British semiconductor designer Arm Holdings has officially filed for a Nasdaq listing with the US regulators in a blow to London’s standing as a global financial centre.

It marks one of the last steps before the Softbank-owned technology multinational goes to the public arena for the first time since 2016, when SoftBank took the group private in a US$32 billion deal. 

Arm is seeking a valuation as high as $70bn (£55bn) through an initial public offering (IPO), which, if completed this year, would be the biggest deal globally this year and the biggest since 2021.

Public borrowing dips

Government borrowing was lower than expected last month, despite debt interest payments hitting a record for July.

Borrowing – the difference between spending and tax income – was £4.3bn, official figures show.

That was £3.4bn more than a year ago and the fifth-highest figure for July since monthly records began in 1993.

The figure was below forecasts of about £5bn, as self assessment income tax revenues rose.

However, the government paid debt interest of £7.7bn, which the Office for National Statistics (ONS) said was the highest total for any July on record.

Plexus contract

Plexus Holdings, the Scottish oil and gas engineering firm that has developed the POS-GRIP wellhead engineering method, has reported an increase in a major contract’s value.

Initially announced in Marck at £5 million, the deal, with an unnamed customer, is now worth around £8m.

The entire value of the transaction will be recorded in the financial year to June 30, 2024.

Market snaps losing streak

The FTSE 100 ended its longest losing streak since 2019, moving 0.18%, or 12.94 points, higher to close at 7,270.76. It was the first daily increase since 10 August.

Commodities led the risers amid hopes that the tide could be turning in key Asian markets.

The mining sector appeared to be helped by a sudden late rebound in Chinese markets which closed higher for the first time in eight days, with Glencore, Rio Tinto and Anglo American leading the gains.