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Business News Live – Thursday, 10 July 2025

Closing Thoughts from London Stock Market

As we wrap up today’s updates, we should highlight that the London stock market has concluded on a positive note. The FTSE 100 has seen an increase of 1.2%, reaching new record highs. This marks a significant moment for the UK’s blue-chip index, which has demonstrated remarkable resilience and growth in the past year.

A Retrospective on the FTSE 100’s Journey

Reflecting on the past year, it is astonishing to remember when London’s FTSE first breached the psychologically significant 8,000 mark. At that time, many were skeptical about its longevity; however, it has since proven to be more than a fleeting moment. As noted by AJ Bell’s head of financial analysis, Danni Hewson, the FTSE’s gradual ascent towards 9,000 is something many investors find surreal yet exhilarating.

Mining Stocks Lead the Charge

Another noteworthy development is the remarkable performance of London-based mining stocks, which have surged today. This boost has contributed positively to an index that has already had a strong showing throughout the year, barring a minor setback after Liberation Day. Investors seem to be capitalizing on the situation following Donald Trump’s copper tariffs, leading to a price surge that has opened new opportunities in the market, particularly in the short term.

Further Updates from Across the Business Landscape

Morning Briefing

Good morning and welcome back to another day filled with essential business news on The Independent. Today, we have an exciting lineup including stock market developments, the ongoing debate on wealth taxation, and fresh UK economic data. Stay tuned as we delve into these crucial topics throughout the day.

Nvidia’s Historic Market Valuation

In a groundbreaking achievement, chip manufacturer Nvidia has become the first company to surpass a staggering $4 trillion market valuation. This recent surge in stock prices has put Nvidia ahead of tech giants like Apple and Microsoft. Shares experienced a brief rise of more than 2%, although they later retreated as profit-taking commenced.

Senior equity analyst at Hargreaves Lansdown, Matt Britzman, characterized this milestone as "historic," hinting that Nvidia’s stock might rise further, thanks to strong earnings valuations and its dominating market share.

Building Societies Rally Against ISA Cuts

In financial governance news, Rachel Reeves faces mounting pressure as building societies express grave concerns regarding potential cuts to the cash ISA limit. They issued an open letter to the chancellor emphasizing their vital role in the broader economic framework and urging that the cash ISA remains unchanged.

Opposition from Bank of England on Labour’s Growth Strategy

Andrew Bailey, Governor of the Bank of England, has publicly opposed Labour’s proposals to mandate greater investments by pension funds in domestic assets. He stated, "I do not support mandating; I don’t think that’s appropriate," while acknowledging the need for pension reform.

Royal Mail After Major Changes

Big transformations are underway at Royal Mail as regulations now allow them to eliminate second-class Saturday deliveries. This strategy seeks to ensure the survival of their regular delivery service amid a halving in letter volumes over the last 14 years. This change will enable Royal Mail to save up to £400 million, allowing for reinvestment into other vital services.

New Leadership Arrives at WPP

In the advertising sector, WPP has appointed a new chief executive, Cindy Rose, just one day after suffering an 18% drop in their share price. Following the loss of a significant contract with Mars, WPP aims to navigate through these turbulent times with new leadership set to take over in September.

US Market Momentum Following Nvidia’s Milestone

The stock markets in the US are also experiencing a bull run, influenced heavily by Nvidia’s historic $4 trillion market cap milestone. Analysts, including Chris Beauchamp, have noted that this event underscores the positive sentiment around technology stocks, significantly boosting momentum across global equities.

Revolut Seeking Major Investment

Lastly, digital bank Revolut is seeking to raise $1 billion to continue its expansion plans. This funding round is set against a backdrop of growth, with the bank’s valuation rising from $45 billion to $65 billion.

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