Sun, 26th May 2019
The leading share index in the UK ended the week with a session in the red as investors took their profits after four days of gains. By the close of trade, the FTSE 100 was lower by 0.49 per cent, reaching 6384.
After a week where the market bounced back, Friday was somewhat of an anticlimax as all eyes were split between the EU summit and the retail sales figures in the US.
In the eurozone, the Eurogroup revealed that a €10 billion rescue deal for Cyprus has been passed, with the first tranche of aid due to be released as early as next month. Finance ministers said the deal had been approved so quickly as the tiny country has shown that it is willing to take swift and tough action in order to restructure its fragile banking system, despite the unpopularity of the move.
In the US, the earnings season got off to a good start with both Wells Fargo and JP Morgan Chase & Co releasing strong results. However, not everything went quite as planned with the retail sales figures dropping by 0.4 per cent against a prediction that they would remain unchanged.
The results in the US left the market in a wary mood, with Wall Street also dropping and investors keen to collect their profits after four days of straight gains.
But it wasn't all doom and gloom in the blue chips. Temporary power supplier Aggreko was one of the top performers of the day, notching up a rise of 1.76 per cent and ending the day second on the leaderboard.