UK economy shrank after Brexit delay, figures confirm - live updates - The Telegraph, The Telegraph

Good morning. The FTSE 100 enjoyed another boost on Friday in a day marked by US political turmoil and a turbulent pound, whichdropped after a Bank of England rate-setter said rates could be cuteven if the UK gains a Brexit deal.

5 things to start your day

1)The Confederation of British Industry isarguing in favor of a Brexit “tax holiday ”For businessesto help them weather the impact of a potential no deal. The lobby group believes that flexibility of between six to 12 months over when to pay the taxman would help companies manage their cash flow if trading is disrupted by an abruptexit at the end of next month.

2)Ted Baker investors will be on the look-out for a new cash call this weekas the struggling retailers bosses hit the road to court fund managers. These talks come ahead of the company’s half-year results on Thursday, which analysts expect to include a dividend cut, and amid rumors that founder Ray Kelvin is plotting to take the business private.

3)Thescandal enveloping Credit Suisse’s fight for talent continues, as a new shareholder wades into the allegations of espionage and stalking to defend chief executive Tidjane Thiam. The results of a report into the allegations of star banker Iqbal Khan, who claims he was followed by detectives after he resigned over the summer, will emerge this week.

4)The biggest backer of embattled fund manager Neil Woodford ispreparing for a “worst-case scenario”when angry investors finally obtain access to cash frozen in his flagship fund. Hargreaves Lansdown, which has £ 1.6bn in the fund, is talking to Link Fund Solutions about selling assets in a fire sale.

5) And British cannabis startup Foliumis planning to raise £ 24 m ahead of a possible listing on London’s junior Aim market next year, amid growing investor interest in the sector. The company, led by former Cable & Wireless executive Richard Dodd, will attempt to woo investors by offering exposure to Europe’s growing medical cannabis sector.

What happened overnight

Asian stock markets, including China’s, were little changed on Monday, shrugging off news that the US administration is considering delisting Chinese companies from US stock exchanges.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0. 05 pc while China’s Shanghai stock index slipped 0.2pc, barely responding to any of the concerns around the latest Sino-US tensions that caused the Nasdaq index to fall more than 1pc on Friday.

In Hong Kong, the Hang Seng Index rose by 134 . 07 points, or 0. 52 percent, to 26, 0 88. 88 by the lunch break.

Risk assets took a hit in US trade on Friday following news the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

The report knocked Chinese shares listed on U.S. exchanges, with Alibaba Group Holding falling 5. 15% and JD.com 5. 95 pc on Friday.

Worries such an escalation would hurt Japan the most however weighed on the Nikkei, which shed 0. 45%. U.S. stock futures gained 0. 44 %, paring most of Friday’s 0. 53 % fall in the index.

Meanwhile, American fashion brand Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes,has filed for bankruptcy protection.

The privately held company based in Los Angeles said on Sunday it would close up to 178 stores. As of the bankruptcy filing, the company operated about 800 stores globally, including three in the UK: in London, Birmingham and Liverpool. *********