Seven days in the Square Mile

Renewed turmoil in Argentina and Turkey – both trying to contain currency crises – prompted fears of a wider selloff across emerging markets. Argentina raised interest rates to 60%, the world’s highest rate, in an effort to prevent the peso falling further. Contagion worries sent stocks and currencies lower in Indonesia, South Africa, Poland and Mexico. The Indonesian rupiah sank close to its weakest level since the 1997 Asia crisis. Donald Trump, the US president, ratcheted up trade war anxieties by threatening to pull out of the WTO and spurning a deal with the EU that would end import tariffs on cars. Michel Barnier, the EU’S chief Brexit negotiator, said he “strongly opposed” key parts of the Chequers trade proposal and urged Britain to adopt a Canadastyle deal favoured by Brexiteers. The former Bank of England governor Mervyn King called the Government’s Brexit preparations “incompetent”, saying that plans to stockpile food and medicines “beggared belief”. The DIY chain Homebase was saved from administration after creditors approved a restructure that will force the closure of 42 stores. Royal Mail made its biggest acquisition since floating in 2013, buying the Canadian parcel company Dicom for £213m. The Chinese parent of dating app Grindr announced plans to list the company. Richard Liu, the founder of the Chinese e-commerce giant Jd.com, was arrested in the US on a rape allegation and later released.