Good morning. OpenAI surpasses SpaceX as the world’s most valuable startup. Chinese automakers grab a record share of hybrid car sales in Europe. And renowned primatologist Jane Goodall has died at the age of 91. Listen to the day’s top stories.

— Victoria Batchelor

OpenAI completed a share sale at a record $500 billion valuation, according to a  person familiar, vaulting the company past Elon Musk’s SpaceX as the world's most valuable startup. Meanwhile, Asian equities rallied, led by tech stocks, as the ChatGPT-maker’s deal with South Korean chipmakers bolstered optimism over AI.

German Chancellor Friedrich Merz lashed out at Viktor Orban during a gathering of EU leaders in Copenhagen, accusing the Hungarian prime minister of derailing talks on the bloc’s security needs. Separately, Moscow is said to be drafting a plan to nationalize and sell off foreign-owned assets in retaliation for any European moves to seize Russian holdings abroad.

British Prime Minister Keir Starmer is also in the Danish capital, where he’ll announce that the UK will no longer automatically allow refugees granted asylum to stay indefinitely or reunite with their families. It’s a delicate balance for Starmer’s Labour Party, which is bleeding support to the anti-migrant Reform UK.

A BYD Seal 6 DM-i Touring SUV in Munich. Photographer: Krisztian Bocsi/Bloomberg

Chinese carmakers grabbed a record 9.8% of Europe’s hybrid-vehicle sales in August. BYD, SAIC Motor’s MG and others have targeted the continent’s growing market for electrified vehicles, putting pressure on incumbents like Volkswagen and Stellantis. In other auto news, Renault and China’s Chery are said to be in talks to partner in South America.

French unions are holding a new round of anti-austerity protests today, with walkouts planned in sectors including education and transport, though they are expected to be less disruptive than the Sept. 18 protests. Air traffic disruptions should remain limited, with high-speed trains and the Paris metro expected to run normally.

Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.

Deep Dive: Investing in Women

England's players celebrate winning the UEFA Women's Euro 2025 final. Photographer: Fabrice Coffrini/AFP/Getty Images

The last few months have been big for English women’s sports. The Lionesses retained the UEFA European Championship, while England’s Red Roses won the Rugby World Cup.

• But as audiences have grown, and the games have become more professionalized, costs have gone up for women’s clubs too.
• “It’s fair to say that one of the most important dynamics right now in women’s sports is this disconnect between the visibility that we’re seeing in the sport and capital,” said Maggie Murphy, Managing Director at Aston Villa Women, at Bloomberg’s Women, Money & Power event in London. 
• Billions of dollars are pouring into women’s sports worldwide, in the form of ticket sales, sponsorship and broadcast deals. The Women’s Euros tournament sold more than 600,000 tickets this summer, and the teams shared a prize pot of €41 million, double what was offered at the previous tournament.
• But investment into English women’s football has been a mixed picture, with most teams either owned or significantly reliant on revenues from the men’s clubs. 
• “There’s now opportunity to just invest straight into the women’s team, rather than going through the men’s first,” said Jennifer Haskel at Deloitte’s Sports Business Group. “That allows for more dedicated resources and more business growth that hasn’t been there historically outside of the US.”  

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Copper needs increased demand, not just supply disruptions, to extend its rally, writes Javier Blas. The metal has many of the ingredients needed to become the most bullish market of the commodity industry. But for a sustained bull run, focus on when demand growth accelerates, rather than hope that supply continues to disappoint.

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Before You Go

Jane Goodall. Photographer: Attila Kisbenedek/AFP/Getty Images

Jane Goodall, who made startling discoveries about chimpanzee behavior and worked tirelessly to protect their habitats during a life dedicated to animals and environmental conservation, has died at 91. Her Toronto-based institute said she died on Wednesday while in California as part of a speaking tour.

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