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LONDON MARKET CLOSE: Grocers climb but Ashtead weighs as stocks falter
- Stocks closed lower on Tuesday, with weak Chinese trade data dampening hopes for a stimulus-based rally.
- The FTSE 100, FTSE 250, and AIM All-Share all ended the day down, while the Cboe UK indices also closed lower.
- China’s exports rose but imports declined, missing analyst forecasts.
- Miners were in the red, with Antofagasta, Glencore, and Anglo American down.
- European equities were mixed, with the CAC 40 ending down while the DAX 40 ended slightly lower.
- In New York, stocks were also mixed at the time of the London close.
- Google-parent Alphabet rose, reflecting investor confidence in its new quantum computing chip, Willow.
- US inflation figures are due on Wednesday, with annual consumer price inflation expected to accelerate.
- The US dollar was in demand ahead of the CPI print, while the pound and euro quoted lower.
- The FTSE 100's biggest casualty was Ashtead, down 14% after announcing plans to shift its primary listing to the US and providing weaker-than-expected guidance.
- Grocers J Sainsbury and Tesco bucked the weaker market trend, rising along with British Land.
- Moonpig shed 15% after reporting a half-year loss, while Brent oil and gold prices were up at the London equities close.
- Wednesday's economic calendar includes US consumer inflation data and the Canadian interest rate decision.
LONDON MARKET MIDDAY: China worry holds back European stocks
- Stock prices in London headed lower on Tuesday, with the FTSE 100 and 250 indices down 0.5% and 0.4%, respectively, as underwhelming Chinese data and concerns over US-China trade relations weighed on investor sentiment.
- Chinese exports grew at a slower pace in November, raising concerns about the country's economic outlook and the impact of potential higher tariffs on exports to the US under a Trump administration.
- The Cboe UK 100 and 250 were also down 0.5%, while European markets were mixed, with the CAC 40 in Paris down 0.5% and the DAX 40 in Frankfurt marginally higher.
- Chinese President Xi Jinping warned of the negative consequences of a trade war with the US, stating there would be "no winners."
- Shares in Asia-focused companies, such as Prudential and Glencore, fell due to concerns over China's economic outlook.
- The pound and euro weakened against the US dollar, while the dollar rose against the yen.
- Ashtead plunged 13% after cutting its annual outlook and announcing a move to a New York primary listing.
- Moonpig reported a half-year loss and booked an impairment of goodwill, sending its shares down 12%.
- NCC Group plunged 18% after warning of modest revenue growth due to lengthening sales cycles.
- Begbies Traynor added 5.3% after reporting improved half-year earnings and a positive annual outlook.
LONDON BROKER RATINGS: RBC raises Hikma; JPMorgan cuts Schroders
- FTSE 100
- Deutsche Bank raises InterContinental Hotels target to 8,300 (7,100) pence - 'sell'
- Bank of America cuts GSK price target to 1,415 (1,425) pence - 'underperform'
- RBC raises Hikma to 'outperform' (sector perform) - price target 2,375 pence
- Deutsche Bank raises Compass target to 2,600 (2,500) pence - 'hold'
- Deutsche Bank raises Rightmove price target to 815 (745) pence - 'buy'
- Deutsche Bank raises Pearson price target to 1,184 (1,052) pence - 'hold'
- JPMorgan raises London Stock Exchange price target to 13,500 (12,000) pence - 'overweight'
- JPMorgan raises Intermediate Capital Group target to 2,645 (2,552) pence - 'overweight'
- JPMorgan cuts Schroders to 'neutral' (overweight) - price target 353 (407) pence
- Jefferies cuts M&G price target to 215 (220) pence - 'buy'
- Deutsche Bank raises WPP price target to 1,035 (926) pence - 'buy'
- Barclays cuts BT Group to 'equal weight' - price target 190 pence
- Bank of America raises BT Group price target to 208 (205) pence - 'buy'
- Bank of America raises Vodafone price target to 115 (112) pence - 'buy'
- JPMorgan cuts Ashtead Group price target to 6,900 (7,300) pence - 'overweight'
- Berenberg raises BAE Systems price target to 1,440 (1,360) pence - 'buy'
- Goldman Sachs raises Segro price target to 870 (860) pence - 'neutral'
- JPMorgan cuts Segro price target to 950 (1,050) pence - 'overweight'
- JPMorgan cuts LondonMetric to 'neutral' (overweight) - price target 226 (235) pence
- Goldman Sachs cuts Land Securities price target to 630 (660) pence - 'neutral'
- Goldman Sachs raises British Land to 'buy' (neutral) - target 500 (410) pence
- JPMorgan raises Unite Group to 'overweight' (neutral) - price target 1,070 (1,100) pence
- Goldman Sachs cuts Shell price target to 44 (47) EUR - 'buy'
- Goldman Sachs cuts BP price target to 515 (560) pence - 'buy'
- FTSE 250
- Stifel raises Watches of Switzerland price target to 500 (430) pence - 'hold'
- Davy raises Marshalls Group price target to 365 (300) pence - 'neutral'
- Berenberg raises Balfour Beatty price target to 510 (475) pence - 'buy'
- Barclays raises AJ Bell price target to 470 (430) pence - 'equal weight'
- JPMorgan places St James's Place as sector-'top-pick' on 'analyst focus list'
- JPMorgan raises St James's Place target to 1,250 (1,030) pence - 'overweight'
- JPMorgan raises Quilter price target to 173 (171) pence - 'overweight'
- JPMorgan raises Petershill Partners target to 357 (278) pence - 'overweight'
- JPMorgan raises Bridgepoint price target to 435 (392) pence - 'overweight'
- JPMorgan cuts Ashmore Group price target to 155 (161) pence - 'underweight'
- JPMorgan cuts abrdn price target to 153 (156) pence - 'neutral'
- JPMorgan cuts Ninety One to 'underweight' (neutral) - price target 159 (165) pence
- JPMorgan raises Man Group price target to 272 (263) pence - 'overweight'
- JPMorgan cuts Workspace price target to 680 (700) pence - 'overweight'
- JPMorgan cuts Tritax Big Box price target to 190 (200) pence - 'overweight'
- Goldman Sachs cuts Hammerson price target to 269 (274) pence - 'sell'
- JPMorgan cuts Great Portland price target to 380 (420) pence - 'overweight'
- JPMorgan cuts Grainger price target to 300 (305) pence - 'overweight'
- JPMorgan cuts Derwent London price target to 2,600 (2,700) pence - 'overweight'
- Goldman Sachs raises Derwent London price target to 2,710 (2,690) pence - 'buy'
- JPMorgan cuts big yellow group price target to 1,355 (1,465) pence - 'overweight'
- Goldman Sachs cuts Big Yellow Group price target to 1,240 (1,450) pence - 'neutral'
- Goldman Sachs raises Supermarket Income REIT price target to 92 (91) pence - 'buy'
- SMALL CAP
- Deutsche Bank cuts S4 Capital price target to 42 (47) pence - 'hold'
- Deutsche Bank raises Avacta Group to 'hold' (sell)
LONDON MARKET OPEN: Softer start for FTSE 100 as miners decline
- London's FTSE 100 opened lower, dragged down by mining firms and Ashtead.
- Mining companies gave back some of Monday's gains made on hopes of a Chinese economic recovery.
- The FTSE 100 traded 0.5% lower, while the FTSE 250 and AIM All-Share also saw losses.
- European markets were also down, with the CAC 40 and DAX 40 falling 0.4% and 0.2%, respectively.
- The pound and euro weakened against the dollar, while the dollar strengthened against the yen.
- Ashtead fell 7.5% after lowering its annual outlook and announcing a move to a New York primary listing.
- Moonpig reported a half-year loss and an impairment of goodwill, causing its shares to drop 10%.
- South32 withdrew its production guidance for Mozal Aluminium due to civil unrest in Mozambique, resulting in a 2.9% share price decline.
- Porvair's shares rose 4.9% on expectations of revenue growth and improved earnings per share.
- Chinese President Xi Jinping warned of the negative consequences of a trade war with the US, as tensions rise ahead of the US presidential inauguration.
- The Reserve Bank of Australia maintained interest rates but noted softer economic activity in November.
- US markets closed lower on Monday, with the Dow, S&P 500, and Nasdaq all seeing losses.
- Investors await key inflation data and potential shifts in Fed decisions.
LONDON MARKET EARLY CALL: FTSE 100 to slip after China data
- London stocks poised to open lower, giving back some of Monday's gains, while Asian markets were mostly higher.
- FTSE 100 futures indicate a 0.4% decline at the open, with the pound also weakening against the US dollar.
- Chinese President Xi Jinping struck a positive tone on the country's growth prospects, despite ongoing trade tensions with the US.
- Xi warned that a trade war with the US would have no winners, as Trump prepares to impose higher tariffs on China.
- Chinese exports rose but at a slower pace, while imports shrank, highlighting the need for further economic support.
- The Reserve Bank of Australia left interest rates unchanged but noted weaker economic activity in November.
- US stocks fell on Monday, with investors awaiting the key US CPI report for further direction.
- UK corporate calendar highlights include half-year results from Ashtead and Moonpig.
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