Weekly review

The FTSE 100 ended the week up 140.82 points to 6,343.75.

Equity view

FTSE 100 mining firm Rio Tinto and Chinese state-backed Sinosteel Corporation announced the extension of their Channar Mining joint venture in Australia’s Pilbara region on Friday.

Trade union Unite said Royal Bank of Scotland is axing around 600 jobs in its retail division and closing 32 branches.

Mothercare highlighted difficulties in its international business as it reported a drop in retail sales in the 11 weeks to 26 March.

Poundland said it was on track to meet full year profit expectations despite a difficult second half.

Full year results from JD Sports Fashion were well ahead of market expectations, which combined with confidence about continued growth to send the company's shares to a new peak.

FTSE 250 recruitment firm Hays described its third quarter growth as “good” on Thursday, with like-for-like fees climbing 4% in the three months to 31 March despite a 2% negative impact due to the early Easter.

In an update for 27 January to 13 April, PZ Cussons said overall trading has been in line with expectations and the company is on track for the full year, but warned of difficult conditions in its main market of Nigeria.

Department store chain Debenhams posted a rise in first half profit as it confirmed the resignation of chief executive Michael Sharp.

FTSE 100 consumer goods company Unilever reported growth in underlying sales and volume on Thursday, though its top line declined in its first quarter update.

Burberry warned profits for 2017 are likely to be around the bottom of the range of analysts' forecasts due to increased investment in the business and a "challenging demand environment”.

Dunelm's deputy chairman Will Adderley, son of founder Bill, has sold 4% of the home furnishing retailer's shares just weeks after its solid third-quarter results.

Tesco broke back into the black with a £162m pre-tax profit that marked a turnaround from the previous year's record £6. 3bn loss, also delivering the first annual volume growth in five years.

US-based McCormick & Co. has said it did not intend to make an offer for Mr Kipling and Oxo owner Premier Foods tumbled.

WS Atkins said it traded well through the fourth quarter and expects underlying results for the year to the end of March to be in line with views.

Car parts-to-bikes retailer Halfords said full year revenues rose 1. 7%, driven by a strong final quarter where sales rose 3. 2%.

WH Smith reported a jump in earnings on Wednesday, with profit across the FTSE 250 retailer improving in the six months to 29 February.

Mexican miner Fresnillo said first quarter gold production was up 26. 3% to 230,000 against the same period last year and up 6. 5% when compared with the fourth quarter of 2015, adding that it was on track to meet 2016 production targets.

Platinum producer Lonmin has announced that Simon Scott will step down as chief financial officer, most likely after the company’s interim results in May.

Low-cost airline Ryanair promised even lower airfares on Tuesday as it announced a range of initiatives to improve the customer experience as part of its ‘Always Getting Better’ programme.

BT Group may not be allowed to retain exclusive UK rights to broadcast Champions League football after the current three-season deal, giving confidence to ITV and Sky when they return to the bidding table later this year.

Half-year sales and profits from Asos were comfortably stronger than forecast as the online fashion retailer said its pricing investments and high flow of new clothes styles has improved the proportion of full price sales and reduced its reliance on promotions.

FTSE 100 hospitality group Whitbread announced the departure of Christopher Rogers on Tuesday, as managing director of coffee shop chain Costa and executive director on the firm’s board.

Recruitment firm Michael Page said first quarter gross profit grew 3. 6% to £142. 4m in constant currencies, despite the timing of Easter and the challenging market conditions in several of its larger markets, including Greater China, the UK and Brazil.

The Daily Mail's parent company had held talks with half a dozen private equity outfits regarding a potential bid for some of US internet giant Yahoo's assets, The Wall Street Journal reported on Sunday.

FTSE 250 metals and mining company Vedanta Resources reported record annual production of aluminium, electricity, silver and Copper India cathodes in its fourth quarter production release on Monday morning, ahead of its full-year results to 31 March.

Economic news

UK retail sales in March were flat compared to the previous year but down 0. 7% on a like-for-like basis, according to the industry's benchmark survey.

Output in the UK construction industry dipped 0. 3% in February compared with the previous month, falling short of expectations for no change, according to data from the Office for National Statistics.

Britain’s housing market is expected to ease in the lead up to the 23 June referendum on the nation’s European Union membership, a survey from RICS revealed on Thursday.

Rate-setters at the Bank of England kept their main policy settings unchanged by a unanimous vote, but the minutes of their meeting revealed that they had grown more concerned about the impact which a vote to leave the European Union might have.

UK house price growth surprisingly slowed in February, official figures confirmed on Tuesday, easing to a 7. 6% annual rate of growth from the 7. 9% rise the previous month.

UK inflation increased more than expected in March as an early Easter lifted air fares and as clothing prices rose.

International events

US consumer sentiment weakened in April, according to a preliminary reading from the University of Michigan.

US industrial production fell more than expected in March, according to the latest data from the Federal Reserve.

China’s economy grew 6. 7% on the year in the first quarter compared with 6. 8% in the fourth quarter of last year, according to official data.

The number of Americans filing for unemployment benefits unexpectedly fell last week, according to the Labor Department.

Inflation pressures in the US at the consumer level decreased in March, as food and utility gas prices declined, missing economists' forecasts by a wide margin.

Eurozone inflation surprised on the upside in March, with the final consumer prices index (CPI) reading revised higher to 0. 0% for the month after falling in February.

US retail sales unexpectedly fell in March, according to data from the Commerce Department.

China’s yuan-denominated exports rose 18. 7% in March compared to the same month a year ago, marking their biggest increase in over a year, according to customs data.

The International Monetary Fund has cut its forecast for global growth in 2016 to 3. 2% from the 3. 4% it expected in January, with all advanced economies revised downwards.

The Governor of the Bank of Japan, Haruhiko Kuroda, said the central bank was ready to add to its monetary stimulus if necessary in order to meet its inflation target.

Greece and its international lenders were said to be edging closer to a compromise on signing off on a review of bailout reforms which could unlock more aid to the nation.

Inflation pressures in China were slightly more muted than expected in March, but analysts drew comfort from a lower pace of declines in factory gate prices.