The S&P 500 rebounded to close modestly higher after the World Health Organization said it was “too early” to declare the spread of coronavirus a global emergency, allaying fears over a virus that has sparked growing global alarm.

The European Central Bank will examine whether it should alter its €200bn corporate bond holdings to take account of climate change, Christine Lagarde promised on Thursday as she launched its first strategic review in 16 years.

US Treasury secretary Steven Mnuchin criticised Greta Thunberg on Thursday, challenging the economic impact of the climate activist’s call for investors to divest completely from fossil fuels.

Wm Morrison plans to cut 3,000 managerial positions in its stores across the UK as part of a staffing revamp that will see it boost numbers of lower-level roles amid increasing pressure on established supermarkets.

Samancor Chrome, the South African chrome producer, could axe over 3,000 jobs at its mines and smelters in response to weak prices for the metal and power supply problems.

Mothercare failed to raise as much as it had hoped through the clearance of stock when it closed its stores across the UK this month, leaving it to make up a £10m shortfall to lenders.

Hotel Chocolat blamed difficulties supplying its customers for a slowdown in growth at the end of last year as it pursues expansion into the US and Japan.

Online fashion retailer Asos bounced back from a difficult year, growing sales by a fifth in its most recent trading period, better than the market expected and a further sign of recovery after two profit warnings.

Wall Street ended about steady while European stocks finished in the red on Wednesday as markets remained focused on the economic impact of a virus that originated in China and has begun to spread to other parts of the globe.

Bruno Le Maire struck a defiant tone on the sidelines of the World Economic Forum, saying France would continue with its plans for a digital tax if there was no agreement at the OECD on an international taxation.

UK manufacturers have become much more optimistic about their business outlook since October, according to a survey published on Wednesday that points to a possible rebound in economic growth since the December general election.

Daimler warned that 2019 profits would be hit by up to €1.5bn in litigation costs related to the diesel emissions scandal, the latest blow to the struggling carmaker’s efforts to fund its electric shift.

Burberry has boosted its revenue outlook for the year as rapid sales growth in mainland China helped to neutralise the blow it has taken from protests in Hong Kong and its efforts to shift the brand upmarket gather pace.

IBM inched back to a position of growth by the thinnest of margins in the final quarter of last year, as a new mainframe product cycle helped it shake off the effects of a secular decline in its giant IT outsourcing operations.

Amundi won the race to buy Sabadell Asset Management after agreeing a €430m cash deal last week to acquire the €21.8bn fund arm of the Spanish lender.

US stocks closed lower on Tuesday after the first reported case in the US of coronavirus and a drop in Boeing shares.

Lekoil, the London-listed oil producer embroiled in a fraudulent loan scandal, has been thrown a funding lifeline by its partner.

MSCI, the indices and data analytics provider, has agreed to pay $190m to acquire a minority stake in Burgiss Group, a specialist private asset data provider, in a deal that reflects the growing importance of alternative investments in the portfolios of pension funds and other institutional investors.

Harrison Street, one of the largest alternative real asset investment firms, and Trinity Investment Management have agreed to buy five UK life sciences properties in a £250m deal, in the latest example of US investors betting on the British biotech industry.

Eurozone companies’ demand for bank loans has fallen for the first time in six years, in a worrying sign for the region’s faltering economy and the European Central Bank’s attempt to stimulate more lending.

Cityfibre, the Goldman Sachs backed telecoms company, has completed a £200m takeover of TalkTalk’s FibreNation division two months after the deal was put on ice during the general election.

UBS missed its financial targets for 2019 and cut its future goals, increasing the pressure on long-serving chief executive Sergio Ermotti to galvanise performance.

The collapse of rival Thomas Cook has boosted easyJet over the quiet winter period as the low-cost airline said it expected to narrow its first-half loss this year.

European stocks slid after a senior UK government minister warned Britain would no longer be in the single market or the customs union, while Asian markets were mixed in overnight trade.