Closing summary
European stock markets have risen on hopes that we are getting closer to a Ukraine peace deal.
However, defence stocks haven fallen, with Europe’s aerospace & defence stocks index down by 3%, putting it on track for its biggest daily drop since early July. The companies’ valuations have been boosted this year by the prospect of soaring defence budgets, as western governments shore up their defences against Russian president Vladimir Putin.
The FTSE 100 index in London has climbed 28 points, or 0.3%, to 9,186 while the German, Italian and French markets have gained between 0.5% and 1%.
On Wall Street, the Dow Jones has gained 0.2% while the Nasdaq has fallen 0.4% and the S&P 500 index is flat.
Oil prices have fallen, with Brent crude by almost 1% below $66, to $65.97 a barrel.
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Thank you for reading. We’ll be back tomorrow to bring you the latest news. – JK
Updated
Shein looks at returning to China for Hong Kong listing after London IPO stalls
The online fashion retailer Shein is understood to be considering moving its base back to China from Singapore to pave the way for a Hong Kong listing.
The business, which was founded in China and moved its headquarters to Singapore in 2022, had been considering a £50bn float in London after failing to win approval from regulators in the US for a New York flotation.
However, Chinese authorities have not given the nod to a UK listing and the fast-fashion group has faced questions about conditions in its supply chain from campaigners, influential British MPs and investors.
The company is subject to oversight by Chinese regulators despite being officially based in Singapore because the China Securities Regulatory Commission requires all companies with substantial links to the country to clear a review before listing shares anywhere in the world. Shein still makes most of its clothing in China.
It has consulted lawyers about setting up a parent company in mainland China, according to a Bloomberg report, indicating that the company is now most likely to list in Hong Kong.
