Weekly review

Equity view

Howden Joinery Group has poached Screwfix boss Andrew Livingston from larger rival Kingfisher to fill the hole left as chief executive Matthew Ingle announced his retirement after 22 years after founding the company.

Defence, security, transport and energy company Ultra Electronics entered into a conditional merger agreement to acquire New York Stock Exchange-listed Sparton for $23. 50 per Sparton share in cash, valuing Sparton's total equity at approximately $234.8m (£180.6m), it announced on Friday morning.

Homewares retailer Dunelm saw total revenue in irs fourth quarter rise 17.7% to £240m, it reported in its year-end trading update on Friday, with total revenue excluding Worldstores improving 6.7% to £217.4m.

Engineering data and design IT system supplier AVEVA Group described a “solid start” to the financial year on Friday, as investors gathered for the company’s annual general meeting.

Just Eat has appointed Peter Plumb as its new chief executive, following the death of previous boss John Hughes.

John Laing Infrastructure Fund confirmed on Thursday that it was losing its chairman, Paul Lester, who was stepping down from the board from 30 September.

Oxford City Council approved plans for a major mixed-use development to regenerate the city’s Templars Square shopping centre this week, by retail-focussed real estate investment trust NewRiver.

Boosted by the weak pound, Associated British Foods improved its performance in the third quarter, with particularly strong trading at its Primark clothing retail arm that has slightly lifted the full year expectations.

Food wholesaler Booker reported growth in like-for-like sales in the first quarter thanks to the late Easter and favourable weather.

Ocado, the online grocery specialist, increased orders volumes and revenues in the first half of the year but saw profits shrink and debt grow due to investments in its third 'customer fulfilment centre', in Andover.

AA, the roadside assistance and insurance provider, has issued £250m of bonds and reduced its senior debt by £98m with a new senior facility at reduced margins.

Tile specialist Topps Tiles posted a drop in third-quarter sales amid weaker macroeconomic conditions.

Low-cost airline Wizz Air reported a 23.6% jump in passenger numbers on the year in June to 2.49m, while the load factor - which gauges how full the flights were - nudged up to 92.3% from 91.7%.

Budget airline Ryanair reported a 12% rise in passenger numbers in June as the load factor ticked higher.

Steam, peristaltic pumping and fluid path technology company Spirax-Sarco Engineering confirmed it had completed the acquisition of Chromalox on Tuesday.

Sainsbury's delivered a super start to its financial year as grocery sales growth accelerated and general merchandise, including Argos, outperformed the market.

Broadcaster Sky has made a $2m equity investment in early-stage technology company Circle Media Labs, which specialises in connected devices.

Greencoat UK Wind has acquired Bishopthorpe Wind Farm near Grimsby in Lincolnshire from BayWa r.e for £47m.

FTSE 250 digital automotive marketplace Auto Trader said on Monday that chief financial officer Sean Glithero is planning to step down and take a new role at Funding Circle.

Severn Trent has sold its North American business for $62m (£48m) as it looks to focus on its core UK activities.

Economic news

UK house prices continue to waver, according to data from Halifax that showed a monthly fall in June and the lowest year-on-year growth for four years.

The Confederation of British Industry has called on Theresa May’s government to keep the UK in the EU single market until a Brexit deal has come into force.

Dairy products in the UK could see price rises in the upcoming months after the boss of major dairy firm warned of a shortage of butter and cheese in the lead-up to Christmas.

The UK finance industry could provide a boost of £43bn to the country’s economy by 2025, according to PricewaterhouseCooper and lobby group TheCityUK.

Retail sector price deflation fell to its lowest rate in over three and a half years in June, according to a survey of the industry, as the effects of the weak pound and rising commodity prices continued to feed through.

Growth in the UK's services sector weakened to its lowest in four months in June, according to a Markit survey published on Wednesday that also found business optimism dropped to its second-lowest in over five and half years.

Amid new worries about subprime lending, the Bank of England is looking for banks to tighten up their mortgage requirements to ensure home owners can cope with a potential interest rate rise.

UK construction activity weakened more than expected last month, according to a survey published on Tuesday that revealed the lowest levels of optimism about growth this year.

Initial public offerings in the UK are on the increase in 2017, despite ongoing political uncertainty related to Brexit negotiations.

UK manufacturing growth is slowing, according to a survey published on Monday that revealed activity in June was much weaker than expected but that inflationary price pressures eased.

International events

The US jobs market continued creating jobs at a rapid clip but wage growth continued to fall short of expectations.

German manufacturing orders missed forecasts in May, amid weakness in domestic orders and in those for capital goods.

Private sector payrolls in the US increased by less-than-expected last month as hiring in goods-producing sectors flatlined.

The European Union and Japan have struck a trade deal to open up the South East Asian country to European exports with an estimated value of around €20bn.

Ratings agency Moody’s downgraded its outlook on Qatar’s long-term debt as the Gulf state attempts to come to an agreement with its neighbours following a recent diplomatic crisis in the region.

Retail sales in the eurozone rose more than expected in May, according to data released by Eurostat on Wednesday.

North Korea has claimed it conducted a successful launch of an intercontinental ballistic missile for the first time.

Policymakers in Sweden sounded a more confident note on the balance of risks but kept the door open to the possibility of fresh interest rate cuts, warning of the risk that inflation expectations might become unanchored or that the country's currency might strengthen too quickly.

Activity in China's factory sector strengthened in June, according to the results of perhaps the most widely-followed survey tracking it, but some economists continued to sound a skeptical note regarding the outlook.

Euro area manufacturing activity is growing at its fastest rate in over six years, according to a survey published on Monday that showed activity improved slightly more than expected in June.