When England crashes out of a football tournament, the stock market takes a dive

By Alex Edmans, Professor of Finance, London Business School

On July 15 2026, England were just five tantalising minutes away from their first men’s World Cup final since 1966. But that was before Argentina scored two goals to claim victory in stoppage time.

The next morning, the professional reputation of England’s head coach Thomas Tuchel had taken quite a hit. So too had the London stock market, which dipped by 0.5% shortly after opening.

Could the two events be connected? Can the stock market really be affected by something as irrelevant as…

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