Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The US Treasury Department was hacked by a Chinese state-sponsored actor through a third-party software service provider, according to a letter the agency sent to Congress on Monday.

(2) China’s services activity expanded at the fastest pace in nine months while the manufacturing sector grew for a third straight month, signaling improving domestic demand after Beijing’s stimulus blitz.

(3) European gas prices are up about 45% this year, adding to the burden on households and industry as they strive to recover from the worst cost-of-living crisis in decades. There’s likely to be more to come with Russian gas flows due to cease on Jan. 1.

(4) German Chancellor Olaf Scholz and his deputy, Robert Habeck, used their New Year addresses to castigate Elon Musk over his backing for a far-right party in February’s snap election.

(5) Former HSBC Holdings Plc Chief Executive Officer Noel Quinn was knighted in the UK’s prestigious New Year Honors list, joining London Mayor Sadiq Khan and Gareth Southgate, who served as the England men’s football team manager until earlier this year, in earning top awards.