Crypto News: The London Rush: Third time's the charm?

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

Does persistence always pay?

Rightmove has just said it will consider the latest takeover proposal by Murdoch's REA Group and respond in due course, while reiterating its unanimous rejection of the first two attempts.

In the words of its chairman, those bids were "uncertain, highly opportunistic and unattractive." Shares rose.

The Australian real estate firm has come back twice in less than three weeks with renewed offers, arguing this morning that its latest proposal values the property site at 770 pence per share.

For Rightmove, its defiance might be what shareholders expect. Baillie Gifford said last week that, given the site's dominance, it won't "sell that cheaply." A note from Citigroup after the initial offer said a 40% to 50% premium was needed for a deal to go ahead, citing investor feedback.

But the market is still skeptical, trading around the 700 pence per share mark, well below the offer price. Watch this space.

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.

Semiconductor firm Alphawave IP trimmed full-year revenue and earnings guidance, due to a merger of two large AI customers in Korea. The outlook for 2025 and 2027 stayed the same, however, on expected bookings growth. Shares plummeted 30%.

AstraZeneca's breast cancer drug, developed with Japan's Daiichi Sankyo, failed to meet late-stage trial goals. Shares dipped into the red at open.

Plus, read why Javier Blas thinks you should want to pay higher gas taxes, as an opportunity for governments to raise much-needed revenue. More below on how it is crunch time for Labour to fix finances from Markets Today's Sam Unsted.

Kamala Harris vows to aid AI, crypto sectors in pitch to NYC donors.
Citigroup's China expansion hits roadblock with US regulators.
Olaf Scholz dodges fresh defeat to far-right in German state vote.

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

The Bank of England has now fully shifted into cutting mode, moving attention in the UK back to the fiscal and political picture.

Chancellor Rachel Reeves will give her speech at the party conference later today, weeks before Labour's budget. Reeves will reportedly seek to paint a brighter picture, amid warnings about tax rises that could undermine Labour's focus on delivering growth.

The gloom that has surrounded the tough choices the government has said will need to be made showed up in consumer confidence data last week, albeit with the caveat that this data is volatile and rarely turns positive.

Part of the case made for UK assets has been a stable political picture focused on growth. Today begins a run over the next few weeks when investors will assess the credibility of the plans, either underpinning or bruising the improved mood when it comes to the UK markets.

— Sam Unsted

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

September PMI data is due later this morning. It's expected to stay pretty steady.

Chancellor Rachel Reeves is also addressing Labour's Annual Conference. Her speech will be scoured for clues about what could be announced at the budget next month. Starmer speaks tomorrow.

Former Morgan Stanley CEO John Mack wants to sell his Caribbean mansion. How much are him and his wife hoping to rake in for the six-bedroom island paradise?

Worth a few bob Photographer: DOES Media

[Friday's answer: Keir Starmer was, of course, targeted with glitter at last year's Labour conference.]

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