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LONDON MARKET CLOSE: Stocks down before long weekend, Powell's speech
- London stock prices ended in negative territory on Friday, influenced by US President Donald Trump's tariff threats against the EU and Apple.
- Trump also advised the UK to abandon wind energy in favor of drilling for oil in the North Sea to reduce energy costs.
- Major indices, including the FTSE 100, FTSE 250, AIM All-Share, Cboe UK 100, and Cboe UK 250, closed down, while the Cboe Small Companies index ended slightly higher.
- GSK's announcement of a positive opinion for Blenrep from the EMA was overshadowed by a 0.3% drop in its stock price.
- Games Workshop forecast double-digit annual growth but saw a 3.2% loss in stock value.
- International Distribution Services' Royal Mail is under investigation for missing delivery targets.
- AJ Bell led the FTSE 250 with an 8.4% jump in stock price after reporting a 12% increase in pretax profit.
- Tekcapital surged 17% on AIM after a significant improvement in its financial performance.
- OptiBiotix Health dropped 18% after raising funds through a share placement and issuing warrants.
- European equities also suffered, with the CAC 40 and DAX 40 ending significantly lower.
- Trump's tariff threats against the EU and Apple weighed heavily on US index futures and Apple's stock price.
- Concerns about rising long-term bond yields and US fiscal policy continue to impact market sentiment.
- Brent oil and gold prices were higher at the London equities close.
- Investors await Federal Reserve Chair Jerome Powell's speech on Sunday, with UK markets closed on Monday for the Spring Bank Holiday.
LONDON MARKET MIDDAY: FTSE 100 edges tentatively higher in tepid trade
- European stocks saw mixed results on Friday, with London's FTSE 100 gaining slightly while the FTSE 250 and other European indexes showed small losses or gains.
- Yields on US Treasury bonds narrowed from the previous day, with the 10-year at 4.53% and the 30-year at 5.04%.
- The US fiscal situation has been in focus, including Moody's downgrade of US credit and concerns about absorbing the refinancing of nearly $3 trillion in maturing debt.
- UK retail sales surged in April, up 1.2% from March, boosted by warm weather and Easter timing.
- Miners and budget carriers provided a boost to the FTSE 100, with Antofagasta, Anglo American, and easyJet seeing gains.
- Gold and oil prices rose, with gold supported by concerns over US debt and spending, and oil trading up at $64.45 per barrel.
- London-based VH Global Energy Infrastructure surged 13% after announcing plans to start an "asset realisation strategy."
- Aquaculture biotechnology company Benchmark Holdings rose 8.2% after announcing plans to delist from AIM and Euronext Oslo Growth to save costs.
- Totally slumped 79% as it warned that a sale of its subsidiaries may not generate shareholder value and may not be sufficient to meet future liabilities.
LONDON BROKER RATINGS: Barclays lifts easyJet and Smiths price targets
Here is the text formatted as bullet points in HTML:
London-Listed Shares Analyst Recommendations
London-Listed Shares Analyst Recommendations
As of 23rd May 2025 09:56
FTSE 100
- Bernstein raises easyJet price target to 575 (480) pence - 'market-perform'
- Goldman Sachs cuts easyJet price target to 624 (630) pence - 'neutral'
- Barclays raises easyJet price target to 730 (700) pence - 'overweight'
- Goldman Sachs cuts Intertek price target to 6,400 (6,450) pence - 'buy'
- Barclays raises Diploma price target to 5,100 (4,900) pence - 'overweight'
- Barclays raises Smiths Group price target to 2,265 (2,020) pence - 'equal weight'
- Jefferies cuts DCC price target to 6,100 (7,950) pence - 'buy'
- Goldman Sachs raises Intermediate Capital Group target to 2,580 (2,340) pence - 'buy'
- Goldman Sachs raises ConvaTec price target to 330 (320) pence - 'buy'
- Barclays raises ConvaTec price target to 325 (320) pence - 'overweight'
- Jefferies raises ConvaTec price target to 325 (310) pence - 'buy'
- RBC raises Imperial Brands price target to 2,400 (2,100) pence - 'sector perform'
- JPMorgan raises Tesco price target to 400 (390) pence - 'overweight'
- Bank of America cuts Marks & Spencer price target to 415 (445) pence - 'buy'
- Barclays raises JD Sports Fashion target to 90 (80) pence - 'equal weight'
- DZ Bank raises BT Group price target to 215 (185) pence - 'buy'
- Bank of America raises BT Group price target to 210 (208) pence - 'buy'
FTSE 250
- Deutsche Bank cuts Petershill Partners price target to 270 (300) pence - 'hold'
- Deutsche Bank raises Jupiter Fund price target to 80 (65) pence - 'hold'
- Deutsche Bank raises Qinetiq price target to 550 (520) pence - 'buy'
- Jefferies cuts Eurowag price target to 103 (107) pence - 'buy'
- Deutsche Bank cuts Tate & Lyle price target to 800 (950) pence - 'buy'
- Goldman Sachs cuts SSP Group price target to 168 (177) pence - 'sell'
LONDON MARKET OPEN: European stocks rise as bond yields ease
- European stocks opened higher on Friday, with the FTSE 100, FTSE 250, and AIM All-Share all posting gains.
- UK retail sales rose faster than expected in April, up 1.2% from March, driven by strong food store sales volumes attributed to warm weather.
- Games Workshop predicts double-digit sales and profit growth but cautions against expecting a repeat of record licensing revenue.
- GSK's asthma drug Nucala approved by the US FDA as an add-on treatment for adults with COPD and an eosinophilic phenotype.
- AJ Bell shares surge 10% after strong financial results in the first half of the year.
- VH Global Energy Infrastructure plans to initiate an "asset realisation strategy" after engaging with shareholders.
LONDON MARKET EARLY CALL: FTSE 100 up as consumer confidence rises
- London stocks are expected to open higher on Friday, with the FTSE 100 predicted to open up 0.3% despite a marginal decline on Thursday.
- Sterling and the euro made gains against the US dollar, while the dollar weakened against the yen.
- UK consumer confidence improved in May, according to GfK's long-running consumer confidence index, though it remains in negative territory.
- Wall Street saw mixed results on Thursday, with the Dow Jones and S&P 500 down slightly while the Nasdaq Composite rose 0.3%.
- Yields on US Treasury bonds narrowed, but analysts warn that the stress in the sovereign bond market continues.
- The US House of Representatives passed Trump's tax bill, which aims to cut spending on social welfare and climate programs to fund tax cuts, but it still faces a challenge in the Senate and potential pushback from the bond market.
- Asian markets were mostly positive on Friday, with gains in Tokyo, Hong Kong, and Sydney, while Shanghai saw a marginal decline.
- Southeast Asian leaders express deep concern over Trump's tariff blitz, warning of its impact on economic growth and stability in the region.
- Gold and Brent oil prices rose, while investors await UK retail sales, consumer confidence data, and US new homes data on Friday.
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