SpaceX share price drops below stock market debut
SpaceX's share price has dropped below its stock market debut just over a month ago, falling sharply from a post-float peak.
Economy
Fed Chair Warsh: One-time change in prices isn't necessarily inflationary
Federal Reserve (Fed) Chair Kevin Warsh said on Wednesday that recent inflation figures provide an imperfect measure of underlying inflation. Warsh made the remarks while testifying on the Semiannual Monetary Policy Rep…
SpaceX shares slide below IPO price for the first time as blistering rally unravels
Shares of Elon Musk's SpaceX are scraping by at record low levels this week, struggling to find any renewed enthusiasm from wary investors.
Japanese Yen: Policy urgency and mixed data – BNY
BNY’s Geoff Yu highlights Japanese Prime Minister Sanae Takaichi’s warning that Japan must build a strong economy now, rejecting claims that an economic blueprint drove the JGB selloff. He notes machinery orders weaknes…
Burnham faces crucial choice for chancellor as battle for No 11 continues
An overwhelming number of Labour MPs have nominated Andy Burnham. Under Labour's rules he needs trade union support too.
Fed Chair Warsh: Inflation will not be permanent
Federal Reserve (Fed) Chair Kevin Warsh said on Wednesday that current inflation pressure will not be permanent, while acknowledging that the latest inflation measures remain unsatisfactory. Warsh made the remarks while…
China: Growth outlook steady with policy support – Standard Chartered
Standard Chartered economists Hunter Chan and Shuang Ding note that China’s Q2 Gross Domestic Product (GDP) growth slowed to 4.3% year-on-year, below the 4.5–5.0% target range, with domestic demand remaining soft. They …
Dow Jones Industrial Average toasts peak inflation, then drops the glass
The Dow Jones Industrial Average (DJIA) spent most of Wednesday rewarding the disinflation trade and the final two hours dismantling it. A surprise negative June wholesale inflation print at 12:30 GMT set off a grind th…
Dell leads broader AI hardware selloff as shares tumble 14%
Dell dropped 14%, HPE fell 8%, and SMCI declined 5% on no confirmed catalyst, but Dell and HPE retain massive YTD gains of 219% and 92%, respectively.
Cash-strapped Thames Water poses big test for Burnham
Thames Water is a major test for Andy Burnham and may help determine what the incoming prime minister's ambition to bring key utilities back under "public control" really means.
Brewdog co-founder James Watt launches bid to buy back beer firm
Brewdog co-founder James Watt says he has made an offer to buy back the craft beer business months after it was sold to a US company.
Canadian Dollar shows little reaction to Bank of Canada interest rate decision
USD/CAD trades flat on Wednesday as traders show a limited reaction to the latest Bank of Canada (BoC) monetary policy announcement. At the time of writing, the pair trades around 1.4051, hovering near a one-month low.
Stonegate pub and bar chain investigated over ‘unfair’ treatment of landlords
The owner of the Slug & Lettuce and Be At One chains is being investigated over concerns about possible “unfair” treatment of landlords who run more than 3,000 of its venues.
Huang says Vera Rubin in production, dismisses delay reports
CEO Jensen Huangsaid the company’s prediction of a $200 billion central processing unit market includes China, showing that Nvidia still anticipates strong long-term demand in one of the world’s most important AI market…
Brewdog co-founder James Watt launches bid to buy back beer firm
Brewdog co-founder James Watt says he has made an offer to buy back the craft beer business months after it was sold to a US company.
British Pound rallies as soft US PPI hits US Dollar
The Pound Sterling rises by some 0.60% against the US Dollar after the latest Producer Price Index (PPI) in the US showed prices edging lower, driven by the dip in energy prices since late May. At the time of writing, t…
British Pound dips below 1.3400, turns negative on the day as US Dollar picks up
The British Pound (GBP) has retraced previous gains against the US Dollar (USD) on Wednesday, returning to the 1.3390 area from session highs of 1.3420 and turning negative on the daily chart. The safe-haven US Dollar h…
United States annual producer inflation drops to 5.5% in June vs. 6.2% expected
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), declined to 5.5% on a yearly basis in June from 6% in May, the US Bureau of Labor Statistics (BLS) reported on Wednes…
China’s economy grows at 4.3%, one of its lowest rates on record
China has posted worse-than-expected growth figures for the three months to June as its economy expanded by just 4.3% – one of its lowest quarterly readings on record.
US Dollar: Fed expectations weigh on Dollar – Commerzbank
Commerzbank’s Volkmar Baur notes that softer US inflation has reduced expectations for Federal Reserve rate hikes and pressured the US Dollar. June headline and core inflation fell more than consensus, leading markets t…
Gold eases as soft US CPI fails to dent the Fed's hawkish outlook
Gold (XAU/USD) trades on the back foot on Wednesday as the US Dollar (USD) and US Treasury yields rebound after coming under pressure on Tuesday following softer-than-expected US Consumer Price Index (CPI) data.
Burnham urged to drop ‘flawed’ plans that may let developers bypass environment laws for £1
The UK government has been accused of “rushing through” planning changes that could give developers permission to “trash” nature for as little as £1.
Bank of England governor would have put off Farage meeting had £5m gift been under investigation
The Bank of England governor has said he would have put off a meeting with Nigel Farage last autumn had the Reform UK leader’s £5m gift from a crypto billionaire been under investigation at the time.
Thames Water increases bonus payments to £4m despite uncertainty over future
Thames Water increased its bonus payouts to £4.1m for senior managers, despite warning over “material uncertainty” over its future as it scrambles to recapitalise to avoid nationalisation.