Rolling live coverage of business, economics and financial markets as stock markets gain ahead of new recovery bill

8.30am GMT

There might be hopes of a big stimulus bump coming through from the US, but economists still expect a long road ahead for the global economy. There was a reminder of that earlier from German industry, where production was unchanged in December, after seven months of gains.

It currently looks unlikely that the manufacturing sector will save the German economy from contraction once again. Production expectations have recovered somewhat since November but are still below their summer levels. At the same time, the inventory reduction of the second half of 2020 seems to have come to an end at the turn of the year.

8.11am GMT

Online fashion retailer Boohoo has bought Dorothy Perkins, Wallis and Burton for £25m, completing the break up of Sir Philip Green’s Arcadia Group.

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