London's losing spell continues as companies leave local exchanges for foreign buyers. Thursday saw three deals: ABB buying Rotork for £4.1bn, DCC facing an improved bid from KKR and Energy Capital Partners, and Gooch & Housego acquired by Arlington Capital Partners for £345.6mn. Bankers at JPMorgan and Rothschild advised on multiple deals.

But new listings aren't replenishing the market: only seven companies listed this year, while bids for London-listed firms outstrip new entrants' value by 27 to 1. Downing Street questioned private equity firms about not listing British portfolio companies in London. Government efforts include a stamp duty holiday for new listings.

Meanwhile, California's November referendum on a "billionaire tax" faces opposition from VCs and entrepreneurs over practicality. UBS aims to close its valuation gap with Wall Street rivals but struggles in the US wealth market. IBM's share slide highlights that AI valuations depend on timing of implementation.