Weekly review

The FTSE 100 ended the week 17 points lower at 7,636.93.

Equity view

BHP Billiton will make an immediate cash payment into a remediation and compensation fund for the bursting of dam owned by its Samarco joint venture, as well as supplying funds to support the restarting of operations of the mine.

BAE Systems said on Friday that it has been awarded an AUD35bn (£20bn) contract by the Australian government to build its fleet of nine new navy frigates.

A US judge has extended a temporary restraining order on Dr Reddy's Laboratories, preventing the US company from launching a rival generic version of Indivior's treatment for opioid addiction prior to a decision on a full injunction.

Specialty chemicals group Elementis has agreed to buy Netherlands-based industrial talc additives producer Mondo Minerals from Advent International for an enterprise value of $600m on a cash free, debt free basis.

Transport operator Stagecoach posted a drop in full-year profit on Thursday as it took a hit from the loss of the East Coast rail contract.

Retailer JD Sports Fashion said it continues to be on track to deliver a full year in line with consensus market expectations, having opened a net 36 shops in its new financial year.

Tullow Oil updated the market on its trading guidance for the half year to 30 June on Thursday, reporting that its West Africa first half 2018 oil production was expected to average 87,400 barrels of oil per day (bopd), in line with expectations.

Retirement housebuilder McCarthy & Stone said on Thursday that it is conducting a formal search process to appoint a replacement chief executive officer following its announcement earlier this month that Clive Fenton is retiring at the end of August.

Distribution and outsourcing group Bunzl slowed to a "more normal" pace of growth in the second quarter of the year, with a relatively rare absence of acquisitions.

Ultra Electronics issued a profit warning on Wednesday as its defence and aerospace business in the US, Herley, was hit by cost overruns on development contracts.

AstraZeneca, alongside Merck, announced positive results from the randomised, double-blinded, placebo-controlled, Phase III SOLO-1 trial of Lynparza (olaparib) tablets on Wednesday.

IWG warned annual profit would be up to £20m lower than the serviced office group had expected because of weak performance at its UK business and short-term losses from opening new sites.

Ibstock, which manufactures clay bricks and concrete products, has agreed to sell a former quarry near Bristol.

Polymetal International said on Tuesday that it has started up its new Kyzyl mine in Kazakhstan ahead of schedule and below budget.

Supplier of specialist building products SIG has agreed to sell VJ Technology (VJT) to UK private equity investment firm Primary Capital, it announced on Tuesday, following a competitive disposal process.

Smurfit Kappa has ramped up its digital printing capabilities, it announced on Tuesday, by installing eight HP Scitex corrugated presses across its European sites.

Eastern Mediterranean-focussed exploration and production company Energean Oil and Gas said on Monday that it has made the decision to drill an exploration well in the Karish North prospect, offshore Israel, with a planned spud date before the end of March 2019, subject to necessary approvals.

Synthomer announced a refinancing of its existing bank facilities on Monday, consisting of an offering of €300m (£263.5m) in seven-year unsecured senior notes, and a new €300m four-year revolving credit facility.

Melrose Industries has been given clearance from the Committee on Foreign Investment in the United States for its takeover of defence contractor GKN.

Old Mutual's wealth management arm Quilter began trading separately on the London and Johannesburg stock exchanges on Monday with an initial market cap of £2.8bn that soon swelled as the shares traded higher.

Economic news

UK mortgage approvals rose to a four-month high in May, according to figures released by the Bank of England on Friday.

Consumer confidence in the UK fell in June as Britons grew increasingly gloomy about the economy, according to a widely-followed survey.

UK taxpayers could face another two decades of tax hikes in order to fund the government's promised annual £20bn boost in NHS spending.

Retail sales have picked up but demand for consumer services is being held back by squeezed incomes and political uncertainty, according to the Bank of England’s latest survey of business conditions.

Union and business leaders in the UK and Europe have joined together to demand “measurable progress” from Brexit negotiations this week, with Britain's economic interests, people’s jobs, rights and livelihoods to be put first.

House prices in the UK rose at their slowest annual rate in five years in June amid subdued economic activity and squeezed household budgets, according to the latest survey released by mortgage lender Nationwide.

Britain’s motor industry has called on the government to keep the UK in the EU customs union and retain single market benefits as car plant output falls, jobs are lost and investment drops.

MPs have voted overwhelmingly for a third runway at Heathrow airport in a move welcomed by business leaders and Britain’s biggest union after years of political wrangling.

The House of Commons Speaker John Bercow has announced on Tuesday that the Brexit bill has become British law after months of debate.

The UK’s five main business lobbies have urged the Prime Minister in a letter to make progress in the Brexit negotiations or risk losing jobs and investment.

International events

Australia has won a landmark World Trade Organisation ruling to require cigarettes to be sold in plain packs without any striking logos or fonts, which could bring a new wave of tobacco restrictions around the world.

The Federal Reserve concluded its annual stress tests this week and has confirmed that Deutsche Bank would not overcome a new financial crisis, while also blocking Goldman Sachs, Morgan Stanley and JP Morgan Chase from increasing dividends and stock buybacks this year.

China has refused to hold talks with the US over how US airlines and their websites refer to Chinese-claimed Taiwan, adding tensions to an already strained trade relationship.

Orders for goods made to last more than three years held-up better-than-expected last month, although weakness broadened out from that seen in the transportation sector two months ago.

America's shortfall in its trade on goods with the rest of the world shrank last month as exports continued to climb.

US house price growth eased back a touch in April, according to the S&P/Case-Shiller National Home Price Index.

US consumer confidence dipped in June as expectations for business conditions and incomes moderated.

US President Donald Trump accused Harley-Davidson of using the recently imposed EU tariffs on automobile imports to Europe as an excuse to shift motorcycle production abroad and threatened a new tax on imports if relocation goes ahead.

The US Treasury is drafting regulations that would block Chinese companies from buying US tech firms and stop US companies transferring important tech to China.

German business confidence deteriorated a little less than expected in June, according to a widely-followed survey released on Monday.