Weekly review

The FTSE 100 finished the week 111.41 points lower to 7,312.72.

Equity view

Old Mutual affiliate asset manager OM Asset Management announced overnight that Peter Bain was stepping down from his roles as president, chief executive officer and director - positions he had held since 2011 - effective Friday.

International originator, active investor and manager of infrastructure projects John Laing Group issued a pre-close update for the half-year to 30 June on Friday, reporting it had made investment commitments in two of its three geographical regions during the period - Asia Pacific and Europe.

FTSE 250 service company Serco said on Friday that it remains on track for the full year following a solid performance in the first half.

Support services and construction group Interserve has announced that its finance director, Tim Haywood, will step down from the board at the end of September to pursue other interests.

The Competition and Markets Authority has cleared ZPG's acquisition of estate agency software company Expert Agent.

Engineering services company Babcock announced it had been awarded a new contract by the Norwegian Government on Thursday, to provide communities across Norway with “vital” air ambulance support.

Randgold Resources issued an update on its Massawa gold project in Senegal on Thursday, announcing that the feasibility study was scheduled for completion by “the middle of next year”, when a final decision on its development would be made.

Pub operator Greene King posted a rise in adjusted profit but a drop in statutory profit for the year, as revenues grew and the company lifted its dividend.

International distribution and outsourcing group Bunzl said revenue for the half year was expected to have increased by 7% at constant exchange rates due to the improved underlying growth of between 3% and 4% and a similar impact from acquisitions.

Passenger transport operator Stagecoach released its preliminary results for the year to 29 April on Wednesday, claiming adjusted earnings per share of 24. 4p - down from 27. 7p year-on-year, but in line with the board’s expectations.

Property construction and services group Kier said it expected full year underlying profits to be in line with expectations.

Electronics retail group Dixons Carphone released its preliminary results for the 12 months to 29 April on Wednesday, reporting group like-for-like revenue as growing 4%, with statutory revenue up 9%.

LondonMetric Property said it had sold its last remaining office asset in Marlow to Kildare Partners for £68.5m.

Petrofac issued a pre-close trading update on Tuesday morning, claiming underlying net profit for the first half of 2017 was expected to be between $135m and $145m, with full year net profit expected to be weighted to the second half of the year.

A weaker performance in the UK saw full year pre-tax profits at commercial vehicle hire firm Northgate fall to £72.2m from £77.6m.

Carpetright reported a slump in full-year profit as it took a hit from the weaker pound and the revamp of its stores.

Amec Foster Wheeler said it has completed the sale of its circulating fluidised bed (CFB) boiler business to Sumitomo Heavy Industries for $170m, which will be used to reduce net debt.

Ultra Electronics was forced to respond to press speculation over the weekend, after Mergermarket reported it was in talks to acquire its underwater sensors joint venture partner in a bid to strengthen its contractual ties with the US Navy.

Thread and zip maker Coats said it had signed a binding settlement agreement over its Staveley Industries pension scheme in return for a halt to legal action from The Pensions Regulator (TPR).

Hikma Pharmaceuticals has announced the retirement of Michael Raya, the chief executive officer of the US business, along with organisational changes to the US business and a number of senior leadership changes and appointments.

Economic news

Consumer confidence in the UK fell to its lowest level since the aftermath of the Brexit vote in June, according to the latest GfK survey.

The final estimate from the Office for National Statistics confirmed on Friday that UK gross domestic product grew 0. 2% in the first quarter, as expected.

Mortgage approvals and consumer borrowing rose in May, according to the latest data from the Bank of England.

The number of people feeling positive about their personal finances decreased last month due to rising prices and slow wage growth, according to the latest Lloyds Bank Spending Power Report.

House prices in the UK rebounded in June, according to the latest survey from mortgage lender Nationwide.

The Financial Conduct Authority has called for asset managers to overhaul their charging structures and prices following a near two-year consultation on the £7trn industry.

Sterling should weaken if the Financial Policy Committee decides to increase lenders' counter cyclical capital buffers, analysts at Unicredit Research said.

Sales volumes on the High Street perked up in June but were expected to stall again in July, the results of a survey showed.

High Street banks approved 40,347 mortgages in May, which was pretty much in line with expectations for 40,300 mortgages to be approved.

Embattled UK Prime Minister Theresa May on Monday agreed a £1. 5bn financial package for Northern Ireland in return for the 10 parliamentary votes of the region's hard right Democratic Unionist Party to help prop up her minority government.

International events

The results of a Chinese government survey pointed to a sharp pick-up in manufacturing sector activity and robust economic growth in June, but some economists were sceptical.

Headline Eurozone inflation dipped in June but the key measure of underlying price pressures picked up.

Brexit could lead to a €20bn deficit in the European Union’s annual budget, according to the commissioner in charge of the bloc’s finances.

The cost of living in Spain decreased by slightly less than expected in June according to a preliminary estimate.

The head of the US central bank reiterated that a gradual path of policy tightening would likely be appropriate, adding that the valuations of some asset prices had become somewhat rich.

French consumer spirits were buoyed following the elections, a possible indication that the French had bought into new president Emmanuele Macron's promises of deep reforms to reinvigorate the economy, the results of an official survey revealed.

The United States has said it believes there are preparations being made for another chemical attack in Syria, and warned Bashar al-Assad’s regime against the use of such weapons.

China, the world's second largest economy, is capable of achieving its full-year growth target and controlling systematic risks despite challenges,announced Premier Li Keqiang on Tuesday at the World Economic Forum in Dalian, China.

German business confidence unexpectedly improved in June, hitting a new record high, according to a widely-followed survey.

Talks to conclude a trade deal between the United States and European Union will resume after the German elections in September, America’s chief trade negotiator has said.