
European stocks rebound as UK gilt yields fall
European stocks rose on Wednesday, with the Stoxx 600 index up 0.7%, as UK gilt yields fell after Prime Minister Keir Starmer defied calls to quit office.

European stocks rose on Wednesday, with the Stoxx 600 index up 0.7%, as UK gilt yields fell after Prime Minister Keir Starmer defied calls to quit office.

GameStop's $55.5bn takeover bid for eBay has been rejected as 'neither credible nor attractive' due to concerns over funding and strategy

The ‘meme stock’ company is remembered for Reddit traders sending its share price into orbit but its move on the auction site looks less likely to take off“Neither credible nor attractive.” No, not a line from a junior minister’s resignation letter on Tuesday. It was eBay’s succinct appraisal of the bizarre $55.5bn (£41bn) takeover offer from video games retailer GameStop, an affair that offers light distraction from the sight of UK 10-year gilt yields at 5%-plus.To recap: GameStop is the “meme stock” company that became famous a few years ago when amateur traders on a Reddit forum piled in furiously in an attempt to burn the short-sellers who were betting on the struggling retailer’s demise. Surprisingly, the Redditers succeeded beyond their wildest dreams. The squeeze drove up GameStop’s share price hundredfold, inflicting hell on serious hedge funds and making the company’s chief executive, Ryan Cohen, an anti-establishment hero. Continue reading...

Darren Jones says the prime minister is ‘listening to colleagues’, and does not rule out PM announcing resignation timetableStarmer on the brink as cabinet ministers urge him to quitThere will be huge interest in what happens to UK government borrowing costs today. Graeme Wearden is covering this on his business live blog.Yesterday gilt yields (the cost of borrowing for the Treasury) edged up, in a move attributed to the political uncertainty at Westminster. Continue reading...

Rolling coverage of the latest economic and financial newsStarmer on the brink as cabinet ministers urge him to quitGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Another UK political crisis is looming over the City of London today, as prime minister Sir Keir Starmer faces more calls to set out a timetable for his departure.With a Cabinet meeting expected this morning, today could be a big day in determining Starmer’s future.In response to the uncertainty, 10-year UK gilt yields rose +8.6bps to 5.00% yesterday, whilst the 30-year yield rose +9.3bps to 5.67%, given expectations that a new Labour leader may face pressure to ease the fiscal rules and raise gilt issuance. Continue reading...