Weekly review

Equity view

Wolseley said on Friday that Simon Nicholls - the current chief financial officer of Cobham - will not be taking up his role as CFO later this year, as announced back in January.

Bodycote reported a drop in revenue between 1 January and 30 April, but reiterated its expectations for the year.

Shire’s shareholders have approved the company’s $32bn merger with US-based Baxalta Inc.

Debenhams has poached Amazon's European fashion boss, Sergio Bucher, to be the department store group's new chief executive from October.

Daily Mail & General Trust shares tumbled on Thursday as the company posted drop in first-half profit and warned that a weak print advertising market will hit margins in the media business.

Full year pre-tax profits at Tate & Lyle soared to £126m from 25m as revenues rose 1% to £2. 35bn.

Pets at Home reported an increase in pre-tax profit for the year as revenue grew and the company lifted its dividend.

Full-year profits at Marks & Spencer fell 18. 5% as new chief executive Steve Rowe engaged in what appeared to be some canny 'kitchen sinking', warning that the current year's profits will be hit by his plan to turnaround the clothing business.

Shares in Serco surged on Wednesday after the FTSE 250 outsourcing company said it expects underlying trading profit for 2016 to be ahead of current market forecasts following a stronger-than-anticipated start to the year.

Royal Dutch Shell has announced it will axe 2,200 further jobs, taking its total 2015-16 job cuts to 12,500.

Former Mothercare boss and current chairman of investment group House of Britannia, Greg Tufnell, is reportedly leading a bid to rescue retailer BHS.

Water utility Pennon Group reported a slight rise in full year pre-tax profit as a strong performance in its energy recovery business offset lower water prices.

Strong half-year results from Zoopla Property Group helped the shares extend their highs, as a powerful performance from new addition uSwitch added to the continued recovery of the core property arm.

A trading update from Dixons Carphone revealed annual pre-tax profits are likely to reach top half of its guidance as the retailer gained market share in electricals and mobile in most of its key markets.

Concluding its review of the regulation of Royal Mail, the postal regulator has decided not to impose any new price controls on the company’s wholesale or retail products but it kept the cap on stamp prices and proposed tightening some rules in the 'access' market.

Nationwide Building Society posted a solid jump in full-year profit, with mortgage lending volumes rising to pre-recession levels.

Card Factory said like-for-like sales growth slowed as a reduction in footfall at it stores offset continuing growth in average spend per customer.

DIY retailer Kingfisher put together a solid start to the year, with 6. 2% like-for-like growth in B&Q and Screwfix stores in the UK and Ireland contributing to 3. 6% group growth to £2. 7bn.

Full year pre-tax profits at marine engineering software maker Aveva almost halved to £29. 4m on the back of lower revenue and one-off exceptional costs related to the aborted merger with Schneider Electric.stores in the UK and Ireland contributing to 3. 6% group growth to £2. 7bn.

FTSE 250 repair and insurance company HomeServe posted a rise in profit for the year to the end of March as revenue and customer numbers grew.

Full year pre-tax profits at storage company Big Yellow rose 7% to £112m against a backdrop of slower economic growth.

Full year pre-tax profits at food group Cranswick rose to £58. 6m from £52. 8m on the back of a healthy 7% jump in revenues to £1. 07bn as customers continued to benefit from lower pork prices.

Water utility Severn Trent issued what it described as promising annual results on Tuesday, with group turnover down 0. 8% year-on-year to £1. 79bn as a result of a regulated price decrease.

Low-cost carrier Ryanair reported a jump in full-year profit but cautioned that profit growth for this year is likely to be modest.

Outsourcing company Mitie Group reported a marginal rise in operating profit before other items for the year on Monday, to £128. 9m from £128. 6m, generating a margin of 5. 8% - up from 5. 7%.

Economic news

UK consumer confidence picked up in May as optimism on personal finances improved, a survey revealed on Friday.

Growth in the number of mortgages approved by UK lenders fell surprisingly sharply in April, according to data from the British Bankers' Association (BBA).

Data from the Office for National Statistics showed UK gross domestic product increased by 0. 4% in the first three months of the year, in line with the flash estimate and as expected.

The proportion of Britons who would rather that the country remains inside the European Union was steady, according to the results of ICM´s latest poll of voting intentions carried out over the telephone.

UK reported retail sales volumes returned to modest growth in May, according to a survey by the Confederation for British Industry (CBI), but orders have dropped sharply and volumes are expected to fall again next month.

Bank of England governor Mark Carney defended his organisation's rhetoric on Brexit in front of the Treasury Select Committee on Tuesday morning, and explained why he believes mortgage rates could rise if Britain votes to leave the European Union.

Britain would enter a year-long recession with a 3. 6% growth slump and 500,000 jobs lost if it left the European Union, according to a Treasury analysis.

International events

Consumer sentiment in the US improved less than expected in May, according to the final reading from the University of Michigan.

US growth did not slow as sharply in the first quarter as initially estimated, according to data released by the Commerce Department.

G7 leaders reached a commitment during their summit in Japan to foster strong global growth while calling attention to the multiple geopolitical risks looming on the horizon, including concerns over North Korea, Russia and the maritime disputes in the South China Sea.

Contract activity in the US homebuilding sector reached its highest level in more than a decade in April, according to the results of a widely-followed survey of conditions in the sector.

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

New orders for US-made durable goods rose 3. 4% month-on-month in April, the Department of Commerce said, following on from a 1. 9% gain in March. Core durables, which exclude transportation, rose 0. 4%, against a 0. 1% gain in March.

America´s trade deficit with the rest of the world did not increase as sharply as expected in April, which might help to boost economic growth in the second quarter of 2016, economists said.

Greece’s creditors have agreed a deal to unlock a further €10. 3bn in bailout funds to ease the country’s debt burden.