Markets rise ahead of UK budget despite China services slowdown – business live

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Rolling coverage of the latest economic and financial news

8.18am GMT

Over in China, services sector growth has slowed to a ten-month low as the pandemic continued to hit demand.

“Service providers were generally optimistic about the economic recovery, and were especially confident that both the domestic and overseas epidemics would fade.”

China Caixin services PMI extend decline for the third consecutive month, to the lowest since May 2020, as the growth of supply and demand in the service sector continued to slow down, employment situation deteriorated and inflationary pressure increased.#PMI #services pic.twitter.com/4FqxDCphc5

8.04am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

More than a year into the Covid-19 pandemic, the prospect of more government spending continues to support the financial markets.

European Opening Calls:#FTSE 6668 +0.81%#DAX 14117 +0.55%#CAC 5846 +0.62%#AEX 667 +0.52%#MIB 23230 +0.63%#IBEX 8408 +0.63%#OMX 2079 +0.57%#STOXX 3728 +0.55%#IGOpeningCall

Related: UK budget to extend furlough until end of September

Related: From forecasts to furlough: what to expect in the budget

One reason late nights are expected and that will make the job of Democratic leadership more challenging is that senators are walking into a legislative minefield later this week since the relief bill is being considered under budget reconciliation rules that allow a free-flowing amendment process, meaning senators can force votes on as many amendments as they like.

That means if two Democrats break ranks, they could amend the bill with the backing of 49 Republicans.

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