Weekly review

The FTSE 100 finished the week 175.95 points, or 2.47%, higher at 7,297.43 on Friday.

Equity view

AstraZeneca and its global biologics research and development arm, MedImmune, said the US Food and Drug Administration (FDA) has granted accelerated approval to the bladder cancer treatment Imfinzi (durvalumab).

Smiths Group said it had completed the sale of its Interconnect's Microwave Telecoms (SMT) business, to Infinite Electronics for an enterprise value of £85m.

Global medical technology company ConvaTec Group announced the US launch of the Flexi-Seal PROTECT Fecal Management System on Tuesday, following receipt of 510(k) clearance from the US Food and Drug Administration.

Media distribution and film production company Entertainment One announced on Tuesday that Joe Sparacio had been appointed as chief financial officer, with immediate effect.

Software group Sage posted a jump in first-half profit as subscriptions rose and it said it expects to exceed its full-year revenue guidance.

Paddy Power Betfair reported an 87% rise in first-quarter earnings as revenues were boosted by the weaker pound and favourable results at Cheltenham.

Supermarket chain and retail group J Sainsbury posted its preliminary results for the year to 11 March on Wednesday, with group sales - including VAT - up 12. 7% to £29. 11bn, which the board said was mainly as a result of the contribution from its 2016 acquisition Argos.

Business at Direct Line Group continued to motor ahead during the first quarter of the year, driven by demand for its own brand motor insurance, with the company reiterating its guidance for key metrics in fiscal year 2017 despite a challenging home market.

Glencore raised its full year profits target slightly to $2.3bn to $2.6bn despite production in the first quarter being impacted by severe weather such as cyclone Debbie in Australia.

Randgold Resources said on Thursday that it has made a strong start to 2017 and is on course to achieve its guidance for the year.

Integrated security company G4S reported a 9% jump in revenue for the first quarter and said it saw a strong start to the year.

Insurer RSA said it had lifted first-quarter net written premiums by 14% as losses from weather were lower than average.

British Airways owner International Consolidated Airlines Group reported record first quarter profits well ahead of expectations as a drop in costs offset lower but improving passenger revenues, and said it expected a profit gain over the full year.

Low-cost airline easyJet posted its passenger statistics for April on Friday, with total passenger numbers up 11.7% at 7.12 million, and its load factor rising 2.5 percentage points to 92.9%.

Irish packaging group Smurfit Kappa took a dent to profits in the first quarter but also confidence from solid demand leading to improved volumes, which set the scene for it to increase box prices over the course of the year.

Elliott Advisors, which owns a 3% stake in AkzoNobel, said on Friday that the Dulux owner could lose up to 6,400 jobs if it remains a standalone company rather than combining with US rival PPG Industries.

Economic news

UK manufacturing activity was much stronger than expected in April, according to a survey published on Tuesday, as companies restocked rapidly as input price pressures remained high but continued to retreat from their peak.

Sterling returned a mostly positive performance after its long May Day bank holiday, and got a boost early on from better than expected UK manufacturing data amid caution ahead of tomorrow's US Federal Reserve interest rate decision.

Growth in the UK construction sector unexpectedly picked up in April, according to data released on Wednesday.

Brexit minister David Davis said the UK will not cough up €100bn in any deal to leave the European Union, and will only pay what is legally due.

Growth in the UK services sector hit a four-month high in April, according to data released on Thursday.

Consumer credit growth continues to slow but the flow of borrowing rebounded slightly more than expected, the Bank of England said on Thursday as it continues keenly keep an eye on a potential red flag for the economy.

Goldman Sachs chief executive Lloyd Blankfein has said that London’s financial power will stall during the ongoing Brexit negotiations.

Prime Minister Theresa May's Conservatives are predicted to romp home with a 160 seat majority in the country's general election in early June, according to political spread betting markets.

International events

China's economy continued to slow down in April according to the results of various widely-followed surveys.

The eurozone manufacturing sector continued to recover in April, expanding at its fastest pace in six years, according to figures released on Tuesday.

The Eurozone economy maintained a steady rate of expansion at the start of the year, which economists said confirmed the confident note on growth sounded by the European Central Bank the week before.

Investing in Islamic markets could prove to be a wise decision to guard against the impact of financial crises and recession, new research has suggested.

Retail sales in the eurozone rose more than expected in March, according to figures released by Eurostat.

French centrist presidential candidate Emmanuel Macron's party will be the largest in the lower house of the French legislature, a first poll result showed.

A large drop in energy output weighed on activity levels in Spanish industry in March, masking a sharp increase in output of long-lasting goods, in a potentially positive sign for that Mediterranean economy.

The US House of Representatives narrowly voted through a range of healthcare reforms in Washington on Thursday, with President Donald Trump claiming that the affordable care act of predecessor Barack Obama was "essentially dead".