Market overview: US services sector accelerated in November

1500: Activity in the US services sector unexpectedly accelerated in November as the pace of incoming new orders picked up. The headline activity gauge edged higher to a reading of 59.3 from 57.1 in the prior month. Analysts had been expecting a reading of 57.5.

1315: Employment in the US grew by 208,000 people in November, according to consultancy ADP (consensus: 222,000).

1255: In his opening remarks the Chancellor has indicated that he will tighten the public finances, as expected, in what some economists believe will be a ‘last push’ on fiscal consolidation in the UK. He has also announced that the Office for Budget Responsibility (OBR) has revised its forecast for economic growth in the UK this year higher, to 3%. The rate of expansion in gross domestic product (GDP) expected next year has also been upgraded, to 2.4%, followed by similar rates over the following three years.

0930: The UK services PMI has come in at 58.6 for November, up from 56.2 in October and well ahead the 56.5 reading expected by the market. "November’s survey of the UK service sector indicated a strengthening of activity growth amid reports of firm demand and rising volumes of new business," Markit said.

0900: Accountancy software group Sage is up 4% after it hailed higher annual profits and the achievement of key financial milestones for 2014. Oil stocks are pulling back after a strong rise yesterday. BP and Shell are retreating after merger chatter pushed the stocks higher late Tuesday afternoon. Meanwhile, Just Eat has dropped sharply after a group of shareholders behind its IPO earlier in the year raised £139m by selling a 7.7% stake. The 43.5m shares were sold at a price of 320p, compared with Tuesday's close of 343.05p.

0830: Stocks have opened broadly flat as investors await a string of economic data from across the globe, with services PMIs due out in the UK, Eurozone and US. The HSBC and government services PMIs in China showed an improvement in November, but the HSBC composite PMI fell due to ongoing weakness in manufacturing. Investors will also be looking ahead of George Osborne's Autumn Statement due at 12:30. The FTSE 100 is down 2.64 points at 6,739.46.