Weekly review

The FTSE 100 ended the week up 134.04 points at 7,502.21.

Equity view

Merlin Entertainments updated the market on its trading on Friday, reporting that at the current “seasonally quiet” point of the year it was in line with expectations, and consistent with the guidance provided on 1 March.

FTSE 250 wealth manager Brewin Dolphin said on Friday that Andrew Westenberger will step down as finance director on 16 May "by mutual agreement to pursue other interests".

Melrose announced on Friday that it has now acquired, unconditionally contracted to acquire, or received valid acceptances, of its offer for GKN in respect of more than 90% of the value of the GKN shares to which the offer related, and more than 90% of the voting rights carried by such shares.

FTSE 250 defence company Ultra Electronics reiterated on Friday that it expects to make "modest" progress in constant currency underlying revenue and operating profit this year, and that the cash performance will be more heavily weighted to the second half.

Taylor Wimpey said on Thursday that demand for new housing has continued to be good through early 2018 and that it remains on track to meet its expectations for the year, although it sales rate and order book declined.

Cobham said on Thursday that trading in the first quarter was line with its expectations as it reaffirmed the 2018 guidance it set out back in March.

Oil giant BP has appointed former BG Group and Statoil boss Helge Lund as its new chairman, succeeding Carl-Henric Svanberg, with effect from 1 January 2019.

Royal Dutch Shell reported a strong rise in first-quarter earnings thanks to higher crude oil prices and growth from its gas and upstream businesses.

Persimmon said it was trading well this year after customer enquiries and sales of its houses increased.

Vodafone announced on Wednesday that itself, Bharti Airtel and Idea Cellular have agreed to merge their respective shareholdings in Indus Towers into Bharti Infratel, creating a combined company that will own 100% of Indus Towers.

Metro Bank posted a 41% jump in first-quarter deposit growth on Wednesday as lending and customer numbers grew.

Shire directors said on Wednesday they would be willing to recommend the latest takeover proposal from Takeda Pharmaceutical that was pitched at roughly £49 per share, subject to certain terms.

Meggitt has sold photo etching group Precision Micro for £22.5m in cash.

The London Stock Exchange reported first-quarter trading broadly in line with expectations before an annual shareholder meeting that will seek to draw a line under the group’s recent troubles.

AstraZeneca, alongside its its biologics research and development arm MedImmune, announced high-level results from the Phase III ARCTIC trial in patients with locally-advanced or metastatic non-small cell lung cancer (NSCLC) who had received at least two prior treatments on Tuesday.

FTSE 250 defence technology group QinetiQ has agreed to buy German airborne training services provider EIS Aircraft Operations, currently part of EIS Aircraft Group, for €70m.

Workspace has acquired two further Centro buildings for £76.5m in cash.

United Arab Emirates private healthcare operator NMC Health launched an offering of senior, unsecured, guaranteed convertible bonds due 2025 on Monday, with a principal amount of $450m, convertible into ordinary shares.

Diploma announced that Richard Ingram was joining its board as chief executive officer-designate on Monday.

Great Portland Estates announced on Monday that one of its joint ventures, the GHS Limited Partnership, has pre-let 57,200 square feet of office space at its Hanover Square, W1 development to international investment firm Kohlberg Kravis Roberts & Co.

Economic news

UK consumer confidence has wobbled in April as the public's continued economic uncertainty outweighed softening inflation and improving wage growth.

UK house price growth picked up as expected in April, according to the latest survey from mortgage lender Nationwide.

UK households spent less on credit cards and mortgages for property purchases slumped in March, suggesting increased consumer caution as well as a hit from the Beast from the East.

UK car production continued to declined last month, with domestic and export demand seen to slow, according to a report released by the industry on Thursday.

The City will retain access to European markets if UK regulations are similar to the EU’s, a top European commission official has said.

The head of the government’s spending watchdog has said the UK will have to pay up to £39bn for leaving the EU if no post-Brexit trade deal is struck.

Government borrowing was £2.6bn lower than the official forecast in the last financial year as the total fell to the lowest since before the financial crisis.

Manufacturing growth slowed in the three months to April as optimism among factory managers weakened, the CBI reported.

UK advertisers spent 2.5% less on traditional advertising methods last year, though half of the top 100 advertisers increased their emphasis on TV, radio, direct mail, outdoor and press.

Downing Street has insisted the UK will not backtrack on its decision to leave the European Union's customs union and the single market post-Brexit, despite reports that parliament is likely to vote against the government's position on the issue.

International events

North Korean leader Kim Jong-un and South Korean President Moon Jae-In on Friday declared a “common goal of realising a nuclear-free Korean peninsula”.

The US economy held up better-than-expected at the start of the year amid quickening price pressures.

The European Central Bank kept all its main policy rates unchanged on Thursday, reiterating its intention to continue its asset purchases until the end of September 2018, or beyond if necessary.

The US trade deficit narrowed last month due to a combination of increased exports and falling imports.

Iranian President Hassan Rouhani has reacted with fury at talks between the French and American leadership regarding Tehran’s nuclear agreement, dismissing President Trump as a "tradesman".

Commercial crude oil inventories in the US rose unexpectedly over the latest week, helped by rising imports and domestic production.

US house price growth unexpectedly accelerated in February, according to the S&P/Case-Shiller National Home Price Index.

New home sales in the States jumped last month, alongside hefty upwards revisions to prior months' data, although some economists forecast activity was set to return to the lower trend which had prevailed up until now, as higher mortgage rates start to bite.

Business activity in the eurozone was steady in April, according to data released on Monday.

Factory and service sector activity in the States picked-up noticeably in May, according to the results of two widely-followed surveys, which some economists said pointed towards scope for positive surprises on the growth front in the the near-term.