The car park and frontage of the a store of the ASDA British supermarket chain, located in a residential area in the North of England. Taken in late afternoon after rain.

Getty Images

Billions wiped from UK supermarket stocks this week as Asda gears up for a price war

Asda’s executive chairman is back after 24 years away from the firm; he seems keen to kickstart a fresh supermarket price battle.

David Crowther

3/20/25 9:42AM

For years, the big four — Tesco, Sainsbury’s, Asda, and Morrisons — dominated the UK supermarket scene. But the rise of the discounters, chiefly Lidl and Aldi, and the continued improvement of online services like Ocado have slowly turned the industry on its head.

Every little helps (the bottom line)

From milk price wars to the recent phenomenon of needing to sign up to a loyalty scheme for any of the best deals, the competition for customer loyalty has been fierce for a while. That’s arguably never been more true than it is in 2025, with billions of pounds wiped from Tesco, Sainsbury’s, and Marks & Spencer stocks this week, after Asda said it was going to invest heavily to cut prices and employ more staff across its 1,100-plus stores this year — even if it hurts its bottom line in the short term.

It takes a lot to knock 12% off the value of Tesco, the UK’s largest supermarket with ~28% market share, but that’s what the announcement did between last Thursday and Monday — a reflection of just how seriously the market is taking Asda’s price cut strategy. Per The Guardian, Asda has seen its market share drop from 15.1% to 12.6% over the past five years, and its new private equity backers and chairman Allan Leighton, who was Asda’s CEO until 2001, clearly see price cuts as a route back to growth.

For investors, that could mean another spell of intense price-cutting competition, which would squeeze margins. For consumers, it might mean a few more bargains… if you’re willing to shop around and sign up for 12 different loyalty schemes.

Max Knoblauch5h

Uber launches “digital tasks” in the US, paying some drivers to train AI

Beginning later this fall, US Uber drivers will be able to earn money by completing short “digital tasks” like uploading restaurant menus or recording audio samples.

CEO Dara Khosrowshahi teased the new gig income stream back in June at the Bloomberg Tech conference.

At that time, Khosrowshahi said drivers and couriers were “labeling maps, translating language, looking at AI answers, and grading AI answers.” According to Thursday’s announcement, the tasks won’t be so focused on Uber’s business, but instead on connecting workers with “companies that need real people to help improve their technology.”

Per Uber, digital tasks can be done when drivers aren’t on a trip, be it at home or when not driving, and will take only “a few minutes” each.

Uber’s having drivers train its AI while partnering with robotaxi companies that could replace them

Per Uber, digital tasks can be done when drivers aren’t on a trip, be it at home or when not driving, and will take only “a few minutes” each.

Max Knoblauch

23h

United Airlines posts stronger-than-expected profit but weaker sales in its third quarter

United’s full-year profit outlook falls somewhere in between the dual forecasts it issued back in April.

United Airlines Airplanes at Newark Liberty International Airport in Newark, New Jersey

Hyunsoo Rim, David Crowther

HEAD OF MACROS

10/15/25

Pop-Tarts, Doritos, and Uncrustables have joined the protein craze taking over America’s snack aisle

Food giants are catching up with the latest diet obsession.

Apple TV dropped the “plus” as streamers keep pulling back on originals

After the spray-and-pray approach led to a wave of cancellations, Hollywood is settling into an era of just making fewer shows.

Hyunsoo Rim10/15/25

Max Knoblauch10/14/25

The average price of a new vehicle in the US passed $50,000 for the first time ever in September

The average price of a new vehicle in the US surpassed $50,000 in September, according to Cox Automotive’s Kelley Blue Book.

At $50,080, that’s the highest industry average ever, reflecting the price hikes faced by new car buyers in recent years amid pandemic supply shortages, tariff-induced increases, and the high cost of EV production. The figure marks a 3.6% jump from the same month last year.

“Tariffs have introduced new cost pressure to the business, but the pricing story in September was mostly driven by the healthy mix of EVs and higher-end vehicles pushing the new-vehicle ATP into uncharted territory,” Cox executive analyst Erin Keating said. Passing the $50,000 mark was inevitable, Keating said, especially considering that the country’s bestseller is a Ford truck that “routinely costs north of $65,000.”

Year over year, new vehicle prices rose nearly 6% for GM, while Ford’s climbed 2.5%. Volkswagen new prices were up 12.5%.

As prices climb, so do delinquencies on loans to borrowers with lower credit scores. Recent data from Fitch Ratings shows the portion of subprime US auto loans 60 days or more overdue reached 6.43% in August.