Markets rally as US agrees eleventh-hour deal

The Democrats and Republicans struck an eleventh hour deal to raise the country's debt ceiling by at least $2.1trn. However, the agreement still needs to be given the green light by Congress before the 2 August deadline. Markets immediately rallied on the news after a week which saw the Dow Jones post its worst weekly losses in over a year. In London, the FTSE 100 was up almost 75 points, or 1.3%, at 5,889. Elsewhere, the German Dax was up 0.6% while the French Cac 40 climbed 0.9%. The US dollar rose against the yen and the Swiss franc after the debt ceiling announcement. ...