In partnership with

Good morning. Today we're talking about London’s 24/7 trading push, Libor convictions overturned and the UK-India trade deal.

Beat the market before breakfast.

Join 100,000+ readers who get smarter about stocks, crypto, and income in 5 minutes flat with our free daily newsletter.

Stocks And Income is 100% free and focused on helping you find investment opportunities that outperform the market average.

No hype, no fluff, just real signals and strategy.

Did you miss these big winners?

✅ CoreWeave (before it soared 209%)
✅ Palantir (+441% this year)

Our readers didn’t.

Get the next big stock and crypto picks delivered daily.

Subscribe for free

_{Stocks & Income is for informational purposes only and is not intended to be used as investment advice. Do your own research.}

Big Stories

London's 24/7 trading push

London is exploring a radical shift to 24-hour trading for its stock exchange, aiming to recapture investor interest amidst a trend of prominent firms opting for listings abroad. The move is a direct response to companies like Arm and Shein debuting in the US and Hong Kong, drawn by deeper investor pools and higher valuations. The UK hopes to rebrand its capital markets, acknowledging that younger investors are accustomed to always-on trading environments, as seen in crypto and retail apps like Robinhood. This isn't an isolated idea; Nasdaq and the NYSE have already sought extended hours, and a new US exchange has provisional approval for round-the-clock operations. The urgency for London is amplified by the prospect of AstraZeneca considering a move to New York, citing frustrations with UK regulation and capital market constraints. Other British firms are also eyeing overseas listings, while a steady stream of takeovers has reduced the number of domestic companies. Without a robust pipeline of new IPOs, London risks becoming a market where more firms exit than enter. The ongoing debate around Wise's potential shift to a primary US listing, particularly concerning proposed special voting rights, underscores a broader challenge: global listings can offer wider investor access but may involve governance trade-offs.

Libor convictions overturned

In a significant development for high-profile financial crime, the UK's highest court has overturned the convictions of former traders Tom Hayes (UBS and Citigroup) and Carlo Palombo (Barclays). Hayes, the first person convicted in the sprawling Libor scandal, had been fighting his 2015 conviction for nearly a decade. The Supreme Court's decision centered on "bad instructions" given to the juries in both cases. Hayes and Palombo were among 19 individuals in the UK and US convicted of manipulating the Libor and Eurobor rates – crucial benchmarks for trillions of dollars in global financial contracts. The scandal led to approximately $10bn in fines for banks and brokerages. Hayes, who became a focal point for public anger towards bankers post-2008 financial crisis, was initially sentenced to 14 years, later reduced to 11, serving five and a half years before his 2021 release. Following the Supreme Court's ruling, the UK's Serious Fraud Office, which secured the original convictions, has stated it will not pursue a retrial. This marks a dramatic turn in one of the most prominent white-collar crime cases in recent history.

Landmark UK-India trade deal

The UK and India have finalised a significant Free Trade Agreement (FTA), eliminating tariffs on a wide range of goods from cars to alcohol. This deal, between two major global economies, signals a commitment to open trade amidst ongoing international disruptions caused by President Trump’s protectionist policies. For Indian Prime Minister Modi, the FTA reinforces his strategy to position India as a robust alternative for global supply chains seeking diversification. This pact, India's first major trade agreement in a decade, underscores the nation's willingness to lower trade barriers to attract foreign investment. It also serves as a crucial springboard for India's ongoing bilateral trade discussions with the US and its negotiations with the EU. The agreement culminates three years of intense negotiations that navigated complex issues including visas, substantial tariff reductions, and tax incentives. Economically, the UK government estimates the FTA will boost UK GDP by £4.8bn annually in the long run (by 2040) and India's GDP by £5.1bn. The deal represents the UK’s most substantial trade agreement since Brexit and stands as India's most significant such pact to date.

Elsewhere...

New era: The US and EU have reached an agreement on a trade deal, says Donald Trump.

On the brink: River Island is at risk of collapsing into administration within weeks if it fails to get approval for a radical restructuring plan.

AI goes public: OpenAI, the firm behind ChatGPT, has signed a deal to use artificial intelligence to increase productivity in the UK's public services, the government has announced.

Loop Likes

• What makes daily life appealing in the world’s best cities

• How to delete yourself from the Internet

• The body parts you don’t really need

Number of the Day

7,000

The number of daily steps needed to boost your brainpower and help protect against a range of different diseases, a major study suggests. It may be a more realistic target than 10,000 steps, which is often seen as the benchmark to reach.

Not a subscriber? Sign up for free

Want to reach an audience of UK business leaders, young professionals and 2,300+ other smart, ambitious people? Reply to this email and we'll be in touch.