Crypto News: The London Rush: All REIT for some

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

Consolidation in the UK's publicly traded real estate investment trusts (REITs) ramped up again this morning.

We'd hardly had a sip of espresso when more than £1 billion of M&A landed: private equity house Starwood has agreed to buy Balanced Commercial Property Trust for about £673.5 million, while warehouse landlord Segro snapped up Tritax Eurobox for about £552 million.

Both agreed offers represent a discount to the target companies' last reported net asset value.

There's been a wave of M&A in REITs this year including UK Commercial REIT, and Abrdn Property Income Trust as the wider property sector begins to recover from the shock of higher rates.

That environment, plus the impact of Brexit and the pandemic, has created cheaper targets and lured the interest of those with cash.

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.

Homebuilder Barratt tried to paint a confident picture going forward, despite output slumping in a "subdued" market. It expects things to ramp after buying Redrow and welcomed Labour's overhaul of the planning system.

Chapel Down's CEO Andrew Carter is stepping down to become head of Timothy Taylor & Co in 2025 - from Kentish vineyards to a Yorkshire brewer.

Finally, Labour's plans to crackdown on non-doms could cost the UK £1 billion a year in lost revenue and drive away global elites.

US Justice Dept sent subpoenas to Nvidia in escalating antitrust probe.
Singapore Air checks jets, Air China scraps flights on A350 engine issue.
Sony axes major online game after two weeks in big PlayStation flop.

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

The selloff in US stocks on Tuesday will likely be the dominant theme for UK markets over the next few hours, although its still not entirely clear what caused the sudden drops.

Some are blaming it on weaker economic data in the US, but markets were already firmly in risk-off mode before that report dropped. Meanwhile, John Authers runs through other usual suspects that can't really be blamed here.

Perhaps, therefore, the calendar is to blame. September is historically a tough month for markets and there had been a lot of talk about this, and the prospects for a pull back in risk, as we approached the end of the holidays. In the absence of anything else, perhaps that proved sell-fulfilling.

In the end, the S&P 500 fell more than 2% yesterday, and the Nasdaq 100 more than 3% — their worst starts to a September since 2015 and 2002, respectively.

The FTSE 100, meanwhile, closed 0.8% lower, and is down another 0.9% today. In a quiet week for UK data, sentiment in the US will probably stay in the driving seat for the rest of the week, with Friday's job data now looking even more crucial than usual.

— David Goodman

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

Currys (of TikTok fame) will give a first-quarter update. The last time we heard from the electronics chain, sales were lower but profit was higher thanks to cost controls.

Shares have since risen about 10%, which will be welcome for a company needing to prove itself after knocking back a huge takeover bid.

Hedge fund tycoon Sir Paul Marshall, who backs GB News, is reportedly poised to become the new owner of The Spectator. Which other right-leaning news organisation does he own?

Photographer: Hollie Adams/Bloomberg

[Yesterday's answer: The line from Currys' TikTok means: if you've got the cash, a pizza oven is a top way to show off...(or thereabouts).]

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