UK online trading provider and FTSE 100 constituent
SK Hynix has raised $26.5bn by selling 177.9m American depositary receipts at $149 each, in the largest-ever US share sale by a foreign company. Its ADRs have begun trading on Nasdaq under temporary ticker SKHYV and will convert to SKHY; the company is using proceeds to expand fabs, packaging and EUV capacity as AI-driven memory demand surges.
The yen has weakened to multi-decade lows as US rates remain higher than Japan's. Intervention is being considered, but the long-running carry trade and energy costs keep downward pressure on the currency. Markets are watching potential official action and the broader implications for Japan's economy and global markets.
The US and Iran have exchanged fresh strikes this weekend and on Monday, reversing a recent interim ceasefire and re‑opening doubt over control of the Strait of Hormuz. President Donald Trump has declared the ceasefire "over," ordered further strikes and revoked a temporary oil waiver. Oil has jumped into the high $70s–$80s and global markets have fallen.
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.
The UK construction PMI has improved in July, rising to 44.7 from 38.4, signalling a stabilisation after a sharp downturn in Q2 2026. Housebuilding declines eased to the slowest pace since October 2025, while civil engineering remains the weakest area. New orders fell at the slowest rate since September 2025. Employment fell for the 19th straight month but at the slowest pace since February.
Global markets have steadied as US retail sales disappointed expectations but inflation trends remain subdued. European shares edge higher on energy-price easing, while oil prices pull back slightly amid a holiday lull. The day closes with investors weighing the timing of the next Federal Reserve move.
Shein has floated on the Hong Kong stock exchange at HK$48.56 a share, valuing the company at about US$26.3bn and raising roughly HK$13.6bn. Shares plunged as much as 10% on open before recovering to close marginally below the offer price. The IPO follows failed plans to list in New York and London and rising trade and regulatory costs that have squeezed margins.
Ukraine has carried out long-range drone strikes on multiple Russian oil refineries this week while Russia has launched large drone and missile attacks on Ukrainian cities, killing civilians and damaging infrastructure. U.S. President Donald Trump has publicly urged Kyiv to stop targeting diesel facilities as U.S. diesel prices hit record highs, and Russian officials report dozens of intercepted drones and refinery damage.
Public sector net borrowing has come in at A318.3bn for August, higher than the OBR and City forecasts, leaving year-to-date borrowing A377.3bn and A38.1bn above the OBR projection. Rising gilt yields are increasing the government's interest bill and narrowing Chancellor John Healey's fiscal headroom ahead of the 28 October Budget.