Thanks for joining me. The British economy is at risk from what economists like to call a “hard landing” from this period of high interest rates, according to a top bond fund manager.

Daniel Ivascyn, chief investment officer at Pimco, told the Financial Times that the UK has a “higher probability of more significant economic deterioration” as it deals with interest rates of 5.25pc.

5 things to start your day 

1) Apple forced to halt US smartwatch sales before Christmas after legal blow | Tech giant loses a patent dispute to Masimo over the gadget’s blood oxygen sensor

2) Audi hits brakes on EV rollout as enthusiasm wanes | Tech giant loses a patent dispute to Masimo over the gadget’s blood oxygen sensor

3) Fears fuel price will jump as BP suspends shipments through Red Sea | Decision to pause operations comes after attacks on cargo ships by Houthi militants

4) CMA branded ‘irrational’ as Adobe abandons $20bn takeover | US tech giant lashes out after monopoly fears force it to call off Figma acquisition

5) Nepo babies at war as billionaires prepare for succession dramas | Bitter feuds over inheritance are set to become much more common among the rich

What happened overnight 

Tokyo stocks closed higher as the yen slipped against the dollar after the Bank of Japan maintained its super-loose monetary policy.

The benchmark Nikkei 225 index rose 1.4pc, or 460.41 points, to 33,219.39, while the broader Topix index added 0.7pc, or 16.95 points, to end at 2,333.81.

The Japanese market started with losses in cautious trade ahead of the BoJ policy decision, as speculation had been swirling for weeks that officials would shift away from negative interest rates and a tight grip on bond yields as inflation picks up.

The Nikkei strengthened in afternoon trade after the central bank announced it was sticking to its easy monetary policy during the midday trading break. The yen slipped against the dollar after the announcement.

Asian shares were mixed elsewhere after a seven-week winning streak on Wall Street slowed down.

The S&P/ASX 200 in Sydney added 0.8pc to 7,486.90, while South Korea’s Kospi was nearly unchanged, at 2,566.30.

Hong Kong’s Hang Seng index declined 0.6pc to 16,527.75 and the Shanghai Composite index fell less than 1 point to 2,930.18.

Bangkok’s SET also was little changed, while Taiwan’s Taiex fell 0.7pc.

The Dow Jones Industrial Average of 30 leading American companies finished essentially flat at 37,306.02. The broader S&P 500 gained 0.5pc, reaching 4,740.56, and the technology-heavy Nasdaq Composite added or 0.6pc to 14,904.81.

Retailers and big technology companies were among the big gainers. Amazon.com rose 2.7pc and Etsy climbed 4.7pc for the biggest gain among S&P 500 stocks. Chipmaker Nvidia rose 2.4pc, while Meta added 2.9pc and Netflix closed 3pc higher.

Benchmark 10-year US Treasury yields were up 1.5 basis points to 3.943pc, from 3.928pc late Friday.