The top 3 stories from today's briefing, narrated as a short audio episode.
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Briefing Notes
Capital Markets
UK gilt yields spike to above 5% as markets deliver a muted verdict on Burnham's fiscal debut and chancellor surprise
UK gilt yields above 5% lift borrowing costs for every UK corporate debt issuance priced off the risk-free rate.
M&A
Foreign buyers lead UK take-privates as new PM Burnham inherits £12.5bn deal wave he cannot easily reverse
Chronically undervalued UK listings keep feeding foreign take-private mandates, and domestic capital reform is the only structural fix.
Regulation
UK government proposes lifting the ban on damages-based agreements in opt-out competition collective proceedings
DBA access in opt-out competition claims makes the UK a more attractive jurisdiction for collective antitrust litigation, narrowing the gap with US class actions.
Disputes
DOJ hints that a Russian court ruling invalidating an arbitration agreement may not prevent enforcement of a nearly $5 billion award
A US appellate court refusing to defer to a Russian seat-court invalidity ruling would meaningfully strengthen award creditor rights against recalcitrant states.
International
Linklaters reports £2.5 billion in revenue and £1.2 billion pre-tax profit for fiscal 2026, with Asia and the US as standout performers
Profit outpacing revenue at Linklaters confirms that international spread, not London volume alone, is what separates Magic Circle economics from the mid-market.
Energy & Tech
UK-Japan Hydrogen Summit calls for urgent scale-up of hydrogen technology to power AI growth zones and meet net-zero targets
AI data centre power demand is creating a new hydrogen project finance pipeline that existing grid infrastructure cannot easily serve.
Banking & Finance
King and Spalding recruits Proskauer's Gloria Kim as partner to build out fund finance and leveraged lending practice in New York
NAV lending growth means fund finance is now a standalone career specialism, not just a subset of leveraged finance.
AI & Law
Latham & Watkins and Kirkland & Ellis Build Hundred-Lawyer Data Center Practices to Ride 'Unique and Unparalleled' AI Boom
AI infrastructure is turning data centers into a full-platform legal discipline.