Friday, July 8: It was a disappointing end to the week as growing political risk gripped investors, causing the FTSE to close 0.3% lower to mark the third straight week of losses on London’s main index. Anticipation of the G7 meeting later which should yield more clues on America’s trade intentions was one of the main reasons investors went into the weekend bearish. On top of this Michel Barnier’s comments on the UK’s Brexit negotiations then sent the pound lower as he expressed that the EU and UK remain apart on key issues.
Financials and mining stocks were some of the worst performing stocks on Friday, with Fresnillo falling 6% as Standard Life shares also closed 3.5% lower. Rumours emerged today that Apple will ship 20% fewer new phones this year as demand for their new models cool. Shares have slipped since the unconfirmed reports broke. As we write American markets are standing more resolute than European markets with the Dow currently 0.2% higher.
After House of Fraser became the latest victim on the high street, well known fashion brand Henri Lloyd has now gone bust. The sailing fashion brand, briefly adopted by hooligans and hard lads at school in 2005, will close its stores putting jobs at risk.