QinetiQ: Berenberg downgrades to hold with a target price of 276p. London investors shrugged off renewed concerns about global trade wars on Friday thanks to receding political risk in Europe, but better UK manufacturing data lifted the pound to limit gains. The leaders of Italy’s populist 5 Stars Movement and League parties reached an agreement overnight to break the country’s political deadlock and form a new government and gain approval from president Sergio Mattarella. Ofgem has launched an investigation into the way that Utility Warehouse manages its customers who are in debt, it announced on Friday. Mariano Rajoy has been unseated as Spanish Prime Minister on Friday following the vote of no confidence in parliament that had been tabled by opposition leader Pedro Sánchez.