Closing summary
Investors seem to be unperturbed by the first drop in McDonald’s sales since 2020, having sent its NYSE-listed shares higher by more than 3% in early trading.
The fast food chain said sales fell 1% in the second quarter, with consumers having been deterred by double digit price hits for some of its menu staples like Big Macs, since the pandemic.
The company is now rolling out discounts to try lure back cash-conscious customers.
Elsewhere, the price of Bitcoin has been on the rise, and is currently up 2.7%, at $69,237 after Trump said he would fire the crypto-sceptic boss of the SEC regulator, and end the “persecution” of the industry.
It will have won him fans among some deep pocketed tech moguls keen for stripped back regulation.
In the UK, markets are poised for an address by UK chancellor Rachel Reeves, who is set to reveal a £20bn gap in the public finances – which one economic think tank noted was the exact size of the Tories’ National Insurance tax cut. Reeves is expected to speak after 3:30pm today.
Our other main business stories today:
Thanks for reading. We’ll be back tomorrow morning from 8am. –KM
A further jump for McDonald’s shares, which are now up a whopper-ing (sorry) 3.3% at $260.30, despite the drop in second quarter sales and profits.
