Weekly review

Equity view

A criminal investigation over accounting fraud carried out inside British Telecom’s Italian branch has revealed the scam was linked to senior executives in London.

Thomas Cook shares took off on Tuesday following reports that it had been approached by multiple parties regarding a potential takeover of its tour operating unit and the entire company.

Twitter reported growth in first-quarter earnings and revenue on Tuesday as its active user numbers increased.

British Land said it was selling 12 superstores from its joint venture with Sainsbury's for £429m to Realty Income Corp, representing a net initial yield of 5% as the company rebalanced its portfolio.

Deutsche Bank and UBS have reportedly spent months discussing a possible tie-up between their two asset management arms that would result in the creation of Europe's largest investment firm.

Shares in Nissan lost 4% on Wednesday after the Japanese car maker cut its profit guidance for the second time this year.

SAP has increased its full-year outlook and pledged to improve margins following a bumper first quarter, as it emerged that US activist investor Elliot had taken a stake in the German firm.

Credit Suisse reported an 8% jump in first-quarter net income on Wednesday as revenues rose on the quarter but fell on the year.

The Competition and Markets Authority has blocked Sainsbury's proposed £10bn merger with Asda on the basis that it would leave shoppers worse off.

Shares in Finnish telecom network equipment maker Nokia slumped on Thursday as it reported a loss for what it called an "expectedly weak" first quarter but maintained its full-year guidance due to an expected 5G ramp-up.

Altria Group's shares dipped after its first quarter earnings fell short of expectations and revenues dipped amid lower sales of smoke-able products.

Commerzbank and Deutsche Bank have called of merger talks, blaming the execution risks, restructuring costs and additional capital requirements that such a large-scale combination would entail.

Barclays posted a 10% drop in first-quarter profit as total income also fell amid tougher times for its corporate and investment bank division, and said it might have to cut costs further to meet returns targets.

Renault is to propose the creation of a joint holding company to Japanese partner Nissan, according to a report from Japan's Nikkei newspaper on Friday.

Debenhams announced 22 store closures on Friday that will affect around 1,200 members of staff.

Glencore shares fell on Friday after it announced that it is being investigated by the US Commodity Futures Trading Commission (CFTC) over possible corrupt practices that may have led to the violation of some regulations.

Economic news

Police on Monday cleared the remaining Extinction Rebellion activists from Waterloo Bridge in London as the number of arrests rose to almost 1,000 protesters.

The government and opposition Labour Party were set to resume Brexit talks on Tuesday as MPs returned from the Easter break.

Footfall at UK retail destinations climbed over the Easter weekend as record-breaking temperatures saw Brits flock back to the high street.

Cross-party Brexit talks between the Labour and Conservative parties on Wednesday will focus on financial services, according to the government's chief negotiator David Lidington.

Scottish First Minister Nicola Sturgeon on Wednesday said she will seek a Scottish independence referendum before 2021 if the UK pushes forward with Brexit.

The UK has started its search for Mark Carney’s replacement as Governor of the Bank of England.

Retail sales rose for the first time in five months in April, according to the latest data from the Confederation of British Industry.

UK mortgage approvals rose more than expected in March, to their highest level in nine months, according to figures released by UK Finance on Friday.

Factories in the UK have been stockpiling goods at the fastest rate since the 1950s amid Brexit uncertainty, according to the latest quarterly survey from the Confederation of British Industry.

International events

Trump is set to make a state visit to the UK in early June that will be hosted by Queen Elizabeth II despite the risks of public protests kicking off again as they did during his last visit.

America's top trade negotiators will travel to Beijing next Tuesday with a view to having a draft deal in place by May.

Italian Deputy Prime Minister Matteo Salvini blocked measures aimed at transferring part of the City of Rome's debt repayment burden to the central government, setting up a likely showdown with his party's coalition partner, the Five Star Movement, which governs in the capital.

Former US Vice President Joe Biden on Thursday announced his third bid for the Democratic nomination to run for President in a video in which he criticised President Trump and stated that "everything that has made America America, is at stake".

China’s President Xi Jinping tried to ease concerns at the Belt and Road project summit in Beijing and pledged it would be a “green and sustainable” initiative.