Weekly review

The FTSE 100 ended the week down 28.51 points at 7,701.77.

Equity view

Rio Tinto confirmed completion of the sale of its 75% share of the Winchester South coal development project in Queensland, Australia, for an up-front $150m cash.

ZPG has completed the sale of Hometrack Australia to REA Group for A$130m (£74m) in cash.

Independent oil and gas company i3 Energy issued its audited results for the year ended 31 December on Friday, highlighting its successfully completion of a private placement raising £4.2m through convertible loan notes.

Construction materials firm Breedon Group has completed the acquisition of Blinkbonny Quarry (Borders) Limited for an undisclosed sum.

Asset finance software developer Alfa Financial Software Holdings updated the market on Friday, warning shareholders that it was expecting a dip in both revenue and earnings as a result of client delays.

Greeting cards, dressings and gifts retailer Card Factory reported first quarter group sales growth of 3.0% on Thursday, with like-for-like sales declining 0.4% against what the board called “strong” comparatives and a tough retail environment.

Legal & General Group announced on Thursday that Mark Zinkula, chief executive officer of LGIM, had advised the board of his intention to retire from the company in August next year.

Building materials group CRH has begun a shake-up of its business, as it looks to merge European and US divisions and boost profits.

Shares in Indivior were hit after the drug developer was subpoenaed by the California Department of Insurance over its Suboxone treatment for opioid addiction.

Digital point-of-sale provider Oneview Group has begun a live trial with Australia Post for its Mobile POS+ software.

FTSE 250 heat treatment provider Bodycote posted a jump in revenue for the first four months of the year on Wednesday and said it now expects full-year revenue to be higher than previously anticipated, with headline operating profit also seen slightly ahead of current consensus forecasts.

TP ICAP said on Wednesday that chairman Rupert Robson plans to retire at the end of December.

B&M European Value Retail said it made a good start to the year as the discount retailer posted a 25% increase in annual profit.

AstraZeneca and its global biologics research and development arm MedImmune announced top-line results from TERRANOVA, the second of two pivotal Phase III trials for Fasenra (benralizumab) in patients with moderate to very severe chronic obstructive pulmonary disease (COPD), on Wednesday.

Phoenix Group said on Wednesday that it has launched a £950m capital raising to help fund its acquisition of Standard Life Aberdeen's insurance arm.

Vedanta Resources has been ordered to permanently close its Tuticorin copper smelter in India, where anti-expansion protesters were killed by police earlier in May.

Standard Life Aberdeen plans to return £1.75bn to shareholders after agreeing to sell its insurance business.

GlaxoSmithKline, along with its partner Innoviva, has submitted a regulatory application to the Japanese Ministry of Health, Labour and Welfare for once-daily fluticasone furoate/umeclidinium/vilanterol under the proposed brand name ‘Trelegy Ellipta’, it announced on Tuesday, for the treatment of adults with chronic obstructive pulmonary disease.

Rolls-Royce has launched its Pearl line of engines, which will be the sole engine for a new range of business jets unveiled by Bombardier.

Smiths Group confirmed on Tuesday that it is in very early stage discussions about a potential combination of its medical division with Nasdaq-listed ICU Medical.

Economic news

The Competition and Markets Authority is launching a review into the £2bn funerals market, it announced on Friday, in a bid to ensure customers are not getting a bad deal.

UK manufacturing activity last month was stronger than expected as firms worked through the backlog of work from earlier in the year, with supply-chain constraints and cost pressures intensifying.

According to some executives of the UK’s biggest firms, women are not a good fit in boardrooms since most don’t want the responsibility of a big job and don’t understand such complex issues that are discussed at board meetings.

NHS trusts in England reported a financial deficit that was roughly double the amount initially expected in the final quarter of 2017/18, while pressure is ramping up from unprecedented demand for accident and emergency services in the first three months of 2018.

British consumers are increasingly confident about their own finances – but remain “resolutely downbeat” about the wider economy, according to research published Thursday.

UK grocers were boosted by the royal wedding, the FA Cup Final and the warm weather in the 12 weeks to May 20, a new report from Kantar revealed on Wednesday.

The Treasury and the Bank of England are said to be locked in a battle over regulation of the City after Brexit.

Rivals ITV and the BBC are said to be considering entering into a £1bn joint venture to buy broadcaster UKTV.

George Soros has warned that another financial crisis may be round the corner and the EU's existence is under threat.

International events

The leaders of Italy's populist 5 Stars Movement and League parties reached an agreement overnight to break the country's political deadlock and form a new government and gain approval from president Sergio Mattarella.

A key survey of manufacturing sector conditions in the States revealed a small acceleration in activity last month amid multiple reports of "strong" demand, some hiring difficulties and price pressures.

US non-farm payrolls rose past forecasts in May, with wage growth coming in a tad ahead of forecasts, in what most economists appeared to dub a "solid" report.

A big jump in energy costs drove consumer prices in the Eurozone sharply higher last month.

Washington will implement steel and aluminum tariffs on metals imports from the European Union, Canada and Mexico from Friday, Commerce Secretary Wilbur Ross said.

As things stand, the White House's proposed tariffs on Chinese goods will only have a "minimal" impact on the US economy, but the risk of an escalation is real, said Oxford Economics.

Consumer price pressures in Germany accelerated significantly last month on the back of a sharp increase in energy costs.

China lashed out against the surprise statement from the White House overnight on Tuesday saying it will go ahead with tariffs and restrictions on Chinese imports and block investments in sensitive technologies.

A man shot two police officers and a passerby dead in the Belgian city of Liège on Tuesday morning with the assailant's motives yet to be determined.

Kim Jong Un sent diplomats to Singapore and the US ahead of the historic summit with President Donald Trump scheduled for 12 June.

Consumers in the States remained in a buoyant mood in May, according to the results of a widely-followed survey.