Crypto News: The London Rush: Not Just a Clothing Comeback...

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

Many British women of all ages have revelled in the comeback of Marks & Spencer clothing. The perception of the retailer as a shop for the older generations is long gone, replaced by one that is on-trend and becoming a staple in many wardrobes.

It is perhaps not surprising, then, that womenswear drove a 4.7% rise in clothing sales in the first half. It points to a recovery in an area where M&S has struggled for years, as well as a reversal in weak fashion spending after other retailers blamed poor British weather for a lack of sales.

Total group profit rose 17% to £408 million — far ahead of estimates. Shares opened higher.

While things seem quite rosy, M&S warned of an uncertain impact from the Labour government's budget and noted cost inflation has remained high.

Still, with a Christmas ad starring Dawn French and the best festive food range CEO Stuart Machin has seen in his time (his words), M&S could be in for a strong finish to the year.

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.

Demand for homes is continuing into Autumn as interest rates come down and affordability improves, according to Persimmon. The builder maintained full-year home completion forecasts but warned of rising costs due in part to the budget.

JD Wetherspoon (or Spoons) expects costs to increase by £60 million annually as a result of the budget, including a 67% increase in national insurance contributions. The pub chain's like-for-like sales so far this financial year grew, boosted by slot machines.

More tax rises and spending cuts could be on the cards unless the debt picture changes, as the increase in borrowing costs since the budget has wiped out all of Rachel Reeves' fiscal headroom.

That's as thousands of Brits already say they would spend less on food to help with higher water and sewage bills proposed for next year. Water companies have argued bills need to rise by an average of 40% by 2030.

Donald Trump is within touching distance of becoming the next US President.

At the time of writing, the Republican is projected as the winner across pivotal swing states and his party is set to control the Senate. Vote counting continues, but Trump has declared victory.

The dollar has rallied, triggering a sharp rise in Treasury yields on speculation that Trump's policies would keep US interest rates high. Bitcoin jumped to a record.

Follow minute-by-minute coverage on our live blog.

Trump speaks at his election night event in Florida. Photographer: Eva Marie Uzcategui/Bloomberg

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

It's not over yet, but the market is ready.

The dollar has hit a one-year high, which is weighing on global currencies, including the pound, and stock futures are suggesting a rally in the US.

A weaker pound is good for those UK stocks that derive a lot of revenue from exports, so that suggests a lift for the internationally-focused FTSE 100 over here today too. If US stocks are propelled later as their futures imply, that'll also give some impetus to European markets which tend to follow suit on a bullish day.

Still, beyond the initial overall index direction on the outcome of the presidential vote, some European stocks could see pressure from likely policies under a potential future Trump administration.

Analysts have identified risks to beverage and spirit stocks if threatened import tariffs are implemented, which could have implications for the likes of Diageo in the UK.

And while a Trump victory is seen as bullish for the dollar, it's negative for global growth, and therefore, also likely for copper prices. That would be a problem for UK miners such as Rio Tinto, Anglo American and Glencore.

Other sectors where US policies could see an impact include tobacco regulation (see Imperial Brands) and aircraft tariffs costing airlines like British Airways parent IAG.

— Morwenna Coniam

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

The Bank of England's interest rate decision. Expectations are still for a second rate cut this year, by a quarter point to 4.75%, despite the budget reigniting inflation concerns.

But investors will be more focused on the messaging: whether the central bank is now more cautious on future cuts after Rachel Reeves announced one of the largest fiscal loosenings in decades.

HSBC is considering leasing an additional 570,000 square feet of space before even moving into its new headquarters on Newgate Street, near St. Paul's Cathedral. The same spot was the head office of which British telecoms company from the 1980s to 2019?

Photographer: Hollie Adams/Bloomberg

[Yesterday's answer: Tom Ford is the fashion designer whose purchase of a mansion in Chelsea was the UK's most expensive home deal this year.]

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