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LONDON MARKET CLOSE: FTSE 100 slips ahead of latest Trump war deadline
- European stocks declined on Tuesday as investors remained cautious ahead of the Iran war deadline.
- FTSE 100 closed down 0.8% at 10,348.79, FTSE 250 down 0.4% at 21,556.45, while AIM All-Share rose 0.5% to 738.43.
- US President Donald Trump issued a stern warning to Iran, threatening severe consequences if the Strait of Hormuz is not opened.
- Iranian officials reported damage to infrastructure from US-Israeli airstrikes, including bridges, railways, and highways.
- The White House denied suggestions of a US nuclear strike against Iran following comments by Vice President JD Vance.
- Brent oil prices rose to USD110.24 per barrel, reflecting ongoing tensions in the region.
- European indices CAC 40 and DAX 40 closed down 0.7% and 1.1%, respectively; US markets also declined.
- Senior rose 0.5% after accepting a GBP1.28 billion takeover offer from a private equity consortium.
- Ninety One slumped 11% following a downgrade by Bank of America to 'neutral'.
- Volex rose 0.7% after launching a GBP40 million share buyback and confirming plans to move to the London Main Market.
- Gold prices dipped to USD4,645.77 per ounce, down from USD4,663.40 on Thursday.
- Key economic events on Wednesday include UK construction PMI, eurozone retail sales, and FOMC meeting minutes.
LONDON MARKET MIDDAY: Europe higher before US peace deadline
- European stocks gained on Tuesday post-Easter break, despite geopolitical tensions, with the FTSE 100 up 0.1% and FTSE 250 up 0.7%.
- CAC 40 in Paris rose 0.8%, and Frankfurt's DAX 40 added 0.4%.
- US Treasury yields widened, with the 10-year yield at 4.34% and the 30-year at 4.90%.
- Gold remained flat at USD4,663.37/ounce, while Brent oil surged to USD110.14/barrel.
- Markets awaited Trump's Iran deadline, with potential binary outcomes: escalation or de-escalation.
- Oil majors Shell (+0.6%) and BP (+1.2%) supported the FTSE 100, while aerospace firms like Rolls-Royce (-2.5%) struggled.
- Sterling strengthened against USD (USD1.3247) and EUR (EUR1.1466).
- Focus on Friday's US CPI release, expected to rise 1% in March due to Iran conflict impact.
- US nonfarm payrolls increased by 178,000 in March, beating forecasts.
- Volex rose 2.4% after launching a GBP40 million share buyback and planning a move to the London Main Market.
- Ninety One slumped 9.3% after Bank of America downgrade, while Haydale advanced 6.4% on a new partnership with Wave Utilities.
LONDON BROKER RATINGS: Antofagasta raised; Ninety One cut
- Peel Hunt raises Antofagasta to 'reduce' (sell) - price target 3,155 (3,285) pence
- UBS cuts Whitbread price target to 3,575 (3,605) pence - 'buy'
- Goldman Sachs cuts Convatec price target to 310 (360) pence - 'buy'
- Keefe, Bruyette & Woods starts IG Group with 'market perform' - price target 1,480 pence
- JPMorgan raises Rolls-Royce price target to 1,500 (1,320) pence - 'overweight'
- Jefferies cuts Berkeley Group price target to 4,598 (5,093) pence - 'buy'
- Jefferies cuts IMI price target to 3,085 (3,185) pence - 'buy'
- Citigroup raises Shell price target to 3,550 (2,950) pence - 'neutral'
- Citigroup raises BP price target to 680 (540) pence - 'buy'
- JPMorgan raises Mondi price target to 990 (900) pence - 'neutral'
- Bank of America cuts Ninety One to 'neutral' (buy) - price target 260 (280) pence
- Keefe, Bruyette & Woods starts Plus500 with 'market perform' - price target 4,110 pence
- Keefe, Bruyette & Woods starts AJ Bell with 'outperform' - price target 550 pence
- RBC cuts Pets At Home price target to 170 (195) pence - 'underperform'
- Jefferies cuts Johnson Matthey price target to 2,170 (2,420) pence - 'buy'
- Barclays raises Mulberry price target to 100 (86) pence - 'equal weight'
- Jefferies raises TT Electronics price target to 110 (95) pence - 'hold'
LONDON MARKET OPEN: FTSE 100 makes slow start ahead of Trump deadline
- European stock markets opened mixed on Tuesday, with oil price surge in focus due to US-Iran tensions.
- FTSE 100 opened slightly up at 10,440.29, FTSE 250 and AIM all-share also gained.
- CAC 40 in Paris rose 0.4%, while Frankfurt's DAX 40 shed 0.1%.
- US markets (Dow, S&P 500, Nasdaq) closed higher on Monday.
- US Treasury yields widened, with 10-year at 4.35% and 30-year at 4.91%.
- Gold prices fell to USD4,652.17 per ounce.
- Brent oil surged to USD111.24 per barrel, WTI at USD114.82, driven by supply concerns.
- BP shares rose 1.1%, Endeavour Mining fell 1.2%.
- US President Trump threatened military action against Iran if peace deal deadline not met.
- Sterling flat against USD, up slightly against EUR.
- US labor market added 178,000 jobs in March, beating expectations.
- US service sector growth slowed in March, price pressures increased.
- Asian markets mixed: Nikkei flat, Shanghai Composite up 0.3%, Hang Seng down 0.7%, S&P/ASX 200 up 1.7%.
- Ninety One shares slumped 6.3% after Bank of America downgrade.
- MedPal AI shares surged 16% on record March performance.
LONDON MARKET EARLY CALL: FTSE 100 to fall as peace deadline looms
- London stocks set to open lower after Easter break, with FTSE 100 futures down 0.2%.
- Oil prices surged as US President Trump threatened to strike Iran if peace deal deadline is not met.
- US markets rose on Monday: Dow and S&P 500 up 0.4%, Nasdaq up 0.5%.
- US Treasury yields widened: 10-year to 4.35%, 30-year to 4.91%.
- Sterling slightly down against USD, up against EUR; EUR weakened against USD and JPY.
- Asian markets mixed: Nikkei flat, Shanghai Composite up 0.1%, Hang Seng down 0.7%, S&P/ASX 200 up 1.5%.
- Trump threatened to destroy Iran's bridges and power plants if Strait of Hormuz not reopened by deadline.
- Gold fell to USD4,632.69/ounce; Brent crude surged to USD111.43/barrel.
- UK to host meeting of allied military officers to discuss securing Strait of Hormuz, pledges no offensive action against Iran.
- US jobs report showed stronger-than-expected growth in March, with 178,000 jobs added.
- Tuesday's calendar includes UK composite PMI, US durable goods orders, and consumer inflation expectations report.
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