Seven days in the Square Mile

After notching up another all-time high, the US S&P 500 broke the record for the longest bull market in its history: the index has risen by some 330% since March 2009, eclipsing the FTSE All-share index’s 137% gain. Official figures revealed that the Government registered its biggest budget surplus in July for 18 years on the back of higher than expected tax revenues. Total state borrowing for the 2018-19 fiscal year, four months in, is £12.8bn, down from £21.3bn at the same stage in 2017-18. Venezuela came to a standstill as thousands of businesses closed in order to adapt to a 95% devaluation of the bolívar, henceforth known as the sovereign bolívar. The Maduro government argues the devaluation will tackle runaway inflation, which is forecast to reach 1,000,000%. Critics said it could make the crisis worse. PM Theresa May distanced herself from a pledge to create three million apprenticeships by April 2020 after research by EEF, the manufacturers’ association, found there was little prospect of the target being reached. Britain’s biggest estate agency group, Countrywide, succeeded in raising £140m from investors, despite a recent profit warning; it has committed to using the cash to cut its debt by half. Pepsico said it would buy Sodastream, the doyen of home carbonation machines, for $3.2bn as part of its shift towards healthier drinks options. Ryanair passengers, promised compensation for cancelled flights, reported that the airline’s cheques had bounced because they were unsigned.