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Summary

  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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  1. 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.

  2. 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.

  3. BreakingDow, S&P 500 close at record highs

    Traders on the floor of the New York Stock Exchange

    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". 

  4. 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.

    Video content

    Video caption: Campaigners are not convinced a new US-EU data pact offers enough consumer protection.
  5. 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.

    View more on twitter
  6. BreakingOil price surges $2 higher

    Oil rig off Gulf of Mexico

    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.

  7. 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.

    View more on twitter
  8. 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.

  9. 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.

    View more on twitter
  10. 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.

  11. 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.

    View more on twitter
  12. 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.

  13. Minimum wage Moonshot

    Russell Hotten, at the Farnborough Airshow, writes:

    Buzz Aldrin walks on the Moon

    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.

  14. 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.

  15. 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.

    View more on twitter