(Bloomberg) -- The government will have been disappointed this morning if they were looking to inflation data to provide some good news. The worse than expected figure of 10.1% for prices in September will be yet another issue Liz Truss will have to answer to at Prime Minister’s Questions today. Importantly, that data, driven by higher food and drink prices, will also be bad news for families up and down the UK that are struggling, and for companies like Asos Plc, which are being impacted by a slowdown in consumer spending.

Here’s the key business news from London-listed companies this morning:

In The City

UK Inflation:  The consumer price index rose faster than expected, by 0.5% compared to August, to 10.1%  for the month of September. 

  • In response to the figures, Chancellor Jeremy Hunt said the government will “prioritise help for the most vulnerable” whilst also providing economic stability and driving long-term growth

Asos Plc: Despite strong sales in the UK, the online fashion retailer launched a turnaround program aimed at tackling some of the problems it faces, including an inefficient supply chain, poor return on invested capital, particularly in the US, and a company culture that needs to be “refreshed.”

  • The company said its trading in September showed a “slight improvement” compared to August, and it expects a decline in the apparel market in the UK over the next 12 months

Man Group Plc: The world’s largest publicly listed hedge fund experienced net outflows of $0.5 billion in what it says was a “very difficult quarter” for the asset management industry

  • The company took a $4.5 billion hit from a stronger dollar, although it said it managed to partially offset that with performance-linked leverage movements

Antofagasta Plc: The Chilean miner says production has “significantly improved” in the third quarter, partially due to greater water availability at one of its mines, with copper production increasing 40% across the group.

  • Still, the company expects to deliver copper production towards the lower end of its full year guidance

In Westminster

Liz Truss faces a brewing parliamentary rebellion if she abandons a key Conservative manifesto commitment  to uprate pensions in line with the higher of either inflation, wages or 2.5%,  the so-called “triple lock”. Today’s inflation figure for September is also the one usually used for the uprating of benefits, including the state pension.

Britain will rank among the least competitive industrial nations on corporation tax policy after Chancellor Jeremy Hunt decided to raise the levy from April 2023, the Center for Policy Studies said.

Meanwhile, Bloomberg Opinion’s Adrian Wooldridge is taking a closer look at the new chancellor — and how he survived Boris Johnson and Truss to become the UK's most powerful politician.

In Case You Missed It 

The Bank of England announced yesterday evening it will start its delayed bond sales early next month. The central bank will initially exclude the long-dated debt at the heart of recent market turmoil following the government’s ill-fated fiscal plans.

HSBC Holdings Plc has been reprimanded by a UK watchdog for violating environmental advertising rules, after it sought to depict itself as a green bank in a set of posters. The Advertising Standards Authority said the bank had failed to acknowledge its own role in emissions. 

Elsewhere, the company behind a proposed European football super league has hired a chief executive officer as it pushes anew to overcome fan opposition.

Looking Ahead 

Jupiter Fund Management Plc’s new boss Matthew Beesley is expected to announce his turnaround plans alongside a trading update tomorrow. The London-based asset manager which has been grappling with years of outflows. 

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