MARKET REPORT

THE FTSE 100 put in a lacklustre performance at the end of the week as Donald Trump turned up the heat on the US trade war with China.

The US president has threatened to impose tariffs on $500bn worth of Chinese goods, having already slapped tariffs on $34bn worth of imports. China has responded with a 25% tariff on hundreds of agricultural, cars and seafood products, worth £34bn.

By the market close, the FTSE 100 was up 0.19% or 14.48 points to 7,617.7. The Cac 40 in France was up 0.18%, while the Dax in Germany rose 0.26%.

In currency markets, the pound was up 0.33% against the dollar at 1.326. Against the euro, sterling was flat at 1.129.

Productivity relapsed in the first quarter of the year, with economists warning that there is still work to do if the UK hopes to solve its “productivity puzzle”.

Office for National Statistics figures showed productivity fell 0.4% in the three months to the end of March, as compared with the prior quarter, the first contraction for a year. The ONS said the fall was due to strength in employment growth combined with weaker growth in output.

In UK stocks, agreed to sell its loss-making commercial marine business to Norwegian firm Kongsberg for an enterprise value of £500m. The Derby manufacturer said the net proceeds will be around £350m-£400m after taking pension liabilities and other costs into account.

The announcement comes as Rolls-Royce enacts a sweeping restructuring plan aimed at saving £400m per year. Shares were flat at 985.6p during trading.

British satellite firm

shares slumped after it rejected a second takeover approach from US rival Echostar worth £3.2bn. Echostar confirmed yesterday that it put forward a “new and improved proposal” earlier this week which offered shareholders 265p per share in cash and an exchange of 0.0777 Echostar stock for each Inmarsat share. That offer is equivalent to 532p per Inmarsat share and would value the company at £2.45bn. By the close, Inmarsat’s shares were down 8.02% or 42.2p to 483.8p.

The biggest risers on the FTSE 100 were up 7.4p to 180.4p, up 43p to 2,068p, up 17.4p to 876.5p and up 3.36p to 191p.

The biggest fallers on the FTSE 100 were

down 112p to 2,492p, down 12.7p to 330.2p, down 140p to down 26p to 5,076p, 1,123.5p.