London stock market hits new peak, Thames Water reports £1.6bn loss, and Rachel Reeves outlines ‘Leeds reforms’ for financial services

The FTSE 100 has also benefitted from the TACO trade this year – the bet that Trump always chickens out when his policies cause mayhem in the markets.

As this chart shows, shares in London slumped in early April after the US president announced high new tariffs on US trading partners.