Mexican banks have sold off hard since Claudia Sheinbaum – as widely expected – was confirmed as the country’s next president.

For the US to come out in support of voluntary carbon markets even while arguing for their reform is an important step in the drive to seek better standards for what are vital – albeit flawed – mechanisms. But more guidelines on how to certify and trade offsets are no substitute for the real thing.

Rising confidence in European banks has raised hopes of a surge in domestic M&A, perhaps laying the foundations for the long-sought ideal of genuinely pan-European firms.