The Conservative Party has started the process to select a new leader, with nominations open until Monday at midday.

Names have been circulating, including chancellor Rishi Sunak, leader of the house Penny Mordaunt, and former PM Boris Johnson.

Lower-than-expected retail sales data further dented investor sentiment. Sales volumes declined by 1.4% between August and September as consumer fell the pinch of inflation. This compares with a 0.5% fall expected in a Reuters poll of economists.

It was also announced today that the British government borrowed more than expected last month, with the total sum reaching 20.01 billion pounds, vs 17.1 billion pounds expected.

Among stocks, Deliveroo advanced 5.9% after it upgraded its EBITDA margin guidance.

InterContinental Hotels dropped 2.8% after it announced that its Chief Financial Officer would leave the company to work for Flutter. The group's quarterly revenue growth was strong, it said.

 

Things to read today:

Succession battle begins after Liz Truss quits as UK prime minister (Financial Times)

How the Tories Brought Endless Anarchy to the UK (Bloomberg)