Pound climbs to second-highest level since Brexit vote – as it happened

While the rest of the markets held strong, the FTSE dropped 35 points to send it towards a one week low. Part of that decline is being informed by the chunky drop suffered by BP and Shell, which slipped 1.5% and 0.8% respectively. That’s because Brent Crude itself fell 1.2%, the black stuff in retreat in response following the contrast between the actually military engagement seen in Syria over the weekend and the supply-worrying rhetoric used by Trump last week.

But that’s not the only thing upsetting the FTSE – the index also had to deal with the pound’s latest increase. Against the dollar sterling shot up half a percent, sending cable above $1.43 to its highest price in almost a year and a half. The currency was less robust against the euro, and even then it lifted it towards a fresh 11 month peak.

Turning to this afternoon and the US open may inject a bit more positivity into a fairly stagnant session. The Dow Jones is expected to surge 150 points after the bell, a move that would lift the index back above 24500. As for data, the focus will be on retail sales, with analysts expecting a rise from -0.1% to 0.4% month-on-month.