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7am: National World backs The News Movement

National World, chaired by former Mirror Group boss David Montgomery, has invested $1.25 million in social-first media company, The News Movement, as it seeks to engage with young readers through social platforms including TikTok, Instagram, YouTube, Twitter and Snap.

The partnership will accelerate National World’s development of a new operating model while welcoming a younger audience to its portfolio of franchises, such as The Scotsman, The Yorkshire Post, and nationalworld.com.

Mr Montgomery, said: “The partnership with The News Movement will provide us with the expertise and experience to reach new and younger audiences, on platforms and in formats that they want to consume content.”

Full story here

7am: Ryanair

Ryanair said the recovery for the remainder of FY23 remains fragile and could yet be impacted by new Covid variants or adverse geopolitical events such as Ukraine. 

However, forward bookings (both traffic and fares) remain strong into the peak Christmas travel period. 

“We hope to avoid any repeat of last year’s Omicron lockdowns which damaged last Christmas at such short notice,” said the airline.

“As is normal, at this time of year, we have almost zero visibility into Q4 which is traditionally our weakest quarter and which this year doesn’t have any Easter benefit.”

Global markets

London’s blue chip index was expected to open lower after last week’s 4.1% rise on the back of hopes that China would fully reopen.

China held a press conference on Saturday and said that it will “unswervingly” stick to its zero-Covid policy, deflating market hopes that Beijing would cast aside some of its economically damaging virus curbs.

Even so, stocks in Asia registered gains early today. The Shanghai Composite was up 0.2% and the Hang Seng in Hong Kong added 2.9%. The Nikkei 225 ended up 1.2% in Tokyo and the S&P/ASX 200 in Sydney rose 0.6%.

Apple warned that the curbs will impact on production at the world’s largest iPhone factory in central China, warning that customers will now face longer wait times ahead of the holiday season.

Foxconn, Apple’s principal subcontractor, locked down its massive factory in Zhengzhou last month after a spike in infections.

Sterling was quoted at $1.1330 early Monday in London, up from $1.1301 late Friday.