Today's financial news

FRIDAY 8th Sep

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The European index is seeing its worst run since 2018, setting markets up for a sluggish September start

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European markets off to a sluggish September start

European markets have had a tough start to the month, with their longest losing streak on the wider Euro STOXX 600 hitting its lowest point since 2018. Both Germany and Greece are set to announce their inflation results, both of which are unlikely to trigger any huge movements in local markets. With G20 leaders meeting in India today, the economy will undoubtedly be a topic that leaders continue to discuss. 

Lotus reveals its first electric vehicle before IPO

Luxury car maker, Lotus, has revealed its first electric vehicle model called the Emeya, before going public via a SPAC (Special Purpose Acquisition Company). VinFast, a vietnamese electric vehicle company was the latest business in the sector to go public via a SPAC, with Swedish Polestar taking a similar approach last year. The model is expected to be unveiled to the public next year, with production taking place in Wuhan, where current Chinese owners Geely also reside. It adds extra competition to the growing electric vehicle market, which may cause further ripples to those currently operating on the stock market. 

Pets at Home hit by investigations

The sprawling Pets at Home business saw shares fall by over 10% yesterday after an announcement into the veterinary sector's rising charges. Pet owners have felt the pinch more than many, which has sparked concern amongst the Competition and Markets Authority (CMA) who believe that there may be discrepancies in the pricing of treatment options for their fluffy friends. 

Sources: Reuters, Bloomberg, Nasdaq, Business Today, Yahoo Finance

Zoe Burt