Unite Group, the student accommodation company, unveils a second quarter update and attention will focus on new developments and approvals.

The company, a real estate investment trust, already runs more than 150 properties across 23 cities in Wales, Scotland and England.

The shares are trading near five-year lows, thanks to 2024’s abolition of multiple dwellings relief on stamp duty land tax, concerns that government energy efficiency regulations may oblige Unite to retrofit some of its properties (and thus spend more), and longer-term concerns that growth in student numbers is slowing, especially for those who hail from overseas. It recently announced it was pulling out of Aberdeen.

The actual interims are due on 29 July and AJ Bell says Unite is unlikely to talk about dividends until the full year results next Spring.

Trump warning to BRICS supporters

US President Donald Trump has warned countries supporting the BRICS alliance that they will face an additional 10% tariff if they oppose US interests.

The alliance of Brazil, Russia, India, China and South Africa (BRICS) is holding its 17th annual summit in Brazil and at the opening session criticised the president’s tariff policies as well as proposing reforms to the International Monetary Fund (IMF) and how major currencies are valued.

Last year, the list of BRICS members expanded to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. The countries in the bloc now account for more than half of the world’s population.

“Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy,” Trump posted on his Truth Social platform on Sunday.

Trump has long criticised BRICS – an alliance designed to boost member nations’ standing on the international stage to challenge the US and Western Europe.

A joint statement by finance ministers of the BRICS nations on Sunday criticised tariffs as a threat to global economy, bringing “uncertainty into international economic and trade activities”.

China’s President Xi Jinping missed the event for the first time, with Premier Li Qiang standing in for him.

Russia’s President Vladimir Putin, who has an arrest warrant from the International Criminal Court against him over alleged war crimes in Ukraine, attended online.

DIARY

Monday 7 July

• Seventeenth annual BRICs summit, Rio de Janeiro (second of two days)
• Halifax UK house price index

Tuesday 8 July

• Trading statement from Unite

Wednesday 9 July

• National Grid AGM

Thursday 10 July

• Trading statement from DCC, Severn Trent
• AGMs for BT, Land Securities and Pets at Home
• US weekly initial unemployment claims

Friday 11 July

• Second quarter figures from PageGroup
• UK monthly construction, manufacturing and industrial production
• GDP update