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SpaceX has floated on Nasdaq under the ticker SPCX, raising about $75 billion at $135 a share and debuting with a market value above $2 trillion. The newly public group combines SpaceX's rocket and Starlink businesses with xAI and X. Investors have driven strong demand despite losses and questions about unproven projects such as orbital data centres and Mars plans.
A Social Market Foundation proposal offers under-40s early access to pension funds in exchange for postponing the state pension by a year. The plan, aiming to reduce debt and boost home ownership, is drawing broad support across parties and ages, but critics warn of long-term pension consequences and cost to the exchequer.
The leadership race has intensified as Andy Burnham is seen as the frontrunner to become prime minister, with markets seeking stability. Economists warn that the next chancellor will shape bond markets and fiscal policy, while Burnham pledges to follow fiscal rules and reduce bills. The City remains anxious about potential changes in taxation and public spending.
Ten years after the Brexit vote, economists say the UK’s economy is smaller than it would have been, with weaker investment and productivity. Public sentiment has shifted toward regret, while trade frictions and inflation persist. The path forward remains uncertain.
Markets are stabilising after a stretch of high activity in tech options, with traders shifting focus as implied volatility cools. Small caps are leading potential next moves, while global equities reflect a policy-led, carry-friendly regime.
The world’s richest person has seen his fortune swing wildly after SpaceX’s IPO. SpaceX and Tesla shares have fallen amid a broader tech sell-off, eroding Musk’s trillionaire status. Despite volatility, he remains the wealthiest individual as markets reassess growth prospects in AI and tech.
Several major retailers report profit declines amid slowing demand and stretched inventories. H&M flags slower half-year sales, TFG plans store closures and cost cuts, and Halfords surges on momentum as it raises profits outlook.
Savers have boosted cash ISA deposits ahead of planned reforms that would cut the quarterly cash ISA allowance and tax cash within Stocks and Shares ISAs. Independent and Guardian coverage shows a mixed reception: ministers say changes aim to boost investing, while critics warn of added complexity and a stealth tax on cautious savers.
Nationwide reports that annual house price growth has picked up to 2.2% in June, while month-on-month prices are flat. Mortgage rates remain elevated but could ease if energy prices stay soft. Buyers are cautious; sellers are pricing carefully amid a slower summer and uncertain outlook.
The Scotland 500 shows private equity now owns nearly 60% of listed Scottish firms, underscoring international investor interest in Scotland’s traditional sectors evolving into high-growth businesses. Origo and Vespa Capital are highlighted as unicorn ambitions, while BR-DGE expands beyond gaming to enterprise payments.
British American Tobacco is cutting about 5,500 jobs and outsourcing 3,500 more as it shifts toward vaping, nicotine pouches and digital operations. The company says the savings target is about 600 million pounds annually by 2028, with the US not affected. The cuts come as it faces slower cigarette sales and rising regulatory and tax pressures in various markets.
Michael Burry has placed bearish bets against key AI-driven stocks and the SOXX semiconductor ETF, while updating bets on Nvidia, Tesla, and Caterpillar. The moves come as chipmakers and AI-related firms rally on spending and demand signals, with Burry warning the rally may be near its end.
AstraZeneca has announced that Wainua, its gene-silencer drug for transthyretin-mediated amyloid cardiomyopathy, did not meet its primary endpoint in a phase 3 trial. The news triggers a sharp stock drop and prompts investors to rethink the company’s long-term growth targets and the strength of its pipeline.
Major recruitment firms have reported mixed quarterly results with improving temp hiring in some regions but weak demand in Europe. Net fees fell, executives caution on the year ahead as firms push cost cuts and focus on AI-driven efficiencies.
UK regulators are expanding Buy Now, Pay Later oversight. From July 15, BNPL providers must be authorised by the FCA, undergo affordability checks, and offer clearer information and complaint routes. The changes aim to protect consumers while preserving access to flexible payments.
New prime minister has pledged to reduce the welfare bill and make some benefits conditional on work while warning that the NHS could collapse if social care is not fixed. He says there will be no early election and will defend Britain’s interests in dealings with the US, including Donald Trump.
Bloomsbury has a share in a landmark $1.5bn copyright settlement with Anthropic over training AI models on protected works. The publisher lists 14,087 titles within the settlement, with about $3,000 per work, and a payout structure that splits proceeds with authors. The case has been described as the largest known copyright recovery in history.
Brent crude has fallen about 8–9% to below $88–$92 a barrel after prices briefly topped $100 last week. The drop follows pauses in US–Iran strikes and reports that both sides have halted attacks to allow diplomacy. Markets remain volatile because shipping through the Strait of Hormuz and the Red Sea is still disrupted and analysts warn supply risks and inflationary pressure persist.
The government has signalled a new push on England’s social care system, with talks among Labour, Liberal Democrats and Conservative figures seeking a cross‑party consensus. The plan centers on a national care service, better pay for care workers, and a Casey review upgrade, while promising to fund reforms from existing budgets and avoid immediate tax rises.
AstraZeneca has been linked to talks with Bristol Myers Squibb on a potential mega-merger. Reports say talks are ongoing and could form one of the industry’s largest deals, but regulatory hurdles and integration risks loom large.
Apollo has won the bid to take EasyJet private at 715p a share, valuing the carrier at about $7.7 billion. Castlelake has withdrawn, clearing Apollo to move forward. The deal is expected to complete by Q1 2027, with Stelios Haji-Ioannou and family retaining shares. Shareholders face a vote and delisting of EasyJet.
Goodwin has begun a strategic review to consider options, including the potential sale of a substantial part of its mechanical engineering division, which serves UK and US submarine and frigate programmes. No certainty of a sale, discussions ongoing, Rothschild & Co is advising. Shares rose about 10%.
Public borrowing in July stands at 1.8 billion, above forecasts, with four-month deficit at 56.7 billion. Tax receipts hit a record for July, but spending growth outpaced receipts, keeping debt near 3 trillion and GDP share at about 94%. Chancellor Healey to unveil October Budget amid fiscal discipline pledges.