Seven days in the Square Mile

Equity markets were jittery midweek ahead of a key meeting in Washington between President Trump and Jean-claude Juncker, the European Commission chief. European investors were reported to have pulled cash from mutual funds at the fastest rate in almost five years in June, withdrawing s38.3bn on fears of a trade war. Stocks in Asia enjoyed a stimulus-driven rally following China’s announcement of a $386bn fiscal stimulus. The price of bitcoin, which has languished in recent months, shot up again through the $8,000 barrier. The UK head of Amazon, Doug Gurr, reportedly warned Brexit Secretary Dominic Raab that a no-deal Brexit could result in civil unrest “within weeks”. Wall Street banks warned the Treasury that it should cut taxes and red tape or risk an exodus. Begbies Traynor, the restructuring specialist, warned that the number of property companies in “significant financial distress” was rising. After reporting an 80% profits plunge, property giant Hammerson unveiled plans to dispose of retail parks, reduce its exposure to the high street and focus on “flagship” destinations, such as Bicester Village. Ryanair threatened striking European pilots and crew with job losses as it reported a 22% fall in first-quarter profits. GSK came under pressure from investors to split up the company. Morrisons introduced “a quiet hour” on Saturday mornings in the hope of attracting shoppers with autism.