Glencore and its joint venture partner Merafe Resources could cut up to 665 jobs at their Rustenburg ferrochrome smelter as it battles rising electricity tariffs and power cuts.

Moody’s has cut Hong Kong’s credit rating, saying the government’s “slow” and ineffective response to months of protests has prompted it to reassess the Chinese territory’s institutional strengths and governance.

Investors are increasingly bullish on the pound, even as the currency has stumbled amid rising expectations for a Bank of England rate cut and renewed Brexit uncertainty.

Trafigura, the global commodities trader, has taken a 6 per cent stake in President Energy, a London-listed oil and gas producer with assets in Argentina, as part of a deal to help the small company pay down debt.

The indebted shopping centre owner Intu is in talks with investors to raise fresh funds after a difficult period in which a number of retailers collapsed and many more closed shops.

Despite a holiday-shortened week in the US, next week’s calendar is jam packed as the Trump impeachment trial gets under way in earnest, Davos 2020 kicks off and earnings season continues.

An $8bn award against Johnson & Johnson in a lawsuit related to the antipsychotic drug Risperdal has been cut to $6.8m.

US health officials retreated from a previous warning about e-cigarette use, instead recommending that people not use THC-containing e-cigarette or vaping products.

US stocks traded at record levels and those in Europe also hit a new high on Friday after Chinese growth figures reassured investors over the relative health of the world’s second-largest economy.

Palladium prices surged to a new record on Friday, jumping by 10 per cent to over $2,500 an ounce, in a move that adds pressure on carmakers to switch to other metals for their catalytic converters.

Further signs of an improvement in the US property market emerged, with the rate of new home construction rising in December to their highest level in 13 years.

Britain’s retail sector defied expectations and continued to contract last month, marking the longest spell of no growth since comparable records began in 1957 and adding to pressure on the Bank of England to cut interest rates.

Regional airline Flybe has rebutted claims it is receiving special treatment on its air passenger duty after a growing backlash from rivals over its government rescue package.

GVC, the owner of Ladbrokes Coral, said it had an “excellent” performance last year despite a hefty regulatory crackdown in the UK.

Wall Street struck a trio of fresh records and the S&P 500 closed above 3,300 for the first time, boosted by tech and financial stocks and as investors remained upbeat in the wake of the US-China trade truce.

Investors have catapulted Alphabet’s stock market value above $1tn for the first time, making it the fourth US tech group to cross the threshold.

Manufacturing activity on the east coast of the US picked up at the start of 2020, with an index tracking the sector rising to its highest level in eight months and stirring hopes for one of the highest-profile laggards in the domestic economy.

Discretionary spending by US consumers held steady in December, showing few signs of a broad jump during the crucial holiday period.

Morgan Stanley chief executive James Gorman wowed investors with significantly higher shareholder return targets on Thursday after the bank reported record annual earnings and a 46 per cent jump in fourth-quarter profits thanks to a boom in trading.

Turkey cut its benchmark interest rate for the fifth consecutive time in an effort to encourage more lending and boost economic growth, despite a recent acceleration in inflation.

Asics shares had a spring in their step on Thursday after reports that a key running shoe by rival Nike faced a ban for giving athletes an unfair advantage.

The consultancy accused of helping to arrange a fraudulent $184m loan for oil explorer Lekoil says it has launched its own investigation into the deal, which is fast becoming an embarrassment for London’s lightly regulated AIM market.

Growth in oil production from the US and other countries outside of Opec will outpace global demand, reducing the need for barrels from the producer group, the International Energy Agency has said.

Halfords benefited from a boom in electric bikes and scooters to report a “solid” third-quarter performance and maintain its full-year profit forecast after three warnings in a year.