Crypto News: The London Rush: Sun, Shein & Raspberry Pi

Hi, I'm Leo from Bloomberg UK's breaking news team, catching you up on this morning's business stories.

If, like me, you were caught unaware by yesterday's sun, then you'll find company in the purple-red glow of the London market's latest listing.

PC maker Raspberry Pi is going ahead with its IPO, saying it'll market shares at between £2.60 and £2.80 each, implying a valuation of up to £540 million.

The offering, of course, is fairly small but a welcome boost to the London market — which, despite the absence of big IPOs, remained Europe's top venue for secondary sales.

Raspberry Pi's announcement is being outshone by reports over the weekend that Chinese fast-fashion giant Shein is inching closer to a London listing — in what would be one of London's biggest, and arguably most controversial, IPOs in recent years.

What's your take? Ping me on X, LinkedIn or drop me an email at lkehnscherpe@bloomberg.net.

GSK will seek to appeal a ruling that it and other drugmakers must face trials in Delaware in connection with claims its former Zantac heartburn treatment causes cancer. Shares plunged nearly 10% at the open.

Blackstone (*Oh my God, we're back again*) sweetened its offer for music investor Hipgnosis by $0.01 per share after discussions between boards. The move partly reflects that Hipgnosis incurred lower (!) adviser fees than expected, Blackstone said.

Rolex raised its UK prices for some of its precious metal watches by 4% after the price of gold surged to record highs. Hiking prices more than once a year is unusual for the Swiss watchmaker and, interestingly, can be seen as an indicator of a country's economic strength.

Starmer campaigns on security ahead of key debate with Sunak.
The Bank of England could provide Starmer with some fiscal elbow room, writes Marcus Ashworth.
Since 2010, productivity in Britain has fallen further behind those of peers. Here's why.

Finally, an event tip for Wednesday evening:

Voternomics: UK Election '24 Special. Join hosts Stephanie Flanders and Allegra Stratton for a live recording of the new weekly podcast that looks at the way geopolitics — and elections — are upending the longstanding assumptions of policymakers and business people around the world.

Here's your daily snap analysis from Bloomberg UK's Markets Today blog:

Traders have taken the surprise UK election in their stride, with no major hot spots of volatility emerging in any market over the past week or so.

A big reason for this is that, unlike in previous elections or referendums, investors so far see little to fear from either major party, at least on an existential, UK-wide level. Even measures of pound volatility, which usually spike in the run up to votes, are pretty subdued, and below the average for the past year.

Indeed, it may be that the key moment for markets is not the vote itself, but the next government's first fiscal event. As Deutsche Bank's Sanjay Raja wrote last week, recent inflation data, and the reduction in bets on BOE easing as a result, means that "the reality is there's likely to be nothing left in the Treasury coffers."

Against such a bleak backdrop, that first Budget will see the victor have to move on from the promises of an election campaign and fully engage with the thorny question of how it intends to meet growing spending needs. If it means more borrowing, markets might finally sit up and pay attention.

But what do you think the final result of July's vote will mean for UK assets? Which outcome is the best (or worst) for stocks, the pound and gilts? Which Chancellor is most likely to raise taxes? And will the pound ever reclaim it's pre-Brexit levels?

You can share your on views on all this, and more, in this week's MLIV Pulse survey.

— David Goodman

Check Bloomberg UK's Markets Today blog for updates all day.

LondonMetric is due to report its first results after completing the takeover of LXI REIT, which has created one of Britain's largest listed landlords.

Key things to watch are, as ever, changes in the real estate portfolio's value and how any sales of LXI assets are progressing.

Luca Cartechini is the CEO and co-founder of ecommerce software provider Shop Circle. We met the former Jefferies analyst at his company's offices, in the buzzy tech hub near Paddington station.

How do you save time? By focusing on a few important decisions every day and delegating other tasks to my team. Learning to delegate effectively is key when your team grows from 2 to 250 people in three years. That said, things constantly pop up when you run a scale-up, so I still tend to work from 8 a.m. to 8 p.m. on most days.

On big days, I wear… a Boggi shirt, Church's shoes, and a nice watch.

On my commute, I… I'm finally getting rid of my commute as I'm moving to Maida Vale, which is 10 minutes walking distance from our office in Paddington.

Your favourite power lunch spot? I often grab something quick here in Paddington — poke or pasta. I usually meet customers or investors at Smith's Bar & Grill, a steakhouse in Sheldon Square, or Bondi Green, an Australian restaurant by the Little Venice canal.

The best pub? The Pelican in Notting Hill, The Anglesea Arms in South Kensington, and the The Surprise in Chelsea.

My worst trade, or equivalent, was… buying Asos shares during the pandemic. But, despite the recent trading performances, I still believe in the future of the company.

At the start of my career, I wish someone had told me… that it's a marathon, not a sprint. And equally, be bold in your early career decisions. We tend to overthink the downsides when taking risks, especially on the old continent, but in reality you can usually go back to your previous job if your first entrepreneurial project does not work out.

What are you reading? I think I've read most of the business books out there. Learnings from The Lean Startup by Eric Ries, Rework by Jason Fried and David Heinemeier Hansson, and Built to Last by Jim Collins are things we're implementing every day at Shop Circle.

How do you switch off? Most mornings at 7:30, my girlfriend and I take a walk through Battersea Park or Little Venice, talking business and life. And I go to the gym in the evenings, usually switching my phone to airplane mode for an hour. That's when I got my best ideas.

Which gyms do you use? Depends where I am. Usually Soho House in White City, but we also have Nuffield near our office in Paddington, and sometimes I use a "cute" little gym in Battersea Park.

Chelsea is considering a stake sale in its women football team, one of Europe's most successful sides. How many times in a row have they just won the Women's Super League?

Photographer: Adrian Dennis/AFP

[Last Friday's answer: The author of Alice in Wonderland is Lewis Carroll. Extra points for those of you who knew his real name too: Charles Lutwidge Dodgson.]

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