Seven days in the Square Mile

UK inflation fell to its lowest level since 2015 in August, according to the Office for National Statistics. The consumer prices index fell to 0.2% in August, from 1% in July – driven in part by the cheaper meals provided by the Eat Out to Help Out scheme. Other factors included falling air fares and static clothing prices. The fall could increase pressure on the Bank of England to take further action to stimulate the economy. Heartening news of a sharp rebound in growth in July, when the UK economy grew by 6.6%, was offset by worries about the rising unemployment rate and the impact of the withdrawal of government support schemes. President Trump attacked a World Trade Organisation ruling that US tariffs levied on more than $200bn worth of Chinese goods breached global trade rules. AstraZeneca resumed trials of its Covid vaccine in the UK; US regulators have not allowed trials to resume in America. Lloyds of London reported a pre-tax loss of £400m for the first six months to June due to CV-19-related claims. It expects its overall bill for the virus to reach £5bn. PSA and Fiat Chrysler overhauled the terms of their merger to preserve more cash within the combined business, which will be called Stellantis. Gilead Sciences was reported to be close to buying the cancer specialist Immunomedics for $20bn. Tesco said it was preparing to test grocery delivery by drone as part of its Red Door tech start-up project.