Crypto News: The London Rush: A buyer's market?

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

For all you Rightmove scrollers: it looks as if there's a tilt towards a buyer's market.

UK house prices surprisingly fell in August, according to Nationwide Building Society. It was the first drop since April and bucked expectations of a slight rise.

Interest rates are moving down and living standards up, but mortgage rates remain high and affordability is still stretched.

The silver lining: large supply is giving buyers greater bargaining power.

While I have you — happy end of August. We are almost back to term time for schools, Parliament and sun-kissed workers. Expect the news cycle to (thankfully) ramp back up as the days get shorter.

What's your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

The fiscal watchdog has laid the case for Chancellor Rachel Reeves to go on a public investment splurge, amid concern of an overly cautious budget.

Workers will have rights to demand a four-day week in a law planned for this autumn, reported The Telegraph. The Tories have of course come out swinging, saying it would leave businesses "petrified."

Finally, persistent underinvestment and failed privatisation are just two reasons why prisons are in crisis, argues Bloomberg Opinion's Matthew Brooker. But pumping money into building more cells isn't the answer.

Kamala Harris is leading or tied with Trump in all seven key states.
How Japan ignored climate critics and built a global natural gas empire.
Nvidia, Apple and Microsoft all discussed joining OpenAI funding round.

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

August has been quite a month for markets, kicking off with a meltdown that gave way to a regular seasonal slowdown investors could trade on.

That selloff was mostly driven by extreme positioning in certain trades — primarily the AI megatrend and the yen carry — complemented by a soupçon of doom-laden fears about the health of the US economy.

The initial knee-jerk reaction has cooled as we head into September, which promises a feast of central bank meetings to set the tone. Stocks are testing records again and the pound is holding above $1.30, something it hasn't sustainably done since 2022.

The FTSE 100, meanwhile, hasn't managed to surpass the record it hit back in May, having been derailed by the aforementioned turmoil. But it is getting closer and could test it today, creating an interesting setup as we close out the summer.

— Sam Unsted

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

Next week brings earnings from the likes of Superdry, Watches of Switzerland, Currys, Halfords and Darktrace.

English novelist Mary Wollstonecraft Shelley was born on this day in 1797. She was the author of which famous Gothic novel, which was often seen as an early example of science fiction?

[Yesterday's answer: The Paralympics originated in Stoke Mandeville, Buckinghamshire.]

Enjoy The London Rush? Subscribe here if you haven't already.

Already subscribed? Here are a couple newsletters we think you might like:

The Readout for essential UK insights on the stories that matter
Money Distilled for John Stepek's daily newsletter on what market moves mean for your money
Explore more Bloomberg newsletters at Bloomberg.com.

Stay updated by saving our new email address

Our email address is changing, which means you'll be receiving this newsletter from noreply@news.bloomberg.com. Here's how to update your contacts to ensure you continue receiving it:

Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select "Mark as important."
Outlook: Right-click on Bloomberg's email address and select "Add to Outlook Contacts."
Apple Mail: Open the email, click on Bloomberg's email address, and select "Add to Contacts" or "Add to VIPs."
Yahoo Mail: Open an email from Bloomberg, hover over the email address, click "Add to Contacts."

Like getting this newsletter? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and subscriber-only insights.

Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.

Want to sponsor this newsletter? Get in touch here.