Weekly review

The FTSE 100 ended the week up 10.83 points at 5,763.06.

Equity view

Lloyds Bank chief operating officer Juan Colombás has agreed to delay his retirement to help the bank deal with the fallout of the coronavirus crisis, the company said on Friday

Sports betting and gaming group GVC Holdings said on Friday that its board of directors and members of the Executive Committee are taking a voluntary 20% cut in salary and fees due to the coronavirus pandemic.

Royal Bank of Scotland's first-quarter profit almost halved as the FTSE 100 lender set aside £802m for bad debts fuelled by the Covid-19 crisis.

GCP Student Living announced on Friday that, as at 31 March, its unaudited estimated EPRA net asset value per ordinary share was 171.55p, as it confirmed it was still paying a dividend for the quarter through March.

Sainsbury's put its dividend on hold as the supermarket group warned conditions were too uncertain to make a decision at this stage in the Covid-19 crisis.

Glencore cut its production guidance on Thursday as it posted a decline in first-quarter copper output.

St James's Place withheld a third of its planned final dividend and put the payout decision for 2020 on hold until its annual results amid uncertainty created by the coronavirus emergency.

Housebuilder Bellway will begin a phased reopening of its construction sites from next week, with social distancing measures in place.

WPP announced further cost-cutting measures on Wednesday, alongside a fall in first quarter revenue, as it bunkered down in the face of the Covid-19 coronavirus pandemic.

Standard Chartered's first-quarter profit fell 29% as the Asia-focused bank set aside more than $900m for bad debts and warned of further credit losses ahead.

Building materials distributor and DIY retailer Grafton said on Wednesday that trading in the year to mid-March was broadly in line with its expectations and that many of its branches will return to more extended operations next week.

Electrical retailer Dixons Carphone scrapped its dividend amid the ongoing coronavirus crisis adding that consumer shopping habits had adapted to life under the lockdown.

Property website Rightmove said on Tuesday that it is eligible for support under the UK Government's Covid Corporate Financing Facility.

Online trading platform Plus500 said on Tuesday that it continues to see a "significantly increased" level of trading activity amid heightened market volatility due to the coronavirus pandemic.

Weir Group said it expected the Covid-19 crisis to have an increasing effect on its business after orders fell 13% in the first quarter of 2020.

Brick maker Forterra said it would fire up one of its kilns this week and restart production for the first time since the government lockdown imposed last month to battle the coronavirus pandemic.

Insurance group Admiral said it would suspend a special dividend of 20.7p a share but stick with its final 56.3p payout, citing a strong solvency position.

Ashtead said it would have positive free cash flow under all downside scenarios during the Covid-19 crisis despite the virus having an impact on its business.

Housebuilder Redrow announced plans on Monday for a phased return to construction on 18 May.

Gambling software company Playtech said on Monday that Claire Milne has been appointed as interim chair as the recruitment of a permanent chairman has been delayed due to the coronavirus outbreak.

Economic news

Borrowing and deposits rose to record levels in March but household borrowing fell as businesses and consumers responded to the Covid-19 crisis, Bank of England figures showed.

British house prices edged up in April after the market ground to a halt due to the Covid-19 lockdown, mortgage lender Nationwide said on Friday.

Banks have lent more than £4.1bn to small businesses under the government's programme to help firms struggling during the Covid-19 crisis.

Two thirds of UK companies applied for the government’s emergency scheme to pay workers who are laid off temporarily during the coronavirus crisis, said the latest report from the Office for National Statistics on Thursday.

Thousands of UK workers will be needed this year to collect the harvest as European workers are unable to come into the country due to the coronavirus lockdown.

UK economic sentiment crashed in April as the dominant services sector hit a record low amid a virtual shutdown of the economy caused by the Covid-19 crisis.

Grocery sales rose by more than £500m in April as the Covid-19 lockdown continued to affect households' shopping and eating habits, a survey showed.

UK retail sales collapsed in early April, a widely-watched survey reported on Tuesday, as the Covid-19 pandemic shut shops and kept people at home.

The Bank of England has warned UK lenders to exercise restraint in booking charges for expected bad debts to preserve their capital positions.

Boris Johnson said it was too early to lift the Covid-19 lockdown as the prime minister returned to work after contracting the virus.

International events

Activity in the US manufacturing sector fell sharply in April, albeit not as much as expected, according to data released on Friday by the Institute for Supply Management.

Gilead Sciences might be onto something with its antiviral treatment for Covid-19, Remdesivir, the US government's top infectious-disease specialist said.

German unemployment grew in April as the coronavirus outbreak took its toll, according to figures released by Destatis on Thursday.

The eurozone's economy shrank at a record pace of 3.8% in the first quarter of 2020 – faster than expected – as the Covid-19 crisis started to take its toll.

The US economy shrank sharply and more quickly than expected at the start of the year, even before being hit by the full force of the Covid-19 pandemic.

A new coronavirus antibody test that has proven to be 99% accurate has been certified for distribution across Europe.

The European Union is once again seeking more power to audit how tech companies harvest and use European consumers’ data and readies to launch a consultation on its digital platform regulations.

House price inflation in the US rose more quickly than expected heading into the Covid-19 pandemic with prices rising in all major urban areas.

The Bank of Japan has pledged to buy an unlimited amount of government bonds and increase purchases of corporate debt to deal with intensifying conditions caused by the Covid-19 emergency.

French unemployment claims spiked higher in March, underscoring the economic headwinds that were set to buffet the Continent in 2020 and beyond.