
The FTSE 100 finished slightly up on Wednesday, following by Asian stocks markets rising overnight. Wednesday saw mining giant Glencore in the spotlight, reporting its latest results and pledging to remain on the London Stock Market instead of an intended move, along with the likes of Coca-Cola Hellenic, 3i Group and Legal & General.
Outside the markets, Aldi was displaced as the UK’s cheapest supermarket after price analysis by consumer group Which?, while Rachel Reeves has been advised to raise taxes significantly by one think tank.
Meanwhile, Tesla is coming under fire from its own shareholders as a group look to sue CEO Elon Musk over the company’s Robotaxi, as reaction continues to Mr Musk’s giant pay packet in the form of shares to keep him in place at the firm for the long term.
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Business news latest - Wednesday 6 August
- Tesla shareholders sue Musk and EV firm over Robotaxi claims
- FTSE 100 in small rise after opening
- Legal & General shares drop despite rising profits
- Glencore to stay on London Stock Exchange but debt pile grows and share price falls
- Ozempic and diabetes drugs sales slow in hit to Danish giant Novo Nordisk
Business news latest - Wednesday 6 August
16:30 , Karl MatchettThat’s it for today - thanks as always for joining us.
Tomorrow we return at 7am and our main focus will be the Bank of England and interest rate cuts - see you then for it!
Business news latest - Wednesday 6 August
07:28 , Karl MatchettGood morning all and welcome to our business live blog. Coming up today, the usual mix of money matters, stock market coverage, business and companies news and everything which might affect your wealth.
Today that includes a few names early on such as Rachel Reeves, Elon Musk and the Bank of England - let’s get started.
Tesla shareholders in class action lawsuit against Elon Musk over Robotaxi
07:39 , Karl MatchettTesla shareholders have reportedly launched a class action lawsuit against both the company and Elon Musk, surrounding the firm’s Robotaxi plans.
The lawsuit alleges Musk and Tesla committed securities fraud by concealing risks surrounding the company’s self-driving vehicles, with the Guardian reporting the chief executive overstating the effectiveness and future potential of the cars on a regular basis.
After tests started, the Tesla share price dropped more than 6 per cent. The company said “scalable and safe deployment across diverse geographies and use cases” was their focus, but they do not yet have permission to roll out the Robotaxis across the US.
The company have not responded to the claim, the report says.
Metro Bank half-year report profits of £45m, revenue up 22%
07:50 , Karl MatchettSeveral firms to get through this morning with their financials being reported, starting with Metro Bank.
The lender has reported half-year profits of £45m with two particular boosts: revenues up 22 per cent compared to the same period last year, and operating costs down 8 per cent.
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
“Metro Bank’s strong performance in the first half of the year reflects the successful execution of our strategy and decisive actions we have taken. We trebled profits, doubled new lending to corporate, commercial and SME customers, meaningfully reduced operating costs and optimised funding to have the lowest cost of deposits of any UK high street bank.
“As we celebrate our 15-year anniversary, our unique relationship-led model, specialist lending expertise and expanding store network allows us to support customers, communities and help businesses to grow. This differentiates Metro Bank and fuels our growth.”
Why Musk’s $29bn Tesla payout is a blessing in disguise
08:00 , Karl MatchettAs unconscionable as this bonus seems, at least it signals the tech mogul’s shift away from politics and a return to his day job – something we can all be grateful for, says Sean O’Grady
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Interest rates: 'Affordable credit will remain out of reach for millions'
08:20 , Karl MatchettThe Bank of England are widely expected to cut interest rates when the MPC meets tomorrow.
While that will have immediate impacts like lowering savings rates and potentially changing the mortgage market, it won’t have a huge underlying effect on what people are actually paying out day-to-day, says Tamsin Powell, consumer finance expert at Creditspring.
More needs to be done to ensure those who need immediate financial help can access it, Ms Powell adds - as well as improving money literacy in the first place.
“Whether or not the Bank of England cuts rates this week, the reality for many households won’t change overnight. People are still facing high living costs and stretched budgets – and any small shift in the base rate is unlikely to bring immediate relief.
"We know that borrowing has become more expensive in recent years, but even if interest rates begin to fall, affordable credit will remain out of reach for millions. For those without a financial cushion, even a minor unexpected expense – a broken appliance, car repairs, or back-to-school costs – can still cause serious stress.
"It’s vital that we don’t assume a rate cut fixes the problem. What people need is access to fair, simple financial support that doesn’t push them further into debt. At the same time, improving access to financial education is essential, especially for younger people and those new to borrowing. Knowing how credit works, what good borrowing looks like, and how to avoid costly mistakes can make all the difference when money is tight."
FTSE 100 rises after opening - Hiscox up 8%
08:45 , Karl MatchettThe FTSE 100 is up 0.16 per cent this morning - not a huge rise but green is green.
Leading the way is Hiscox, up more than 8 per cent so far, with the insurance firm increasing their buyback level amid positive results.
European stocks are up too - Germany’s DAX leads the way as usual, up 0.56 per cent early on.
Guinness is helping Wetherspoons thrive — so why is its own parent company struggling?
09:00 , Karl MatchettChanging consumer tastes are nothing new – especially when it comes to food and drink – but if you’ve been out in pubs or bars around the UK over the past couple of years, it’s likely you’ll have noticed a pint of the black stuff being a favourite again for many.
In short, Guinness sales are soaring. In fact, Wetherspoons cited the Irish stout as a “standout performer” allowing the pub chain to continue to open new branches and bringing in surging revenue that draught beer sales have notably contributed to.
With a world-famous brand performing so well you’d be forgiven for thinking the company which owns it would be smiling. But the complete opposite is true.
Business analysis from Karl Matchett:

Guinness is helping Wetherspoons thrive — so why isn’t its own parent company?
The huge number of first-time buyers relying on parents for a deposit revealed
09:40 , Karl MatchettThe number of first-time buyers needing a helping hand to get on to the property ladder due to soaring prices has been revealed in a new survey.
Very few new homeowners are making the leap without support, the research by TSB shows, with 96 per cent receiving some kind of financial help for their deposit.
For over two-thirds (68 per cent), this came from parents, while just over half (57 per cent) received help from friends.
Parental support is fast becoming a mainstay of the UK’s home ownership pathway, the research also shows, as a massive 80 per cent of first-time buyers say they had to move back to their childhood home to save up for a deposit.

The huge number of first-time buyers relying on parents for a deposit revealed
Legal & General shares drop despite profits coming in higher
09:58 , Karl MatchettA little more market commentary now as Legal & General announced their latest profits this morning.
Shares are down by 2.7 per cent this morning but it’s less about profit concerns and perhaps more to do with recent share gains and over-expectation - it’s up more than 10 per cent this year so far.
Richard Hunter, head of markets at interactive investor, said:
“This is a punchy performance with Legal & General’s plan clearly coming together, even if heightened expectations have weighed against the share price in opening trades. However, seen through the longer-term prism in which the group operates, prospects are even brighter.
“L&G is in a new phase and is executing at pace. For this period alone, core operating profit rose by 6% to £859 million compared to estimates of £816 million and pre-tax profit by 28% to £406 million, with the latter figure already surpassing the entirety of last year’s contribution.
“The group’s financial strength enables a target of some £5 billion to be returned over the next three years in dividends and buybacks. In line with its announced growth target, the increase to the dividend lifts the projected yield to a heady 8.2%, paying investors handsomely to wait as the strategy unfolds. As such, the stock has become something of an income staple over recent times.”
There’s a good reason why Lidl has stolen Aldi’s supermarket crown
10:20 , Karl MatchettAs the budget supermarket reclaims its title as the UK’s cheapest supermarket, long-time devotee Flic Everett says there’s a rationale for its sudden resurgence – and it’s not just the deals to found in its sceptred middle-aisle…

There’s a good reason why Lidl has stolen Aldi’s supermarket crown
Think tank tells Reeves to raise taxes to cover £40bn hole
10:46 , Karl MatchettRachel Reeves has been told she faces a financial hole of up to £40bn in government spending - and raising taxes are the way to fix it.
NIESR say “moderate but sustained” tax increases are needed to bridge the money chasm, suggesting a rise of 5p in the pound on basic and higher tax rates.
Stephen Millard, a senior economist at NIESR, said: “We think the current budget deficit will be around £40bn, or £41.2bn to be precise. It means if the chancellor wants to maintain a buffer of £9.9bn then she will have to find £51.1bn, either in extra taxes or lower spending or both, annually, by 2029-30.”
Interest rate cuts will be too late this year to boost industry growth, the report added.
Stock markets facing mix of trade talks, financial reports and more
11:00 , Karl MatchettThe FTSE 100 is up 0.22 per cent this morning so far but on a more global glance, stock markets still have a lot to watch out for.
One expert is pointing towards trade talks, oil and big US firms reporting their latest financials as key factors for market movements this week.
“After running out of steam and slipping into the red in the latter part of yesterday’s trading session, the FTSE 100 made another modest move higher on Wednesday,” says AJ Bell head of financial analysis Danni Hewson.
“Concern around tariffs continues to swirl as Indian stocks slipped thanks to Trump administration threats to impose higher levies on India for buying and selling Russian oil.
“However, a more positive tone on trade talks with China meant most other Asian markets closed higher overnight. An agreement between Washington and Beijing would remove the last remaining big uncertainty around tariffs as a 12 August deadline approaches.
“Attention will turn to numbers from McDonald’s, Walt Disney and Uber Technologies later as investors continue to pick through how companies are faring against an uncertain backdrop.”
Mining giant Glencore set to stay on London Stock Exchange - but debt pile grows
11:27 , Karl MatchettGlencore, a mining firm with a £35bn valuation, said in February they were exploring alternatives to London which were “better suited to trade our securities”, with New York a possibility for their primary listing.
However, during today’s financial report, chief executive Gary Nagle said “London is where we are happy” and added that Glencore “don’t believe there is a value-accretive proposition to move exchanges right now” despite “the scale and depth of US capital markets [being] unrivalled”.
A large part of the reason for the turnaround is uncertainty over whether Glencore would be included in the S&P 500 - the US equivalent of the FTSE 100, which Glencore currently ranks 26th in by market capitalisation. Additionally, there would have been “significant” costs associated with the move which the company appear to have decided would not be compensated for by a listing switch.
In addition to announcing they would stay in London, Glencore revealed plans for a $1bn (£753m) cost-cutting drive and net losses of $655m (£493m) due to commodity prices decreasing and lower production levels.
Several hundred jobs will be lost in the push for savings, though these are expected across the global workforce of around 150,000. Net debt also rose to $13.5bn (£10.2bn), above the aim of $10bn. Shares in Glencore fell an additional 3.8 per cent in morning trading on Wednesday and are down 18 per cent in 2025 as a whole.
The company’s market capitalisation was around £40bn at the time they announced their review of a potential LSE exit, meaning a 12.5 per cent valuation loss since then.
Brewdog advert banned over suggestion alcohol is a remedy for disappointment
11:45 , Karl MatchettA poster for BrewDog’s Wingman beer has been banned by the advertising watchdog for implying that alcohol could overcome boredom, loneliness, or disappointment.
The advertisement for the brewing firm’s Wingman beer, seen in May, featured the headline: "Brewdog. Always Got Your Back".

Brewdog advert banned over suggestion alcohol is a remedy for disappointment
Drugs giant Novo Nordisk sees sales slow in Ozempic and diabetes drugs
12:06 , Karl MatchettDanish drugmaker Novo Nordisk has seen a big drop in sales growth of its injectable diabetes drugs, including Ozempic.
Sales are still on the up overall, but increased competition, the potential impact of US tariffs and cheaper generic drugs have meant that the growth of their line has slowed considerably, from 21 per cent last year to just 8 per cent this time around in the first six months of 2025.
Obesity drugs sales, including Wegovy, increased 56 per cent, with profits before tax ultimately rising 24 per cent.
However, the company recently revised overall growth expectations considerably lower and the share price fall has seen more than £70bn wiped off the total company value.
Novo Nordisk reaction: Big task ahead for incoming CEO
12:20 , Karl MatchettContinuing a look at one of Europe’s biggest companies, analysts have been delving into the numbers of Novo Nordisk’s latest report.
Losing market share to a rival is one vital factor, but the potential for more lies ahead with the US threatening tariffs in excess of 200 per cent on some pharma companies or products.
There’s a massive job on for the new chief executive, analysts say - and prospective shareholders should carefully consider whether share price falls are overdone or not.
Derren Nathan, head of equity research at Hargreaves Lansdown:
“At first glance, Novo Nordisk’s first half performance was in decent shape, but the headline figures were flattered by accounting adjustments. It’s the recently lowered outlook for the full year, coupled with doubts around the incoming CEO Maziar Mike Doustdar’s ability to turn the ship around, that’s seen some $95 billion of its market value evaporate since last week’s trading update. The group’s now zoning in on improving efficiency, but it’s growth that’s been the stock’s main attraction in recent years.
“Non-regulated ‘compounded’ versions of weight-loss jab Wegovy continue to take a bite of Novo’s apple in the US, despite a recent ban. And in mainstream competition, Eli Lilly’s Zepbound has been making big market share gains. Tariffs and drug pricing policy are another threat Mike Doustdar will need to tackle head-on if one of Denmark’s greatest success stories is to regain its crown as Europe’s most valuable company.
“The weakness in Novo’s valuation is a tempting opportunity to gain exposure to a name at the forefront of the enormous market opportunity in obesity and chronic diseases. But unless the new chief hits the ground running, the risks associated with catching a falling knife can’t be ignored.”
Danni Hewson, head of financial analysis at AJ Bell:
“Appropriately enough for a company whose fortunes are heavily tied to anti-obesity drugs, but no doubt to the significant disappointment of its shareholders, Novo Nordisk’s market value has really slimmed down in 2025.
“Given the major profit warning announced last week, the company’s latest earnings are a bit of a sideshow but they do underscore how the company is losing ground on its rivals and the scale of the challenge facing newly appointed CEO Maziar Mike Doustdar.
“Replacing Lars Fruergaard Jorgensen, who was ousted in May, Doustdar will need to demonstrate he can bring costs under control and win back share in an increasingly competitive market.”
Chris Beauchamp, chief market analyst at IG:
“Novo Nordisk shares continue to endure their own remarkable weight loss programme, falling sharply in the pre-market, and are on course to have lost around 2/3 of their value since the July 2024 peak. This is a classic case of market euphoria and elevated expectations being the downfall of a share price; amid all the noise income at the company continues to soar. The pendulum has swung from wild optimism at 39 times earnings a year ago to rampant pessimism at 11 times now - are there any investors brave enough to snap up a possible bargain?”
Aldi loses title of UK’s cheapest supermarket
12:40 , Karl MatchettSupermarket price wars are ongoing and there’s a new leader in the UK.
Price analysis by consumer group Which? looked at an average basket of 76 grocery shopping products across July, including both popular brands and own-brands, with Aldi edged out by a rival by less than £1 overall – or slightly more if loyalty cards were used.

Boost for London Stock Exchange as £35bn mining company U-turns on move to US
13:00 , Karl MatchettA major company on the London Stock Exchange has reversed a potential departure for the US, in a huge boost to domestic stock markets.
Glencore, a mining firm with a £35bn valuation, said in February that it was exploring alternatives to London which were “better suited to trade our securities”, with New York a possibility for their primary listing.
However, during today’s financial report, chief executive Gary Nagle said: “London is where we are happy”. He added that Glencore “don’t believe there is a value-accretive proposition to move exchanges right now” despite “the scale and depth of US capital markets [being] unrivalled”.

Boost for London Stock Exchange as £35bn company U-turns on move to US
Will interest rates be cut tomorrow?
13:20 , Karl MatchettThe Bank of England’s (BoE) next meeting to determine interest rates is on Thursday 7 August, and all eyes will be on the Monetary Policy Committee (MPC) and whether its members opt to continue lowering rates.
The base rate - currently at 4.25 per cent following cuts in February and May - impacts consumers and taxpayers through everything from their mortgages to savings, so what do experts foresee both next week and beyond?

Will interest rates be cut tomorrow? Key factors and 2025 predictions
Fears for Claire’s stores after US owner files for bankruptcy
13:40 , PAClaire’s Accessories faces an uncertain future on UK high streets after its US parent business filed for bankruptcy.
US-based fashion accessories and jewellery business Claire’s has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings.
It is the second time the group has declared bankruptcy, after first filing for the process in 2018 after it was unable to repay a loan.
The group saw its finances improve after wiping around 1.9 billion dollars (£1.4 billion) off its balance sheet in a refinancing but has come under pressure from recent weak consumer demand and supply chain uncertainty.
Claire’s runs 2,750 stores across 17 countries. It has around 280 stores in the UK.
Interest rates: Third Bank of England cut on the agenda?
14:13 , Karl MatchettTomorrow is the latest MPC meeting and as we’ve seen (see post two below), plenty of expectation rests on a 25bp cut.
The MPC has voted to cut rates twice this year so far so another tomorrow would keep us in line with a one cut per quarter timeline - theoretically bringing us down to 3.75 per cent by year’s end.
Plenty of analysts are predicting November for the next cut but it’s less apparent at this stage than August’s decision looks to be.
Most economists are suggesting the UK needs to be down to 3.5 per cent and lower early next year to stimulate further economic growth.
Warning over rise in UK state pension age
14:30 , Karl MatchettAn industry expert has warned that the state pension age may need to rise to 80 without dramatic reforms, amid concerns the nationwide bill will be “completely unaffordable” as life expectancy increases.

‘The whole tax system needs radical reform’: Readers weigh in on Reeves’ fiscal trilemma
15:00 , Karl MatchettOur community is split on how Rachel Reeves should resolve her fiscal trilemma, with readers divided between raising taxes, cutting spending, relaxing borrowing rules or boosting growth through closer EU ties.
Vote here and leave your comments!

‘The whole tax system needs radical reform’: Readers on Reeves’ fiscal trilemma
Usually we see the big US firms post results at the end of the day - Disney’s are out already.
It’s a key time for the legendary firm, with the streaming service a key battleground these days, a big focus on cruise ships and some turnover at the top of the company.
Ben Barringer, head of technology research at Quilter, has delved into the numbers:
“Disney produced a solid set of results in its latest figures, with the key areas of the business beating market expectations. Revenues in the Parks business were up 8% thanks to the good timing of Easter as part of these figures, as well as increasing capacity with their cruise ships, while the international parks also delivered good growth which wasn’t necessarily expected.
“Disney+ was also better than expected in the level of profit it delivered, which when combined with good cost control and a share buyback, gives management enough room to carry out a share buyback and raise guidance for its expected growth in earnings per share. This should all lead to a re-rating in the share price.
“However, linear television continues to decline. While it is a well-trodden narrative, the decline is far steeper than people were expecting and is weighing on the entertainment division. While the decline will continue, Disney will need to ensure that decline doesn’t continue to accelerate. It may help to explain why it is expanding its NFL coverage via the purchase of its media division, as it looks to increase its presence in other markets to make up for traditional TV disappointing.
“Ultimately, these are a good set of results for Disney and Bob Iger and his management team are doing a good job since his return to the top of the helm.
“However, the business remains exposed to the health of the US economy so concerns around it will be watched closely by investors. There are better defensive entertainment companies out there, such as Netflix, should investors be looking for exposure to the film and TV world.”
FTSE 100 still up, US stocks rise
16:03 , Karl MatchettA final check on global stock markets before we check out for the day.
The FTSE 100 is up 0.21 per cent for Wednesday, having stuck largely at that level all afternoon.
Yesterday there was a late drop-off so it’s not set in stone, but it looks like a positive day so far.
Over in the US, the S&P 500 is up 0.5 per cent for the day so far in early trading, with the Nasdaq above that and the Dow below it.
European stocks are coming to the close and they are also mainly up, at the same level or slightly lower than London’s main index.
Sabadell shareholders approve £2.65 billion sale of TSB to Santander
16:15 , Karl MatchettShareholders of Spanish banking group Sabadell have voted to approve the sale of TSB to Santander after striking a deal worth £2.65 billion.
Some analysts think the sale could make it easier for Sabadell to rebuff a potential hostile takeover bid by rival Spanish group BBVA.
The proposed sale of TSB was passed with 99.6% shareholder approval at an extraordinary general meeting (EGM) on Wednesday, Sabadell said.
It agreed last month to sell the UK bank, saying it aligns with plans to sharpen its focus on Spain where it sees greater potential for growth.
The move is set to create the UK’s third largest bank by the number of personal current accounts.