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.

Global markets staged a broad recovery as concerns eased over the economic impact of a virus which originated in China and has begun to spread to other parts of the globe.

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 has won the race to buy Sabadell Asset Management of Spain with a €430m cash deal 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.

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.