Seven days in the Square Mile

Equity and currency markets greeted news of Boris Johnson’s elevation to prime minister in muted fashion: his victory was seen as a done deal by pundits and largely priced in. The FTSE 100 put on 1%; the pound slipped back to s1.11 and $1.24. The attention of most investors was fixed on the US, where the Federal Reserve appears poised to cut interest rates for the first time in almost a decade when it meets next week – to combat the impact of trade tensions, persistent low inflation and weakening global growth. The move is part of a global shift: expectations have also increased for a rate cut at the European Central Bank.

The oil price rose in response to growing tension between the US, the UK and Iran. Gold shot to its highest level in six years. Investors in China’s new Star tech index made huge gains on its first day of trading.

Shares in Aston Martin hit the skids again after the struggling James Bond carmaker cut its annual sales guidance in an unscheduled trading update. The SFO launched an investigation into the banknote printer De La Rue, citing “suspected corruption” in South Sudan. China’s Jingye Group pulled out of the running to buy British Steel, dealing a blow to rescue efforts. WeWork co-founder Adam Neumann raised at least $700m for himself ahead of the property company’s planned float. Carlos Ghosn sued two of his former companies, Nissan and Mitsubishi. Lawyers warned that UK investors could be breaking the law by putting money into the booming legal cannabis market overseas.