Weekly review

The FTSE finished the week up by 199.15 points at 6,909.43.

Equity view

Mike Ashley, the retailer's founder and majority shareholder, was appointed chief executive of Sports Direct on Friday.

Three of Tesco’s former top managers pleaded not guilty to the charges of abuse of position and accounting fraud brought against them by the Serious Fraud Office.

Anglo American has appointed Fortescue Metals’ Stephen Pearce as finance director following Rene Medori’s decision to retire, as announced back in April.

FTSE 100 engineering company Smiths Group is to sell its artificial life business to Endurance Lift Solutions, which provides artificial lift platform to the oil and gas industry, for $39. 5m, in order to use the proceeds to reinvest in growth opportunities.

Property, residential, construction and services company Kier Group posted its preliminary results for the year to 30 June on Thursday, falling in line with expectations as revenue grew 26% to £4. 2bn, or 8% on a like-for-like basis.

Engine maker Rolls-Royce has poached Stephen Daintith from the Daily Mail & General Trust (DMGT) to be its new chief financial officer.

Micro Focus confirmed full year revenue is still likely to be no better than flat compared to last year's.

Pub group Mitchells & Butlers reported a drop in full year sales but a rise in the most recent eight weeks of trading, as it reiterated that full-year margins will be below the previous year.

Lloyds of London warned that Brexit poses a “major issue” for the insurance market as it reported its first half earnings.

Shares in Countrywide fell on Thursday after the FTSE 250 estate agency group said it has sold its remaining stake in property website Zoopla.

N Brown revealed its US web platform will be launched later than planned, that it made a mistake in an earlier calculation of financial customer complaint redress and that its JD Williams subsidiary has gained regulatory approval to continue offering consumer credit.

Tour operator TUI has reportedly chosen advisors to launch the sale of a portfolio of specialist travel brands in a deal potentially worth up to €600m as it looks to sell its non-core assets.

International Personal Finance said on Wednesday that is chief financial officer, Adrian Gardner, has resigned "to pursue an alternative business opportunity".

Pharmaceutical giant GlaxoSmithKline announced on Tuesday that Emma Walmsley - the current chief executive of the company’s consumer healthcare division - is to be appointed chief executive designate, and will succeed Andrew Witty as CEO when he retires next March.

Africa-based budget airline Fastjet’s shares plummeted 17% on Tuesday morning as the company reported its losses widened in the first half.

FTSE 250 spreadbetting firm IG Group said it performed well in the three months to the end of August in what was a challenging quarter, although revenue in the UK & Ireland weakened as markets became increasingly subdued after Brexit and revenue per client declined.

Water utility and waste management company Pennon Group said it was in line to meet expectations for the 2017 financial year as its portfolio of energy recovery facilities remains on track.

Rare Earth Minerals, an investment company which focuses on lithium and rare element deposits, increased its stake in Bacanora Minerals to 19. 8% with an ‘on market’ deal worth £4. 5m.

Old Mutual may hold off from listing its UK wealth management unit as a result of the mounting costs of upgrading its investment platform.

B&Q and Screwfix owner Kingfisher nailed an encouraging increase in first half profits and confirmed early progress in chief executive Véronique Laury's ambitious turnaround project.

Outsourcer Mitie Group warned that full year profits would be materially lower than expected due to a drop-off in higher margin contracts in the first-half and the cost of new efficiency programmes.

Economic news

UK manufacturing output continued to grow at a "solid" rate in recent weeks, according to the CBI's monthly industrial trends survey that also indicated the sector's confidence had bounced back strongly since the Brexit vote.

Britain's economy did not need further stimulus at present, a top official from the Bank of England said. The initial impact on activity from the referendum vote had been "less stormy" than forecast, with the economy having only slowed "modestly", Monetary Policy Committee member Kristin Forbes said.

UK car production rose to its highest output in 14 years in August, according to the Society of Motor Manufacturers and Traders (SMMT), thanks to higher domestic and overseas demand.

Morale among small to medium sized businesses fell for the first time in four years, the Federation of Small Businesses said on Thursday, due to concerns about the future of the British economy.

Mortgage lending in the UK increased month-on-month in August, as fears over the fallout from the Brexit vote on the housing market proved to be "wide of the mark”, CML said on Thursday.

The Bank of England (BoE) cautioned that the British economy faces “a challenging period of uncertainty and adjustment” in the wake of the Brexit result, which also does not mean there would be looser regulation of the banking sector.

Forecasts for UK growth have been halved by the Organisation for Economic Cooperation and Development, as weak trade and "financial distortions" slow down global economic growth in 2017.

The value of properties in London’s high-end market will stall until 2019 due to uncertainty over Brexit, according to a report by Savills.

Ballooning house prices in the UK look set to squeeze out first time buyers as they struggle to secure large enough mortgages, Rightmove warned on Monday.

Numbers of shoppers visiting UK retailers bounced back in August after falling the previous month, with high street shops enjoying the best growth, a report by BRC revealed on Monday.

International events

The European Central Bank had hoped its stimulus measures would have provided a boost to the eurozone economy at a faster pace, Vice President Vitor Constancio said on Friday.

Output from the euro area's manufacturing and services sectors fell to a combined 20-month low in September, according to the results of one of the most widely-followed surveys.

Eurozone consumer confidence improved in September, according to the European Commission on Thursday.

Sales of existing US homes unexpectedly declined again in August, according to data from the National Association of Realtors.

Jobless claims Stateside fell for an 81st consecutive week over the seven days ending on 17 September, the longest such streak since 1970.

US crude oil inventories registered a large fall in the latest week, alongside a large drop in some product stockpiles, the Energy Information Administration said.

The Federal Reserve decided to keep interest rates unchanged on Wednesday at between 0.25% and 0.50% and cut the number of rate increases they expect this year from one to two. The FOMC also signalled that the case for a hike later this year has strengthened.

Rate-setters at Japan´s central bank set themselves a new target for longer-term interest rates as part of their fight against deflation, as they moved away from policies focusing on expansion of the monetary base and towards influencing the shape of the government bond yield curve.

US housing starts fell more than expected in August following two consecutive months of increases, according to data released by the Commerce Department.

China's efforts to cool its housing market are failing to have much effect, with a 33% annual rise in the value of new home sales in August.