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Last week’s data was reassuring, indicating that economic activity is not poised to stumble. In the US, the composite Purchasing Managers' Index (PMI) came in at 54.1 and is consistent with a decent pace of growth.

Step back two weeks. World equity markets were in turmoil, led by Japanese and US tech shares. There were calls for an immediate cut in Fed Funds, with an emergency 50bps reduction being mooted.

When mainstream national newspapers start writing about the yen carry trade you know its impacting mortgage rates, shares and pensions – the stuff most people care about. So it was last week.

Data last week was mixed, with Purchasing Managers' Index (PMI) readings indicating the direction of the major economies.

Even before the withdrawal of President Biden, there was a change in market mood, with investors starting to really focus on the implications of a second Trump presidency.

Spain has come a long way in 50 years – from authoritarian rule under General Franco to a forward looking and prosperous democracy.

The UK General Election went mostly to script but there were important takeaways. First, Labour won a huge majority but with a surprisingly low share of the popular vote. Second, the right-of-centre parties will start to realign, given the rout of the Conservative Party. Third, the two-party system is over. Voters will see that other parties can do well despite the electoral system.

The depressing thing about last week is that daylight hours are now shortening, having passed the summer solstice on Thursday. This event coincided with parts of Stonehenge being coated in orange powder paint as Just Stop Oil protesters targeted the site.