Crypto News: The London Rush: The Rolex role call

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

Fancy a Rolex? Get in line.

Demand for luxury watch brands, particularly those so sought after there's a waiting list, is outstripping supply in both the UK and the US, according to Watches of Switzerland.

The UK market continued to stabilise this financial year, following a period of "challenging" macro conditions, putting the company on track to meet its guidance. Backing up the confidence, it highlighted a bunch of acquisitions and new showrooms. Shares popped 7%.

The update points to consumer confidence at the highest end of the scale: Watches of Switzerland sells top-tier time pieces like of Patek Philippe and Rolex.

Separate figures overnight show a pick up in UK consumer spending at a more regular level (think barbecues). Could this be a turning point? More on that from Markets Today's Dave Goodman below.

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.

Both Wizz Air and Ryanair had "record" months in August — as we all sought some sun. Earlier in the summer, Ryanair warned average fares would be lower, but have since said it wasn't as bad as feared.

Chocolate and crisps fans have clocked products becoming smaller, multiple times over, as suppliers protect profits. But squeezed Brits are still splashing out on treats, known as the lipstick effect.

Reading this while you wfh? Well, turns out London workers are in the office just half the week, (re-)raising productivity concerns and the capital's investment appeal.

VW may shut German factories for the first time, as China revs ahead.
The US is drafting sanctions against Venezuelans over disputed vote.
Putin is spending big money on shaping Russia's youth in his image.

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

Figures from Barclays and the British Retail Consortium released overnight both showed a pick up in consumer spending, as barbecues and "picnic weather" boosting retail sales in August.

But, as important as the weather is to us all, is there a bigger shift in play? Pantheon Macroeconomics suggests there might be, with chief UK economist Rob Wood saying that now the Bank of England "has started cutting interest rates and consumers have rebuilt their rainy-day savings buffers we think households are unlikely to boost their saving rate any further."

Wood says this will result in higher spending, and he is looking for retail sales to rise an average of 0.5% quarter-to-quarter in the second half of the year.

Economists have been getting excited about the UK's public wall of savings since a pandemic spike. But now the worse of the inflation crisis is behind us, and savings rates are almost certainly headed lower, could this be the moment they've been waiting for?

— David Goodman

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

Barratt, the UK's largest housebuilder, is posting full-year results tomorrow. Eyes will be on its outlook, with hopes growing that the sector's woes might begin to ease on the back of rate cuts.

Peers Vistry and Berkeley Group come later in the week.

Currys' TikTok game is rivalling Ocado's, with this tongue-in-cheek, Gen Z-scripted advert. To test how "on-fleek" you are, do you know what this line means?

"If you've got the guap, a pizza oven is peak flex"

[Yesterday's answer: This year's defending champion at the America's Cup is New Zealand.]

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