Markets Rally on Hope for US Rate Cut; Tesla Stocks Surge 10% on Strong Car Sales – Live Business Updates

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GSK has acquired full rights to develop, produce, and sell mRNA vaccines for flu and Covid-19 from CureVac in a deal worth up to €1.45bn. The collaboration between the two companies has resulted in promising vaccine candidates currently in clinical trials. GSK’s chief scientific officer, Tony Wood, and CureVac’s CEO, Alexander Zehnder, expressed excitement about the potential of the mRNA technology to change the standard of care. In other news, the UK restaurant chain Hawksmoor has been put up for sale with a potential valuation of £100m. Established in 2006, Hawksmoor has expanded to 13 locations and has now hired an investment bank to explore potential buyers for the business. In the financial markets, optimism over US interest rate cuts following comments from Jerome Powell has led to record highs on Wall Street and positive performance in Asian markets. Tesla shares also jumped 10% after reporting better-than-expected car sales in the second quarter. Today’s agenda includes key economic data releases and speeches from ECB policymakers and Federal Reserve officials. The market is eagerly awaiting the minutes from the Fed’s June meeting for further insight into their policy decisions.

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