Mortgage rates rose this week to the highest level in a year, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.66% from last week’s reading of 6.58%. 

The average rate on a 30-year loan was 6.72% a year ago.

“The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on a 15-year fixed mortgage rose to 6.04% from last week’s reading of 5.96%.

The outdoor furniture industry has never lacked big promises. Brands often talk about style, comfort, and luxury. But the team behind Chicory approached the market with a different question: what if outdoor furniture actually matched the way people live today?

That question became the foundation for Chicory, a direct-to-consumer outdoor furniture brand launched in 2024. The company focused on solving practical problems that many homeowners quietly dealt with for years. Cushions that stain easily. Outdoor sofas that are difficult to clean. Furniture that looks beautiful online but struggles to keep up with everyday life.

Instead of treating those frustrations as unavoidable, Chicory saw an opportunity.

“We kept hearing the same stories,” the company shared. “People loved their outdoor spaces, but maintaining outdoor furniture felt harder than it should be.”

That mindset helped shape a brand that is gaining attention for its machine-washable, modular outdoor furniture systems and its practical approach to modern outdoor living. Most recently, Chicory earned recognition from Forbes, which named its sofa collection the “Best Upholstered Outdoor Sofa.”

How Chicory Started With a Real-Life Problem

The idea behind Chicory did not begin with a trend forecast or marketing campaign. It started with observation.

The company noticed that outdoor furniture had become increasingly design-focused, but often at the expense of usability. Many products were built to look great in photos while everyday functionality became a secondary concern.

“We saw furniture that looked beautiful in staged photos but struggled in real homes,” the company explained. “Families needed products that could handle daily life.”

That realization pushed the company to rethink outdoor furniture from the ground up.

Instead of treating washable features as a bonus, Chicory made them central to the product design. The company developed a fully machine-washable outdoor sofa system with removable weatherproof covers for both cushions and frames.

The decision was unusual in a category where cleaning often requires spot treatment, special care, or costly replacements.

“We wanted to remove the anxiety people sometimes feel around expensive furniture,” the company said. “Outdoor spaces should feel lived in, not overly protected.”

Why Modular Outdoor Furniture Became Part of the Vision

As Chicory developed its collection, flexibility became another major focus.

The company believed outdoor furniture should adapt as families and living spaces change. That thinking led to modular seating systems that can be expanded, rearranged, and customized over time.

“People move. Families grow. Spaces change,” the company shared. “We wanted furniture that could change with them.”

The idea reflects a larger shift happening throughout the home industry. Consumers increasingly value products that provide long-term usability rather than fixed solutions that may no longer fit their needs a few years later.

Still, creating flexible furniture without sacrificing design presented a challenge.

“Modular furniture can sometimes feel overly technical or bulky,” the company explained. “We worked hard to make sure the designs still felt clean, elevated, and approachable.”

That balance between functionality and aesthetics has become one of Chicory’s defining characteristics.

The Bigger Thinking Behind Chicory

While Chicory is part of a larger family of home brands that includes Anabei and Diorama, the company developed its own identity around practical innovation.

From the beginning, Chicory focused on improving the ownership experience, not just the product itself.

The company emphasized efficient delivery, accessible design, and products built for everyday use rather than occasional enjoyment.

“We believed customers were ready for a better experience overall,” the company said. “Not just better-looking products, but products that actually work better for the way people live.”

That philosophy became especially important as homeowners began spending more time investing in outdoor living spaces that serve as extensions of the home.

Rather than chasing trends, Chicory focused on creating products designed to remain useful for years.

“We wanted to build thoughtfully,” the company explained. “The goal was not simply to release products quickly. It was to create products that people would continue using for years.”

How Sustainability Influenced Chicory’s Development

Sustainability also became part of Chicory’s design philosophy.

The company believes one of the most overlooked aspects of sustainability is durability. Products that last longer naturally reduce waste and replacement cycles.

“We think longevity matters,” the company shared. “Furniture should not feel disposable.”

To support that goal, Chicory incorporated durable materials, removable covers, and flat-pack shipping designed to improve efficiency while reducing transportation impact.

At the same time, the company avoided making sustainability a marketing slogan.

“We tried to stay practical about it,” the company explained. “For us, sustainability starts with creating products people keep using instead of replacing.”

That straightforward approach helped shape Chicory’s identity as a brand focused on usability, longevity, and real-world performance.

What Chicory’s Growth Says About Modern Outdoor Living

Chicory’s growth reflects a larger shift in what consumers expect from outdoor furniture.

Today’s homeowners want products that combine style with practicality. They want furniture that can handle children, pets, guests, weather, and everyday use without constant maintenance.

Design still matters. But functionality matters too.

Chicory entered the market by focusing on those everyday realities.

“We spent more time thinking about everyday use than showroom presentation,” the company said. “That perspective guided almost every decision we made.”

Today, that philosophy continues to shape the brand’s direction.

Rather than trying to reinvent outdoor living entirely, Chicory focused on solving common problems that many consumers had simply accepted for years. Through machine-washable materials, modular flexibility, and durable construction, the company built a brand around making outdoor spaces easier to enjoy.

For Chicory, the biggest idea was never creating something flashy. It was creating something useful.

Shares of Waaree Energies witnessed selling pressure on Thursday, declining 5.65% to Rs 2,581.70, even as the solar energy major reported a strong operational and financial performance for Q1FY27, driven by robust revenue growth, higher production volumes and a record order pipeline.

The company reported a consolidated net profit of Rs 891.87 crore for the quarter ended June 2026, registering a 15.39% year-on-year growth compared with Rs 773 crore in the corresponding quarter last year.

Revenue from operations surged 79.22% YoY to Rs 7,931.79 crore in Q1FY27 from Rs 4,426 crore in the year-ago period, reflecting strong demand momentum across domestic and international markets.

Waaree Energies also strengthened its future growth visibility by securing new orders worth around Rs 16,000 crore during the quarter, taking its total order book to an all-time high of approximately Rs 61,500 crore.

Strong Operational Performance

During Q1FY27, the company achieved solar module production of 3.24 GW, marking a 41.51% YoY increase, supported by improved operational efficiency and scale benefits.

Operating EBITDA stood at Rs 1,439.92 crore, rising 44.38% year-on-year, with EBITDA margins at 18.15%. Quarterly profit after tax reached Rs 891.87 crore, up 15.39% compared with the previous year.

Expansion Plans Gain Momentum

Waaree Energies highlighted key strategic initiatives aimed at strengthening its renewable energy ecosystem:
The company’s 10 GW solar cell manufacturing facility at Unn, Gujarat, is progressing as planned and is expected to commence production during the current financial year.Waaree acquired a 55% equity stake in Associated Power Structures Private Limited, enhancing its power infrastructure capabilities and supporting integrated renewable energy project execution.

The company commenced advanced automated BESS container manufacturing with a capacity of 5.15 GWh at Rola, Gujarat, marking a step towards expanding into energy storage solutions.

Management Outlook

Commenting on the performance, Jignesh Rathod, Whole Time Director and CEO of Waaree Energies, said the company’s Q1FY27 results reflect the strength of its integrated business model, disciplined execution and sustained demand across key markets. He highlighted that the company has achieved a record order book of approximately Rs 61,500 crore, reinforcing its ability to deliver profitable growth while expanding manufacturing capacity and strengthening its clean energy portfolio.

The management stated that a strong balance sheet, phased capital deployment and expected cash flow generation provide sufficient support for upcoming expansion plans. Waaree Energies reaffirmed its FY27 Operating EBITDA guidance of Rs 7,000-7,700 crore.

Stock Performance and Technical View

Despite reporting strong quarterly numbers, Waaree Energies shares traded 6% lower at Rs 2,581.70 on Thursday. The stock commands a market capitalisation of Rs 78,707 crore and continues to trade below its 52-week high of Rs 3,865.

On the technical front, the stock’s 14-day Relative Strength Index (RSI) stood at 38.8. While an RSI below 30 indicates oversold conditions and above 70 suggests overbought territory, the current reading points to moderate weakness. The stock is trading below all eight key simple moving averages (SMAs), indicating a bearish technical trend in the near term despite strong underlying business growth.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Jaguar Land Rover (JLR) plans to cut hundreds of jobs, less than a year after a cyber attack brought production to a halt for more than a month.

In a statement, the firm said: “Impacted colleagues will be supported to find alternative roles wherever possible, alongside the option of voluntary early exit.”

The company said it expected fewer than 300 people would leave the firm under the plans.

JLR, which has its global headquarters at Whitley and manufacturing sites in Solihull, Wolverhampton, and Halewood on Merseyside, employs about 30,000 people in its UK operations, with approximately 10,000 people employed at plants overseas.

A cyberattack in September 2025 closed all manufacturing for five months and meant not a single vehicle rolled off production lines.

That led to a 27% drop in overall production at the company, which is one of the biggest employers in the West Midlands.

It also came as the firm halted production of its Jaguar cars, before a relaunch of a series of all-electric saloons.

JLR continued to build the Land Rover and Range Rover brands, but the cyber-attack took those lines down.

The independent research is being undertaken by Arad on behalf of the British Horseracing Authority

New independent research has been commissioned to evaluate the contribution of the horse racing industry to the Welsh economy.

The assessment, which will look at direct and indirect inputs, will be undertaken by Cardiff-based research consultancy Arad for the British Horseracing Authority (BHA).

The study is the first ever assessment of the impact of the sport on the Welsh economy. The project, which is being financially supported by Arena Racing Company (ARC) and Chester Race Company (CRC), will involve surveys of stakeholders and businesses within the Welsh horse racing community and spectators attending meetings on Welsh racecourses over the remainder of the summer.

While the last remaining greyhound track in Wales, at Ystrad Mynach, is being closed following legislation, there is no suggestion that the new Plaid Cymru Cardiff Bay administration is considering seeking to ban horse racing in Wales.

As well as the impact of racecourses in Wales, such as Chepstow, Bangor-on-Dee and Ffos Las, the research will also assess the contribution of betting. The overall economic impact is expected to run into tens of millions of pounds per year.

Greg Swift, director of communications and corporate affairs at the BHA, said: “We’re delighted to commission Arad Research to carry out this important work on behalf of the thriving and historic horse racing industry in Wales.

“The sport is undoubtedly an economic and cultural powerhouse in Wales. But we want clear evidence to present to the Government that shows the significance of the industry across the country and the role it plays in growing regional economies and communities.

“The survey is crucial to supporting the research and the economic evidence, so we are asking Welsh racing and breeding businesses to support and contribute to Arad’s work and help us demonstrate to policy makers the essential role horse racing plays in Wales.”

Arad director Hefin Thomas, said: We’re pleased to have been commissioned to undertake this important research which will examine the economic contribution of horse racing in Wales. This will include consideration of the direct impact of activities at Chepstow, Ffos Las and Bangor-on-Dee racecourses as well as wider economic impacts throughout the sector and supply chain.”

Regional director with Arena Racing Company, whose racecourse portfolio includes Chepstow and Ffos Las, Phil Bell, said: “We very much look forward to working with Arad, our colleagues at BHA, Bangor on Dee Racecourse and everyone across the world of Welsh horse racing to make sure that we can show exactly what a success story our sport is, and how important it is to a wide range of communities in Wales.”

Chief executive of Chester Racing Company – which owns Bangor-on-Dee Racecourse – Louise Stewart ,said: “We feel that it is really important for Bangor-on-Dee Racecourse to collaborate with the BHA and other Welsh racecourses to support this research project.

“Horse racing plays a significant role in Wales, supporting jobs, attracting tourism and generating economic activity in communities. While we witness its impact in the North Wales economy, robust evidence is vital to ensuring the industry’s value is fully understood as we continue to work closely with government.

“We look forward to the findings of the report, which will help showcase the contribution our racecourses make to the sporting and economic landscape of Wales. Just as importantly, it will provide valuable insights to help shape the future growth and success of the industry.”

Shares of Micron Technology surged 14.77% in Thursday morning trading, climbing $109.16 to $848.16, as the memory chipmaker’s stock staged one of its sharpest single-day rebounds in weeks after rival Samsung Electronics reported record quarterly profits and warned that the global memory chip shortage fueling those results is likely to persist well into 2028.

The rally followed Samsung’s full second-quarter 2026 earnings release, which confirmed that DRAM and NAND flash memory sales remained at all-time highs during the quarter. Samsung reported operating profit of 89.5 trillion won, beating the 88.13 trillion won analysts had expected, with robust artificial intelligence demand continuing to drive growth across the company’s memory chip business. For Micron, the only major U.S.-based memory chipmaker and a direct competitor to Samsung in both DRAM and NAND products, the results served as powerful third-party confirmation that the artificial intelligence-driven memory supercycle remains firmly intact.

Thursday’s rebound came after a rough stretch for Micron shares, which had fallen more than 25% over the four trading sessions leading up to Thursday, dropping nearly 20% during that window before Thursday’s sharp reversal. The stock’s rally Thursday morning was part of a broader surge across the memory and storage chip sector, with SanDisk climbing 22%, Western Digital jumping 18%, Seagate Technology gaining 16%, and SK Hynix’s U.S.-listed shares rising nearly 15% as well. The Roundhill Memory ETF, which tracks the broader memory and storage sector, rose 13% during the same session.

HSBC analyst Alastair Pinder pointed to competing narratives within the artificial intelligence investment community as a key factor behind the sector’s recent volatility. According to one theory Pinder described, high profit margins at Micron and similar memory companies have drawn the attention of Chinese manufacturers, who are positioning to flood the global market with lower-cost, mass-produced memory chips in an effort to undercut established pricing and capture market share from incumbent producers. The recent initial public offering of Chinese DRAM manufacturer ChangXin Memory Technologies, known as CXMT, which raised $8.5 billion in cash to fund production expansion, has been cited as evidence supporting that competitive threat narrative. CXMT’s stock market debut proved dramatic in its own right, surging 531% on its first day of trading and instantly becoming one of mainland China’s largest publicly traded companies amid the broader global memory supply crunch.

Despite the competitive concerns tied to Chinese manufacturers, Wall Street’s broader outlook on Micron has remained decisively positive in recent days. Multiple analyst firms lifted their price targets on the stock to a range of roughly $1,500 to $1,700 per share while maintaining buy or outperform ratings, with consensus price targets clustering around $1,568 to $1,581. Bank of America added Micron to its US 1 List, designating the stock as one of the bank’s highest-conviction investment ideas within the U.S. equity market. Analysts have also pointed to Micron’s expanding roster of strategic partnerships, including new agreements in AI-enabled automotive applications, as providing the company with longer-term visibility into future demand for its memory and storage products.

Not every recent development surrounding Micron has been positive. The company faces an ongoing legal investigation from the law firm Scott+Scott following a consumer class-action lawsuit filed in late June alleging price-fixing within the memory chip market, a development that continues to weigh on sentiment among some investors monitoring regulatory risk tied to the stock. Separately, Micron Chief Executive Sanjay Mehrotra disclosed a stock sale of approximately $37.3 million in late July, a transaction that some market watchers have flagged as an additional factor for sentiment-focused traders to monitor even as the company’s underlying business performance has remained strong.

Micron’s stock has posted extraordinary gains over the trailing 12-month period despite its recent volatility, having surged 637% over the past year, according to recent market data. The stock’s 52-week range spans from a low of $103.38 to a high of $1,255.00, illustrating the scale of the swings that have characterized Micron shares throughout the current artificial intelligence-driven memory chip boom.

Micron has continued expanding its commercial partnerships beyond the memory chip sector’s traditional customer base in recent months. The company signed strategic agreements with both Ford and General Motors during the summer, aimed at strengthening long-term memory supply arrangements and securing production capacity for the automotive sector’s growing use of memory chips in increasingly software-defined and AI-enabled vehicles.

With memory chip prices continuing to climb amid what Samsung has now signaled could be a shortage persisting through 2028, and Micron shares having demonstrated their capacity for both sharp declines and dramatic rebounds within the same trading week, investors are likely to continue closely monitoring both the competitive threat posed by expanding Chinese memory chip production capacity and the durability of current pricing trends as key factors shaping the stock’s trajectory in the months ahead.

The pharma firm has appointed Michael Jensen as chief financial officer

Iron deficiency drugs specialist Shield Therapeutics says it is on track for profitability this year as it was spurred by higher partner royalties.

The pharmaceuticals firm – which has part of its operation on Tyneside – said first half revenues increased to $30.4m (£22.6m) from $21.5m (£15.9m) as it saw 21% growth in prescriptions across the period. Shield was also helped by a $7.9m (£5.8m) payment milestone from its Chinese distribution partner ASK.

Second quarter trading was softer with a fall in group net revenue to $11.9m (£8.8m), compared with $14.3m (£10.6m) in the same period last year. Nevertheless, bosses told investors there had been strong growth in the commercial segment in that time.

Accrufer, the group’s flagship tablet for fighting iron deficiency, saw net revenues of $10.3m (£7.6m) in Q2. That was down on $12.8m (£9.5m) in the same period last year, though Accrufer saw increased prescriptions dispensed of about 49,000, compared with 47,000 in Q2 2025.

Shield executives also gave updates on efforts to secure regulatory approval for its products in various countries. In Japan, partner Medleap Pharma saw its first patient enrolment for phase two clinical trial for Accrufer as a drug to treat pulmonary arterial hypertension. And in the UK and EU, there was progress in approving its drugs for paediatric patients of 12 years-old and older.

Launch of the “indication extension” – a formal regulatory process – for paediatric patients of 10 and older was received in the US in April. Bosses also said Shield’s attendance at global conferences BIO-Europe and BIO US resulted in discussions with potential partners.

Meanwhile, Shield also announced the appointment of Michael Jensen as chief financial officer, joining the company from September 1. He is said to bring more than 20 years’ of executive financial leadership experience in the biopharmaceutical, medical device, and healthcare sectors.

Mr Jensen joins Shield from StimLabs, where he served as chief financial officer, and previously held CFO positions at Synlogic and Intrinsic Therapeutics. Earlier in his career, he held senior finance leadership roles at Novo Nordisk, Novartis, and Siemens Healthcare Diagnostics.

Anders Lundstrom, chief executive officer, said: “We are pleased with the significant growth in our largest business segment, commercial, which represents two-thirds of total revenue, alongside strong overall prescription growth. Our prior experience in Texas, pivoting from Medicaid to commercial, gives us confidence in this strategy.

“I am also excited to welcome Michael Jensen as our new CFO. His experience will strengthen our leadership team and support the financial and operational transformation as we drive toward profitability in 2026.”