On July 17 Kioxia shares fell as much as 16.1% intraday to the ¥52,110 limit-down level, trading at under half their June 22 intraday peak of ¥112,700. Following a prior rally in semiconductor stocks, selling accelerated amid investor caution. Kioxia’s market value, which had approached ¥60 trillion in June and briefly ranked first on the Tokyo Stock Exchange main board, slid below ¥30 trillion intraday and fell to fifth place.

J. Safra Sarasin analyst Thomas Watts said UK GDP rose 0.1% MoM in May, a figure he called partly smoothed. Services were the sole major driver, up 0.3%, while industrial production and construction contracted. GDP for the three months to May was up 0.7%. Watts warned the data underline fragile business confidence and said the person set to succeed Reeves as chancellor (widely expected to be Shabana Mahmood) should handle the hard-won gains cautiously.

LOGAN said inf does not appear to have sustainably returned to 2%.