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LONDON MARKET CLOSE: Stocks hit by higher UK borrowing, US bond worry
- The FTSE 100, FTSE 250, and AIM All-Share all saw declines on Thursday, with concerns over US debt and higher UK government borrowing.
- The Cboe UK indices also ended the day lower, except for the Small Companies index which remained unchanged.
- Mark Haefele, chief investment officer at UBS Global Wealth Management, attributed the market volatility to uncertainty surrounding US trade policy and the fiscal outlook, with elevated bond yields and tariff risks in focus.
- Stocks in New York were mixed on Thursday, recovering from sharp falls on Wednesday following an auction of 20-year Treasuries with weak demand.
- The US House of Representatives passed Trump's "One Big, Beautiful Bill Act", a massive tax and spending bill, by a single vote.
- The bill extends Trump's 2017 tax cuts, boosts military spending, and cuts welfare payments, causing concern among bond investors.
- The dollar gained traction, with the pound and euro quoted lower against it.
- European equities also ended in negative territory, with the CAC 40 and DAX 40 down 0.6% and 0.5%, respectively.
- UK government borrowing surged in April, rising to GBP20.16 billion and piling pressure on the chancellor ahead of potential tax hikes.
- The UK private sector economy remained in decline in May, with the S&P Global flash composite purchasing managers' index suggesting negative territory.
- On the FTSE 100, Hiscox jumped 7.6% after announcing plans for growth and dividend hikes, while retailers JD Sports and Marks & Spencer rose on further consideration of their results.
- Johnson Matthey saw a 29% leap on the FTSE 250 after announcing plans to return GBP1.4 billion to shareholders following the sale of its Catalyst Technologies business.
- Gold and oil prices were lower, quoted at USD3,289.44 an ounce and USD64.05 a barrel, respectively.
- Friday's economic calendar includes UK retail sales, consumer confidence, and US new homes data.
LONDON MARKET MIDDAY: Stocks fall amid bond market jitters, tepid data
- Stock prices in Europe were lower on Thursday afternoon, with concerns in the bond market and underwhelming private sector survey readings in the UK and Europe.
- The FTSE 100, FTSE 250, and AIM All-Share indexes all traded down, while the Cboe UK 100 and Cboe UK 250 were also lower.
- Rostro analyst Joshua Mahony attributed the decline to PMI data and bond market worries, with US and Japanese bond yields soaring amid weak demand.
- The yield on the US 10-year Treasury widened to 4.58% early Thursday afternoon, while the 30-year Treasury yield rose to 5.08%.
- Stocks in New York are expected to open mixed, with the Dow Jones Industrial Average down slightly but the S&P 500 and Nasdaq Composite predicted to open higher.
- The pound and euro gave back some progress against the dollar on Thursday, following tepid purchasing managers' index readings.
- Intertek shares fell 3.1% despite reporting a small revenue uptick, while Johnson Matthey jumped 30% after announcing the sale of its Catalyst Technologies business.
- Ironveld led gains on London's junior AIM market, surging 45% after completing the first phase of construction of a dense media separation plant.
- TheWorks.co.uk also saw a significant jump, rising 22% after reporting positive underlying performance and like-for-like sales growth.
- Oil prices declined, with a barrel of Brent falling to USD63.63, while gold prices also dropped to USD3,294.53 an ounce.
LONDON BROKER RATINGS: Jefferies raises M&S but cuts J Sainsbury
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- Date: 22nd May 2025, 09:33
- Multiple London-listed shares received analyst recommendations on Thursday morning and Wednesday.
-
FTSE 100
- Citigroup raises Kingfisher price target to 300 pence (previous: 249p) - 'neutral'
- Berenberg raises Marks & Spencer price target to 406p (384p) - 'hold'
- Barclays raises Marks & Spencer price target to 445p (430p) - 'overweight'
- Goldman Sachs cuts Marks & Spencer price target to 445p (475p) - 'buy'
- UBS cuts Marks & Spencer price target to 435p (450p) - 'buy'
- Jefferies upgrades Marks & Spencer to 'buy' from 'hold' with a price target of 440p (370p)
- Jefferies downgrades Sainsbury's to 'hold' from 'buy' - price target 300p
- JPMorgan cuts JD Sports price target to 92p (97p) - 'neutral'
- Barclays cuts Diageo price target to 2,490p (2,580p) - 'overweight'
- Redburn upgrades Lloyds to 'buy' from 'neutral' - price target 100p (60p)
- Barclays cuts Prudential price target to 1,090p (1,130p) - 'overweight'
- JPMorgan cuts BT price target to 286p (290p) - 'overweight'
- Goldman Sachs cuts Pearson price target to 1,528p (1,537p) - 'buy'
- JPMorgan raises SSE price target to 2,150p (2,075p) - 'overweight'
-
FTSE 250
- Shore Capital downgrades Hill & Smith to 'hold' from 'buy'
- Berenberg cuts Vesuvius price target to 470p (510p) - 'buy'
- RBC cuts RS price target to 810p (825p) - 'outperform'
- Citigroup raises SSP price target to 320p (310p) - 'buy'
- Shore Capital downgrades Close Brothers to 'hold' from 'buy' - price target 370p
- Jefferies raises Great Portland Estates price target to 322p (297p) - 'hold'
- Bank of America raises Great Portland Estates price target to 380p (360p) - 'buy'
- Goldman Sachs cuts Ithaca Energy price target to 140p (160p) - 'neutral'
- Goldman Sachs cuts Dr Martens price target to 66p (69p) - 'neutral'
- JPMorgan cuts WH Smith price target to 1,550p (1,700p) - 'overweight'
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SMALL CAP
- Berenberg cuts Sabre Insurance price target to 202p (204p) - 'buy'
- Berenberg upgrades Central Asia Metals to 'buy' from 'hold' - price target 230p (190p)
- Barclays raises Avon Technologies target to 1,620p (1,610p) - 'equal weight'
LONDON MARKET OPEN: Stocks fall amid unease on US fiscal worry
- European stocks declined on Thursday, with the FTSE 100, FTSE 250, and major indexes in Paris and Frankfurt all posting losses.
- This followed a tumble in US stocks overnight due to concerns over US fiscal policy and weak demand in a 20-year auction for US Treasury bonds.
- The yield on the US 10-year Treasury bond widened, while the US dollar weakened against major currencies.
- Republicans announced plans to vote on US President Donald Trump's controversial "One Big, Beautiful Bill Act", which critics argue will increase the deficit and balloon the debt.
- In company news, BT reported annual profit growth but saw its shares fall, while Johnson Matthey jumped after agreeing to sell its Catalyst Technologies business.
- Bloomsbury Publishing reported a decline in profit despite higher revenue, and announced the departure of its finance director.
- Recruitment firm Norman Broadbent saw its shares rise sharply after reporting strong trading so far in the second quarter.
LONDON MARKET EARLY CALL: FTSE 100 to fall on US fiscal concerns
- London's FTSE 100 is expected to open 0.5% lower on Thursday due to negative overnight stock performances in New York and Asia.
- In New York, the Dow Jones, S&P 500, and Nasdaq Composite all closed with losses of around 1.5%-2% on Wednesday.
- Asian markets followed suit, with the Nikkei 225, Shanghai Composite, Hang Seng Index, and S&P/ASX 200 all experiencing declines on Thursday.
- Wall Street's sell-off was triggered by concerns over US tax reforms and a weak government bond auction, according to ActivTrades analyst Anderson Alves.
- Republicans are set to vote on President Trump's "One Big, Beautiful Bill Act," which proposes tax cuts and spending reductions, but critics warn of its potential negative impact on the deficit.
- US Treasury yields widened, with the 10-year yield quoted at 4.59% and the 30-year at 5.09% early Thursday UK time.
- Currency movements: pound and euro weakened against the dollar; dollar fell against the yen.
- Commodities: Brent oil price dipped, while gold rose.
- Thursday's economic calendar includes composite PMI readings, the Ifo business climate report, UK public sector borrowing data, and US weekly initial jobless claims.
- Corporate results expected on Thursday include full-year reports from British Land and BT, and half-year results from easyJet.
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