2) Pension superfunds face their moment of truth: Consolidators combine multiple employers’ schemes under one roof and are expected to do their first deals later this year
3) M&G refuses to return cash from frozen property fund: The FTSE 100 firm raked in £15.4m in fees for managing the fund in the 12 months to September and is refusing to cut its fees further
4) Business backs plan to test those who cannot work from home: Department store John Lewis part of a testing pilot scheme that includes employers in the food, manufacturing, energy and retail sectors
5) Germany ponders its future without ‘Mutti’ Merkel: Either Friedrich Merz, Armin Laschet or Norbert Röttgen will be elected the new leader of Europe’s largest economy on January 16
What happened overnight
Asian stocks were off to a muted start to the week. The yen climbed slightly and equity futures pointed up in Australia and Hong Kong. Japan discovered a new coronavirus variant in travellers from Brazil , similar to the variant identified in the UK. The country’s stock markets could not react because they were closed for a holiday.
South Korea’s Kospi jumped 2.5pc in early trading to 3,230.15. Australia’s S&P/ASX 200 lost 0.7pc to 6,714.20. Hong Kong’s Hang Seng edged up 0.2pc to 27,945.18, while the Shanghai Composite added 0.4pc to 3,584.97.
Coming up today
Interim results: Carnival
Trading statement: SIG
Inflation (China); Industrial production (Spain); trade balance (Japan)