Seven days in the Square Mile

Markets spent the week see-sawing amid rising geopolitical worries. US stocks climbed on Tuesday as investor concerns about trade tensions between the US and China eased after President Xi promised to cut import tariffs and urged dialogue. But a wave of further losses was triggered after President Trump warned Russia to “get ready” for US missiles in Syria. The US decision to apply further sanctions to Russian individuals and companies saw billions wiped off the value of stocks in Moscow and other centres like London. The rouble suffered its worst one-day fall for over two years, amid concerns about the Russian economy. Shares in Tesco jumped after the supermarket rewarded patient investors with the group’s first annual dividend since 2014, in defiance of the gloom elsewhere on the high street where new stores are reportedly opening at their lowest rate since 2010. Tesco’s pre-tax profits climbed to £1.3bn last year – a rise of almost 800% on 2016. The CBI warned that a “bonfire” of EU rules post-brexit would mean more costs than benefits for British business. Centrica, the parent of British Gas, courted renewed criticism for hiking the prices of its dual fuel tariff by an average 5.5% in a move that will hit 4.1 million households. The former owner of BHS, Dominic Chappell, said he planned to sue Sir Philip Green and contest a proposed boardroom ban, to repair his “tarnished” reputation.