Below is a selection of the morning's key market news, earning reports & trending stories - see more here.
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The UK economy is expected to slow to a “snail’s pace” according to a new forecast by the British Chambers of Commerce (BCC).
The BCC today announced it has downgraded its growth expectations for the UK economy, forecasting GDP growth for 2018 of just 1.1%.
This is down from the 1.3% it previously forecast for the UK's 2018 growth.
In addition to this, the organisation also downgraded its GDP growth forecast for 2019 from 1.4% to 1.3%.
This latest forecast would imply that by 2020, the UK economy would have experienced its second weakest decade of average annual GDP growth on record.
The BCC said: “The downgrades to our forecast for GDP growth in 2018 and 2019 have been largely driven by a weaker outlook for trade and investment.
“Exporters face more subdued growth given continued Brexit uncertainty and the expected slower growth in key markets. As a consequence, net trade is expected to make a negative contribution to GDP growth over the forecast period.”
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Houseprices in the UK recovered in August after a period of decline this year according to Rightmove (RMV) .
The company said monthly house prices increased by 0.1%, following consistent price falls in every month since March.
This increase was driven by an increase in the upper end of the housing market in London - with Rightmove seeing a 6% increase in sales of houses priced £750,000 and over compared to the year before.
Oliver Blake, managing director of Your Move said: “The slower market should help ease the affordability challenge faced by many buyers.
“Even in London, where an average increase was recorded over the month, homes in most boroughs are significantly cheaper in real terms than they were this time last year.”
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Boohoo (BOO) has today announced the appointment of a Primark executive to be its new chief executive.
John Lyttle, who is currently the COO of Primark, will become chief executive from 15th March 2019.
During his eight-year tenure at Primark, turnover has grown by 158% to over £7bn and operating profit has grown by 116% to £735m.
Prior to this, Lyttle had senior roles at Matalan and the Arcadia Group.
Mahmud Kamani and Carol Kane, Joint Chief Executives of boohoo group, said: "We are thrilled to have secured a candidate of John's calibre as our CEO.
"We have got to know John over a number of years and are convinced he has the necessary skills to complement what we already have and take the Group on to its next stage of growth. Both of us remain totally committed to the business and will ensure a measured and careful handover.
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