Business news live: Inflation update, bitcoin and FTSE 100 hits new highs

Good morning and welcome back to another day of business news on The Independent.

Coming up we’ve got stock market news, the latest on the wealth tax debate, UK economic data and more to come.

Chip-maker Nvidia yesterday became the first company to surpass a $4 trillion valuation, with another recent share price surge seeing it beat Apple and Microsoft to the milestone.

Shares rose more than 2 per cent early on in Wednesday’s trading before dipping back soon after, as profit-taking ensued.

Matt Britzman, a senior equity analyst at Hargreaves Lansdown, labelled it a “historic” moment and suggested the stock could yet rise higher, given earnings valuations and market share dominance.

Rachel Reeves is under fresh pressure not to cut the cash ISA limit after building societies penned an open letter to the chancellor, describing them as “a vital role in the broader economy”.

But the Building Societies Association (BSA) is now pleading with her to leave the popular savings product untouched.

Bank of England governor Andrew Bailey has said he disagrees with Labour proposals to force pension funds to make bigger investments in domestic assets.

“I do not support mandating, I don’t think that’s appropriate,” he said.

Mr Bailey stressed pensions reform is needed.

Big change for Royal Mail, as they’ve been given the green light to scrap second-class Saturday deliveries.

The reason given by the regulator is to guarantee the survival of the regular delivery service, with the number of letters sent having halved over the past 14 years.

From 28 July, Royal Mail will deliver second class post on alternate weekdays, but not on Saturdays.

It should allow a saving of up to £400m for Royal Mail to reinvest into other delivery services.

Natalie Black, Ofcom’s Group Director for Networks and Communications, said:

“These changes are in the best interests of consumers and businesses, as urgent reform of the postal service is necessary to give it the best chance of survival.

“But changing Royal Mail’s obligations alone won’t guarantee a better service – the company now has to play its part and implement this effectively. We’ll be making sure Royal Mail is clear with its customers about what’s happening, and passes the benefits of these changes on to them.”

Advertising firm WPP have appointed a new chief executive, one day after the share price dropped more than 18 per cent.

The FTSE 100 firm has lost a key Mars contract this year and posted a profit warning this week.

Cindy Rose has been a non-executive director at the firm since 2019, and will now take over as CEO from 1 September.

Ms Rose has spent most of the last decade at Microsoft and was chief operating officer of global enterprise.

Nvidia hit headlines again last night after briefly crossing the line into $4tn territory.

That has been indicative of another positive momentum run for stocks in general, says Chris Beauchamp, chief market analyst at IG

“Nvidia’s brief ascent to a $4 trillion market cap marks a defining moment for markets and underscores the extent to which artificial intelligence is driving investor enthusiasm. Its 1.8% gain on Wednesday did more than lift tech sentiment; it helped push global equities higher. European indices surged to new highs, brushing aside Trump’s latest tariff threats, and Wall Street followed with the Nasdaq closing at another record. “

Digital bank Revolut is continuing its expansion plans by seeking to raise $1bn (£730m) through a sale of existing and new shares.

The British-based bank would be valued at $65bn (£48bn) in total, up from $45bn last year, reports the FT.

Revolut this week launched an investing ISA for UK users within the app. It has around 50m customers worldwide.

Big morning for the FTSE 100 – it’s up very nearly a full one per cent to a new all-time high.

The big miners are posting the largest gains in morning trading – Anglo American, Rio Tinto and Glencore are all up between 3.9 and 4.5 per cent – but there are plenty of rising stocks elsewhere.

WPP has recovered 3 per cent this morning after yesterday’s huge drop, with most of the financials up more than 1 per cent too.