Investors are the most bearish on sterling since the UK voted to leave the EU almost two-and-a-half-years ago, as markets wait for the possibility of a no-confidence vote on prime minister Theresa May.

Tullow Oil’s new chief executive Paul McDade has said he will focus on financial discipline after the Irish-founded exploration firm took a $600m (€528m) hit from deflated oil prices in the first half of the year.

Recovery in luxury-goods industry gained pace after handbag maker Hermes International joined LVMH and Gucci parent Kering in saying the Chinese market is improving and pointed to growth in leather goods like its iconic Birkin bag.

London’s Stansted airport has attracted three final bids each worth about £1bn (€1.2bn), according to sources.

Technology shares have dropped sharply amid rumours that Cisco Systems will be the next company to warn of weaker profits.