Wed. Sep 30th, 2020

Chinese factories post fastest growth in three years, but Ireland struggles – business live

Rolling coverage of the latest economic and financial news, including new PMI surveys of the world’s manufacturing

8.45am GMT

Also in the City, shares in fashion chain Ted Baker have slumped to a 10-year low after it warned it has overstated the value of its inventory on its balance sheet.

Based on preliminary analysis, the Board estimates an impact on value of £20m to £25m. The Board believes that any adjustment to inventory value will have no cash impact and will relate to prior years.

Related: Ted Baker boss Ray Kelvin quits after ‘forced hugging’ claims

8.28am GMT

Shares in mining companies are rallying, on hopes that Chinese factories will be buying more iron ore, copper and coal.

Rio Tinto (+2.5%), Glencore and BHP Billiton (both 1.8%) have jumped to the top of the FTSE 100 leaderboard in London. That’s lifted the Footsie by 44 points, or 0.6%, in early trading.

Continue reading…Rolling coverage of the latest economic and financial news, including new PMI surveys of the world’s manufacturingChina’s PMI hits three-year highBut Ireland cuts jobs as exports fallUK and eurozone data due this morningComing up: Christine Lagarde at European Parliament 8.45am GMTAlso in the City, shares in fashion chain Ted Baker have slumped to a 10-year low after it warned it has overstated the value of its inventory on its balance sheet.Based on preliminary analysis, the Board estimates an impact on value of £20m to £25m. The Board believes that any adjustment to inventory value will have no cash impact and will relate to prior years. Related: Ted Baker boss Ray Kelvin quits after ‘forced hugging’ claims 8.28am GMTShares in mining companies are rallying, on hopes that Chinese factories will be buying more iron ore, copper and coal. Rio Tinto (+2.5%), Glencore and BHP Billiton (both 1.8%) have jumped to the top of the FTSE 100 leaderboard in London. That’s lifted the Footsie by 44 points, or 0.6%, in early trading. Continue reading…

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