Crypto News: The London Rush: Holding an ace

Morning, I'm Louise Moon from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories.

The US sports betting boom is continuing to pay off.

Ladbrokes and Coral-owner Entain expects to deliver earnings towards the top end of its guidance, citing a stronger than expected third quarter.

BetMGM, the company's US joint venture, had a particularly strong quarter, with net gaming revenue jumping 17%.

That's good news for Entain given a report this week that Rachel Reeves may be weighing up increasing taxes on the UK gambling industry by as much as £3 billion, which sent gambling stocks tumbling.

Tomorrow we get an update from Evoke, the company behind William Hill and 888 Holdings — it is in a slightly different situation, relying on the UK for about 70% of its revenue.

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.

Rentokil shares rose almost 9% after North America revenue beat estimates in the third-quarter.

UK and Ireland order growth for Deliveroo has improved, in a "more stable but still uncertain consumer environment" as people pull back on takeaways. International growth was solid, bar a temporary disruption in France during the Olympics.

The world's largest publicly listed hedge fund firm, Man Group, reported $5.5 billion in outflows, mainly due to one client withdrawing funds to invest passively.

A SPAC backed by Kelso and Belerion Capital plans to list on the AIM market, targeting a first investment of up to £1 billion.

Plus, two think tanks say Rachel Reeves could raise £15 billion a year via capital gains and inheritance tax — and not have to worry about an exodus of the wealthy in the meantime.

Still, the wealthy are spooked. London's luxury home deals have slumped this year, partly on tax fears. The number of homes over the £5 million mark that are now discounted, has risen 39%.

Kamala Harris vows to be different than Joe Biden in fiery interview with Fox.
China to double loans for unfinished homes to $562 billion, stemming sector decline.
McKinsey to pay at least $500 million to settle over past work aiding opioid makers.

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

It's quite startling when bets a Chancellor can avoid another "Truss Moment" — an incredibly rare and brutal reaction to a fiscal statement — are enough to convince analysts and fund managers to bet on gilts, but that's where we are as we approach Rachel Reeves's long-awaited announcement.

There has been a very long run up to the event, which has essentially been talked about since the day of Labour's election win, leaving plenty of time for speculation and rumours to fill the vacuum. That, plus the UK's fear of bond vigilantes that was reawakened by Truss budget, hasn't helped create a constructive narrative for gilts.

As Alice Gledhill writes today, the 10-year UK yield has climbed more than 30 basis points since mid-September and is near the highest level in a year relative to US and German peers.

But now, it seems, big names like Goldman Sachs and Amundi are increasingly expecting a budget rooted in fiscal prudence, which they say, can set the stage for gains in UK bonds.

— David Goodman

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

The week ends with just one company of note: Evoke will give a third-quarter update.

We'll be watching for any commentary about the budget, or government, after reports Labour may raise taxes on bookmakers.

Hi, it's Sarah from Pursuits. As blockbuster theatre shows open ahead of the holiday season, here are three I'm dying to see:

Kim's Convenience

Ins Choi called his play, about a family-run Korean market, a "love letter to his parents and all first-generation immigrants." Written for the Toronto Fringe, it became a hit on Netflix before coming to London, starring Choi. Warm and funny, it delves into family, immigration and parenthood.

The Fear of 13

Oscar winner Adrien Brody is debuting in the West End. The show is a fresh adaptation of a true crime documentary, about a man who spent two decades on death row for a murder he didn't commit.

Coriolanus

David Oyelowo commands the stage as Shakespeare's tragic general, a Roman military hero who becomes an enemy to the republic. Lyndsey Turner, who staged Benedict Cumberbatch's Hamlet at the Barbican in 2015, directs the show at the National Theatre.

— Sarah Rappaport

Greggs is opening a Christmas champagne bar, serving its classic baked goods (at a marginally higher price) with a glass of fizz on the side. It is teaming up with another well-known high street name, also from Newcastle.

Which department store's Newcastle branch will Greggs' bar sit in?

Photographer: Jason Alden/Bloomberg

[Yesterday's answer: Obesity costs the NHS more than £11 billion each year, according to official figures. That's in light of Keir Starmer touting weight-loss drugs like Ozempic as one way to boost the economy.]

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