Economic data shows UK faltering as Sunak set for No 10 – as it happened

Business surveys raised concerns over a looming UK recession, as the former Chancellor Rishi Sunak was set to become prime minister

Shares in online fashion retailer Asos have risen by as much as 4% in early trade after confirmation over the weekend that billionaire retail tycoon Mike Ashley has built up a 5% stake in the company.

Ashley's sportswear and fashion business - Frasers Group - informed Asos on Friday that it had increased its holding in the company, making it Asos's fourth-largest investor.

Frasers Group has a long history (over twenty years) of making strategic investments to develop relationships and partnerships with other retailers, suppliers and brands, including by way of acquisitions of shares, options, contracts for difference and other financial instruments.