London's FTSE 100 made a steady start, rising 14 points to 8,326, as traders overlooked another set of shaky UK economic numbers.
Britain's economy unexpectedly contracted for a second month in October as production and construction output slowed. Gross domestic product (GDP) dropped by 0.1% month on month, following a 0.1% fall in September, a number Chancellor Rachel Reeves said was "disappointing".
Elsewhere, Ofcom has fined Royal Mail £10.5 million for failing to meet delivery targets in the 2023/24 financial year. This is the second financial penalty in just over a year for the IDS-owned business following a £5.6 million fine in November 2023.
Tullow Oil has received a takeover approach from US-based oil group Kosmos, though talks are said at be at a very preliminary stage.
Finally, boohoo’s war of words with Mike Ashley’s Frasers group continues to rumble on ahead of next week’s vote conclusion. In the latest heated exchange between the two, Boohoo said it would be willing to recommend an “appropriate” candidate put forward by Frasers, but not those already suggested. The online retailer added that Ashley would not be joining its board “in any circumstances”.
