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LONDON MARKET CLOSE: FTSE 100 flatlines ahead of Iran-US peace talks
- FTSE 100 closed nearly unchanged on Friday, down 2.95 points at 10,600.53, ahead of US-Iran peace talks.
- FTSE 250 and AIM All-Share ended higher, up 0.7% and 1.1% respectively.
- Weekly gains: FTSE 100 up 2.3%, FTSE 250 up 3.1%, AIM All-Share up 5.3%.
- US Vice President JD Vance warned Iran against "playing" Washington but expressed hope for positive peace talks in Pakistan.
- Key sticking points in talks include Iran's control over Strait of Hormuz, US demands on uranium, and Iran's aim to prevent further attacks.
- Brent oil traded lower at USD96.14 per barrel, down from USD97.36 on Thursday.
- US inflation accelerated to 3.3% in March, driven by a 10.9% rise in energy prices, with gasoline up 21.2%.
- Core inflation rose 2.6% year-on-year, below consensus, easing concerns about entrenched inflation.
- Pound rose to USD1.3472, while euro strengthened against the dollar to USD1.1735.
- Convatec led FTSE 100 risers, up 4.5%, followed by Burberry (2.1%) and Antofagasta (3.0%).
- Oil majors BP and Shell fell 1.1% and 0.8% respectively, while defence stocks BAE Systems and Babcock International dropped 3.3% and 1.8%.
- AO World jumped 7.0% on profit forecast, while B&M European Value Retail fell 4.6% after CFO resignation.
- Gold traded lower at USD4,775.63 per ounce.
- Upcoming: US existing home sales figures and Wise trading statement on Monday.
LONDON MARKET MIDDAY: Stocks rise as investors wait for US-Iran talks
- FTSE 100 up 0.4% at 10,641.73, FTSE 250 up 1.0% at 22,425.42, AIM all-share up 0.9% at 775.95.
- Cboe UK indices also higher, with Cboe UK 100 up 0.7% and Cboe UK 250 up 1.2%.
- Fragile US-Iran ceasefire and upcoming talks causing market nervousness.
- Brent oil down to USD96.16 a barrel; BP and Shell shares lower.
- Airlines (IAG, easyJet, Wizz Air) saw gains, while defense stocks (Babcock, BAE Systems) declined.
- B&M European Value Retail down 3.4% after interim CFO Helen Cowing stepped down.
- Secure Trust Bank up 2.0%, Atome surged 32% on funding talks progress.
- European equities higher, with CAC 40 up 0.8% and DAX 40 up 0.4%.
- Pound higher against USD, lower against EUR; gold and US Treasury yields mixed.
- US stocks called lower; focus on US consumer inflation report and economic data.
LONDON BROKER RATINGS: Berenberg says 'buy' Elixirr International
- JPMorgan raises Antofagasta price target to 3,200 (3,100) pence - 'neutral'
- Citigroup raises AstraZeneca price target to 18,000 (17,000) pence - 'buy'
- Barclays raises Airtel Africa price target to 360 (350) pence - 'overweight'
- JPMorgan raises London Stock Exchange price target to 13,700 (13,600) pence - 'overweight'
- Goldman Sachs cuts HSBC price target to 1,650 (1,675) pence - 'buy'
- Barclays raises Jupiter Fund price target to 155 (145) pence - 'underweight'
- Barclays cuts Ashmore Group price target to 175 (180) pence - 'underweight'
- Berenberg starts Elixirr International with 'buy' - price target 1,060 pence
- Berenberg raises Devolver Digital price target to 28 (25) pence - 'buy'
- Berenberg cuts Impax Asset Management price target to 170 (300) pence - 'buy'
- Jefferies raises Glenveagh Properties price target to 2.41 (2.36) EUR - 'buy'
LONDON MARKET OPEN: Tentative gains in Europe as eyes on US-Iran talks
- European stock prices edged higher on Friday, with cautious optimism due to Middle East ceasefire hopes.
- Asian markets were optimistic, with Tokyo's Nikkei 225 up 1.8%, Shanghai Composite up 0.5%, and Hang Seng Index up 0.7%.
- Pakistan hosted US-Iran peace talks, though Tehran's participation was uncertain after Israeli strikes on Lebanon.
- Israel and Lebanon to hold talks in Washington next week, amid concerns over fragile US-Iran ceasefire.
- Brent crude oil rose slightly to USD97.62, while gold dipped to USD4,749.52 per ounce.
- Japan to release 20 days' worth of oil reserves from May to stabilize supply amid Middle East conflict.
- UK housebuilders Barratt Redrow and Persimmon rose 2.0% and 1.5%, respectively, after Thursday's decline.
- AO World surged 8.0%, expecting profit growth despite cost headwinds, with revenue growth at 11%.
- Unite Group rose 1.3%, planning asset disposals to fund share buybacks, targeting GBP300-400 million in 2026.
- Impax Asset Management slumped 26%, reporting net outflows of GBP2.01 billion despite market improvements.
- US consumer price inflation reading expected later Friday, with analysts predicting a rise in headline inflation.
- Wall Street ended higher on Thursday, with Dow Jones up 0.6%, S&P 500 up 0.6%, and Nasdaq Composite up 0.8%.
LONDON MARKET EARLY CALL: FTSE to edge up as eyes stay on Middle East
- FTSE 100 expected to open 21.9 points higher (0.2%) at 10,625.38 on Friday, amid Middle East tensions and US inflation focus.
- Pound weakened to USD1.3419 and EUR1.1479 early Friday.
- Brent crude oil fell to USD96.92 per barrel.
- Iran's new supreme leader, Mojtaba Khamenei, stated no desire for war with the US or Israel but vowed to protect national rights.
- US President Donald Trump warned Iran against charging fees for ships passing through the Strait of Hormuz.
- Japan to release 20 days' worth of oil reserves from national stockpiles starting early May.
- Asian markets: Nikkei 225 (+1.9%), Shanghai Composite (+0.7%), Hang Seng (+0.7%), S&P/ASX 200 (-0.2%).
- China's March CPI rose 1.0% YoY, PPI up 0.5% YoY.
- US markets closed higher Thursday: Dow (+0.6%), S&P 500 (+0.6%), Nasdaq (+0.8%).
- Gold traded at USD4,766.21/ounce early Friday; US CPI figures due at 1330 BST.
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