Weekly review

Equity view

BP’s final bill for the oil spill in the Gulf of Mexico came to $61. 6bn after taking a recent additional $5.2bn pre-tax charge, which the company said has brought the matter to a close.

International marketing, distribution and business support services company DCC issued an interim management statement ahead of its AGM in Dublin, at 1100 BST on Friday.

Transport operator FirstGroup said first quarter revenue decreased by 1. 4% in constant currency, with revenue growth in First Student, First Transit and First Rail offset by decreases in First Bus and Greyhound.

Homeserve said it was trading in line with expectations and expected to deliver “good growth” in the current year.

Advertising giant WPP’s wholly-owned operating company, Grey, a marketing communications network, bought a majority stake in Chinese social marketing agency Easycom.

Speciality chemicals company Johnson Matthey has appointed Anna Manz as group finance director with effect from 17 October, succeeding Den Jones.

BHP Billiton said on Thursday that its Samarco joint venture iron ore operations in Brazil are unlikely to restart this year, adding that it has begun discussions with a view to cutting the workforce by around 40%.

Supergroup, owner of the faux-Japanese fashion brand Superdry, announced full-year results for the 53 weeks to 30 April on Thursday. On a comparable 52-week basis, revenue was up 21.3% to £590.1m, and underlying gross margin improved 60 basis points to 61.5%.

Price comparison website Moneysupermarket. com said it expects solid first-half results, with revenues seen growing by 10% year-on-year.

Opening 12 new UK stores and five in Germany, B&M European Value Retail said it was "on course" to hit market profit forecasts after a period of strong first-quarter revenue but flat UK like-for-like sales.

South Africa’s Steinhoff Holdings has reached an agreement with Poundland to buy the remaining shares in the London-listed discount retailer it does not already own for 222p per share in cash, valuing it at £597m.

House builder Barratt said full year profit before tax was to increase by around 20% to £680m, in line with market expectations, but told reporters it could reduce the rate at which it builds houses due to a possible slowdown from Brexit.

Declines across all three of Burberry Group's regions led to a 3% like-for-like drop in retail sales in the first quarter, which was less than the 5% fall the market had forecast, though the luxury retailer warned its market remain challenging. Burberry chief executive Christopher Bailey has been replaced in the role after less than three years by Marco Gobbetti, currently boss of LVMH's Céline luxury brand.

Speedy Hire said on Wednesday that its full-year results are likely to be ahead of the board’s previous expectations following a positive start to the year.

Builders merchant and DIY retailer Grafton Group said like-for-like revenue growth was negative in June as the current uncertainty about Brexit began to weigh on the building trade.

Housebuilder and construction group Galliford Try said it expects to report record full year results, with profit before tax meeting targets.

Household and personal care manufacturer McBride said its adjusted operating profit for the year will be slightly ahead of previous expectations but it cannot not determine the long-term effects of Brexit.

Deutsche Boerse lowered the threshold of shares which needed to be tendered in order for its merger with the London Stock Exchange to continue moving forward.

Quick-service food company Domino’s Pizza announced on Monday that its board has agreed to appoint Rachel Osborne as an executive director and chief financial officer.

Economic news

The Bank of England needs to act “promptly” and “muscularly” to stimulate the UK economy following the vote to leave the European Union, the Bank’s chief economist Andy Haldane said on Friday.

Construction output in the UK slumped in May ahead of the EU referendum, according to the latest figures from the Office for National Statistics.

The Bank of England kept interest rates unchanged on Thursday to the surprise of many economists who had expected a 25 basis point cut to address post-Brexit risks.

UK house price growth slowed in the second quarter amid worries over Brexit and an increase in stamp duty, data revealed on Tuesday. House prices rose 1.8% on the quarter and 8.5% on the year in the three months to June, according to the Halifax House Price Index, which was recently taken over by Markit.

UK retail sales growth slowed to just 0. 2% in June, with like-for-like sales dropping 0. 5% compared to the same month last year, according to official data.

British consumers are planning on cutting down their spending on new clothes and many are mulling moving their regular grocery shop to one offering lower prices, according to new market research published by Nielsen on Monday.

Business expectations in the UK dropped to their lowest level in four years in June, as the uncertainty ahead of the referendum took its toll, with the weakest outlooks evident in the construction and services sectors. The headline business activity net balance for Markit´s June Business Outlook survey dropped from +43.0% in February to 40.0% - its lowest level since June 2012.

International events

Consumer sentiment in the US deteriorated in July as high-earners worried about the impact of Brexit, according to the University of Michigan’s confidence index.

US inflation remained unchanged in June at an annualised 1. 0%, missing forecasts for 1.1% growth, official data revealed on Friday.

US retail sales rose more than expected in June, according to data from the Commerce Department.

Eurozone inflation rose in line with expectations in June at an annualised 0.1%, compared to a 0.1% drop in May, Eurostat confirmed in its final estimate on Friday.

China’s economy grew at a slightly faster pace than expected in the second quarter, according to data released by the National Bureau of Statistics. GDP rose 6.7%, compared to the 6.6% analysts had expected.

In her first cabinet reshuffle, Britain’s second woman prime minister Theresa May reorganised Whitehall departments and promoted women to prominent positions in government, but did not increase the number significantly.

Philip Hammond was appointed Chancellor of the Exchequer by May and was warmly welcomed by the City as he said there will be no emergency 'Brexit budget'.

Crude oil inventories Stateside fell by less than expected last week, pushing crude oil futures over the edge, the Department of Energy said.

China’s exports fell in dollar terms in June from a year earlier as demand for goods from the nation remained weak.