The FTSE 100 got off to a strong start on Monday following better than expected manufacturing data coming out of China.
The Caixin/Markit manufacturing Purchasing Managers’ Index showed a reading of 51.8 in November, up from 51.7 the previous month and the fastest expansion since December 2016. Anything above 50 signals expansion, and anything less than 50 signals contraction in the sector.
The UK’s leading basket of stocks, which is full of exporters, rose 0.39%, or 28.85 points, to 7,375.38.
The firm said it believes that any adjustment to the value of its inventory won’t have any cash impact and will relate to previous years.
Ted Baker has appointed independent accountants Freshfields Bruckhaus Deringer LLP to undertake a ‘comprehensive review of this issue’, and all costs and fees will be expensed during the period and ‘clearly identified as such’.
Harry Potter publisher Bloomsbury Publishing (BMY) gained 4.8% to 283p after it announced it has entered the domestic Chinese market having signed a joint venture deal with state-owned publisher China Youth Publishing Group and Roaring Lion Media.
The firm has joined just a small number of Western publishers entering the fast-growing Chinese market.
China is an important and growing market for book publishers and in particular is a key market for trade and academic publishing.
It is expected to continue to grow, with companies keen to enter the market with China projected to surpass the US as the world’s largest economy by 2030.
The bonds, due to mature in 2025, will be used to help fund Ocado Solutions, the firm's technology arm that it has pinned its growth hopes on.
Future chief executive Zillah Byng-Thorne said, ‘The addition of Barcroft Studios brings an excellent opportunity for Future to further innovate across our diverse media portfolio.
‘We are delighted to welcome the Barcroft Studios team and look forward to working with them to leverage their production expertise alongside our leading editorial content and brands.’
Fresnillo narrowed its 2019 outlook to 885,000 ounces of gold and about 55m ounces (oz) of silver, give or take 1%, but both forecasts remained within stated guidance, the company said.
The decrease in gold production was expected to be driven by the planned Noche Buena closure and lower production from Herradura, it added.
The two-year project was delivered on schedule and significantly below budget, the company said.
The firm's chief executive Tony Durrant said the milestone will help the firm to 'meet a growing market share within our existing gas contracts.'