Seven days in the Square Mile

Paris’s CAC 40 index briefly touched its highest level since 2008 as investors greeted Emmanuel Macron’s triumph in the French presidential election. The euro gained 0.2% against the dollar before retreating: investors had already priced in Macron’s likely victory over Marine Le Pen. Equity markets in the US and Europe continued their upward ascent. Oil prices fell to a five-month low as concerns of a glut persisted, despite Opec’s efforts to restrict supply. The pound continued its upward rise, coming close to $1.30 for the first time in six months. Traders are continuing to bet that the UK election will deliver a boost to the Tories’ parliamentary majority. The Tories confirmed plans to cap energy prices; Labour proposed an income tax rise for anyone earning more than £80,000 a year, and a hike in corporation tax to 26% to fund schools. An EY research study found that a quarter of the 222 largest financial services firms in the UK plan to shift resources out of the country due to Brexit. Ofcom is to conduct a review of 118 directory enquiry companies: some charge £10.50 for calls of less than a minute. Amazon made a move into live music: artists including Blondie will perform “intimate” gigs to be recorded and streamed. Alfa Financial Software announced plans for the largest tech flotation in London in two years. Alison Brittain, the boss of Whitbread, was named as Veuve Clicquot’s businesswoman of the year.