Seven days in the Square Mile

The pound slumped to a new 31-year low against the dollar as fear mounted over a “hard” exit from the EU. Sterling’s slide is good news for the FTSE 100 – whose constituents earn three-quarters of their revenue in dollars – which surged above 7,000 and within a whisker of its all-time high. Equities were helped by news of a preliminary deal among Opec cartel countries to cut output, which pushed the oil price above $50 a barrel and boosted energy stocks.

There was more positive economic data in the UK, with growth improving in the services and manufacturing sectors, and consumer confidence surging. The IMF has revised its predictions and now believes Britain will lead the G7 this year with growth of 1.8%. Apple also gave what was considered to be a vote of confidence by announcing that it will take 40% of the space in the redeveloped Battersea Power Station to form a new London headquarters.

Deutsche Bank shares endured a rollercoaster ride, and touched an alltime low, as its boss John Cryan sought to reduce a $14bn fine in the US. Royal Bank of Scotland shares were under renewed pressure, as a fresh $1.1bn fine reminded investors that it still has to settle with the US government over its own boom-era mortgage bond sales. Medical product maker Convatec announced it will list in London and raise $1.8bn, while Krispy Kreme UK cancelled its own flotation plans and was instead sold back to its US parent.