Trader bets £2m on biggest interest rate cut in four years

Thanks for joining me. Morgan Stanley strategists have said that both a hung parliament and a National Rally majority would likely lead to a “relief rally” after the sharp plunge experienced after Emmanuel Macron called the vote last month. 5 things to start your day 1) Royal Mail faces surging debt bill after ‘Czech Sphinx’ takeover | Buyout risks trebling borrowing costs due to the billions being taken on in financing 2) How Italy shook off its ‘basket case’ brand – and stole Britain’s millionaires | Meloni’s Milan is poised to usurp London as a playground for the wealthy 3) Jim Ratcliffe delays launch of electric SUV | Ineos cites weak demand for EVs as it puts car on hold 4) BMW attacks EU tariffs on Chinese electric car imports | Criticism comes amid fears of a tit-for-tat response by Beijing on German exports 5) Matthew Lynn: Home workers’ moral bankruptcy will bring Britain to the brink | Greece’s addition of a sixth working day shows countries can change their fortunes What happened overnight Asia stocks hit 27-month highs as lower-than-expected employment figures data narrowed the odds on a September rate cut in the US. Across the English Channel, polls suggested the National Rally would not win a majority of seats in Sunday’s French election as mainstream parties moved to block the far-Right. Japan’s Nikkei climbed 0.9pc to within spitting distance of its March peak, while the broader Topix clinched all-time highs.