Crypto News: The London Rush: Bright (IPO) Spots

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

London's IPO market could accurately be described as "a work in progress."

On the one hand, there are a couple of bright spots. Liverpool-based, JD Sports-backed Applied Nutrition, may float in London as soon as October. Though a small supplement firm, it would help an ailing IPO market.

A float would trail Raspberry Pi, which gave the London Stock Exchange its last bit of proper action in June. Its progress since may give hope to any prospective listers: the computer maker has entered the FTSE 250, shares are still trading above the IPO price and, according to its first market update this morning, profitability is faring slightly better than expected. Shares popped nearly 10%.

On the other hand, executives are still crying out for an overhaul to help lure more (and larger) listings — Shein, for example. They want changes to corporate governance rules and more competitive pay.

That's something for Labour to listen to as the party kicks off its second day of conference. In the (recently widespread) words of D:Ream, "things can only get better." But its always worth keeping in mind, they could just as easily get worse.

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.

Card Factory blamed an increase in living wage and freight inflation for a 40% drop in pretax profit in the first-half, despite category-wide revenue growth. Shares plummeted 20%.

Fruity drink Rubicon is the top performer for AG Barr, which also owns Irn Bru and Boost. It kept full year guidance on volume and price gains, as well as cost cutting.

Plus, despite Rachel Reeves's pledge for ambition yesterday, business leaders say they are still waiting for actual detail on exactly how Keir Starmer plans to reshape Britain. The PM is set to promise "light at the end of this tunnel" in his 45-minute speech this afternoon.

China blitzes economic stimulus in mounting alarm over slowing growth.
Trump is dangling so many tax breaks even his advisers are confused.
Israel's airstrikes on south Lebanon kill nearly 500 in major escalation.

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

Yesterday marked two years to the day since Liz Truss unleashed her ill-fated mini-budget, sparking chaos in UK markets.

But, for currency nerds, the more exciting anniversary comes later this week. Thursday marks exactly two years since sterling hit its record-low of $1.0350.

The turnaround since then has been pretty spectacular. The pound hit $1.3366 today, the highest since March 2022, and some 29% up from that low. That's a performance only meaningfully bettered by the Albanian Lek in the period amongst the more than 140 currencies tracked by Bloomberg (if you measure from the intraday nadir).

While strategists back then were seriously talking about the risks of pound-dollar parity, now Goldman Sachs see $1.40 as a likely level in a year's time.

Yes, there are reasons to think the rally may not last, but, for now, sterling is continuing to cement its position as 2024's standout major currency, and real proof of how much can change in markets in a short period.

— David Goodman

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

Packaged holiday retailer On The Beach is one of a few smaller companies reporting tomorrow. It's a competitive and price sensitive sector, so any commentary regarding consumer demand will be interesting.

(Purely to give respite from the grey outside.) Photographer: Angel Garcia/Bloomberg

American billionaire Dan Friedkin has agreed to buy Everton, ending the Toffees' long search for a new owner. Which other football club does the Friedkin Group own?

Photographer: Julian Finney/Getty Images Europe

[Yesterday's answer: Former Morgan Stanley CEO John Mack has put his Caribbean mansion up for $29.5 million.]

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