Weekly review

The FTSE 100 ended the week down 303 points to 6,693.26.

Equity view

Paddy Power Betfair posted a trading update for the three months to 30 September on Friday, with revenue up 25% to £404m, or up 15% in constant currencies.

Tullett Prebon reported a 15% jump in third-quarter revenue as it got a boost from the weaker pound, with 60% of group revenues denominated in US dollars.

Sweeteners and food ingredients producer Tate & Lyle said its full year profits were likely to be higher than first thought after profits were lifted 83% in the first half of the year by a tasty mix of organic growth and currency fluctuations.

Satellite services provider Inmarsat reported a jump in third-quarter revenues following strong performances in the government and aviation divisions, but a drop in pre-tax profit.

Randgold Resources announced a new focus on three new projects over the next five years on Thursday, as it reported a strong third quarter performance keeping it on track to meet its 2016 guidance.

Coca-Cola HBC posted a drop in third-quarter sales volumes on the back of unfavourable weather compared to the same period last year but said it was on track to meet expectations for the year.

Glencore slightly increased its full-year trading profit forecast and confirmed production of its panoply of metals and minerals was pretty much as expected.

RSA Insurance reported a fall in net written premiums in the first nine months of the year, reflecting the impact of disposals, but the group said it was on track for strong operating earnings increases for the year.

Specialty chemical company Croda International updated the market on Thursday, on its trading during the third quarter to 30 September, with constant currency sales up 2. 5% during the three months and 2. 4% year-to-date.

Wm Morrison Supermarkets reported its fourth consecutive quarter of growth, helped by its strongest ever Halloween.

Fund manager Schroders reported flat profits in the first nine months of the year as its assets under management increased despite a fall in net inflows.

Integrated security company G4S updated the market on its progress for the nine months to 30 September on Wednesday, with the group winning new contracts with annual revenues of £1bn and total contract value of £2bn in that period.

Online food delivery service Just Eat upped its expectations for full-year revenues and adjusted earnings as it reported a rise in orders in the third quarter.

Rolls-Royce announced on Wednesday that Andreas Schell has been appointed as chief executive officer of Rolls-Royce Power Systems.

Next trimmed its full year sales guidance after third quarter retail sales fell almost 6%, but thanks to cutting its cloth more severely it said profits would come in as expected.

Housebuilder Persimmon guided to higher full-year margins after 'encouraging' trading following the EU referendum but expressed caution about new land investment due to the uncertainty arisen since the vote.

Pub group JD Wetherspoon said its outlook for the full year remained unchanged after a first quarter in which like-for-like sales increased 3. 5% but dropped 2. 3% in the latter five weeks of the period.

Third-quarter revenues and earnings from Shire were just shy of forecasts, while the drug developer did not raise guidance as some had hoped, due to higher than expected costs from June's acquisition of Baxalta.

Pfizer shares fell in pre-market trade after the drug maker reported a drop in profit for the third quarter and downgraded its expectations for the full year.

Asia-focused Standard Chartered slumped after the bank swung to a third-quarter profit, but the numbers missed analysts’ expectations.

Royal Dutch Shell’s third quarter results improved from the second and beat forecasts, however the oil giant remains uncertain about the oil price outlook.

Moneysupermarket. com Group said it was on track to meet forecasts for a record year after a resurge in insurance offset flat a flat period for credit card and loan switching in the third quarter.

Underlying third-quarter profits halved at BP compared to last year but the fall was not as bad as feared as the oil colossus continues to chip away at costs.

Centamin said it expects 2016 gold production to be towards the upper end of its guidance of between 520,000 and 540,000 ounces as it reported a 41% increase in third quarter output.

Tesco will face a damages claim for more than £100m filed by 125 institutional funds over the grocer's over-statement of profits and alleged misleading statements to the stock market.

Helped by the weakness of sterling, WPP posted net revenue and profit margins ahead of forecasts for the third quarter, while the outlook was said to remain unchanged.

Economic news

UK construction output in October was lifted to its highest level since March by continued solid housing activity, but the rate of growth slowed from the previous month.

Prices of goods in UK shops continued to fall in October, according to a BRC-Nielsen survey of the retail industry published on Wednesday, as supermarkets absorb most of the early effects of the falling pound.

The Bank of England has increased its forecasts for inflation and economic growth for this and next year, while the Monetary Policy Committee left policy unchanged for another month and retreated from its prior hint about a further rate cut. The Bank of England voted unanimously to leave interest rates unchanged on Thursday, as widely expected by economists.

The pound surged against the dollar as the High Court ruled that the government does not have the power to trigger Article 50 and begin the process of Britain leaving the EU without parliamentary consent.

UK services activity spiked surprisingly in October, a closely followed survey revealed on Thursday, as the sector recorded the highest input prices in the report's history. The Markit/CIPS UK services purchasing managers' index rose to 54.5 from 52.6 the month before, which was ahead of the consensus estimate of 52.4 and the fastest expansion since January.

UK house price growth slowed in October but the typical home now costs six times the average annual wage, Nationwide said on Wednesday. The seasonally adjusted Markit/CIPS UK construction purchasing managers’ index (PMI) edged up to 52.6 in October from 52.3 the months before.

Activity in the UK manufacturing sector deteriorated more than expected in October, according to data released on Tuesday. The Markit/CIPS UK manufacturing purchasing managers’ index fell to 54.3 from 55.5 in September, missing expectations for a reading of 54.5. Still, it remained well above its long-run average of 51.5.

Mortgage approvals in Britain rose more than expected in September as the housing market remained resilient following the Brexit vote, Bank of England data revealed on Monday.

Business morale in Britain rose in October to the highest level since April, according to a bank survey. The Lloyds business barometer index climbed to 37% in October from 24% in September, a post EU referendum high.

Small and medium enterprise (SME) manufacturers saw business optimism bounce back in the three months to October as export demand rose following the fall in sterling, according to the Confederation of British Industry (CBI).

International events

The American economy created slightly fewer jobs than expected in October, but upwards revisions to the data for the prior two months offset the miss, while the rate of growth in earnings accelerated. Non-farm payrolls increased by 161,000 during the reference month, according to the Bureau of Labor Statistics. Economists had been expecting a reading of 173,000.

America´s trade shortfall with the rest of the world narrowed significantly in September, reaching a 19-month low, albeit alongside falling imports.

A tracking poll by the Washington Post and ABC News conducted between 1 and 2 November among 1,767 adults found that a majority would vote for Democratic Party presidential contender Hillary Clinton and her running mate Tim Kaine, over Donald Trump and Mike Pence, by a margin of 47% to 45%.

Service sector activity in the US deteriorated more than expected in October, according to figures released by ISM on Thursday. The index of non-manufacturing activity declined to 54.8 from 57.1 in September. Analysts had expected a smaller drop to 56.00.

Markit’s final US services PMI rose to 54. 8 in October from 52. 3 in September, above the 50 mark that separates contraction from expansion.

Factory orders in the US edged higher by 0.3% month-on-month in September to reach $455. 5bn, according to the Department of Commerce.

The number of Americans filing for unemployment benefits unexpectedly rose last week, according to data released by the Labor Department.

Chinese service activity growth accelerated in October at the fastest pace in four months, PMI data from Caixin revealed on Thursday.

Private sector employment in the US rose less than expected in October, according to data released by ADP on Wednesday. Employers added 147,000 jobs last month, missing expectations for a 165,000 increase.

Markit’s final eurozone manufacturing PMI came in at 53. 5 in October, up from the flash estimate of 53. 3 and September’s reading of 52. 6.

US construction spending unexpectedly declined in September, according to the latest figures from the US Commerce Department.

Growth in the US economy’s manufacturing sector improved more than expected in October, according to the US Institute for Supply Management. The ISM's headline manufacturing index rose to 51.9 from 51.5 in September, beating forecasts for a reading of 51.7.

Markit’s final manufacturing PMI came in at 53. 4 in October, up from an initial reading 53. 2 and 51. 5 in September.

Chinese manufacturing activity growth accelerated in October, according to official PMI data and a separate PMI report from Caixin on Tuesday.

The Bank of Japan has delayed its 2% inflation target deadline to 2018 but has kept other policy measures unchanged at the end of its two day meeting on Tuesday.

Euro-zone preliminary inflation for October, as gauged by the consumer price index (CPI), rose 0. 5% on the year, Eurostat said on Monday.

US personal incomes grew by 0.3% month-on-month in September while personal spending was ahead by 0.5%, according to the Department of Commerce.