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LONDON MARKET CLOSE: Stocks retreat as oil surge raises inflation fear
- FTSE 100 Decline: The FTSE 100 fell 2.8% to 10,484.13, alongside European markets, due to fears of soaring energy prices reigniting inflation and hampering economic growth.
- European Market Impact: The CAC 40 and DAX 40 both closed down 3.5%, reflecting concerns over the inflationary impact of the war in Iran.
- Middle East Conflict: New strikes across the Middle East, including Israeli bombardment on Lebanon and a drone attack on the US embassy in Riyadh, escalated tensions.
- Oil Prices: Brent oil rose to USD83.06 per barrel, driven by conflict-related disruptions in the Strait of Hormuz and Iranian threats to global energy costs.
- Currency Movements: The pound and euro weakened against the dollar, trading at USD1.3305 and USD1.1585, respectively.
- Eurozone Inflation: Eurozone consumer price inflation unexpectedly accelerated to 1.9% in February, up from 1.7% in January.
- UK Economic Outlook: The Office for Budget Responsibility lowered UK growth forecast to 1.1% in 2026 but raised projections for 2027 and 2028 to 1.6%.
- FTSE Performers: Smith & Nephew led gainers with a 3.6% rise, while BP, Sage, and Babcock International also posted gains. IAG, easyJet, and Wizz Air fell sharply.
- Commodities: Gold, silver, and copper prices declined, with gold falling to USD5,114.94 per ounce. Miners like Fresnillo and Antofagasta saw significant losses.
- Corporate Highlights: Keller rose 10% on plans for a GBP100 million share buyback and higher earnings. Intertek and Persimmon were among the biggest fallers on the FTSE 100.
- Upcoming Events: Wednesday's calendar includes composite PMI readings, the Federal Reserve's Beige Book, and full-year results from Beazley, Vistry, and Weir Group.
LONDON MARKET MIDDAY: Stocks down as Middle East "drama" continues
- Date and Time: 3rd Mar 2026, 12:02
- Market Overview:
- London stock prices remained in decline due to Middle East war impacting natural gas prices and rising eurozone consumer inflation.
- FTSE 100 down 2.6% at 10,498.02, FTSE 250 down 2.7% at 22,785.99, and AIM all-share down 2.8% at 792.72.
- Cboe UK indices also saw declines: UK 100 down 2.5%, UK 250 down 2.6%, and small companies down 1.4%.
- Expert Commentary:
- AJ Bell's Dan Coatsworth noted UK stocks dropped despite Wall Street's initial calm response to the Iranian conflict.
- Chancellor Rachel Reeves' Spring Statement may be overshadowed by surging energy prices and calls for fuel duty adjustments.
- Top Performers:
- Smith & Nephew led FTSE 100 with a 3.3% rise, boosted by annual results and Barclays' price target increase.
- Hikma Pharmaceuticals gained 0.9% after reporting annual results.
- John Wood (small cap) rose 11% on news of its acquisition by Sidara, expected to finalize on March 10.
- Decliners:
- International Workplace (FTSE 250) down 6.1% despite a 3.3% dividend increase, due to a 26% drop in 2025 pretax profit.
- Centrica (British Gas owner) lost 1.7% amid surging European natural gas prices.
- European Markets:
- CAC 40 (Paris) down 2.2%, DAX 40 (Frankfurt) down 3.7%.
- Eurozone consumer inflation accelerated to 1.9% in February, above expectations but below ECB's 2% target.
- Currency and Commodities:
- Pound and euro weakened against the dollar; yen strengthened.
- Brent oil rose to USD84.35/barrel; European natural gas prices surged 30% due to halted LNG supplies from Qatar.
- Gold dipped to USD5,145.80/ounce.
- US Markets:
- Dow Jones, S&P 500, and Nasdaq futures indicated lower openings.
- US Treasury yields widened, with 10-year at 4.10% and 30-year at 4.72%.
- Upcoming: US Redbook index release later on Tuesday.
LONDON BROKER RATINGS: Berenberg and RBC cut Beazley
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- UBS raises HSBC price target to 1,404 (1,309) pence - 'neutral'
- Jefferies cuts London Stock Exchange price target to 11,000 (11,500) pence - 'buy'
- Morgan Stanley raises National Grid price target to 1,525 (1,400) pence - 'overweight'
- Goldman Sachs raises National Grid price target to 1,450 (1,254) pence - 'buy'
- Morgan Stanley cuts Centrica to 'equal-weight' - price target 215 pence
- Berenberg cuts Beazley to 'hold' (buy) - price target 1,310 (1,100) pence
- RBC cuts Beazley to 'sector perform' - price target 1,300 (1,100) pence
- Barclays cuts easyJet price target to 680 (700) pence - 'overweight'
- Barclays raises Smith & Nephew target to 1,305 (1,290) pence - 'equal weight'
- JPMorgan cuts Hikma Pharmaceuticals target to 2,000 (2,400) pence - 'overweight'
- UBS cuts Pearson price target to 1,300 (1,460) pence - 'buy'
- UBS cuts Tate & Lyle price target to 390 (400) pence - 'neutral'
- Berenberg raises Keller price target to 2,350 (2,100) pence - 'buy'
- RBC raises Keller price target to 2,050 (1,540) pence - 'sector perform'
- Berenberg raises Inchcape price target to 1,170 (1,120) pence - 'buy'
- Morgan Stanley cuts Drax to 'equal-weight' - price target 950 pence
- Barclays cuts Wizz Air price target to 1,400 (1,600) pence - 'overweight'
- UBS raises AJ Bell to 'buy' - price target 520 pence
- UBS raises IG to 'buy' - price target 1,600 pence
- Citigroup cuts Greatland Resources to 'neutral' (buy) - target 780 (816) pence
- Berenberg cuts Macfarlane to 'hold' (buy) - price target 82 (90) pence
- Morgan Stanley cuts Glanbia to 'equal-weight' - price target 18.20 EUR
LONDON MARKET OPEN: FTSE 100 stays down as conflict keeps airlines red
- London Stock Market: Opened in the red on Tuesday, with the FTSE 100 down 1.4%, FTSE 250 down 1.4%, and AIM all-share down 0.8%, influenced by UK grocery data and anticipation of the chancellor's spring statement.
- Chancellor's Statement: Rachel Reeves expected to highlight falling inflation and interest rate cuts as successes, despite recent Bank of England downgrades to 2026-2027 growth forecasts.
- UK Natural Gas Futures: Surged 26% to over 143 pence per therm, the highest since January 2023, due to Qatar's LNG output halt after an Iranian drone strike.
- Grocery Sales: UK take-home grocery sales rose 3.4% in February, with online sales up 9.7% year-on-year, reaching a 13% market share.
- Corporate Highlights:
- Smith & Nephew led FTSE 100, up 2.6%, after strong 2025 results.
- CyanConnode jumped 13% on a revised GBP37.5 million takeover bid from Esyasoft.
- Fresnillo down 3.1% despite doubling pretax profit in 2025, due to lower gold and silver production.
- Global Markets:
- European equities: CAC 40 down 2.0%, DAX 40 down 2.3%.
- Asian markets: Nikkei 225 down 3.1%, Shanghai Composite down 1.4%, Hang Seng down 1.1%.
- US markets: Dow Jones down 0.2%, S&P 500 flat, Nasdaq up 0.4%.
- Commodities:
- Brent oil rose to USD80.97 per barrel.
- Gold up to USD5,308.66 per ounce.
- Currency: Pound lower at USD1.3309, euro at USD1.1624, and dollar weaker against the yen at JPY157.52.
- Upcoming Data: Eurozone flash CPI and US Redbook index expected later on Tuesday.
LONDON MARKET EARLY CALL: Stocks stay red as Middle East war continues
- London Stocks: Set to open lower on Tuesday, with FTSE 100 futures indicating a 0.6% decline (down 62.0 points). The index closed 1.2% lower at 10,780.11 on Monday.
- Geopolitical Tensions: Elevated oil and gold prices due to ongoing Middle East conflict, with US-led strikes on Iran and retaliatory actions by Tehran.
- US-Germany Meeting: President Donald Trump hosts Friedrich Merz, focusing on Ukraine war and EU-US trade, but overshadowed by Iran conflict.
- Currency Movements: Sterling slightly higher at USD1.3362, euro lower at USD1.1665, and dollar weaker against the yen at JPY157.26.
- Global Markets:
- US: Dow down 0.2%, S&P 500 flat, Nasdaq up 0.4% on Monday.
- Asia: Nikkei down 3.3%, Shanghai Composite down 1.5%, Hang Seng down 0.8%, S&P/ASX 200 down 1.3% on Tuesday.
- Commodities: Gold at USD5,312.76/ounce (up from USD5,288.00), Brent oil at USD79.90/barrel (up from USD77.92), with oil infrastructure in the Gulf not targeted by Iran.
- Corporate Calendar: Full-year results expected from Intertek, Greggs, and XP Power.
- Economic Data: UK grocery market share data and eurozone flash CPI inflation data scheduled for Tuesday.
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