Crypto News: The London Rush: Trench coats, scarves and British stars

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

Burberry is going back to its core.

"Burberry's original purpose to design clothing that protects people from the weather is more relevant than ever," said new CEO Joshua Schulman in an update this morning. "Today, we are acting with urgency to course correct."

The beleaguered brand has alienated shoppers with price hikes, while also battling a slump in luxury sales, particularly in China, pushing its stock down almost 50% this year alone. It swung to an adjusted operating loss in the first half, while retail sales fell 20% (bad, but slightly better than expected.)

Fresh to the role, Schuman has a big revival task ahead.

So, the plan is to take the retailer back to its origins, focusing on its outerwear division, as well as improving store productivity and online operations.

It emphasised reigniting "brand desire" and being "quintessentially British" as it reconnects with its original purpose. With Olivia Colman, Lil' Sims, Barry Keoghan and Rivals stars heading up campaigns, Burberry really is embracing Britcore.

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.

North America is WH Smith's "most exciting opportunity for growth," where it plans to open around 60 new stores over the next two years. It noted ongoing economic uncertainty, but full-year revenue met estimates buoyed by travel over the high street.

Sales of Premier Foods' Mr Kipling Signature Bites more than doubled in the first half as confident consumers treated themselves. It is on track to hit full-year expectations.

The Euro's gave Young & Co's a "welcome boost" to drinks sales in a first-half that featured "challenging" summer weather. Looking ahead, the pub chain warned of an £11 million hit from the budget and is conscious of the "significant impact" of new train strikes.

Plus, we're gearing up for Rachel Reeves' Mansion House speech this evening, where she will try to rally the City. The Chancellor already told Bloomberg TV of plans to create a pension "megafund." That would pool £1.3 trillion of pension savings to boost private investment, in a replica of models in Australia, Canada and the US.

Watch here:

Trump wins the trifecta as Republicans hold on their House majority.
The president-elect's top job picks stress loyalty, TV skills, culture wars.
China silences car attack mourners and vows tighter grip on society to stop violence.

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

The pound's heady September days, when it traded well above $1.34, are now well behind it, as a ferocious rally in the dollar leaves sterling south of $1.27.

The scale of the move has shocked analysts, whose median year-end forecast for the pound in Bloomberg's survey is $1.29.

That two cent gap is just about the biggest (to the downside) since April — which is pretty startling given you'd expect the forecasts to look more accurate the smaller the timeframe involved is.

The story might not be over either. Markets are still pricing in more rate cuts from the Federal Reserve than the Bank of England by the end of next year (remember the Fed has already done more this year too).

Given the inflationary risks economists say stem from a Trump presidency, that dynamic has the potential to shift in the months ahead, posing another risk for an already tumbling pound.

— David Goodman

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

REIT Land Securities gives a first-half update. Earnings per share is expected to slide, following its strategy of disposing some assets to focus resources, but not jeopardise forward guidance.

Plus, preliminary third quarter GDP data. It's expected to edge up against the last quarter, by 0.2%, and on a yearly basis, by 1%.

Hi, it's Ed, from Pursuits. If you're an American in London, or just have a predilection for candied yams and pecan pies, then here's where you can get your Thanksgiving fix this year:

The Game Bird at The Stafford London, St James'

Home to one of the longest surviving American bars in London, with an iconic ceiling of hanging donated artefacts, the Stafford is a strong choice for a wholesome American experience. The Game Bird restaurant will be serving up a three course menu on Nov. 28 featuring butternut squash veloute, roast turkey with all the trimmings and chocolate pecan pie.

3 courses/£70pp.

The Mayflower, Rotherhithe

Take in the sight of the 1620 point of departure for the Mayflower ship while sitting down to a Thanksgiving meal on the Thames. Besides the history, standouts include the scallop and prawn mac & cheese, and caramel pecan cheesecake, as well as the classic turkey.

2 courses/£40pp. 3 courses/£45pp.

Christopher's, Covent Garden

Housed in a grade II listed building was originally London's first licensed casino, Christopher's has been a mainstay of the city's top American restaurants since 1991. The Thanksgiving menu has a full roster of pumpkin chowder and smoked duck tacos to start, followed by turkey, lamb, salmon and steak main courses, finished off with a choice of pie, tart, brownie or cheesecake.

3 courses/£85pp.

— Ed Stapley

A new version of Band Aid's Do They Know It's Christmas? will be released later this month to mark its 40th anniversary. It will combine different recordings over the years to feature the likes of Sting, Harry Styles, George Michael and Chris Martin.

Who first wrote the song in 1984?

Coldplay's Chris Martin performs in Rio de Janeiro, Brazil. Photographer: Buda Mendes/Getty Images South America

[Yesterday's answer: Roger Ver, who has been charged with evading taxes for selling $240 million in crypto tokens, is known to his online followers as 'Bitcoin Jesus'.]

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