1. Tesco raises profit outlook as it sees food inflation falling
The grocer now expects retail adjusted operating profit between £2.6 billion and £2.7 billion for the 2023/24 financial year, ahead of previous guidance of £2.5 billion.
2. Sunak cancels HS2 to Manchester but promises other northern upgrades
Unveiling the decision at the Tory party conference, the PM said that things had changed and that “every penny saved” would be spent on new transport projects.
ALSO: Tobacco company shares fall as PM clamps down on smoking
3. FTSE 100 closes lower as oil stocks weigh
At the close, London's lead index was down 57.71 points, 0.8%, at 7,412.45 while the FTSE 250 fell 184.86 points, 1.1%, at 17,492.90
4. London is not falling behind the global IPO market
In fact, the London stock market edged out Asia-Pacific’s -41% year-on-year decline in proceeds in the third quarter, while staying lockstep with the wider EMEA average.
5. Superdry deal: Who is the Indian buyer?
A joint venture is being created through the licensing deal, with Reliance Brands UK, set to own 76% of the newly created company, while Superdry takes up a 24% holding, having invested £9.6 million.