Brussels has warned Switzerland it will cut off the country’s stock traders from EU markets at the end of the month, saying it will not tolerate any “watering down” of the single market’s rules during a “decisive” phase in the Brexit talks.

Mario Draghi, European Central Bank president, hit back at criticism from President Donald Trump on Tuesday afternoon, insisting the ECB was simply fulfilling its mandate and not engaged in currency manipulation to drive the euro down.

Semiconductor stocks filled the highest ranks of the S&P 500’s top performers after a “very good telephone conversation” between Donald Trump and Xi Jinping spurred investor hopes for an end to the US-China trade war that may help revive prospects for the sector.

Mark Carney, governor of the Bank of England, said he had an “open mind” to Libra, the new digital currency backed by Facebook, but there would be no “open door” to its launch and it would have to meet the “highest standards”.

The asset management arm of Australian investment bank Macquarie has raised €6bn to pursue deals in infrastructure in Europe, people familiar with the matter said.

The UK financial watchdog has opened an investigation into the events leading to the shock suspension of Neil Woodford’s flagship fund, which trapped £3.7bn of investors’ money when it gated on June 3.

South Africa’s Old Mutual sacked its chief executive over his conflicting interest in a private equity group, adding to the intensifying malaise about the state of corporate governance in Africa’s most industrialised nation.

Barrick Gold has been given more time to make a firm offer for Acacia Mining, the Africa-focused gold producer embroiled in a bitter row with the government of Tanzania.

The Trump administration’s top trade representative Robert Lighthizer has criticised the EU for failing to match the US’s ambition for a “level playing field” in international trade.

Stocks rallied on Tuesday after President Donald Trump fuelled hopes for a trade deal with China and Mario Draghi offered markets the clearest indication yet that the European Central Bank is ready to launch another round of stimulus if needed.

Mark Carney, Bank of England governor, signalled on Tuesday that the central bank would be willing to cut UK interest rates to “a little above 0 per cent” if it had to stimulate the economy, for example in a hard Brexit.

Global markets convulsed on Tuesday, boosted by signals that the European Central Bank is prepared to cut interest rates and by hopes of a meeting between Donald Trump and Xi Jinping aimed at resolving an impasse over trade.

Shares in MoneyGram more than doubled on Tuesday on news that it had expanded a partnership with cryptocurrency and blockchain start-up Ripple, which agreed to invest up to $50m in the company.

Online trading platform Plus500 has suffered a shareholder rebellion at its annual meeting as investors protested over governance at the Israel-based group.

European government bonds shot higher on Tuesday after Mario Draghi ramped up his signals that he is prepared to cut interest rates or buy more eurozone debt if growth fails to pick up.

The percentage of families living in poverty in Italy rose to a record high last year as a prolonged economic stagnation and persistent high unemployment continued to take their toll on the country.

Activist investor Land & Buildings on Tuesday lambasted a proposed leveraged buyout of retailer Hudson’s Bay Company, characterising an offer to take the group private as “woefully inadequate”.

Royal Bank of Scotland, the first of the UK’s lenders to open a standalone digital bank, has appointed a chief executive who is well versed in fintech for the online business-focused unit that it plans to launch as an app in August.

President Donald Trump hit out at Mario Draghi on Tuesday, accusing the European Central Bank president of purposely weakening the euro with his suggestion that the eurozone economy may need additional stimulus.

Eurozone exports have continued to expand despite rising global trade tensions and the unwinding of Brexit stockpiling in the UK, data released on Tuesday showed.

Dominic Chappell, the businessman who bought retailer BHS from multi-millionaire Philip Green for £1 in 2015, appeared before a London court on Tuesday charged with tax evasion and money laundering linked to the purchase of two yachts.

Investor bearishness has hit its highest level since the financial crisis, according to a closely watched survey of fund managers that showed a stock sell-off as concerns over a global trade war ratchet up.

Michel Platini, the former head of Uefa, European football’s governing body, has been detained and questioned by French police on Tuesday over the awarding of the 2022 World Cup to Qatar.

A key gauge of expectations for the German economy plummeted in June, as trade fears, geopolitical tensions and Brexit all weighed on financial executives.