FX.co ★ FTSE 100 Ends Week on Sour Note

On Friday, the FTSE 100 underperformed compared to other European markets, as UK retail sales registered a significant 2.7% decline in May, much worse than anticipated. This has sparked concerns about potential economic weakness in the second quarter. Berkeley Group was at the forefront of the downturn, dropping 8% after it reported a 5.1% decrease in annual pretax profits and declared CFO Richard Stearn as its new CEO. Although construction costs have remained stable, the challenging economic environment has exerted pressure on pricing. The company reported better sales volumes but highlighted the persisting issue of low consumer confidence. On a brighter note, Melrose saw its shares rise by approximately 4%, while Standard Chartered and International Airlines Group experienced gains of over 1.5%.