BBC political editor Laura Kuenssberg tweets:

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It's all very well Dominic Rabb being announced as David Davis' replacement as Brexit Secretary, but the big question is who will be the new housing minister, says the chief executive of property builder and manager Audley Group.

"Given the historically short tenure of housing ministers over the last few years – eight in the role since 2010 alone – Raab’s replacement needs to hit the ground running and urgently confirm the priorities if we are to make any progress before the next change of post.," says Nick Sanderson.

While the pound has fallen in reaction to Boris Johnson's resignation, the UK's stock market has actually picked up slightly.

Shares often rise when sterling falls, as the weaker currency lifts the value of companies' overseas earnings when they are brought back to the UK and converted back into pounds

The FTSE 100 had been up by about 0.5%, but is now up by nearly 0.9%.

The pound has continued to fall following news of Boris Johnson's resignation. News of the resignation had a pretty immediate impact on sterling, as the graph below shows...

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Connor Campbell, financial analyst at Spreadex, has this to say on the markets' reaction to Boris Johnson's resignation:

"Sterling’s resilience was severely tested on Monday. While the resignation of Brexit Secretary David Davis actually ended up sending the pound higher, those gains were quickly eroded as Boris Johnson pulled his own disappearing act.

"With that being two Cabinet resignations in less than 24 hours, the pound began to fret about the chances of a formal challenge to Theresa May’s leadership from inside the Tory party, and the subsequent potential for another general election. To be fair to sterling, however, it avoided falling off a cliff like it might well have done, instead producing a more measured reaction to the day’s twists and turns.

"The big question now is, how much of a domino-effect will this Davis/Johnson double have in the coming days (and indeed hours), and whether or not May has the support to climb on to her job."

Sterling has reacted sharply to news of Boris Johnson's resignation as foreign secretary. The pound fell from about $1.3340 to trade as low as $1.3259, down 0.2% on the day. Against the euro, sterling fell 0.4% to trade at 88.62 pence to the euro.

Theresa May's Brexit woes deepen as Foreign Secretary Boris Johnson becomes the latest senior figure to leave the cabinet. Follow live coverage of today's political events here.

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Poundworld founder Chris Edwards, who had hoped to buy back some of the discount retailer's stores after it fell into administration, says his offer has been rejected by administrators Deloitte.

Mr Edwards had put forward a proposal to rescue 186 of Poundworld's 335 stores across the UK, a move he said would have saved 3,000 jobs.

He said: "I've made a substantial and credible offer, which is the best offer we can put forward, but in my opinion, it hasn't been given the respect it deserves. Although it was close to what the administrator wants, we've now had written confirmation that it's not high enough, which I'm shocked and surprised at."

Deloitte were called in after the indebted chain failed to strike a rescue deal with another potential buyer, R Capital.

Despite continuing US-China trade tensions, Wall Street has opened higher. In the opening minutes, the Dow Jones has added 134 points to hit 24,590, while the S&P 500 is up 23 points to 2,759. The tech-heavy Nasdaq is 47 points higher at 7,735.

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The US stock markets will open shortly in a week that will usher in the second-quarter reporting season in America.

Among the big companies releasing financials are the major banks such as Citigroup and JP Morgan.

Looking ahead, Peter Kenney, senior market strategist at Global Markets Advisory Group, says: "Last Friday's gains managed to put a positive patina on what was otherwise a rather unimpressive week for equity investors.

"That tone could serve investors well this week as we launch into Q2 earnings season."

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Mothercare is just the latest company to announce store closures...which means there is a lot of excess retail space in the UK.

James Child, retail analyst at Estates Gazette, says: "The closures would total about 570,000 sq ft of retail space, which would take the total space relinquished by retailers in 2018 to just shy of 11m sq ft, according to Radius Data Exchange data."

BBC business reporter Karen Hoggan has taken a look at what could be done with all this space.

Simon Jack
BBC Business Editor

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Boris Johnson may not have much time for the concerns of business, but the version of Brexit settled on by the cabinet at Chequers shows that the government was ultimately prepared to sing in harmony with the "siren voices" of concerned companies like Airbus and Jaguar Land Rover.

Their dire warnings over future investment in the UK were carefully noted and amplified in cabinet by the Business Secretary, Greg Clark, and the Chancellor, Philip Hammond.

David Davis feels that in giving in to the concerns of big business, the government has capitulated too early, betraying the spirit of Brexit - in other words, it was business wot lost it.

Read Simon's full blog here.

US President Donald Trump is up and tweeting. Ahead of the NATO summit in Brussels on Wednesday and Thursday, Mr Trump took aim at some European Union nations over payments to NATO as well as trade with the US.

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Scottish firms took on staff at the fastest rate for nearly four-and-a-half years last month to cope with a rise in new orders, according to Royal Bank of Scotland's latest PMI.

The report said the rate of job creation "noticeably" outpaced that for the UK as a whole.

The survey of purchasing managers suggested employment expanded at its quickest pace since February 2014. It increased from 53.7 in May to 54.5 in June.

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Goldman Sachs reckons it can calculate the probability of who will win the World Cup.

On the upside, the US investment bank believes that England will beat Croatia on Wednesday to reach the finals on Sunday.

The bad news? It thinks that Belgium, after vanquishing France in the semi-finals, will win the tournament.

Come on England - lets prove Goldman Sachs wrong!

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Tesco's tie-up with French retailer Carrefour and Sainsbury's merger with Asda are set to see the likes of Ocado and Iceland come under pressure, reckons credit agency Moody's.

In a research note published today it warned that squeezed suppliers will look to make up lost profits from smaller players such as Iceland and Ocado.

"Lower purchasing costs for the retail alliances will translate to lower revenue for suppliers overall, even if the alliances enhance volumes for some suppliers," it said.

"We expect suppliers will look to recover lost profits by extracting better terms from smaller customers."

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Nissan's chief operating officer Yasuhiro Yamauchi says that falsifying emissions tests "is a deep and serious issue for our company".

He told reporters on Monday: "We realise that our compliance awareness remains lacking."

He said Nissan will continue investigating the root causes, which it expects to take around a month.

Image source, Next

The FTSE 100 is up 30.01 points, or 0.39%, at 7,647.71.

Retail chain Next is leading the blue chip risers with its share price up 2.6% at £59.53.

Telecoms group Vodafone is the biggest faller, down 0.98% at 189.13p.

The FTSE 250 is up 123.57 points, or 0.60%, at 20,741.91.