China services growth hits seven-month high but authorities struggle to prop up the yuan, which has fallen to a 16-month low

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Confidence among British businesses has plummeted to the lowest levels since ex-prime minister Liz Truss’s mini-budget in September 2022 following the autumn budget’s large tax increases.

The worrying reverberations of the budget are clear to see in our survey data. Businesses confidence has slumped in a pressure cooker of rising costs and taxes.

9am GMT: Eurozone HCOB PMI composite and services final for December

1pm GMT: Germany inflation for December

2.45pm GMT: US S&P Global composite and services PMIs final for December

3pm GMT: US Factory Orders for November