Business News Live – Thursday, July 10, 2025
Morning Headlines
Good morning and welcome to another day of business news on The Independent. As we dive into the day, expect updates on stock market trends, insights into ongoing economic debates, and important financial news affecting both the UK and global markets.
FTSE 100 Hits Record Highs
Starting off, the FTSE 100 has closed up 1.2% today, reaching impressive new record highs. It’s remarkable to think that just a year ago, this blue-chip index pushed past the psychologically significant 8,000 mark—only to experience a brief fallback. Analyst Danni Hewson from AJ Bell notes, “It feels surreal to see the FTSE 100 inching closer to 9,000.” Key mining stocks based in London played a significant role in this uplift, demonstrating resilience and growth amidst global economic shifts.
Nvidia Surpasses $4 Trillion Valuation
In notable market movements, chip-maker Nvidia has set a monumental precedent by becoming the first company to surpass a $4 trillion valuation. Following a recent surge in share prices, Nvidia eclipsed heavyweights like Apple and Microsoft to reach this remarkable milestone. Hargreaves Lansdown’s Matt Britzman referred to this development as a “historic moment,” underpinning the growing investor enthusiasm around artificial intelligence and its impact on market sentiment.
Pressure on UK Chancellor Regarding Cash ISAs
Closer to home, building societies are pushing back against possible cuts to the Cash ISA limit. Following an open letter to the Chancellor, they assert that these savings products play a crucial role in the broader UK economy. Rachel Reeves faces mounting pressure to maintain the current limit, as many see the Cash ISA as vital for encouraging personal savings and financial stability.
Bank of England Responds to Labour’s Growth Plan
In other political and economic news, the Bank of England’s Governor Andrew Bailey has rejected a critical component of Labour’s proposal aimed at mandating pension funds to invest more in domestic assets. Bailey emphasized that while pensions reform is needed, mandating such investments isn’t appropriate. This stance has opened up further discussions on the role of pension funds in stimulating domestic economic growth.
Major Changes for Royal Mail
Another significant development involves Royal Mail, which has received approval to eliminate second-class Saturday deliveries. This change is a response to a drastic decline in the volume of letters sent over the past 14 years, a reduction of nearly 50%. Starting July 28, second-class deliveries will occur on alternate weekdays instead. Ofcom’s Natalie Black stated that such reforms aim to ensure the sustainability of the postal service, allowing Royal Mail to reinvest in more efficient delivery systems.
WPP Appoints New CEO
In the corporate world, advertising giant WPP has appointed a new CEO, Cindy Rose, just one day after experiencing an 18% drop in their share price. The abrupt leadership change comes on the heels of losing a crucial contract with Mars and forecasting a profit warning this week. With extensive experience at Microsoft, Rose is expected to bring fresh perspectives and strategic direction to the company, starting September 1.
Bull Run Continues for US Stocks
Across the Atlantic, the bullish run continues in US stock markets, buoyed by Nvidia’s historic milestone. According to Chris Beauchamp, chief market analyst at IG, this landmark achievement has invigorated overall market sentiment. The Nasdaq closed at yet another record high, reflecting investor enthusiasm not just for Nvidia, but for tech stocks overall.
Revolut Targets $1 Billion in Funding
Digital bank Revolut is making headlines as it seeks to raise $1 billion, potentially valuing the company at an impressive $65 billion. This funding round will help facilitate further expansion efforts, particularly following the recent launch of an investing ISA for UK users. With a customer base nearing 50 million worldwide, Revolut is carving out a significant niche in the digital banking landscape.
Conclusion
As the day unfolds, we can expect further updates on these developments. The business landscape is dynamic, and each of these stories illustrates the evolving nature of economics, technology, and policy in our interconnected world. Stay tuned for continuous updates throughout the day!
