LIVE TRADING: Gold at all-time highs; Boss Boohoo to leave; Retail sales increase

More than 5 million people signed up to Netflix over the summer, as a crackdown on password sharing and a string of hit shows boosted business.

The US streaming giant said subscriber numbers rose by 5.1 million to 283 million in the three months to September 30.

Steven Fine pulls no punches on the budget, especially when it comes to capital gains tax (CGT).

Rachel Reeves is reportedly planning to increase CGT on Budget shares by “several percentage points” from the current rate of 20 per cent.

Silvia Rindone, EY UK & Ireland Retail Leader:

‘The coming months will be critical as retailers prepare for the ‘golden quarter’, with key shopping events such as Halloween and Black Friday approaching. Retailers will use discounting strategies to stimulate consumer spending and manage stock levels more effectively.

‘Retail sales could remain volatile in the run-up to Christmas, and retailers who can target specific customers will be more successful.

‘However, this year’s discounting efforts appear to be more widespread, indicating a less pressing need to offload stock as retailers have learned to improve inventory management. However, the possibility of a “black November” remains as retailers extend the trading period to avoid the intense competition of the end-of-year rush.

‘As we move into the final quarter, it will be imperative for retailers to closely monitor sales volumes, inventory and the competitive landscape.

‘The balance between timely promotions and the risk of premature discounts is delicate; Retailers must approach this carefully to avoid the risks of either scenario, be it shortages or overstocks. “It is a precarious path that requires strategic foresight and agility.”

Boohoo boss John Lyttle is to step down from his role, the online fashion firm revealed as it announced a review of strategic options for its various divisions to maximize shareholder value.

The group also said on Friday it had agreed a new £222 million credit facility and reported a 7 per cent drop in first-half sales by gross merchandise value.

Boohoo chief executive Mahmud Kamani said: “The board is focused on ensuring that appropriate steps are taken to drive the boohoo Group forward in the interests of all its stakeholders.

‘We are delighted to have agreed a new credit facility which demonstrates the support of our existing banks and their confidence in the Group.

‘The business has evolved in recent years and has a much broader offering than our original focus on youth fashion. The time has come to consider options regarding corporate structure, with the goal of maximizing shareholder value.

‘I would like to personally thank John for the contribution he has made to the Group. “John has created a talented and inspiring leadership team that will ensure we are best positioned for sustainable growth.”

UK retail sales rose unexpectedly in September, adding 0.3 per cent on the month, new data from the Office for National Statistics shows.

The increase, which compared with forecasts for a 0.3 percent contraction, was driven by the launch of the latest iPhone and other technology products.

The ONS said telecommunications and computers were the main drivers of non-food sales, with the sectors increasing by almost 35 per cent month-on-month in September.

Gold has surpassed the $2,700 per ounce level for the first time in history, as election jitters in the United States and simmering tensions in the Middle East drive safe-haven demand.

Also helped by global interest rate cuts, spot gold is currently trading at $2,706.30, having risen 0.6 percent this morning and 2 percent over the past week.