Weekly review
By Josh White
Date: Friday 07 Nov 2025
(Sharecast News) - The FTSE 100 ended the week down 34.69 points, or 0.36%, closing at 9,682.57 on Friday.
Equity view
Convenience food producer Greencore on Friday said Britain's competition regulator has accepted in principle its proposed remedy to secure approval for its acquisition of rival Bakkavor. Under the proposed remedy Greencore will sell its Bristol chilled soups and sauces manufacturing site. The company said it is currently engaged with a number of prospective purchasers.
British Airways and Iberia owner IAG tanked on Friday as it posted weaker-than-expected third-quarter operating profit and revenues and highlighted "some softness" in the North American market, despite saying that demand for travel "remains strong". Operating profit rose to €2.05bn from €2.01bn in the same period a year earlier, although this was weaker than the €2.19bn forecasts by analysts, while pre-tax profit was down 2.1% to €1.87bn.
ME Group's share price tanked on Friday after the vending machine and self-service launderette company reported a softening in demand for laundry services in the second half, while photobooth sales were lower than last year. Meanwhile, the company, which in June confirmed that it was "exploring strategic options to enhance shareholder value" including a potential sale, said the process was still ongoing, but didn't give any more details.
Shares in Rightmove plunged on Friday, after the property portal warned that increased investment in technology and artificial intelligence would weigh on profits. The blue chip property portal said AI was becoming "absolutely central" to how the business was run. It therefore intends to accelerate execution in AI-powered operations, as well as improving the Rightmove app and search capabilities.
Medical products and technologies group Convatec revealed on Thursday that Jonny Mason had been appointed chief executive officer and Fiona Ryder chief financial officer, both with immediate effect. Mason, who joined the FTSE 100-listed firm as CFO in January 2022, stepped into the interim CEO role on 4 August. Ryder also joined the group in early 2022, serving as group financial controller prior to her promotion.
RS Group has said it expects to hit full-year targets after performing as expected in the first half ended 30 September, with both revenues and adjusted profits slipping on the back of continued weak market conditions. The industrial and electrical products group reported revenues of £1.40bn for the six-month period, down 3% over the year before. While this amounted to a 1% fall on a like-for-like basis, RS said it had moved into marginal LFL growth in the second quarter as improvements in the Americas and Asia Pacific regions offset declines in EMEA.
Medical equipment manufacturer Smith & Nephew raised its full-year free cash flow guidance on Thursday as it revealed third quarter revenues had grown. Smith & Nephew said revenues had risen 5% on an underlying basis to $1.50bn in the three months ended 27 September, and was up 6.3% on a reported basis, including a 130 basis point currency tailwind.
Engineering company IMI said on Thursday that it had delivered an "excellent third quarter performance", with the group now on track to deliver its fourth consecutive year of mid-single digit organic revenue growth. IMI said organic revenue had risen 12% year-on-year in the three months ended 30 September, taking year-to-date growth to 5%, while statutory revenue was up 11% in the quarter, reflecting favourable currency movements.
Online rail ticketing platform Trainline lifted earning and sales targets after reporting a 14% jump in half-year profits. Trainline, which sells tickets for journeys in the UK and Europe, now expects adjusted EBITDA growth of between 10% and 13%, up from original guidance of 6% to 9%. Net ticket sales are forecast to rise by 6 - 9%. Profit for the six months to 31 August came in at £93m from £82m a year earlier.
Housebuilder Barratt Redrow has called on the government to take action to support demand ahead of the Autumn Budget later this month, following a slight slowdown in trading momentum since the start of the new financial year. The company remains on track to hit its home completions targets this year, but net private reservation rates have eased slightly since the start of July due to challenging conditions and increased uncertainty ahead of the Budget.
Engineering firm Weir Group reiterated its full-year guidance on Wednesday despite "elevated levels of uncertainty" related to critical metals disputes and further tariffs between the US and China. For the three months ended 30 September, Weir said total group orders, including contributions from its Micromine and Townley acquisitions, were up 2% year-on-year, with original equipment orders rising 15%, exluding large orders received in the prior year, and after market orders up 10% year-on-year.
Pub chain JD Wetherspoon said on Wednesday that both like-for-like and total sales had grown in the first 14 weeks of the financial year as it outperformed the CGA RSM Hospitality Business Tracker for a 37th consecutive month. Wetherspoons said like-for-like sales were 3.7% higher year-to-date than the same period a year earlier, with bar sales increasing by 5.7%, food up 0.9% and slot/fruit machines income growing by 8.9%. Hotel room sales, on the other hand, decreased by 6.3%.
UK-based master franchise Domino's Pizza Group said total orders had slipped year-on-year during the three months ended 28 September as a result of a weaker quick-service restaurant market due to customers' lower discretionary income. Domino's said total orders were down 1.5% in Q3, with collection up 1.7% and delivery down 3.4%, while total system sales were 2.1% higher year-on-year at £382.7m. "The tough operating environment is likely to continue to impact order counts into 2026," noted Domino's.
Oil titan BP has beaten market forecasts with its third-quarter earnings and said it has made progress on cost-cutting and strengthening its balance sheet, while full-year divestment proceeds are now expected to be higher than previously expected. Underlying replacement cost profit totalled $2.21bn, down from $2.35bn in the second quarter and $2.27bn in the third quarter of 2024, as improved profitability was offset by a higher underlying effective tax rate.
Budget carrier Wizz Air said on Tuesday that passenger numbers had grown by double-digit percentages in October as it continued to refocus its network towards its core Central and Eastern Europe markets. Wizz Air it carried 6.36m passengers in October, up 13.1% year-on-year, with seat capacity rising 13% to 6.85m, while load factor held steady at 92.9%, unchanged from the same month a year earlier.
Next 15 confirmed on Tuesday that it was in talks about the potential disposal of a selected number of its brands, "in line with its stated simplification strategy". In response to recent media speculation, the company said: "The board's primary focus remains on maximising shareholder value. "At this time, there can be no certainty that any agreement will be reached, nor as to the terms of any such agreement.
Student accommodation provider Unite Group said on Monday that acquisition target Empiric Student Property had achieved occupancy of 89% and like-for-like rental growth of 4.5% year-to-date, with the group experiencing an increase in demand from UK domestic students, partially offsetting a reduction in the number of bookings from Chinese students. Unite said its appraisal of the acquisition had assumed lower occupancy and rental growth than the prior academic year, which was reflected in its offer terms, but noted that Empiric's occupancy for the 2025/26 academic year was "slightly below these expectations", whilst rental growth was in line with expectations.
Capita said on Monday that its contact centre business has secured a key contract extension with Samsung Electronics UK. The outsourcer noted that it has worked with Samsung UK since 2011, providing customer experience services including technical voice support for mobile customers, customer solutions and online social media community management.
Industrial safety equipment maker Intertek Group on Monday said it had bought Suplilab, a provider of food safety and medical devices testing services, based in San José, Costa Rica for an undisclosed sum. Suplilab specialised in microbiology, water and chemistry testing and had established a "market-leading position in the food and medical devices sectors based on a strong track record of rapid growth in these high-margin spaces", Intertek said in a statement.
M&C Saatchi confirmed on Monday that it had received an unsolicited approach for its Performance division from Brave Bison. Responding to press speculation over the weekend, it said: "The board is of the view that the offer fundamentally undervalues the division and does not reflect the future prospects for the division which forms a core element of the company's growth plans; as such no discussions are ongoing." The advertising agency said it remains focused on "delivering value" for shareholders.
Economic news
House prices sparked in October, industry data showed on Friday, the biggest increase since the start of the year. According to the latest house price index from Halifax, prices rose by 0.6% last month, reversing a 0.3% decline in September. The biggest monthly increase since January, it was comfortably above forecasts for an 0.1% increase.
UK retail footfall fell again in October, albeit less steeply, as consumer confidence remained weak, although the high street was a bright spot, according to data released on Friday by the British Retail Consortium. The BRC-Sensormatic footfall monitor showed that total footfall declined 0.7% year-on-year last month, although this was an improvement on the 1.8% drop seen in September.
The Bank of England left interest rates unchanged on Thursday, as widely expected. At its final meeting ahead of the Budget, the rate-setting Monetary Policy Committee voted by a majority of five-to-four to leave the cost of borrowing at 4%. Four members, including long-term doves Alan Taylor and Swati Dhingra, backed reducing Bank Rate by 25 basis points to 3.75%.
Activity in the UK construction sector fell in October at the fastest pace for over five years, according to a survey released on Thursday. The S&P Global construction purchasing managers' index declined to 44.1 from 46.2 in September. It remained below the 50.0 mark that separates contraction from expansion for the tenth month in a row.
The financial regulator extended the deadline for responses to its proposed compensation scheme for mis-sold car finance on Wednesday, following mounting pressure from lenders, dealers and consumer groups seeking more time to analyse its complex market data. The Financial Conduct Authority (FCA) said the consultation, which opened on 7 October, would now close at 1700 GMT on 12 December instead of 18 November.
The UK's dominant services sector grew by more than expected in October, a closely-watched survey showed on Wednesday, bolstered by burgeoning domestic demand. The S&P Global UK services PMI business activity index was 52.3 last month, up on September's 50.8 and comfortably ahead of consensus and the flash reading, both 51.1. A reading below the neutral 50.0 benchmark suggests contraction but one above it indicates growth.
UK borrowing costs and the pound both fell on Tuesday as Finance Minister Rachel Reeves prepared the ground for tax rises in her upcoming Budget. In a rare speech ahead of the major set-piece fiscal event on November 26, Reeves sought to reassure markets that there would be no major rise in spending but also refused to rule out any tax increases as she faces a spending black hole of up to £30bn.
British manufacturing output ticked higher in October, a closely-watched survey showed on Monday, despite ongoing weakness across global markets. The S&P Global UK manufacturing purchasing managers' index rose to a 12-month of 49.7 in October, up from 46.2 in September. It was the first time in a year that output has risen, although it remains narrowly in negative territory.
International events
China's trade surplus narrowed last month to its lowest level since February after exports unexpectedly fell, pulling back after a big gain in September. In US dollar terms, the trade balance eased to $90.07bn in October from $90.45bn the month before, according to the National Bureau of Statistics, surprising economists who had pencilled in an increase to $95.60bn.
Germany's trade surplus fell more than expected in September on the back of a sharp rise in imports to the highest level in two and a half years, according to data out on Friday from Destatis. The calendar and seasonally adjusted trade balance declined to €15.3bn from a revised €16.9bn in August, and below the €18.0bn recorded in September 2024, the Federal Statistics Office reported.
Eurozone retail sales unexpectedly ticked lower in September, official data showed on Thursday. According to Eurostat, the official statistical office of the European Union, the volume of retail trade fell by 0.1%. Consensus has been for a 0.2% uplift. Across the wider EU, volumes were unchanged.
US employers cut 153,074 jobs last month, according to Challenger, Gray & Christmas, up 175% year-on-year, with the largest October figure for more than 20 years coming as industries continued to adopt AI and ramp-up cost cutting efforts. October's number took total layoffs for the year to 1.1m through - marking a 65% increase on the same period in 2024. Job cuts so far in 2025 are at their highest level since 2020, when 2.3m layoffs were announced over the same timeframe.
Norway's central bank kept interest rates unchanged at 4% on Thursday, as widely expected. Norges Bank said in a statement: "The Committee's assessment is that no new information has come in that indicates a material change to the outlook for the Norwegian economy since the monetary policy meeting in September.
Output fell sharply across the Eurozone construction sector in October, a closely-watched survey showed on Thursday. The HCOB Eurozone construction PMI total activity index shed two points to 44.0, the most pronounced decline in eight months. A reading below the 50.0 benchmark indicates contraction, while one above it suggests growth.
German industrial production missed estimates but still rebounded to rise 1.3% month-on-month in September, according to official data published on Thursday. The figure compares with a sharp 3.7% fall in August and expectations of a 3% rise. Federal statistics office Destatis said the change was driven by production in the automotive and electronics industries, while production in manufacturing dropped.
Service-sector activity in the United States grew at its fastest pace in eight months in October, according to the Institute for Supply Management, though businesses still showed caution in their hiring decisions while the government shutdown weighed on confidence. The ISM services purchasing managers' index jumped to 52.4 last month from 50 in September, the ISM said on Wednesday.
Private sector payrolls rose more than expected in the US in October, according to ADP, offering a modest sign of resilience in the US labour market. ADP said on Wednesday that US firms had added 42,000 jobs during October, topping consensus estimates of 22,000 gain and reversing a revised 29,000 decline in September.
US mortgage applications fell 1.9% in the week ended 24 October, according to the Mortgage Bankers Association, trimming the prior weel's 7.1% surge. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, dropped 2.8% week-on-week, while applications to purchase a home fell by 0.7%.
German factory orders rose 1.1% month-on-month in September, according to the Federal Statistical Office, slightly ahead of market estimates of 1.0% growth and swinging from a downwardly revised 0.4% drop in August. September's increase was the first since April, driven by rises in electrical equipment manufacturing, up 9.5%, aircraft, ships, trains, and military vehicles, and the automotive sector, which were up 7.5% and 3.2%, respectively. Excluding large-scale contracts, overall orders expanded 1.9%.
The eurozone economy grew in October at the fastest rate since May 2023, according to a survey released on Wednesday. The HCOB eurozone composite PMI output index - which measures activity in the manufacturing and services sectors - rose to 52.5 from 51.2 in September. This marked a 29-month high and was above the 50.0 mark that separates contraction from expansion. The services PMI business activity index rose to 53.0 in October from 51.3 the month before, signalling the fastest expansion in output for almost a year-and-a-half.
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