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LONDON MARKET CLOSE: Stocks end mixed ahead of Fed, US tech earnings
- The FTSE 100 closed higher on Wednesday, while the FTSE 250 and AIM All-Share ended the day lower.
- European equities were mixed, with the CAC 40 in Paris down 0.3% and the DAX 40 in Frankfurt up 1.0%.
- The Federal Reserve's interest rate decision was highly anticipated, with expectations for the federal funds rate to remain unchanged.
- The Bank of Canada lowered interest rates by 25 basis points to 3.00%.
- Earnings reports from tech giants Meta Platforms, Tesla, and Microsoft were awaited after the US market close.
- Chipmaker Nvidia continued its downward trend, trading 4.9% lower at the London close.
- UK Chancellor Rachel Reeves outlined plans for economic growth, including the ambition to make Oxford and Cambridge "Europe's Silicon Valley"
- Water utilities United Utilities and Pennon rose after announcing investment plans, with Pennon launching a £490 million equity raise.
- Dowlais shares surged 7.5% following a tie-up with American Axle & Manufacturing.
- Thursday's economic calendar includes the Eurozone interest rate decision and US GDP data.
- Full-year results are expected from Shell, along with trading statements from BT, Glencore, and Sage.
LONDON MARKET MIDDAY: FTSE 100 up before Fed decision, tech earnings
- London stock prices rose on Wednesday afternoon, with the FTSE 100 and 250 both posting gains.
- The Cboe UK indices were mixed, with the Cboe UK 100 and 250 rising while the Small Companies index fell slightly.
- In Frankfurt, the DAX 40 was up while the CAC 40 fell.
- The pound and euro weakened against the US dollar.
- The Federal Reserve's interest rate decision is expected to keep rates unchanged, with markets focused on the US economy's resilience.
- Earnings reports from Microsoft, Meta, and Tesla will be closely watched.
- The Fed's Jerome Powell is expected to provide insights into the interest rate outlook.
- SPI Asset Management's Stephen Innes noted the potential impact of the Fed's decision on long-duration positions and bond markets.
- The Bank of Canada and European Central Bank are also expected to announce rate cuts this week.
- In New York, the Dow Jones is set to open flat, while the S&P 500 and Nasdaq Composite are predicted to open slightly higher.
- London's water utilities, United Utilities and Pennon, rose after agreeing to Ofwat's price controls and investment plans.
- Dowlais shares surged after agreeing to a tie-up with American Axle & Manufacturing, ending its stint as a standalone company.
- WH Smith reported a strong start to its financial year, with revenue growth driven by its Travel business.
- Naked Wines and British Airways parent IAG also saw share price gains.
- UK Chancellor Rachel Reeves supported a third runway at Heathrow Airport, citing the need for growth.
- Oil prices fell, while gold prices rose slightly.
LONDON BROKER RATINGS: Berenberg likes Serco and Mitie
- FTSE 100
- UBS raises Prudential price target to 1,270 (1,200) pence - 'buy'
- Deutsche Bank raises Admiral Group price target to 3,100 (3,020) pence - 'buy'
- Deutsche Bank raises Aviva price target to 565 (545) pence - 'buy'
- Bernstein cuts Coca-Cola HBC price target to 3,450 (3,500) pence - 'outperform'
- Barclays raises Diploma price target to 4,900 (4,500) pence - 'overweight'
- FTSE 250
- Deutsche Bank cuts Hammerson price target to 300 (330) pence - 'hold'
- Deutsche Bank raises Just Group price target to 185 (170) pence - 'buy'
- RBC cuts Greencoat UK Wind price target to 170 (180) pence - 'outperform'
- Berenberg starts Serco with 'buy' - price target 200 pence
- Berenberg starts Mitie with 'buy' - price target 160 pence
- JPMorgan cuts RS Group price target to 650 (750) pence - 'neutral'
- RBC cuts RS Group price target to 825 (850) pence - 'outperform'
- Barclays cuts RS Group price target to 870 (925) pence - 'overweight'
- Jefferies cuts RS Group price target to 900 (1,000) pence - 'buy'
- Goldman Sachs raises SSP price target to 177 (175) pence - 'sell'
- SMALL CAP
- Deutsche Bank raises Wickes price target to 160 (150) pence - 'hold'
- Barclays raises S4 Capital price target to 45 (40) pence - 'equal weight'
LONDON MARKET OPEN: Cautious gain in London as luxury weighs on Paris
- London stock prices opened slightly higher on Wednesday, with the FTSE 100, FTSE 250, and AIM All-Share all posting small gains.
- The Cboe UK indices were mixed, with the Cboe UK 100 flat, the Cboe UK 250 up 0.2%, and the Cboe Small Companies down 0.2%.
- The pound was up against the US dollar, while the euro advanced slightly and the dollar faded against the yen.
- Brent crude oil fell, while the price of gold rose.
- Interest rate decisions were expected in Canada and the US later in the day, with no change in rates expected from the US Federal Reserve.
- In December, the US central bank cut the federal funds rate range by 25 basis points to 4.25%-4.50%, following larger cuts in previous months.
- In Tokyo, the Nikkei 225 ended up 1.0%, while the S&P/ASX 200 in Sydney rose 0.6%. Financial markets in Shanghai and Hong Kong were closed.
- On Tuesday, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted gains, with the Nasdaq surging 2.0%.
- Nvidia rebounded from its recent slump, adding 8.9% on Tuesday.
- In London, water utilities traded lower, with Severn Trent, United Utilities, and Pennon all down after responding to the Ofwat final determinations.
- United Utilities backed its annual guidance and announced a historic £13 billion investment after accepting the regulatory price review.
- Pennon launched a £490 million equity raise to support increased investment in its water businesses.
- Dowlais rose 7.9% after agreeing to a £1.16 billion takeover by American Axle & Manufacturing.
- Luxury goods firm LVMH slumped 5.1% in Paris after reporting a 17% decline in net income.
- Peers Kering, Hermes, and Burberry also lost ground, while Cartier owner Richemont was flat in Zurich.
LONDON MARKET EARLY CALL: US tech rebounds before Fed and earnings
- London stocks are expected to open relatively unchanged on Wednesday, with the FTSE 100 predicted to start just 3.4 points higher.
- This comes ahead of the Federal Reserve's interest rate decision and major tech earnings reports in the US.
- US stocks saw gains on Tuesday, with the Dow Jones, S&P 500, and Nasdaq Composite all climbing.
- The pound and euro made gains against the dollar, while the dollar weakened against the yen.
- Oil prices fell, while gold prices rose slightly.
- Interest rate decisions are also expected from Canada and the US on Wednesday.
- Swissquote analyst Ipek Ozkardeskaya noted the importance of Fed Chair Powell's statement, which could impact US yields and the US dollar.
- Asian markets saw gains, with the Nikkei 225 and S&P/ASX 200 rising, while markets in Shanghai and Hong Kong were closed.
- Tech stocks Nvidia, Meta Platforms, Microsoft, and Tesla are in focus this week, with earnings reports due.
- ASML, a semiconductor equipment supplier, reported better-than-expected Q4 results, helping to offset recent losses.
- AJ Bell is set to provide a trading update on Wednesday.
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