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LONDON MARKET CLOSE: Pound falters as soft inflation tees up rate cut
- FTSE 100 Performance: - Closed down 44.89 points (0.5%) at 9,507.41, extending recent declines.
- FTSE 250 and AIM All-Share: - FTSE 250 down 0.1% at 21,412.24; AIM All-Share up 0.9% at 740.68.
- Cboe Indices: - Cboe UK 100 down 0.3%; Cboe UK 250 up 0.4%; Cboe Small Companies up 0.4%.
- UK Inflation Data: - Consumer Price Index (CPI) rose 3.6% year-on-year in October, in line with expectations, signaling peaking inflation.
- Bank of England Outlook: - Cooling inflation may pave the way for a rate cut in December, with expectations of further cuts in 2026.
- Pound Movement: - Sterling fell to USD1.3076 amid increased likelihood of a rate cut.
- European and US Markets: - CAC 40 down 0.2%; DAX40 down 0.1%; Dow Jones down 0.3%; S&P 500 up 0.3%; Nasdaq up 0.5%.
- Nvidia Earnings Anticipation: - Third-quarter results expected after New York close, with analysts forecasting revenue of USD55.10 billion and EPS of USD1.25.
- Gold Price Impact: - Gold rose to USD4,081.23/ounce, supporting Fresnillo (up 5.8%) and Endeavour Mining (up 1.3%).
- FTSE 100 Movers: - Top risers: Fresnillo, JD Sports Fashion, ICG, Convatec, Pershing Square. - Top fallers: BAE Systems, Babcock International, St James's Place, Beazley, Airtel Africa.
- WH Smith Update: - Shares rose 6.9% despite CEO resignation following accounting errors in North American business.
- Oil Prices: - Brent oil down to USD63.37/barrel.
- Upcoming Events: - Thursday: China interest rate decision, US nonfarm payrolls, eurozone consumer confidence, and UK corporate results (Halma, Johnson Matthey, JD Sports Fashion).
LONDON MARKET MIDDAY: Stocks edge higher as focus turns to Nvidia
- European Stocks: Edged into the green after an uncertain start, with FTSE 100 up 0.1%, FTSE 250 up 0.1%, and AIM All-Share up 0.9%. CAC 40 and DAX 40 also rose slightly.
- Market Sentiment: Fragile due to tech valuation concerns and Fed policy uncertainty, with focus on Nvidia's earnings report as a barometer for AI outlook.
- Nvidia: Shares up 0.7% pre-market, with a 23% gain over the past year but a 10% drop in November. Market cap currently at USD4.41 trillion.
- UK Pound: Almost fell below USD1.31 after cooler-than-expected UK inflation data, supporting bets for a December rate cut.
- US Markets: Set to open higher, with Dow Jones up 0.2%, S&P 500 up 0.4%, and Nasdaq up 0.5%.
- Commodities: Brent crude at USD63.98 per barrel, gold at USD4,113.12 per ounce.
- Top Performers:
- Fresnillo: Up 6.8% due to higher gold prices.
- Sage: Up 3.9% after raising dividends and announcing a GBP300 million share buyback.
- WH Smith: Up 4.9% despite CEO resignation following accounting issues in North America.
- Beauty Tech: Up 9.9% on strong trading statement and upgraded revenue/EBITDA forecasts.
- Jet2: Up 2.8% on higher profits, increased dividend, and GBP100 million share buyback.
- Economic Indicators: Focus on FOMC minutes, non-farm payrolls report, and UK retail sales/PMIs for clues on monetary policy.
LONDON BROKER RATINGS: JPMorgan cuts Renewables Infrastructure, HICL
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- 19th Nov 2025 09:34
- The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:
- FTSE 100
- Citigroup raises Anglo American price target to 3,000 (2,800) pence - 'neutral'
- RBC raises Diploma price target to 6,200 (6,000) pence - 'outperform'
- Deutsche Bank Research raises Diploma price target to 6,000 (5,400) pence - 'buy'
- Goldman Sachs raises Imperial Brands price target to 3,600 (3,350) pence - 'buy'
- JPMorgan raises Imperial Brands target to 3,500 (3,350) pence - 'overweight'
- Deutsche Bank Research raises Imperial Brands price target to 3,500 (3,250) pence - 'buy'
- JPMorgan raises Compass price target to 3,100 (3,050) pence - 'overweight'
- Citigroup cuts Burberry price target to 1,570 (1,600) pence - 'buy'
- Citigroup raises Next price target to 13,900 (12,300) pence - 'neutral'
- Bernstein raises InterContinental Hotels target to 9,670 (8,970) pence - 'market perform'
- UBS raises IAG price target to 370 (350) pence - 'sell'
- RBC cuts Aviva price target to 760 (800) pence - 'outperform'
- FTSE 250
- Deutsche Bank Research cuts Bodycote target to 835 (860) pence - 'buy'
- Citigroup cuts Softcat price target to 1,900 (1,960) pence - 'buy'
- JPMorgan cuts Ocado price target to 290 (356) pence - 'overweight'
- Barclays cuts Ocado price target to 160 (200) pence - 'underweight'
- Berenberg raises Ceres Power price target to 530 (300) pence - 'buy'
- Jefferies raises Great Portland price target to 342 (332) pence - 'hold'
- JPMorgan cuts Renewables Infrastructure Group to 'neutral' (overweight)
- JPMorgan cuts HICL Infrastructure to 'neutral' (overweight)
- SMALL CAP
- RBC raises Polar Capital Holdings price target to 650 (640) pence - 'outperform'
- Berenberg raises Volex price target to 470 (430) pence - 'buy'
- Barclays cuts Crest Nicholson price target to 210 (218) pence - 'equal weight'
- Berenberg cuts Crest Nicholson price target to 180 (195) pence - 'hold'
- Berenberg cuts Kenmare Resources price target to 300 (330) pence - 'hold'
- Related Shares:
LONDON MARKET OPEN: Listless trade in Europe before Nvidia; pound down
- European Equities: Started Wednesday with subdued performance; FTSE 100 up 0.1%, FTSE 250 marginally higher, while CAC 40 and DAX 40 fell 0.2%.
- UK Inflation: Cooled to 3.6% in October (from 3.8% in September), the lowest since June, potentially strengthening the case for Bank of England rate cuts.
- Pound Sterling: Struggled, falling to USD1.3135, while the euro and yen strengthened against the dollar.
- Bank of England: Analysts predict a clearer path for a rate cut in December, with the next decision on December 18.
- Nvidia Earnings: Highly anticipated third-quarter results due later Wednesday, with shares down 10% in November despite a 23% rise over the past year.
- US Markets: Dow Jones, S&P 500, and Nasdaq Composite closed lower on Tuesday; focus on Fed policy and delayed September jobs report.
- Asian Markets: Mixed performance; Nikkei 225 down 0.3%, Shanghai Composite up 0.2%, Hang Seng down 0.4%, and S&P/ASX 200 down 0.3%.
- Commodities: Brent crude rose to USD64.35, gold climbed to USD4,081.11 per ounce.
- Corporate Highlights:
- Sage: Shares up 1.0%; reported strong FY performance, announced GBP300 million share buyback, and highlighted AI opportunities.
- WH Smith: Shares down 3.4% after CEO departure following Deloitte probe into North America operations.
- Ocado: Shares sank 6.9% (after 17% slump on Tuesday) due to Kroger partnership setbacks.
- Workspace: Shares slumped 8.3%; reported challenging market conditions and lower net rental income.
- Beauty Tech: Shares up 7.6%; trading ahead of expectations, raised revenue and EBITDA forecasts for 2025.
LONDON MARKET EARLY CALL: FTSE 100 called higher ahead of UK data
- London Stocks Outlook: FTSE 100 futures indicate a slight rebound, opening 12.2 points (0.1%) higher at 9,564.50, recovering from Tuesday's 1.3% decline.
- UK Inflation Expectations: Annual consumer price inflation for October is forecast to ease to 3.6% from September's 3.8%, potentially signaling peak price pressures.
- Bank of England (BoE) Outlook: Analysts predict a 25 basis point interest rate cut in December, with the next BoE decision on December 18.
- Currency Movements: Sterling rose to $1.3150, the euro climbed to $1.1589, and the USD weakened to ¥155.37 against the yen.
- Global Market Performance:
- US: Dow Jones (-1.1%), S&P 500 (-0.8%), Nasdaq (-1.2%) on Tuesday.
- Asia: Nikkei 225 (-0.1%), Shanghai Composite (+0.3%), Hang Seng (-0.4%), S&P/ASX 200 (-0.3%).
- Economic Calendar: Key events include UK inflation data (0700 GMT), eurozone CPI (1000 GMT), and Fed meeting minutes (evening).
- Corporate Earnings:
- UK: British Land (half-year results), Sage (full-year earnings).
- US: Nvidia's Q3 results expected to show strong revenue growth and margins, with reduced reliance on Chinese revenue.
- Commodities: Brent crude rose to $64.70/barrel, and gold climbed to $4,094.91/ounce.
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