Seven days in the Square Mile

Business groups responded to the opening of Brexit talks by demanding open-ended access to the European single market for as long as it takes to seal a final Brexit deal. Groups including the Institute of Directors welcomed the Chancellor Philip Hammond’s “softer” approach, outlined in a Mansion House speech, in which he warned that the PM’S “no deal” threat was not a viable option for the UK economy. The Bank of England held interest rates at 0.25%, though the Monetary Policy Committee was split five-three on the decision. Chinese stocks hit an 18-month high following MSCI’S decision to include them in its global benchmark equity index for the first time. The move marks a milestone in Beijing’s efforts to draw international funds into its mainland equities market. Wall Street’s Dow Jones index hit a new high, flying past 21,500 for the first time, boosted by a resurgence in tech stocks. Uber founder Travis Kalanick resigned as CEO following demands from big investors for his removal from the scandal-ridden ride-hailing firm. Shares in the doorstep lender Provident Financial plummeted by 19% after it warned that a shake-up would dent profits more than previously forecast. Sainsbury’s is reportedly close to buying the convenience chain Nisa, in response to Tesco’s £3.7bn purchase of rival Booker. The German supermarket chain Lidl opened nine new stores in the US, marking its first foray across the Atlantic.