Weekly review

Equity view

Shares of BP finished the week sharply lower, dragged down by the slide in crude oil futures over the same period. Nevertheless, over the course of the week top-ranked strategists, including Sova Capital's Head of Quantitative Investment Strategies Group, Konstantin Brownstein, told clients he believed that Brent oil futures might yet notch-up fresh highs over the course of the first half of 2019.

BP received approval on Monday for a development off the coast of Shetland which it is hoped will produce 20m barrels of oil, or 12,000 barrels gross of oil equivalent a day at peak.

Whitbread unveiled a new “no-frills” hotel branch that will offer basic pod-styled rooms to cater for budget travellers.

Building materials group CRH has completed the second phase of its share buyback programme, it announced on Monday, returning a further €350m of cash to shareholders.

UK-based electronics company Dyson has chosen to manufacture its new electric car in Singapore, a decision which the company said has nothing to do with Brexit.

International distribution and services group Bunzl said third quarter revenue increased by 7% at constant exchange rates due to organic growth of around 4% and an impact from acquisitions, net of disposals, of 3%.

Mining giant Anglo American said third quarter total production increased 1% year-on-year on a copper equivalent basis, excluding the stoppage at its Minas-Rio iron ore operation.

AstraZeneca, along with its global biologics research and development arm MedImmune, announced a new multi-term agreement with Innate Pharma on Tuesday, building on an existing collaboration.

Lloyds Banking Group and Schroders on Tuesday announced plans to launch a financial planning business aimed at affluent customers.

Barclays' third-quarter underlying profits beat City estimates, helped by the corporate and investment banking arm outperforming US peers in the markets.

Nearly 22,000 current account customers quit under-fire bank TSB in the second quarter, according to data from payments processing body Bacs published on Wednesday.

Antofagasta on Wednesday narrowed full year copper production guidance to 705,000 - 725,000 tonnes as the physical market continued to look "tight" amid trade war worries.

Fresnillo issued its production reports for the third quarter ended 30 September on Wednesday, reporting a 6.3% improvement in silver production to 15.5 moz including Silverstream.

The cyber attack on British Airways affected even more customers than initially reported, with parent company IAG revealing that an extra 185,000 customers had been told their card details had been compromised.

BT Group announced the appointment of Worldpay co-chief executive Philip Jansen as its new chief executive on Thursday.

Information and analytics company Relx Group reported continued underlying revenue growth in the first nine months of 2018 on Thursday, reaffirming its outlook for the full year.

WPP shares tumbled on Thursday as it posted a drop in third-quarter revenues, cut its revenue guidance for the year and announced plans to sell a stake in its data division.

Asda revealed on Friday that it was set to begin consultations with staff regarding changes that could leave as many as 2,500 of them without a job.

Rolls-Royce backed its full-year guidance on Friday as it said it expects to deliver fewer Trent 7000 engines in the fourth quarter than originally planned.

Mining and commodities trader Glencore on Friday said third quarter own-sourced copper production increased 12% year on year to 1.06m tonnes while own-sourced cobalt production was up 44% to 28,500 tonnes.

Segro exited the Belgian market on Friday through the sale of its warehouse assets.

Economic news

Theresa May will told the Commons on Monday that 95% of the Brexit deal with the European Union is settled but could face a revolt from members of her cabinet and the wider Conservative party after she proposed looser divorce terms.

UK finance minister Philip Hammond is set to increase tax paid by offshore gambling companies in his Budget later this month, the Financial Times reported on Monday citing government aides.

International Trade Secretary Liam Fox said he believes the UK has a strong negotiating position to strike a beneficial trade deal with the US after Brexit.

The pound popped up on Tuesday afternoon after reports emerged that the European Union is prepared to accept the creation of a UK-wide customs union.

Prime Minister Theresa May faced up to party critics at the '1922 Committee' of backbenchers on Wednesday where she answered questions regarding Brexit in a move to avoid a leadership contest.

UK Mortgage lending softened in September, according to industry data, as higher interest rates started to take effect.

Russia and a number of other members of the World Trade Organisation have moved to block Britain from inheriting the terms it held with the organisation under the EU.

The UK financial watchdog will meet the British Polling Council as part of its examination of the potentially illegal activities involving polling companies and hedge funds, letters published on Thursday confirmed.

Young people in the UK could lose as much as £108,000 in lost earnings by 2050 (over £3,000 a year) in the case of a no-deal Brexit, a report from the campaign group Our Future, Our Choice released on Friday found.

A no-deal Brexit could also cost the UK £30bn in extra public spending over five years, the National Institute of Economic and Social Research said on Friday.

International events

Donald Trump has vowed to implement more tax cuts ahead of the US midterms, this time promising supporters that Republicans were working on a "very major tax cut" for middle-income Americans.

Crude oil futures slipped after Saudi oil minister, Khalid al Falih, said his country had no intention of repeating the 1973 oil embargo.

Body parts belonging to Saudi journalist Jamal Khashoggi were found hours after Turkish President Tayyip Erdogan in an address to parliament on Tuesday rejected Saudi claims that his death was a tragic accident and accused Saudi of pre-planning a "ferocious murder".

US President Donald Trump’s threats to pull out from a nuclear arms treaty with Russia could open new options to counter Chinese advances in missile technology but also sparked fears of an arms race that would further escalate tensions with the Asian giant.

Canada's Loonie jumped after the country's central bankers removed a reference to a "gradual" pace of future interest rate hikes from their policy statement following Wednesday's rate meeting.

Business activity declined faster than expected in the euro zone in October, according to a survey of companies the region released on Wednesday, sending the single currency tumbling.

German business confidence deteriorated more than expected in October amid growing global tensions, according to a widely-followed survey released on Thursday.

America's shortfall in its trade in goods with the rest of the world widened in September, despite the ongoing trade war with China.

America's economy slowed a tad less than expected in the third quarter, but investment was weak, according to economists' reports on Friday.

Rate-setters in Moscow stayed put on interest rates at the end of the week and appeared to sound a tad less strident regarding inflationary risks and the possible need for more interest rate hikes.