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  1. Pound climbs above $1.32 and €1.19
  2. Wall Street closes at record highs
  3. FTSE 100 down slightly to 6,670 points
  4. Mark Carney gives evidence to MPs
  5. UK retail sales slow after Brexit vote

Live Reporting

By Dan Macadam

All times stated are UK

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Good night!

And that's it for tonight. Join us again tomorrow bright and early when we'll have results from pub chain JD Wetherspoon, house builder Barratt and fashion house Burberry.

Pound holds ground

Pound symbols on the floor of the Bank of England

One final look at the currency markets. The rally, which started yesterday when Theresa May was chosen as the next Prime Minister, has gathered momentum today.

Sterling pulled away from the 31-year lows it hit last week and back above $1.32. It is currently 2% higher on the day against the dollar at $1.3254, and has gained 2% against the euro at €1.1984.

Country living

BBC presenter Victoria Fritz is back from the Great Yorkshire Show - see earlier posts for her reports from the annual agricultural event. 

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BreakingDow, S&P 500 close at record highs

Traders on the floor of the New York Stock Exchange
Getty Images

It's official - the Dow Jones and S&P 500 finish the day at record highs.

The Dow rose 121 points, or 0.7%, to 18,347.67; while the S&P gained 15 points to 2,152.14. 

The Nasdaq finished 34 points higher at 5,022.82 - the first time it's closed above 5,000 points this year.

"There are no good alternatives, from an income standpoint, to the US equity markets at this point, and that's driving the momentum today," said Bill Northey, chief investment officer at Private Client Group of US Bank. 

US earnings season gets underway this week, and Northey said "we need to see some supporting earnings growth to accompany this move". 

FT calls time on Osborne

The Financial Times is the latest to report that George Osborne will be replaced as Chancellor when Theresa May moves into Downing Street tomorrow. 

It's also leading on the UN tribunal which ruled against China's claims to rights in the South China Sea. 

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Privacy Shield 'falls short'

A campaigner who led the legal fight against the EU's former privacy pact with the US believes the new arrangement falls way short of protecting consumers.

Max Schrems tells World Business Report that he thinks the new deal, called Privacy Shield, still doesn't really safeguard personal data.

Campaigners are not convinced a new US-EU data pact offers enough consumer protection.

British pensions '£383bn underwater'

Some more details on the extra pressure that British pensions have been put under by the turbulence in the financial markets.

The Telegraph reports that defined benefit funds are now £383.6bn underwater, compared to £294.6bn a month ago, as tumbling UK government bond yields have added to liabilities.

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BreakingOil price surges $2 higher

Oil rig off Gulf of Mexico
Getty Images

Brent crude has shot up by more than $2 - a 4.5% rise - to $48.34 on the back of greater optimism in the markets.

Analysts said the sharp rise was also a result of investors re-adjusting their trades after many had shorted - or bet heavily against - the oil price.

"The market's gotten really short over the past two weeks with everyone focused on weaker fundamentals and now you're seeing sudden covering," said Scott Shelton, an energy futures broker with Icap. 

Brent crude is still off the $50 mark that it was trading at as recently as the start of last week.

Tech City

London is the second most high-tech city in the world, according to Business Insider.

The news site picked the UK capital - which was second only to San Francisco - because of its start-up scene, thousands of IT jobs and, perhaps a little surprisingly, the Crossrail project.

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Airbus slashes delivery target

Airbus A380

Airbus said it would cut its target for deliveries of the A380 superjumbo to 12 per year from 2018, down sharply from 27 in 2015 and about half of what is projected for this year. 

Demand for the world's largest airliner has been falling due to improvements in the largest twin-engined passenger jets, which many airlines find more economical than four-engined ones. 

Airbus announced the cutback at the Farnborough Airshow, taking the shine off a $20bn haul of orders for smaller planes.

Brexit blues

Sky News economics editor Ed Conway gives some scary figures on UK commercial property following the referendum result.

Last week seven major UK property funds worth £18bn suspended trading as investors rushed to pull out their money following the Brexit vote.

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Pound pushes higher

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A short while ago sterling was trading 2.2% higher against the dollar at $1.3289. Against the euro, it was up nearly 2% to €1.1986.

Wall Street at record highs

New York Stock Exchange trader

The Dow Jones Industrial Average - which comprises the 30 largest US stocks - is trading at record highs as Wall Street remains buoyant.

The Dow was up 0.7% to 18,347 a short while ago, above its all-time high of 18,312.

The S&P 500 has also made further gains after setting a new record on Monday. It's gained 0.8% to 2,154. 

And the tech-heavy Nasdaq is on course to finish above 5,000 points for the first time this year.

Osborne out of the Treasury?

Robert Peston is tipping Theresa May to start reshuffling her Cabinet tomorrow and bring in a new Chancellor. 

He thinks Philip Hammond, currently the Foreign Secretary, is a good bet to take over from George Osborne at Number 11.

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Picture perfect

Shutterstock image of crayons

Shares in photo business Shutterstock have shot up 14% after it announced a licensing deal with Google.

The company sells stock photos (like the one above) to its customers. It was selected to deliver images across Google advertising products like Adwords and Adsense.

A short while ago Shutterstock shares were trading at $55.37, their highest level in 11 months and valuing the company at nearly $2bn.

Minimum wage Moonshot

Russell Hotten, at the Farnborough Airshow, writes:

Buzz Aldrin walks on the Moon
Science Photo Library

It's lucky astronauts do it for love, not money. 

Col. Al Worden has been speaking about his Apollo 15 lunar mission in 1971. 

On top of his regular pay, Worden got "incidental expensives" of $3 a day. "I got $39 dollars extra for flying to the Moon."

Still, that was more than Buzz Aldrin (pictured), who a couple of years earlier became the second person to walk on the Moon. "He only got $33.10," says Worden.

So, it's perhaps understandable that he tried to make a bit of extra cash. 

Worden and the rest of the crew got into a spot of bother after taking commemorative stamps on their Moon trip, selling them to dealers on their return to earth.

But Nasa took a dim view of the incident, and none of the crew flew in space again.

Farmer Fritz

BreakingFTSE 100 scarcely changed

The FTSE 100 finishes at 6,680.69 - still at an 11-month high despite dropping 2 points on the day.

Airlines IAG (owner of British Airways) and Easyjet were two of the biggest winners, rising 5% and 4% respectively.

Dragging the blue-chip index down were gold miners Randgold and Fresnillo, along with private hospital group Mediclinic International after it was downgraded by analysts.

Hold onto your drinks...

And in case you missed this from Airbus earlier, its A350 display took off a little more steeply than you'll see on a normal day at Heathrow.

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Brexit 'hits UK pensions as liabilities soar'

Pound note and coin
Getty Images

Businesses are being hit by soaring pensions liabilities in the wake of the Brexit vote, according to figures from The Pension Protection Fund.

UK pension scheme liabilities are at a record high of £1.75 trillion, due to plunging yields from government bonds following the EU referendum result.

Tom McPhail, head of retirement policy at Hargreaves Lansdown, said: “The UK’s gold-plated pension system is starting to look tarnished.

"Deficits are soaring, employers are reneging on their promises and still more money is needed."

There is a growing argument for the government to look at finding a more balanced approach to the retirement funding needs of the UK workforce, he added.

'May jump'

Personal finance correspondent Simon Gompertz tweets...

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Toppling towers

World Business Report presenter Aaron Heslehurst tweets...

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Sterling work

Dollar and pound notes

The pound continues to make ground against the dollar. 

It's currently up 1.4% at $1.3186, although that's still far below the $1.50 it traded at when markets were betting on the UK to remain in the EU.

Analysts said confirmation that Theresa May would be the next prime minister has fed into a brighter mood sweeping across financial markets this week.    

Against the euro, the pound is 1.1% higher at €1.1882.

Flying high

UK farms 'need EU workers'

EU labour 'crucial' for UK farms

Victoria Fritz has been speaking to arable farmer Guy Poskitt at the Great Yorkshire Show about how Brexit will affect his business.

He says that access to foreign labour is a "crucial" issue. 

If you took EU workers out of UK farms today, there would be no fresh food on supermarket shelves tomorrow, he says.

He doesn't want to have 180 workers who can't speak English, he adds, but he can't find enough local people to staff the farm.

'Financial systems remain strong'

US Treasury headquarters

US Treasury Secretary Jack Lew is speaking about the effect that the Brexit vote has had on financial markets.

They have seen some volatility, he says, but overall have remained "orderly and well-functioning".

"This is a testament to the financial reforms put in place following the financial crisis," Mr Lew says. 

Speaking alongside the French finance minister, he also calls for an "amicable" outcome from the EU and UK's negotiations.

UBS director hints at Brexit job moves

UBS logo
AFP/Getty Images

The head of investment banking at Swiss bank UBS has warned it might need to move some staff out of the UK following the Brexit vote.

“We would need to consider moving a number of our employees to a European Union country,” Andrea Orcel told Bloomberg. 

“We would still have a base in the UK, but the part of the EU business that is done from London would need to be done from elsewhere.”

He revealed that UBS, which employs about 6,000 people in UK, has also received overtures from other EU governments.

“The French government, the German government, a number of governments are making, if I may call it this way, a case for people to move to their jurisdiction.”

He added that the moves necessary under that scenario would be “relevant enough” to require a “complete reassessment of our model going forward”.

Qatar Airways expansion continues

Russell Hotten, at the Farnborough Airshow, writes:

Qatar Airways plane

We mentioned earlier that cash-rich Qatar Airways wasn't interested in increasing - or selling - its stake in IAG, the owner of British Airways. That could be because Qatar is spending its money elsewhere.

The fast-growing Middle East airline announced it has bought 10% of Latin America's largest airline Latam for about $613m.

Like IAG, of which Qatar owns 15.24%, Chile-based Latam is a member of the Oneworld airline alliance.

Qatar is also in talks with Italian carrier Meridiana about taking up to a 49% stake.

Qatar and Meridiana were due to continue discussions on Tuesday at the Farnborough Airshow.

BreakingS&P builds on record high

Wall Street is continuing its winning streak in the opening few minutes of trade.

The S&P 500 has pushed on from yesterday's record high, rising 0.5% at the opening bell to 2,146 points. 

The Nasdaq is 0.6% higher at just over 5,000 points. If it finishes there, it'll mean the tech-heavy index has regained all its losses for the year.

And the Dow Jones Industrial Average is also at levels not seen since 2015. It was at 18,336 a short while, a 0.6% increase so far today.


Looks like Victoria Fritz has a good eye at the Great Yorkshire Show...

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Osborne defends HSBC

HSBC Tower in Canary Wharf

More on George Osborne warning the US that a prosecution of HSBC over money-laundering allegations could lead to market turmoil.

In a 2012 letter to Ben Bernanke, chairman of the Federal Reserve at the time, Mr Osborne said:

"In HSBC's case, I understand that a criminal conviction would require US regulators to consider whether to revoke its banking licenses in the US.

"Questions about HSBC's continued ability to clear US dollars would risk destabilising the bank globally, with very serious implications for financial and economic stability, particularly in Europe and Asia."

UN-appointed panel dismisses South China Sea claims

Wanda's global ambitions

Chris Johnston

Business reporter

AMC cinema
Getty Images

A quick look at the £921m sale of cinema chain Odeon announced earlier. 

David Hancock, head of film and cinema at IHS Technology, tells the BBC that the sale has been a long-running saga and today's announcement looks to have finally sealed the fate of one of Europe's largest cinema operators. 

"AMC is part of the Wanda group, which includes screens in China, AMC in the US, Hoyts in Australia and now Odeon UCI in Europe: all major exhibitors in their part of the world and making Wanda the largest global cinema exhibition group," he says. 

In addition, Wanda has built the world's largest film production studio in China and acquired Legendary Entertainment, a US producer of blockbuster features, as well as assets in big data, entertainment marketing and gaming distribution. The company is positioning itself to be the world's leading entertainment group across the value chain."

Emerald isle shines

IHS economist Howard Archer tweets:

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Pound's gains hold back the FTSE

Much of the FTSE 100's recent gains have been driven by the fall in sterling with the international firms listed there benefiting from the pound's weakness when they convert their overseas revenues. 

As a result the FTSE is now pretty much flat at 6683.57.

Sterling’s rise, which has seen it climb to $1.315 against the dollar and €1.185 against the euro, seems to have stemmed from Theresa May’s appointment as Prime Minister. The prospect of Article 50 not being triggered until next year (as May has stated in the past) is likely a relief to the pound, helping push it higher despite the probability of a rate cut from the Bank of England on Thursday. The FTSE, meanwhile, found little joy in sterling’s rebound, the UK index instead hovering around the 6670-6680 mark it started the session at.

Connor CampbellSpreadex financial analyst

What happens in prison?

Former inmate Steve Dagworthy now advises others on what to expect on the inside.

So. You're going to prison. What happens next?

@PrisonConsultUK's Steve Dagworthy talks to @ManuelaBBC

Qatar sticking with IAG stake

Russell Hotten, at the Farnborough Airshow, writes:

Akbar Al Baker
Getty Images

Qatar Airways’ 15% stake in IAG, the group that owns British Airways and Iberia, is worth a lot less since the shares tanked after the Brexit vote.

There’s been speculation that cash-rich Qatar could in the market for a bigger slice of IAG. Not true, says Qatar’s chief executive Akbar Al Baker.

“We’ve already got what we wanted,” he says. “When we bought into them, it was not a financial investment. It’s a strategic investment.”

So, he won’t be selling either? “We are not going to walk away from IAG because this is a critical long-term investment.”

Pokemon-Go invades the BBC office

Tech correspondent Rory Cellan-Jones tweets...

Pound's rise continues

pound graph

The pound is continuing to rise against the dollar. It's currently up 1.1% at $1.31410, pulling further away from last week's 31-year low. Of course, it's still a long way off the $1.50 level it was trading at ahead of the EU referendum vote. 

Against the euro, it's 0.8% higher at €1.18440.