Meanwhile, UK retailers are fretting over the national insurance hike announced in October's budget. They warn this could lead to job cuts and price hikes, with the industry potentially facing a GBP7 billion annual hit.

Fresh data from the Office for National Statistics showed the UK's new business openings have hit a low not seen since 2010, with only 316,000 startups in 2023—a 6.2% drop from the previous year.

On the corporate front, Imperial Brands reported a dip in full-year profit and revenue but sweetened the deal with a 4.5% dividend increase. The company saw a 4% decline in tobacco volumes but compensated with a surge in revenues from vapes and heated tobacco.

Genuit is bracing for full-year profit at the lower end of expectations and predicts a sluggish market in 2025. Edinburgh Investment Trust, however, reported a 6.5% rise in net asset value in its half-year report. Diploma, a seals and controls firm, posted a 20% increase in annual operating profit and a 5% dividend boost. Informa, the business events and academic publishing giant, reaffirmed its full-year guidance amid double-digit revenue growth. Mulberry's losses widened to £15.7 million for the six months ending 28 September, up from £12.8 million. Revenues fell by 19%, prompting a strategic review to steer back to profitability.

Down under, Australia's ASX 200 index hit a record high, climbing 0.9% thanks to strong energy and gold mining stocks. This follows the Reserve Bank of Australia's decision to keep interest rates steady at 4.35% for the eighth straight meeting.

Across the pond, whispers abound about President-elect Donald Trump's potential Treasury Secretary pick, with Kevin Warsh, a former Federal Reserve governor, reportedly in the mix. Warsh's appointment could herald a shift in the Fed's inflation strategy. Meanwhile, the U.S. has pledged ongoing military support to Ukraine, with more security assistance announcements on the horizon.

G20 leaders convened in Rio de Janeiro to tackle climate change, conflicts in Ukraine, Gaza, and Lebanon, and other global challenges. They acknowledged the need for increased climate finance and called for ceasefires in Gaza and Lebanon. They also backed cooperation to ensure effective taxation of ultra-high-net-worth individuals.

Things to read today: