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LONDON MARKET CLOSE: FTSE 100 soars as Middle East peace hopes grow
- European stocks rallied on optimism about a near-term end to Middle East hostilities.
- FTSE 100 closed up 1.9%, FTSE 250 up 2.3%, and AIM All-Share up 3.1%.
- US President Trump indicated Iran sought a ceasefire but demanded the Strait of Hormuz be cleared first.
- Iranian President Pezeshkian expressed willingness to end the war with guarantees against future conflict.
- Israeli PM Netanyahu vowed to continue military operations against Iran.
- Brent oil prices fell to USD101.83 per barrel amid easing tensions.
- European indices (CAC 40, DAX 40) and US markets (Dow, S&P 500, Nasdaq) also rose.
- Bank of England warned of economic risks from the Middle East conflict, including inflation and growth headwinds.
- UK PM Starmer acknowledged economic challenges but led diplomatic efforts to reopen the Strait of Hormuz.
- Pound and euro strengthened against the dollar; US Treasury yields narrowed.
- Banks and airlines gained on the FTSE 100, while housebuilder Berkeley Group plunged 9.7% due to halted land buying.
- Rightmove fell 1.4% amid a proposed class action claim over excessive fees.
- Gold prices rose to USD4,781.92 per ounce.
LONDON MARKET MIDDAY: Gold and defence stocks rise despite peace hopes
- Stock Market Performance:
- FTSE 100 up 1.8% at 10,360.58.
- FTSE 250 up 1.7% at 21,564.79.
- AIM all-share up 2.6% at 735.98.
- Cboe UK 100 up 1.7% at 1,031.62.
- Cboe UK 250 up 1.6% at 18,669.47.
- Cboe small companies up 0.6% at 17,119.86.
- Sector Performance:
- Defence and gold stocks led FTSE 100 gains (Babcock +6.0%, Rolls-Royce +5.1%).
- Gold up to USD4,728.11/ounce.
- Brent oil down to USD103.28/barrel.
- Berkeley Group down 15% due to Iran war impact on UK housing market.
- Political and Economic Developments:
- Keir Starmer reassured UK is "well-placed" to handle Iran conflict.
- Yvette Cooper to host meeting on reopening Strait of Hormuz.
- US President Donald Trump to give Iran update at 2100 EDT.
- US-Israeli strikes hit Iranian steel complexes.
- German growth forecasts cut due to Middle East war-induced inflation.
- Economic Indicators:
- UK manufacturing PMI at 51.0 in March, down from 51.7 in February.
- Eurozone manufacturing PMI rose to 51.6 in March.
- Eurozone unemployment rate increased to 6.2% in February.
- Pound higher at USD1.3313; euro at USD1.1598.
- Upcoming Events:
- US ADP employment data, retail sales, and manufacturing PMI expected.
LONDON BROKER RATINGS: Wells Fargo 'overweight' on Rolls-Royce
- JPMorgan cuts Berkeley price target to 4,200 (5,000) pence - 'overweight'
- RBC raises Berkeley to 'sector perform' (underperform) - price target 3,900 pence
- RBC cuts Persimmon price target to 1,350 (1,750) pence - 'outperform'
- RBC raises Barratt Redrow to 'outperform' (sector perform) - price target 350 (425) pence
- Wells Fargo starts Rolls-Royce with 'overweight' - price target 1,350 pence
- Citigroup raises Babcock International to 'buy' (neutral) - price target 1,554 pence
- UBS cuts Kingfisher price target to 295 (315) pence - 'neutral'
- Deutsche Bank Research cuts Burberry price target to 1,480 (1,550) pence - 'buy'
- JPMorgan raises National Grid price target to 1,450 (1,250) pence - 'overweight'
- Deutsche Bank Research cuts National Grid price target to 1,370 (1,430) pence - 'buy'
- JPMorgan raises SSE price target to 2,925 (2,580) pence - 'overweight'
- Goldman Sachs cuts Sage price target to 1,100 (1,250) pence - 'neutral'
- UBS cuts 3i price target to 3,600 (4,000) pence - 'buy'
- JPMorgan cuts IMI price target to 3,100 (3,330) pence - 'overweight'
- Berenberg raises Hilton Food price target to 790 (740) pence - 'buy'
- Citigroup cuts Grainger price target to 253 (298) pence - 'buy'
- RBC cuts Vistry price target to 180 (385) pence - 'underperform'
- RBC cuts Taylor Wimpey price target to 120 (155) pence - 'outperform'
- RBC cuts Bellway price target to 2,050 (3,150) pence - 'sector perform'
- Jefferies cuts Harworth price target to 190 (213) pence - 'buy'
- Berenberg cuts Derwent London price target to 2,210 (2,296) pence - 'buy'
- RBC raises Trustpilot price target to 305 (290) pence - 'outperform'
- Shore Capital starts DFS Furniture at 'buy' - price target 200p
- Berenberg cuts Future to 'hold' (buy) - price target 330 (970) pence
- Barclays cuts Future to 'equal weight' (overweight) - price target 285 (640) pence
- Deutsche Bank Research starts International Paper with 'hold' - price target 38 USD
- RBC cuts Crest Nicholson price target to 155 (215) pence - 'outperform'
- RBC cuts MJ Gleeson price target to 275 (375) pence - 'underperform'
- Peel Hunt lowers CLS to 'reduce' from 'hold', price target 45 (60) pence
LONDON MARKET OPEN: Travel stocks up, oil down on peace hopes
- London stock prices opened higher on Wednesday, driven by optimism over the Middle East conflict and manufacturing PMI releases.
- Rachel Reeves stated the UK government is "preparing for all eventualities" due to the Iran war's economic impact, but no immediate Treasury support for motorists.
- FTSE 100 rose 1.7%, FTSE 250 by 2.2%, and AIM all-share by 2.3%.
- US President Donald Trump hinted at an end to the conflict and reopening of the Strait of Hormuz, sparking market optimism.
- Iran acknowledged direct contact with the US but denied negotiations, with Foreign Minister Abbas Araghchi stating no grounds for talks.
- Gold prices increased to USD4,713.69 per ounce; gold miners and defense firms led FTSE 100 gains.
- Brent oil prices fell to USD100.90 per barrel; BP and Shell shares declined.
- Berkeley Group dropped 18% after pausing new land acquisitions under its 'Berkeley 2035' strategy.
- Topps Tiles shares fell 8.0% due to a 0.1% revenue decline in the first half.
- European equities rose, with CAC 40 up 1.9% and DAX 40 up 2.7%.
- Asian markets also gained, with Nikkei 225 up 5.2% and Hang Seng up 2.3%.
- US markets ended higher on Tuesday, with Dow Jones up 2.5%, S&P 500 up 2.9%, and Nasdaq up 3.8%.
- UK manufacturing PMI and eurozone unemployment data expected later on Wednesday.
LONDON MARKET EARLY CALL: FTSE 100 to rise, Asia surges on peace hope
- London stocks expected to open higher on Wednesday following optimistic comments from US President Donald Trump on the Iran war.
- Trump stated the US is "obliterating" Iran and aims to prevent them from obtaining nuclear weapons, with plans to leave the Strait of Hormuz soon.
- Israel struck Iran's capital ahead of Trump's planned address to the American public on the month-long war.
- Brent oil traded at USD103.73 a barrel early Wednesday, down from USD112.46 late Tuesday.
- FTSE 100 futures indicate a 1.1% rise, up 108.6 points, following a 1.6% gain on Tuesday.
- Sterling strengthened to USD1.3262 early Wednesday, while weakening against the euro to EUR1.1459.
- UK Prime Minister Keir Starmer to address cost of living concerns, particularly rising energy bills due to the Middle East conflict.
- Chancellor Rachel Reeves hinted at income-based support but avoided committing to immediate aid for drivers.
- US markets closed higher on Tuesday, with the Dow up 2.5%, S&P 500 up 2.9%, and Nasdaq up 3.8%.
- Asian markets surged on Wednesday, with Nikkei up 5.0%, Shanghai Composite up 1.3%, Hang Seng up 2.3%, and S&P/ASX 200 up 2.2%.
- Gold rose to USD4,696.79 an ounce early Wednesday from USD4,541.34 on Tuesday.
- Corporate updates expected from Renew and Topps Tiles, with manufacturing PMI releases from the eurozone, France, Germany, and the UK.
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