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Online fashion group Shein expected to file prospectus for London listing soon
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Online fashion group Shein expected to file prospectus for London listing soon
Rolling coverage of the latest economic and financial news, as Shein inches towards a float on the London stock exchange
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European and Canadian central banks expected to cut interest rates this week
European and Canadian central banks expected to cut interest rates this week
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Debt payments by countries most vulnerable to climate crisis soar
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PM must face questions about hedge fund at heart of financial crash, says Labour
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AI hardware firm Nvidia unveils next-gen products at Taiwan tech expo
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Union plans to escalate action over job losses in Wales
Opec+  
Oil alliance extends crude production curbs into 2025
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Russian legal foundation linked to Kremlin activities in Europe
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Trump joins platform despite seeking to ban app as president
Today's agenda
Online fashion giant Shein is heading closer towards floating on the London stock market – a boost for the City, after the company’s efforts to list in New York hit a snag.

Shein, which was recently valued at $66bn (£52bn), is planning to file a confidential prospectus with the City regulator this month, according to several reports this morning.

This would take it a step closer to a London listing, and let it list more quickly if it decides to take the plunge – perhaps this summer, or in the autumn.

Sky News reported last night that the confidential filing could take place as soon as the coming week, although it could yet take place later this month.

Shein had initially aimed for a Wall Street float, but those ambitions have been rocked by political opposition as tensions between Washington and Beijing have escalated.

Shein, which launched as SheInside in 2011 in Nanjing, China, has taken the fashion world by storm, offering a very wide range of very affordable clothing.

But, Shein’s high-octane "test and repeat’"model – in which it churns out thousands of new products a day – is also controversial, and seen the company dubbed “the unacceptable face of throwaway fast fashion”.

Shein has also been accused of using forced labour to produce its low-cost garments. In 2022, Bloomberg discovered that garments shipped to the US by Shein were made with cotton from the Xinjiang region, where China is accused of “serious human rights violations” against the Uyghur Muslim people.

But that probably won’t deter the City from embracing Shein, given the well-documented concerns that the London market is in crisis as some firms shift their listings across the Atlantic.

Meanwhile, it’s a busy day for economic news, with new surveys of factory bosses across the world giving a healthcheck on global manufacturing.Traders are digesting yesterday’s Opec+ meeting, where oil producers agreed to extend their production cuts into 2025.

Tensions are rising in South Wales, where union leaders are preparing to ramp up industrial action at two steelworks, in a further escalation of a row over almost 3,000 job losses that threatens to become a big general election issue.

And in France, the government has been stung by a credit rating downgrade by S&P Global on Friday night, from AA to AA- with a stable outlook.

S&P Global cited France’s rising debts and lower-than-expected growth – a blow to Emmanuel Macron’s stewardship of the economy.

The agenda
• 
7am BST: Russia’s manufacturing PMI for May
• 9am BST: Eurozone manufacturing PMI for May
• 9.30am BST: UK manufacturing PMI for May
• 3pm BST: US manufacturing PMI for May

We’ll be tracking all the main events throughout the day ...
Opinion
Immigration must be matched with investment in UK infrastructure to ease pressures
Immigration must be matched with investment in UK infrastructure to ease pressures
Europe must splash the cash (and seize it) to save 2024
Analysis  
Ocado faces FTSE 100 relegation after failing to deliver on pandemic promise
Why Labour must adopt radical new tax policies – including on wealth and capital gains
 

Pippa Crerar

UK political editor

Pippa Crerar

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