As the sun rises over London's financial district, the FTSE 100 is down 0.3%. Investors are mulling over uninspiring economic data from China, even as the UK retail sector surprises with a September performance that exceeded expectations.

Boohoo Group is undergoing a strategic makeover to enhance the value of its fashion brands, which include Debenhams and Karen Millen. Executive Chairman Mahmud Kamani admits the company has outgrown its youthful fashion roots. This realization has sparked a review of its corporate structure to boost shareholder value. Its revenues fell 15% to £620 million for the six months ending August 31. Boohoo announced a new £222 million debt facility and the departure of CEO John Lyttle after five years.

The UK's retail sales in September defied predictions with a 0.3% monthly increase, despite slowing from August's 1.0% rise. 

In China, stock markets are buoyant following the central bank's latest economic support measures. A 20 basis point cut in a key lending rate was announced, alongside GDP growth figures of 4.6% for the third quarter. This is slightly below the previous quarter's 4.7% but above market expectations of 4.5%.  Retail sales there also increased by 3.2% annually, outpacing the expected 2.5% growth. These developments lifted the Shanghai Composite and Hang Seng index, although this is the slowest pace of growth in 18 month and it falls short of the 2024 target of about 5%.

Across the pond, the Dow Jones gained 0.4%, while the S&P 500 and Nasdaq Composite showed minor fluctuations.  Netflix continued its recent momentum with good figures last night. Procter & Gamble and American Express are on the shelves at midday in the US.

In other news, UK Chancellor Rachel Reeves is reportedly planning £3 billion in welfare cuts over four years, aligning with previous Conservative proposals. In corporate news, British American Tobacco is progressing towards a settlement in Canadian tobacco litigation.

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