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LONDON MARKET CLOSE: Stocks dip amid Trump's Fed move and French worry
- The FTSE 100 eased back from record highs on Tuesday, closing down 0.6% at 9,265.80, while the FTSE 250 and AIM All-Share also ended lower.
- In the US, markets were mixed, with the Dow Jones falling slightly and the Nasdaq edging higher, as Trump's unprecedented removal of Federal Reserve Governor Lisa Cook caused uncertainty.
- Cook has refused to resign, and the case is likely to head to the courts.
- Trump's move comes after months of criticism of the Fed, with the US leader calling for interest rates to be slashed.
- In Europe, the CAC 40 and DAX 40 also ended in negative territory, with French banking shares falling amid political turmoil and the possibility of snap elections.
- London-listed Bunzl rose 5.6% after reassuring investors with its results and guidance, following a profit warning in April.
- Retailers Associated British Foods, Kingfisher, and Wickes fell as Deutsche Bank downgraded its outlook for UK consumer spending.
- Another mover was British American Tobacco, which fell 2.0% after its CFO Soraya Benchikh resigned with immediate effect.
- The biggest risers on the FTSE 100 included Bunzl, Fresnillo, and BT Group, while the biggest fallers were Kingfisher, ConvaTec, and AB Foods.
- The global economic calendar for Wednesday includes Australian CPI data and German consumer confidence figures.
LONDON MARKET MIDDAY: Stocks down amid "drama" in US and France
- London stock prices mostly fell at midday on Tuesday, with the FTSE 100, FTSE 250, and AIM All-Share indices all posting losses.
- Bunzl, a distribution and services firm, rose 4.6% after reporting half-year earnings and resuming its share buyback program.
- The Cboe UK indices also declined, except for the Small Companies index, which posted a modest gain.
- On the FTSE 250, Workspace dropped 1.1% following a new lease agreement for its London head office.
- John Wood shares were untraded as a potential bidder lowered their takeover offer after due diligence.
- MedPal AI, a health data app, surged 75% on its first day of trading on AIM.
- European equities were also down, with the DAX 40 and CAC 40 posting losses, as France's political crisis weighed on bank stocks.
- Consumer sentiment in France deteriorated more than expected in August, according to the latest data.
- The pound and euro weakened against the dollar, while the dollar strengthened against the yen.
- US stock futures pointed to a lower open, and yields on US Treasury bonds widened.
- Oil prices dipped, while gold traded lower.
LONDON BROKER RATINGS: Deutsche Bank cuts Kingfisher and AB Foods
- The following London-listed shares received analyst recommendations on Tuesday morning and Friday:
- FTSE 100
- Deutsche Bank Research cuts Kingfisher rating to 'hold' from 'buy' with a price target of 280 pence, previously 320 pence
- Deutsche Bank Research cuts Associated British Foods rating to 'sell' from 'hold' with a price target of 2,130 pence, previously 2,220 pence
- UBS raises Coca-Cola HBC price target to 4,500 pence from 4,400 pence, rating 'buy'
- Deutsche Bank Research lowers Marks & Spencer price target to 435 pence from 450 pence, rating 'buy'
- Deutsche Bank Research raises Next price target to 11,600 pence from 10,800 pence, rating 'hold'
- Barclays raises Tesco price target to 475 pence from 415 pence, rating 'overweight'
- Jefferies raises NatWest price target to 615 pence from 530 pence, rating 'buy'
- Jefferies raises Lloyds Banking price target to 103 pence from 92 pence, rating 'buy'
- Jefferies raises Barclays price target to 455 pence from 405 pence, rating 'buy'
- FTSE 250
- Deutsche Bank Research raises Clarkson price target to 4,350 pence from 4,150 pence, rating 'buy'
- Jefferies raises Paragon Banking price target to 1,015 pence from 930 pence, rating 'hold'
- Jefferies raises OSB price target to 635 pence from 565 pence, rating 'buy'
- SMALL CAP
- RBC raises Oxford BioMedica price target to 930 pence from 800 pence, rating 'outperform'
LONDON MARKET OPEN: FTSE 100 down, Cook firing "reignites" Fed nerves
- London stock prices opened lower on Tuesday, with the FTSE 100 and 250 both down, while the AIM All-Share was up.
- This follows US Federal Reserve Chair's dovish tilt and President Trump's order to dismiss Governor Lisa Cook, which has sparked concerns about the Fed's independence.
- Swissquote's Ipek Ozkardeskaya suggested that Cook's dismissal may be due to her warnings about the inflationary impact of tariffs.
- On the FTSE 100, British American Tobacco lost 1.7% after its CFO Soraya Benchikh resigned; Old Mutual climbed 6.8% in smaller caps.
- European equities were also down, with the CAC 40 and DAX 40 falling; Asian markets saw similar losses on Tuesday.
- Wall Street ended lower on Monday, with the Dow Jones, S&P 500, and Nasdaq Composite all down.
- Expectations of an upcoming rate-cutting cycle by the Federal Reserve have been noted by XS analyst Linh Tran.
- Brent oil prices rose, while gold was quoted lower on Tuesday morning.
- The economic calendar for Tuesday includes US data releases and comments from the Bank of England's Catherine Mann.
LONDON MARKET EARLY CALL: Stocks down, UK shop prices rise
- London stocks are expected to open lower on Tuesday, with futures predicting a 0.2% drop for the FTSE 100.
- US President Trump's dismissal of Federal Reserve Governor Lisa Cook has caused a reaction in US markets, with the Dow Jones, S&P 500, and Nasdaq all ending lower on Monday.
- Trump cited the Federal Reserve Act and allegations of false statements on Cook's mortgage agreements as reasons for the firing.
- UK shop prices saw the highest inflation rate since March 2022, with overall shop price inflation at 0.9% in August and food inflation accelerating to 4.2%.
- Sterling and the euro are both lower against the US dollar on Tuesday morning.
- In Asian markets on Tuesday, major indices were mostly down, including the Nikkei 225, Shanghai Composite, and Hang Seng.
- Gold prices are slightly higher, while Brent oil is trading above USD68 per barrel.
- Companies reporting half-year results on Tuesday include Ashtead Technology, Bunzl, and MTI Wireless Edge.
- US economic data releases for Tuesday include durable goods orders and house price figures.
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