Foxy observed mousy collecting newspapers (6)
I believe the answer is:
shifty
'foxy' is the definition.
(thesaurus)
'mousy collecting newspapers' is the wordplay.
'mousy' becomes 'shy' (I've seen this in another clue).
'collecting' indicates putting letters inside.
'newspapers' becomes 'ift' (the i and the Financial Times are newspapers).
'shy' placed around 'ift' is 'SHIFTY'.
'observed' is the link.
I am not very happy about this link. It may be part of another bit of the clue.
(Other definitions for shifty that I've seen before include "Unreliable" , "Shady, dubious" , "Evasive, sneaky" , "Sly, shady" , "Constantly changing; deceitful, evasive" .)