T hat's it from us today at Telegraph Towers - thanks for reading and do join us again tomorrow morning for all the day's breaking business and economic news.

W hile airline stocks struggled on the London market today, there was a touch of optimism on the other side of the pond.

Delta Air Lines plans to hire 1,500 flight attendants in anticipation of an increase in demand for air travel next summer.

The announcement comes despite as many airlines struggle to keep up with a recovery in air travel and are grappling with staff shortages.

Southwest Airlines last week said it would operate fewer flights until the year as a result of a staffing crunch, which disrupted its operations this summer and led to flight delays and cancellations.

Delta also cancelled about 100 flights in April due to staff shortages, but a spokesman says its operations since then have been relatively smooth.

T he boss of Non-Standard Finance (NSF) quit abruptly on Tuesday as part of a management shake-up at the subprime lender, writes Simon Foy.

John van Kuffeler, who previously served as chief executive of rival Provident Financial for more than 20 years, said he was stepping down with immediate effect. He will be replaced by Jono Gillespie, the finance director. 

It comes as NSF prepares to tap shareholders for about £80m to bolster its beleaguered balance sheet and fund redress payments to customers who were mis-sold guarantor loans. 

In June, the company warned that its future would be in doubt if it failed to complete a substantial capital raise and shut its guarantor loans division. 

Mr Van Kuffeler, 72, is expected to receive a payoff of about a year’s salary, which last year came to £342,000. 

The departure of the industry veteran, who led NSF’s failed bid for Provident in 2019, comes after a torrid year for the company and Britain's high-cost lending industry more generally. 

T he record label behind Kylie Minogue and Black Sabbath is tuning up for an £860m deal spree as sales jumped to a record high, writes Ben Woods.

BMG said it was close to sealing four music rights deals alongside the American buyout fund KKR, and had a pipeline of 71 potential deals collectively worth more than €1bn.

It came as the group defied pandemic pressures to boost increase half-year sales by 9pc to €296m while profits ticked up 7pc to €50m.

The increase was underpinned by a strong streaming performance, which jumped by almost a third, and a 13pc rise across its publishing business.

Meanwhile, vinyl sales outstripped CDs for the first time to become the company’s most valuable physical product. 

A luminium prices hit a 10-year high on Tuesday as production slowed in China amid tougher controls on electricity consumption. 

My colleague Rachel Millard writes:

Prices rose 3pc to $2,726 (£1,985) on the London Metal Exchange - the highest level since May 2011 - with analysts forecasting further gains. 

China produces more than half the world's aluminium but the industry's power-hungry smelters have been curbing output amid soaring demand for electricity in China. 

Wei Lai, an analyst with TF Futures, told Bloomberg: “A slew of Chinese policies has recently come to affect aluminum output, pushing prices higher.  

Chinese policies including the power consumption cap are expected to stay through the rest of the year, so the upside momentum remains for aluminum. Prices can hardly retreat as long as demand remains intact.”

C hinese tech giant Tencent has ended all its exclusive music licensing agreements, following an order by Chinese regulators last month. 

The business said today that all parties involved in the agreements had been told about the change. It added it would continue to work with them on a “non-exclusive” basis.

Beijing said the crackdown on Tencent - which had deals with record labels including Sony, Universal and Warner Music - was necessary to tackle the company's dominance in online streaming.

After its acquisition of the Chinese Music Corporation in 2016, Tencent controlled over 80pc of China’s exclusive music streaming rights. 

L otus has begun work on a new £900m base in China as part of its huge bet on electric vehicles amid plans to widen its portfolio beyond sports cars, reports Alan Tovey.

The new facility in Wuhan combining a factory, test track and electric and autonomous car R&D centre will be home to offshoot Lotus Technology.

Although famed for its small and lightweight sports cars, Lotus is keen to break into the SUV market, which is the fastest-growing segment of the automotive industry.

The first SUV, the Type 132, will be launched next year and is the first of four all-electric vehicles as Lotus expands the range under its "Vision 80" strategy.

Read his full story here. 

C hris Beauchamp, chief market analyst at IG, comments: 

Stock markets are broadly lower on the final day of August, with early gains for European markets reversed and the FTSE 100 down 40 points as the close looms.

The month is ending with weakness for European markets, with US markets also running out of upward momentum for the time being.

Undoubtedly month-end rebalancing will get the blame, and a low reading on US consumer confidence will also be in the frame for why Wall Street is down.

A spike in eurozone inflation might also play a part, putting heavy pressure on European stocks as investors start to worry that ECB hawks will begin to call for an earlier end to loose policy and bring forward a post-crisis rate hike.

But with the Fed leaving tapering to later in the year the overall monetary policy atmosphere will remain conducive for risk assets. It will be just up to equities to navigate September, one of the weakest months of the year, without any major losses. 

P rice rises are starting to bite for UK consumers amid rising commodity prices, a rise in shipping costs and Brexit red tape, reports my colleague Laura Onita.

Overall retail prices edged up last month, with electricals being particularly affected after sharp rises in inflation compared to last year due to delayed shipping and shortages of microchips. 

Prices increased by 0.4pc in August from the previous month, the British Retail Consortium said. 

Experts have warned that food retailers may struggle to keep prices low in the coming months due to continued supply chain disruption. 

Helen Dickinson, chief executive of the BRC, said: “There are some modest indications that rising costs are starting to filter through into product prices.

“Food retailers are fighting to keep their prices down as much as possible, but mounting pressures mean this will not be sustainable for much longer, and food price rises are likely.”

She added that in the run up to Christmas the situation could get worse and customers may see reduced choice and increased prices for their favourite products and presents.

Compared to last year, however, overall retail prices fell. Meanwhile, shop price deflation eased to 0.8pc year-on-year in August compared to July’s decrease of 1.2pc.

Mike Watkins, head of retail at research firm NielsenIQ, said: “The next few months will be an important time for retailers to keep prices stable by absorbing as much of any increase in their supply chain costs as possible.”

U S consumer confidence dropped in August to the lowest level since February, as concerns mounted about the rapidly spreading delta variant and higher inflation.

Think tank the Conference Board said today that its consumer confidence index fell to 113.8 in August, down from 125.1 in July.

It added that concern about the resurgence of Covid-19 cases combined with worries about rising gas and food prices had contributed to the drop.

The decline followed a sharp fall reported Friday in the University of Michigan's consumer sentiment gauge.

T he FTSE 100 has extended its fall even further this afternoon, slumping 0.7pc to leave it at 7,098 points with just over an hour to go before the end of trading.

Banks and travel stocks are dominating the drop, with British Airways parent company IAG London's top faller with the travel sector hit hard by news that EU states are to recommend reimposing travel restrictions on US tourists over rising Covid infections in the country.

It was closely followed by HSBC, down 2.9pc. NatWest has now lost 2pc while distributor Bunzl has now fallen 2.5pc after homeworking hit UK revenue and it warned over supply chain issues.

Germany and France bourses were also in the red with respective drops of 0.61pc and 0.35pc amid spiking eurozone inflation. 

As the Dow dipped, the S&P 500 and Nasdaq also slipped off record highs, with the Schwab Market Update noting "markets continue to grapple with the lingering delta variant [and] Fed tapering expectations, and as we likely decelerate from peak earnings and economic growth rates".

"The global markets are digesting softer-than-expected Chinese manufacturing and services activity and a hotter-than-expected consumer price inflation report out of the Eurozone," Schwab added.

"Downside risks for the final months of the year remain - which makes confidence in the central banks' plans for unwinding pandemic stimulus all the more important," Oanda analyst Craig Erlam told AFP.

W all Street fell into the red at the opening bell this afternoon, as a pullback in heavyweight tech stocks dented markets despite the Fed's dovish comments on stimulus.

The tech-heavy Nasdaq slipped 0.32pc, with the S&P 500 and Dow both losing about 0.25pc in early trading.

Netflix and Twitter dropped 0.5pc while Apple lost 0.88pc, with Google and Amazon also dropping.

But the Nasdaq is on pace to end higher for the third month, supported by easy central bank policy and as investors continue to bet on tech stocks amid uncertainty from rising virus infections.

"Expectations are for tech stocks to continue to perform better on the back of strong fundamentals and as there still remains some uncertainty around the effect of the coronavirus on economic growth," Arthur Weise, chief investment officer of Kingsland Growth Advisors, said.

And the S&P 500 is still headed for its seventh consecutive month of gains, with a more than 3pc rise in August, after Fed Chair Jerome Powell last week signaled no rush to tighten its monetary policy, helping equities continue their rally.

"There continues to be a positive bias towards U.S. equities and investors are just holding back as we near the anticipated labor market data," Weise added.

O il prices have extended their fall ahead of the meeting between cartel OPEC and its allies tomorrow, with investors assessing the potential impact increased production would have.

European benchmark Brent crude lost close to 0.8pc to leave it at $72.84, while West Texas Intermediate was even lower, down 1.05pc at $68.48.

Traders are looking out for signs of a faster tapering of production cuts from OPEC and its allies, but Oanda analyst Craig Erlam doesn't see appetite for such a move.

"It would be a surprise if they do anything at the moment, despite pressure from the White House, given current price levels, demand and uncertain outlook," he said.

He added that China's weak overnight economic data will also have weighed on the commodity, as well as traders banking profits from WTI's strong performance last week:

China is the world's largest crude importer so the weaker surveys are naturally a drag, especially given the broader growth concerns beyond the, now contained, [Covid] outbreak.

It's also worth noting that WTI prices rebounded more than 12pc in the week to yesterday and came within a whisker of $70 before pulling back, so there's probably an element of profit-taking to the move. Particularly when you consider that some of the gains were attributed to Tropical Storm Ida last week and operations are already being restored.

A irline Jet2 has signed a deal to buy 36 new Airbus A321 neo planes over the next five years, as budget airlines plan for a post-pandemic boom in business.

The contract can also be extended to up to 60 aircraft, the airline said.

At the list price, the planes would be worth up to around £3.6bn but the company said it had negotiated "significant discounts".

I nvestor Blackfinch has announced plans to list a new investment trust focused on renewable energy on the London Stock Exchange. 

Blackfinch Renewable European Income Trust (BRET) plans to fundraise up to £300m through the float and it expectsto spend the proceeds of the listing within 12 months of the listing.

The group said it plans to buy 21 construction-ready solar assets worth around £232m and has a pipeline of further opportunities worth over £500m.

"Demand for renewable energy in Europe is enormous, and there is a critical undersupply," said BRET chairman Anthony Marsh.

G SK and Korean vaccines giant SK Bioscience have begun testing their experimental Covid vaccine against AstraZeneca’s jab in final stage trials, reports Julia Bradshaw. 

The study will be one of the first global phase three trials to compare two different Covid vaccine candidates.

It will pit the GSK/SK Bioscience jab against AstraZeneca’s, following earlier trials which suggested the vaccine was both safe and highly effective.

Like Astra's jab, the GSK/SK vaccine will be affordable and aimed at less developed countries. It will be distributed through the Covax scheme. 

The companies hope to win approval from regulators shortly after the phase three trial finishes in the first half of next year.

Read Julia's full story here. 

N ike has given staff at its Oregon headquarters a week off to help support their mental health following what it described as a "traumatic" time, reports Laura Onita. 

The sportswear giant said that it would "power down" until Friday in a move aimed at improving mental wellbeing ahead of a return to the office next month. 

In a message to all employees, Nike's Matt Marrazzo said: "Take the time to unwind, de-stress and spend time with your loved ones. Do not work.”

He urged staff to switch off, adding they were "living through a traumatic life event". 

"In a year (or two) unlike any other, taking time for rest and recovery is key to performing well and staying sane."

Read Laura's full story here.

T he pound has lifted to a two week high today, extending gains against the dollar which weakened after Federal Reserve Chair Jerome Powell did not signal a precise timeline for a policy shift.

At Friday's virtual Jackson Hole conference on Friday, Powell gave no indication about when the central bank planned to cut its asset purchases beyond saying it could be "this year".

The comments pulled back the US dollar and pushed up the pound.

Sterling extended these gains on Tuesday as the dollar fell further. The pound is currently up 0.2pc against the dollar at $1.3787. 

Versus the euro, it was up 0.16pc, at 85.86 pence per euro.

B ritish pet retailer Jollyes said it will open 20 new shops in the next 18 months to cater to increased demand from the pandemic's new pet owners. 

Pet ownership has exploded during lockdowns with the Pet Food Manufacturers Association estimating 3.2m households have got a pet since the pandemic started.

As a result, Jollyes said that it had experienced significant growth, with revenue jumping 21pc in the last three months compared to the same quarter two years earlier. 

It added some of its new shops would be opened after buying smaller rivals.

"While remaining open throughout the pandemic to serve pet lovers has not been easy because of the added cost and complexity, our people have more than risen to the challenge, and we've enjoyed a very successful year with sensational progress," said executive chairman Richard Cotter.

"And we're excited about our future - we've worked hard to build a strong platform that will allow us to do much more - new and better stores, wider ranges and further investment in our people as we bring their passion for pets to more communities across the UK."

U S stock futures slid this morning in New York, as traders wait for key payrolls data to be released on Friday.

Nasdaq futures dropped 0.1pc, S&P 500 futures dipped 0.05pc lower while Dow Futures were flat, losing only two points. 

The S&P 500 is eyeing its seventh straight monthly advance, its longest winning streak since January 2018, following strong company profits. 

Video call platform Zoom dropped 11pc as the company signalled growth may flag as people return to offices.

S outh Korean MPs passed a law today banning Apple and Google from forcing app developers to use their payment systems, effectively forcing the tech giants to open their app stores to alternative payment providers.

Dubbed the "Anti-Google Law", the bill was approved by 180 votes to 0 in the National Assembly, making South Korea the first major economy to pass legislation on the issue.

The South Korean measure arrives against a backdrop of mounting global criticism about how Apple and Google charge 30pc commission on app sales and require their own payment systems to be used so they can  collect a share of the transactions.

The Korean law - locally - will offer users a choice of app payment providers, allowing them to bypass charges set by the store owner.

Fines could be set at 3pc of a company's South Korea revenue. 

"This law will certainly set a precedent for other countries, as well as app developers and content creators worldwide," Kang Ki-hwan at the Korea Mobile Internet Business Association told AFP.

It is expected to come into force in September.

B udget airline Norwegian Air, which exited bankruptcy protection in May, has reported an improvement in its earnings for the first six months of the year.

Norwegian reported a net profit of 1.6bn kroner (£134m) after financial restructuring, compared to a loss of 5.4bn kroner in the first half of 2020.

However the company's gross operating income - excluding restructuring costs and other charges such as interest and taxes - remained in the red.

The report "marks a clear improvement in both the financial situation, due to lower operating costs and the successful completion of the reconstruction process of the company, and the gradual ramp up of our operations in response to increased passenger demand," chief executive Geir Karlsen said.

L ondon's FTSE 100 has accelerated it losses and is now down 0.3pc. 

Travel stocks IAG and Rolls Royce were the biggest drags on the index, with the British Airways parent down 3.1pc. 

Banks and Bunzl also helped outweigh gains in miners.

I n the latest chapter in China's crackdown on online companies, the country has announced it plans to tighten oversight of e-commerce businesses like Alibaba and Pinduoduo and hold them accountable for intellectual property violations.

E-commerce platforms will have their operations restricted or even their licenses revoked if they fail to deal with violations of IP rights by vendors on their platforms, according to a draft revision of the country’s e-commerce law posted by the State Administration for Market Regulation.

The watchdog is seeking opinions on the draft revision until October 14.

Chinese companies have long faced allegations, including from the US, that they allowed pirated or counterfeit goods to be trafficked through their websites. (Read more about that here.)

O ver half of Marks and Spencer's shops have stopped selling suits, as consumers favour casual over formal wear. 

Now only 110 of the retailer's 254 clothing stores are still selling suits, according to Kantar data shared with the Sunday Times. 

In the year to July 2021, shoppers bought 2m men's suits compared to 4.3m five years ago. 

A luminium prices have soared to a 10-year high this morning, extending a year-long rebound as demand surges and supply of the usually abundant metal comes under pressure.

Bloomberg has the details: 

Prices rallied as much as 2.9pc to $2,726.50 on the London Metal Exchange, hitting the highest since 2011 and moving closer to an all-time high above $3,300 a ton.

Goldman Sachs, Citigroup and Trafigura Group are among those forecasting further gains ahead, as the industry braces for a potentially seismic shift into deepening deficits.

Supply is increasingly challenged, particularly in top producer China. The country’s energy-intensive aluminium industry has come into Beijing’s crosshairs during a crackdown on pollution, while a seasonal power crunch has also dented output. A big boost this week came from Guangxi province, an aluminium hub in the southwest where authorities want to cut metals output to slash energy usage.

“A slew of Chinese policies has recently come to affect aluminium output, pushing prices higher,” Wei Lai, an analyst with TF Futures, said by phone from Shanghai.

“Chinese policies including the power consumption cap are expected to stay through the rest of the year. So the upside momentum remains for aluminium. Prices can hardly retreat as long as demand remains intact.”

The metal, which is used in everything from car parts to drinks cans and home appliances, fared particularly badly at the onset of the pandemic, but is now enjoying a strong resurgence as consumer demand and economic activity bounces back. 

In the years to come, demand looks set to soar in electric vehicles and renewable energy, and efforts to rein in the aluminium industry’s heavy carbon footprint could spell the end of a decade-long era of oversupply.

C onsumers did not borrow additional consumer credit in July, according to the Bank of England. 

Although they borrowed an additional £100m of ‘other’ forms of consumer credit, such as car dealership finance and personal loans, this was offset by net credit card repayments of £100m.

On average, £1.2bn of consumer credit was borrowed per month in the two years to February 2020.

It added the effective rate of new personal loans remained low at 5.9pc but was the highest since March 2020. 

M ortgage approvals slid in July, suggesting the end of the stamp duty holiday deterred new home purchases. 

Bank of England data shows there were 75,152 mortgage approvals in July compared to 80,272 in the previous month.

July was the first full month after the stamp duty holiday began to be tapered on June 30. 

Mortgage approvals fell 6.4% in July following the first Stamp Duty holiday reduction, they remain 16% ahead of the 10-year average, but are trending back towards the mean, the distortion of the stamp duty holiday appears clear to me…#mortgage #stampdutyholiday pic.twitter.com/E1SbTXnvYv

E urozone inflation jumped 3pc in August, according to official data released Tuesday, as shortages and rising energy costs were among the factors pushing consumer prices sharply higher.

The rise was a full 1pc higher than the ECB's target of two percent and was at a level last reached in November 2011. 

H ere's the daily round-up from The Telegraph's Money team: 

M inisters have refused to disclose the invite list for the upcoming Global Investment Summit over fears of a terrorist attack, as the world’s elite descend on London, writes my colleague Russell Lynch. 

The event, to be held at the Science Museum on October 19, will be hosted by the Prime Minister and supported by members of the Royal Family in a bid to attract billions in overseas funding for green industries and showcase Britain as an investment destination after Brexit.

The Department for International Trade has invited up to 200 of the world’s leading investors to the summit, but refused a Freedom of Information request from The Telegraph for the list of guests on national security grounds.

It said: “Although it may seem like harmless information, safeguarding national security is amongst the weightiest considerations in the FOI Act, and it cannot be set aside lightly." 

Read Russell's full story here. 

S hares of Raven Property have jumped almost 12pc after the London-listed Russian company said it swung to a pretax profit of £49.8m in the year's first half compared to a loss of £26.7m last year. 

Raven, which operates commercial warehouses in Russia, said it is benefiting from the global trend in high demand for warehouse space as the online shopping boom boosts rents and pushes occupancy rates higher to 96pc.

However the company warned: "Whilst the rental market and valuations are performing strongly, the profit outlook for the year is heavily dependent on interest and exchange rates." 

T he banking sector is also weighing on the FTSE 100 this morning, with HSBC shares down 2.4pc, Natwest down 1.7pc and Lloyds down 1.2pc. 

S hare of European airlines are sliding as hope fades that the summer holiday season can be extended, as the start of the school year dents family bookings and the spreading delta variant prompts new travel curbs.

Carriers including Ryanair have said they will keep prices low to prolong demand through October and bulk out its winter timetables, betting that pent up vacation demand will sustain sales through a usually quiet period. 

TUI also says it’s ready to add capacity in Mediterranean resorts if the opportunity arises.

Howevr this morning investors are gloomy about overseas travel demand.  Wizz Air and EazyJet are trailing the FTSE 250, both down around 3pc since yesterday's close. On the FTSE 100, British Airways owner IAG fell 2.6pc. 

The UK last week kept Turkey on its red list and downgraded Thailand, a popular luxury destination during colder months. The European Union also tightened curbs again for US arrivals yesterday.

M iners are boosting the FTSE 100 this morning, with Antofagasta (up 2.4pc), Evraz (up 1.9pc) and BHP (up 1.8pc) among the top risers. 

Scottish Engineering company, the Weir group, leads the blue-chips for gains (up 2.8pc) despite its looming demotion from the FTSE 100. 

Trailing the index is Bunzl (down 3.2pc) after it reported UK revenue in the first six months of 2021 had sank. 

On the FTSE 250, British IT group Computacenter was the top riser (up 2.4pc) after it said it expects its 2021 adjusted profit to be ahead of market forecast.

The company said this morning:  

The exceptionally good performance in the second half of 2020 makes a more difficult comparison than we have experienced in the first half of this year, but even with a flat performance in the second half of 2021 compared to the second half of last year, we would finish the year 10 per cent ahead of current market expectations of the Group's full year 2021 adjusted profit before tax.

B usiness confidence has risen to its highest level in more than four years as looser Covid restrictions allow the economy to recover from the pandemic, reports my colleague Julia Bradshaw. 

British companies are also more optimistic about what is in store for the economy over the next 12 months, with a record number planning to increase salaries, according to the Lloyds Bank Business Barometer survey.

Hann-Ju Ho, senior economist at Lloyds, said: “This tells a positive story about the country’s economic recovery. This confidence is driven by the continued success of the vaccine rollout, the removal of lockdown restrictions and adjustments to self-isolation rules.”

Construction, manufacturing and services were the sectors that recorded the biggest increases in confidence, while economic optimism rose for the first time in three months.

Read Julia's full story here. 

O il prices are recovering from a steep slump this morning, as investors assess the prospect of additional OPEC+ production ahead of an alliance meeting tomorrow as well as the restoration of crude output in the US after Hurricane Ida.

Brent dropped to a low of $72.95 in early trading before recovering slightly to $73.31.

West Texas Intermediate has followed the same pattern and is now trading at $69.12. 

Oil prices have fluctuated during a turbulent August, as investors react to the latest twists in the global health crisis and swings in the US currency.

“The tide has turned in recent weeks, with the market a lot more comfortable that the recovery in demand has not been derailed by the delta variant,” Daniel Hynes, senior commodities strategist at Australia & New Zealand Banking Group, told Bloomberg.

“However, the market will be watching the OPEC+ meeting for any signs they are seeing demand is not rebounding as strongly as they expected.”

T he FTSE 100 has lifted 0.14pc on opening to 7,158.26 points. 

The FTSE 250 however is trading flat, at 24,059.94 points. 

F TSE 100 listed distribution and outsourcing company Bunzl said its UK revenue sank 10.3pc as sales for products related to the coronavirus fell and the recovery in cleaning products was limited by the number of people yet to return to its offices. 

Revenue dropped to £579.6m in the first six months of 2021, compared to £626.1m in the same period last year.

But the group’s total revenue hit £4.86bn, climbing just above last year’s $4.84bn. Although UK and Europe revenues fell, revenues in North America and the Rest of the World rose. 

 Frank van Zanten, Bunzl's chief executive, said:

While some regions have seen a strong recovery, others have experienced greater pandemic-related restrictions at various points over the last six months. 

One of the key strengths of our decentralised business is the ability to respond to local situations, enabling a consistent focus on delivering the right solutions for our customers. Whilst we are now seeing a reversal in Covid-19 related sales, this has been more than offset by the recovery experienced in our base business over the first half. 

[...] Our outlook for 2021 is unchanged and we continue to expect, at constant exchange rates, underlying revenue to be moderately higher than the pre-pandemic period in 2019.  

O vernight in the US, shares of stock trading app Robinhood plummeted after reports that Paypal could launch a rival online brokerage and the SEC said a ban of payment for order flow is “on the table.”

Robinhood fell as much as 9.2pc, after CNBC reported Paypal was exploring how it could let US customers trade individual stocks on its platform. 

The drop in share price was also a reaction to the SEC's Gary Gensler's comments to media outlet Barron's that paying for order flow - where brokerages send customer orders to trading firms and receive payments in return - has “an inherent conflict of interest.”

Paying for order flow accounts for the bulk of Robinhood's revenue. 

However the SEC is concerned the practice creates an incentive for brokers to send customers orders to trading platforms that maximise their own profits instead of giving retail investors the best execution for their trades. 

The issue has become a focus as policy makers scrutinise this year’s meme-stock frenzy.

T he founder of chief executive of subprime lender Non-Standard Finance (NSF) said today he would step down, with immediate effect. 

John van Kuffeler will hand over to current finance head Jono Gillespie.

"Given the pending recapitalisation of the company, we have agreed with John van Kuffeler that we should accelerate the long-planned leadership change and appoint Jono Gillespie as Group CEO prior to commencing meetings with investors," Chairman Charles Gregson said.

The FTSE 100 is set to climb by around 0.32pc at today's open following the bank holiday, despite data showing China's services sector shrank for the first time since the peak of the pandemic in early 2020.

Futures for the index point to a 25-point gain to 7,156 when trading begins at 8am. However, that would follow a surprise dip in output from one of the world's biggest economies. 

China's National Bureau of Statistics revealed a drop in the non-manufacturing Purchasing Managers’ Index (PMI) to 47.5 in August, down from 53.3 in July and worse than expectations of a score of 53. Anything below 50 represents a contraction.

Jeffrey Halley, senior analyst at trading platform Oanda, blamed in part China's introduction of tougher restrictions against private sectors such as tech and education for the blow to output.

"Several factors are at work here," he said. "Covid-19 lockdowns in various cities and critical ports sapped domestic consumption, and consumers postponed travel as a result. However, it is likely that the ongoing government clampdowns in multiple sectors, notably student tuition and technology, are impacting both employment concerns in those affected and broader consumer confidence as fears of wider interventions rise." 

1) Projects worth £166bn all set to be late and over budget Official analysis reveals many delays and budget overruns, giving ammo to critics who claim MoD procurement is not fit for purpose.

2) Summit guest list kept secret on national security grounds Two hundred of the world’s leading financiers will attend the Global Investment Summit, which will be hosted by Boris Johnson.

3) Care homes under threat from ‘no jab, no job’ policy Boris Johnson’s plans to solve the social care crisis risk being derailed by worker shortages as the industry warns that a lack of staff will force homes to close.

4) Surging inflation set to cost Sunak an extra £12bn Surging inflation is set to cost Rishi Sunak an extra £12bn this year, potentially squeezing his ability to offer more giveaways in the Budget.

5) Driverless cars on course for dedicated lanes to ease safety fears Allocating dedicated lanes for driverless cars could help the public feel more comfortable about the technology, according to new research commissioned by the Government.

Asian stock markets opened lower on Tuesday despite fresh all-time highs on Wall Street, as worries about China's slowing economic growth and regulatory changes weighed on investor sentiment.

MSCI's gauge of Asia Pacific stocks outside Japan slipped 0.25pc, while Japan's Nikkei 225 fell more than 0.3pc in the morning session.

Japan's industrial output shrank in July as car production took a hit from a resurgence of coronavirus in Asia that has cast doubt over recovery in the world's third-largest economy.

Hong Kong's Hang Seng Index and China's benchmark CSI300 Index opened down 0.1pc and 0.2pc respectively.

China's factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world's second-largest economy, while services activity contracted sharply, national data showed on Tuesday.

Beijing on Monday cut the amount of time players under the age of 18 can spend on online games to an hour on Fridays, weekends and holidays, which analysts expect to continue to weigh in on tech stocks.

Australian shares rose slightly for a second straight session, led by mining and technology stocks. The S&P/ASX 200 was up 0.2pc.

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