Investors have given M&S's new management the benefit of the doubt, pushing the company's shares up to 15 times forecast earnings versus 11 at the start of the year. Yet it will not be until January 9th when investors will know if consumers have followed their lead. That comes as the company invests in new on-line channels and distribution systems while maintaining its dividend. Admittedly, the resulting increase in the company's level of gearing - at just two times forecast earnings before interest, tax, depreciation and amortisation - should not cause sleepless nights yet. Nevertheless, Tuesday's results showed UK like-for-like general merchandise (largely clothing) revenues declined again in the second quarter, the ninth consecutive quarterly decline. The new team really has a job on its hands, says the Financial Times' Lex column. Shares of InterContinental Hotels Group have been done no favours by the softening of the China growth story. The largest international operator in the country faced stiffening economic headwinds, exacerbated by the impact of flooding and landslips in Jiuzhai and Chengdu. Hence the fall in the rate of growth of its revenue per available room (revpar) ? a key industry metric ? in the Greater China region to just 0.4% over the first nine months. However, the chain has been preparing itself for China's transformation towards a consumption driven economy. Another positive indicator is the pipeline of 21 signings for its new Hualuxe brand, created specifically for the Chinese market. Total revpar came in at 3.3%, which the company described as a "solid performance". Solid but unspectacular may be closer to the truth, although IHG's strong record of generating cash and returning it to investors is not to be ignored. Hold, says The Times' Tempus. Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.AB