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LONDON MARKET CLOSE: FTSE 100 down as US manufacturing growth slows
- London Stock Market:
- Stock prices closed mostly lower on Monday due to cautious market sentiment and uncertainty in the UK manufacturing sector.
- S&P Global UK manufacturing PMI rose to a 14-month high of 50.2, but growth remains weak, with falling factory-gate prices indicating competitive pressures.
- FTSE 100 closed down 0.2% at 9,702.53, FTSE 250 down 0.7% at 22,020.68, and AIM All-Share up 0.1% at 754.79.
- Harbour Energy rose 1.7% after announcing plans to cut 100 offshore North Sea jobs, citing lower commodity prices and an uncompetitive tax regime.
- Eco Animal Health climbed 5.9% on AIM after reporting a pretax profit of GBP1.1 million and a 19% revenue increase.
- UK Politics:
- Rachel Reeves defended her budget, expressing confidence in remaining chancellor despite accusations of misleading voters.
- Reeves highlighted achievements in cutting NHS waiting lists, cost of living, and debt, while addressing OBR forecasts and welfare reforms.
- US Market:
- Stocks in New York were lower, with the Dow Jones down 0.5%, S&P 500 down 0.4%, and Nasdaq down 0.5%.
- US manufacturing PMI recorded 52.2 in November, slightly down from October but above the flash estimate, with improved production and employment.
- European Equities:
- CAC 40 in Paris closed down 0.3%, DAX 40 in Frankfurt down 1.0%.
- Ukraine's President Zelensky met with Macron in Paris to reinforce European support, amid concerns over Washington's peace plan and internal corruption scandals.
- Global News:
- WHO highlighted the potential of GLP-1 agonists like Ozempic and Mounjaro in treating obesity, but called for more long-term safety data.
- Novo Nordisk and Eli Lilly shares fell 0.8% and 0.6%, respectively.
- Commodities and Currencies:
- Pound lower at USD1.3227, euro higher at USD1.1625, and dollar lower against the yen at JPY155.28.
- Brent oil down to USD63.03 per barrel, gold up to USD4,236.80 per ounce, and silver surged past USD57 per ounce for the first time.
- Corporate Highlights:
- Fresnillo ended 7.1% higher on FTSE 100, Hochschild Mining rose 3.7% on FTSE 250 due to silver price surge.
- UK government withheld USD1.15 billion loan to TotalEnergies for a Mozambique gas project due to security concerns.
- Upcoming Events:
- Bank of England to release financial stability report on Tuesday.
- Earnings reports expected from Victrex, On the Beach, discoverIE, and Severfield.
LONDON MARKET MIDDAY: Defence drag hits sentiment; PMIs in focus
- London Stock Market:
- FTSE 100 down 0.1% at 9,713.56.
- FTSE 250 down 0.8% at 21,979.06.
- AIM All-Share marginally lower at 754.13.
- Defence shares led losses: BAE Systems (-2.7%), Rolls-Royce (-2.6%), Babcock (-2.2%).
- Global Markets:
- Cboe UK 100 up 0.2% at 972.52.
- European equities lower: CAC 40 (-0.7%), DAX 40 (-1.3%).
- US stocks expected to open lower: Dow (-0.4%), S&P 500 (-0.6%), Nasdaq (-0.8%).
- Geopolitical Developments:
- US President Donald Trump optimistic about Ukraine peace deal after talks.
- Special Envoy Steve Witkoff to meet Russian President Vladimir Putin in Moscow on Tuesday.
- Economic Data:
- UK manufacturing PMI rose to 14-month high of 50.2 in November, indicating expansion.
- German manufacturing PMI dropped to 9-month low of 48.2, signaling contraction.
- Eurozone manufacturing PMI fell to 49.6, worst since June.
- Corporate News:
- Unilever rose 1.3% after selling Graze snack brand to Katjes International for ~GBP35 million.
- Airbus shares slid 8.7% due to production flaw affecting A320 aircraft.
- easyJet and Wizz Air reported no flight disruptions after Airbus fleet updates.
- Defence Holdings dropped 16% amid broader defence sector selloff.
- Currency & Commodities:
- Pound lower at USD1.3232.
- Euro slightly up at USD1.1627.
- Brent oil down to USD63.11 per barrel.
- Gold higher at USD4,254.70 per ounce.
- Upcoming:
- Manufacturing PMI releases for Canada and the US later on Monday.
LONDON BROKER RATINGS: JPMorgan cuts easyJet; Barclays raises Reckitt
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- 1st Dec 2025 09:49
- The following London-listed shares received analyst recommendations Monday morning and on Friday:
- FTSE 100
- Deutsche Bank Research cuts Whitbread price target to 3,375 (3,750) pence - 'buy'
- Barclays cuts Whitbread price target to 2,625 (3,250) pence - 'equal weight'
- Goldman Sachs raises Rio Tinto price target to 7,200 (7,100) pence - 'buy'
- RBC cuts Rio Tinto price target to 4,900 (5,000) pence - 'sector perform'
- JPMorgan cuts easyJet to 'underweight' (neutral) - price target 400 (500) pence
- JPMorgan raises IAG price target to 6.0 (5.50) EUR - 'overweight'
- RBC raises Compass Group to 'outperform' - price target 2,775 (2,700) pence
- RBC cuts Bunzl price target to 2,200 (2,350) pence - 'sector perform'
- RBC cuts Intertek price target to 4,750 (5,000) pence - 'sector perform'
- Barclays raises Diploma price target to 6,400 (5,400) pence - 'overweight'
- Barclays raises Reckitt to 'overweight' - price target 7,000 pence
- Deutsche Bank Research raises Halma price target to 3,700 (3,690) pence - 'hold'
- FTSE 250
- Deutsche Bank Research raises Avon Tech target to 2,000 (1,640) pence - 'hold'
- Deutsche Bank Research raises discoverIE to 'buy' (hold) - price target 850 (735) pence
- Deutsche Bank Research raises Jupiter Fund price target to 160 (150) pence - 'hold'
- Deutsche Bank Research cuts PageGroup price target to 400 (450) pence - 'buy'
- RBC cuts PageGroup price target to 345 (370) pence - 'outperform'
- Goldman Sachs cuts Unite Group price target to 930 (1,020) pence - 'buy'
- RBC raises Serco Group price target to 280 (260) pence - 'outperform'
- RBC cuts Johnson Service Group target to 150 (160) pence - 'sector perform'
- RBC cuts Hays price target to 75 (95) pence - 'outperform'
- JPMorgan raises WH Smith price target to 800 (750) pence - 'overweight'
- JPMorgan cuts SSP Group price target to 170 (190) pence - 'neutral'
- JPMorgan raises Wizz Air price target to 1,200 (1,050) pence - 'neutral'
- SMALL CAP
- Berenberg raises Wilmington Group price target to 485 (460) pence - 'buy'
- Deutsche Bank Research raises Wilmington Group target to 465 (435) pence - 'buy'
- Deutsche Bank Research cuts Robert Walters price target to 250 (280) pence - 'buy'
- RBC cuts Asos price target to 275 (300) pence - 'sector perform'
- RBC raises Halfords Group price target to 165 (160) pence - 'sector perform'
- JPMorgan raises Ryanair price target to 33.50 (30.50) EUR - 'overweight'
- JPMorgan cuts Jet2 to 'neutral' (overweight) - price target 1,450 (1,850) pence
- Related Shares:
LONDON MARKET OPEN: Stocks slip as defence hit by Ukraine peace hopes
- Market Open: London stock prices opened slightly lower on Monday, with the FTSE 100 down 0.1% at 9,711.44 and the FTSE 250 down 0.7% at 22,009.19.
- Defence Stocks Under Pressure: Defence shares declined after US President Donald Trump expressed optimism about a potential Ukraine peace deal. Babcock and BAE Systems fell 2.0% in London, while Rheinmetall, Safran, and Thales dropped in Frankfurt and Paris.
- Geopolitical Developments: Trump confirmed talks between Ukraine and the US, with Special Envoy Steve Witkoff scheduled to meet Russian President Vladimir Putin in Moscow next week.
- UK Politics: Chancellor Rachel Reeves faced scrutiny over her pre-budget speech, accused of misleading the public regarding fiscal rules and tax pledges.
- Currency Movements: Sterling traded lower at USD1.3208, the euro at USD1.1593, and the dollar weakened against the yen (JPY155.47).
- Corporate News:
- Melrose Industries fell 2.5% after CFO Matthew Gregory announced his departure in 2026.
- Fresnillo topped FTSE 100 risers, up 3.1%.
- Shell rose 0.2% after forming Adura, a joint venture with Equinor, becoming the UK's largest North Sea producer.
- HICL Infrastructure jumped 3.8% after withdrawing from a planned combination with Renewables Infrastructure Group.
- Versarien surged 54% after appointing administrators and suspending shares due to creditor risks.
- Hardide rose 36% on strong full-year performance expectations.
- Global Markets:
- Asian markets mixed: Nikkei 225 down 1.9%, Shanghai Composite and Hang Seng up 0.7%.
- US markets closed higher on Friday: Dow Jones +0.6%, S&P 500 +0.5%, Nasdaq +0.7%.
- Oil (Brent) rose to USD63.64/barrel, gold to USD4,245.10/ounce.
- Economic Calendar: Upcoming releases include UK, Canada, and US manufacturing PMIs, plus UK mortgage approvals.
LONDON MARKET EARLY CALL: FTSE 100 seen down as Reeves faces pressure
- London Stocks: Set to open lower on Monday, with FTSE 100 futures indicating a 0.1% decline to 9,731.40, amid political scrutiny of Chancellor Rachel Reeves and mixed Asian market performance.
- Currency Movements: Sterling dipped to USD1.3215, euro stable at USD1.1595, and dollar weakened to JPY155.56 against the yen.
- Political Controversy: UK Financial Conduct Authority urged to investigate Chancellor Rachel Reeves for alleged public misinformation about a GBP20 billion financing gap, with Opposition leaders claiming "market manipulation."
- UK Government: Prime Minister Keir Starmer to back Reeves in a speech, also announcing planning reforms for nuclear fuel projects.
- US Markets: Wall Street closed higher on Friday, with Dow up 0.6%, S&P 500 up 0.5%, and Nasdaq up 0.7%, despite thin trading due to Thanksgiving.
- Federal Reserve: US President Donald Trump announced a decision on the next Fed chair, expected to favor rate cuts, with Kevin Hassett as a likely nominee.
- Global Tensions: Trump confirmed talks with Venezuelan leader Nicolas Maduro amid rising tensions and accusations of US military preparations.
- Asian Markets: Shanghai Composite up 0.5%, Hang Seng up 0.7%, but Nikkei 225 down 1.9% as Japan's manufacturing activity remains in contraction.
- China Economy: Manufacturing PMI at 49.2 (below consensus), non-manufacturing PMI contracted to 49.5, and S&P Global PMI slipped to 49.9, indicating ongoing economic softness.
- Australia Manufacturing: PMI recovered to 51.6 in November, driven by increased new orders and staffing.
- Commodities: Gold rose to USD4,232.30/ounce, Brent oil up to USD63.56/barrel.
- Corporate Calendar: Half-year results from Eco Animal Health Group, One Health Group, Peel Hunt, Solid State, and full-year results from Tharisa.
- Economic Calendar: Manufacturing PMIs due from Spain, France, Germany, eurozone, Switzerland, UK, Canada, and US on Monday.
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