Seven days in the Square Mile

The pound hit its lowest point against the dollar since mid-2017, reflected growing investor gloom about the UK economy’s second-quarter performance. IHS Markit’s purchasing managers’ indices showed marked slowdowns in the service, construction and manufacturing sectors. Productivity, marking its third consecutive quarter of decline in Q1, remains a weakness. Britain will be the only big advanced economy calculated to record slowing productivity growth. All eyes were again on the US Federal Reserve. Chairman Jay Powell cheered markets this week by warning about “uncertainties” to the economic outlook – bolstering expectations of a rate cut this month. The S&P 500, Nasdaq and Dow Jones all set new records midweek. Airbus is poised to overtake Boeing as the world’s biggest plane-maker for the first time in seven years. Virgin Trains said it may move into Spanish railways having been disqualified for bidding for new UK contracts. The digital estate agency, Purplebricks, is to exit the US market after doubling its full-year losses. Superdry, the once buoyant fashion retailer, reported a £85m annual loss; founder, Julian Dunkerton, said he was trying to “steady the ship”. The US financier, Jeffrey Epstein, was arrested on sex-trafficking charges. Arthur Ryan, the Irish founder of Primark, died, aged 83 – a week after celebrating the chain’s 50th anniversary. British inventor James Dyson bought Singapore’s most expensive flat, for a reported $73.8m.