Good morning. Today we're talking about the City of London’s listing win, house prices and the US debt ceiling.

Big Stories

London’s rare market win

WE Soda, the world's top producer of natural soda ash, announced it would float on the London Stock Exchange rather than New York – a rare victory for the UK capital. With an estimated valuation of £6bn, WE Soda could break London’s dry spell of significant listings and might even be big enough to enter the FTSE 100. Since Brexit the UK government has been trying to underline London’s credentials as a global financial centre. However the city has been finding it hard to draw in new companies and hang onto existing ones. Already this year the world’s biggest building materials supplier CRH announced it would move its share listing from London to New York to strengthen ties with US investors. Then Cambridge-based tech firm Arm confirmed it would also choose New York over London for its public listing.

House prices slide

UK house prices have fallen at their fastest annual pace in nearly 14 years according to Nationwide Building Society. Prices dipped 3.4% in the 12 months to May, as rising mortgage rates dampened demand. House prices fell by 0.1% between April and May to £260,736, and average prices are down about 4% since the August peak. Nationwide says the housing market will remain challenged in the near term due to the risk that the jump in borrowing costs and mortgage rates could be sustained. However the lender thinks a "relatively soft landing remains the most likely outcome since labour market conditions remain solid and household balance sheets appear in relatively good shape".

Crisis averted

Overnight the US Senate passed legislation to suspend the country’s debt ceiling and impose restraints on government spending through the 2024 election, ending a drama that threatened a global financial crisis. The measure now goes to President Joe Biden, who forged the deal with House Speaker Kevin McCarthy and plans to sign it just days ahead of a looming US default. The 63-36 vote on the bill was carried by moderates in both parties, many of whom aired their reservations about parts of the deal but were convinced that their concerns weren’t worth risking the havoc a default would unleash. The legislation will result in $1.5tn in savings over a decade.

Elsewhere...

Back on top: Elon Musk has reclaimed his title as the world's richest person, knocking the boss of luxury goods giant LMVH, Bernard Arnault, off the top spot.

Paying the price: British Airways has been hit with a fine of $1.1m by the US government for failing to provide timely refunds for flights.

Fighting to survive: The CBI is set to shrink its workforce in a bid to drastically reduce costs, as the scandal-hit lobbying group fights for its survival.

Tax efficiency: Amazon’s main UK division has paid no corporation tax for the second year in a row after benefiting from tax credits.

Heading to court: Sean 'Diddy' Combs is suing Diageo, accusing the drinks giant of neglecting his vodka and tequila brands and treating them as inferior "urban" products.

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The number of people that watched or streamed the series finale of HBO’s “Succession” this week, a series record that is expected to grow as delayed viewing is taken into account.

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