🗓️ The Daily Ledger - 23 May 2025

zacharymenzies
May 23
3 min read

Updated: May 25

This daily update explores what’s behind the surge in Bitcoin, the fall of Tesla in Europe, and the UK’s real estate supply squeeze.

🏛️ 1. Trump’s Tax Bill Passes by Single Vote

What happened: The US House of Representatives have passed President Trump’s headline tax bill by just one vote. The bill was delayed by internal divisions within the Republican Party and marks the first major legislative success of Trump’s second term.

Why it matters: This bill lays the groundwork for sweeping tax reforms, potentially impacting corporate profits, capital gains, and consumer spending.

My Insight: If corporate tax cuts materialise, equities may get a short-term boost but rising deficits could stir volatility in bond markets.

What to Watch: Details of the final bill and how quickly markets begin pricing in its economic effects.

🏢 2. British Land observes a spike in Core Office Demand

What happened: British Land (co-owner of Broadgate) has reported strong demand for quality second-hand office space in London, citing a sharp fall in availability. The trend is touted as being driven by return-to-office mandates from large employers.

Why it matters: This challenges the work-from-home narrative and could reignite interest in high-quality commercial real estate.

My Insight: Core office REITs and urban property funds may benefit from stabilising yields and stronger tenant demand.

What to Watch: Rental trends in other major cities and whether institutional investors rotate back into commercial property.

🚗 3. BYD Overtakes Tesla in European EV Sales

What happened: Chinese EV maker BYD has outsold Tesla in Europe for the first time. Tesla’s sales dropped 49 percent year-on-year, while BYD posted a 169 percent increase.

Why it matters: This is a pivotal shift in EV market leadership in the UK and highlights China’s growing influence in clean tech manufacturing.

My Insight: Portfolios heavily weighted toward Western EV firms may need a rebalancing. China is no longer just catching up - it’s leading.

What to Watch: EU trade responses and how Tesla adjusts its European pricing and production strategy.

₿ 4. Bitcoin Hits New Record at $111,816

What happened: Bitcoin hit an all-time high as optimism grows over impending US crypto regulation. General sentiment seems to be that formal rules could open the door to broader institutional adoption.

Why it matters: The prospect of regulatory clarity is boosting confidence in digital assets, especially among asset managers and retail platforms.

My Insight: Institutional exposure to crypto may shift from fringe to mainstream. Clients will want to know where the entry points are.

What to Watch: Whether the US finalises regulation and how that affects ETF flows and infrastructure demand.

🧪 5. Honeywell Buys Johnson Matthey Unit for £1.8bn

What happened: US conglomerate Honeywell has acquired the catalyst technologies arm of UK-based Johnson Matthey for £1.8 billion. The unit is involved in emissions control and industrial process efficiency.

Why it matters: This deal reflects ongoing demand for sustainable industrial tech and shows that UK mid-caps remain attractive to overseas buyers.

My Insight: Deals like this validate long-term thematic exposure to green chemicals and energy efficiency.

What to Watch: Whether other UK-listed engineering or science-led businesses become acquisition targets.

🌐 6. Institutions Push Ahead With Blockchain Tokenisation

What happened: A group of major banks and financial institutions are accelerating plans to tokenise global stocks and bonds using Solana (the blockchain best known for hosting Trump-themed memecoins).

Why it matters: Tokenisation could increase market efficiency, reduce settlement times, and transform asset ownership, even if it’s being tested on meme-driven infrastructure.

My Insight: The infrastructure may seem quirky, but Tokenisation is becoming an institutional reality.

What to Watch: How regulators react and whether Solana’s stability can support a shift to mainstream tokenised finance.