is a non-starter for anyone to have any economic credibility with the electorate".

And McDonnell added that "Labour under Jeremy Corbyn is committed to eliminating the deficit and creating an economy in which we live within our means".

So presumably they'll be cracking open the Krug in the boardrooms of Britain and the well-appointed Kensington drawing rooms of the super-rich - it's all been a terrible misunderstanding, Red Jezza is more delicate rose than scarlet, he is on their side after all...

Er, no.

Read more from Robert here.

Business presenter Victora Fritz tweets:

The Guardian's Graham Ruddick tweets: 

The Times business reporter Alex Ralph tweets: