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LONDON MARKET CLOSE: Traders weigh war deadlock; luxury woes hit Paris
- FTSE 100 fell by 0.5% to 10,559.58, FTSE 250 down 0.3% to 22,665.59, while AIM All-Share rose 0.7% to 796.02.
- Investors cautious amid hopes for US-Iran peace talks resumption, with slight nervousness over successful outcome.
- Brent oil traded lower at USD95.40 per barrel, down from USD96.28 the previous day.
- European equities mixed: CAC 40 down 0.6%, DAX 40 up 0.1%; luxury goods shares Kering and Hermes fell sharply.
- US markets mixed: Dow Jones down 0.3%, S&P 500 up 0.5%, Nasdaq up 1.0%.
- Pound firmed to USD1.3577, euro edged up to USD1.1805, dollar higher against yen at JPY158.97.
- Entain rose 4.9% ahead of Q1 trading statement; Barratt Redrow up 3.5% despite reiterating full-year guidance.
- Standard Life climbed 2.1% after acquiring Aegon Europe's UK insurance and pensions operations for GBP2.0 billion.
- Rank soared 18% on positive trading update; Saga up 5.5% after swinging to annual profit.
- Hunting fell 5.5% on lower Q1 EBITDA; gold traded down at USD4,802.65 per ounce.
- Thursday's calendar includes China economic data, eurozone CPI, UK GDP, US jobless claims, and corporate results from Tesco and Rentokil Initial.
LONDON MARKET MIDDAY: FTSE 100 outperforms in "uninspiring" trade
- European Stock Markets: Mixed performance with FTSE 100 up 0.1%, FTSE 250 down 0.2%, and AIM all-share up 0.8%. CAC 40 declined 0.6%, DAX 40 flat.
- US Markets: Dow Jones, S&P 500, and Nasdaq expected to open down 0.1%. Banking earnings season concludes with reports from Bank of America and Morgan Stanley.
- Commodities: Brent crude oil fell to $96.11, gold down to $4,802.56/ounce.
- Currencies: Sterling down against USD ($1.3556), flat against EUR (€1.1505). USD strengthened against EUR (€1.1781) and JPY (¥158.94).
- Middle East Truce Optimism: Potential US-Iran breakthrough excites markets, with Trump hinting at significant developments.
- Bank of England: Governor Andrew Bailey acknowledged the Iran conflict's supply shock but praised UK's resilient banking system.
- IMF Outlook: UK faces sharpest growth forecast cut among major economies, with inflation expected to reach 4% due to energy price spikes.
- Trade Tensions: Trump threatens to renege on UK trade agreement, criticizing Britain's lack of support in the Iran war.
- US Treasury Yields: 10-year yield narrowed to 4.25%, 30-year yield eased to 4.87%.
- Luxury Retail: Hermes (-9.2%) and Kering (-10%) slumped in Paris, dragging Burberry (-2.3%) in London.
- FTSE 100 Movers: Antofagasta (+2.2%) despite lower copper production; maintained annual guidance.
- FTSE 250 Movers: Hollywood Bowl (+5.0%) reported 9.5% revenue growth; Hunting (-5.2%) announced in-line Q1 performance.
- Made Tech Group: Added 4.1% after securing a £19 million deal with the UK Government Digital Service.
LONDON MARKET OPEN: FTSE 100 edges higher as Hermes, Kering hit Paris
- European Markets: Opened mixed; FTSE 100 up 0.2%, FTSE 250 up 0.2%, AIM all-share up 0.7%; CAC 40 down 0.6%, DAX 40 flat.
- Global Markets: Nikkei 225 up 0.4%, Shanghai Composite flat, Hang Seng up 0.5%, S&P/ASX 200 up 0.1%; Wall Street ended higher with Dow up 0.7%, S&P 500 up 1.2%, Nasdaq up 2.0%.
- Currencies: Sterling largely unchanged at USD1.3562; Euro down to USD1.1787; Yen down to JPY158.89.
- Commodities: Brent crude down to USD95.04; Gold up to USD4,812.01; 10-year US Treasury yield narrowed to 4.25%.
- Luxury Stocks: Hermes down 12%, Kering down 8.8%, LVMH down 2.1%, Burberry down 3.3% due to Middle East conflict impact.
- Corporate News: ASML up 0.2% on raised outlook; Antofagasta up 2.6% on peace optimism; Barratt Redrow up 1.6% on solid Q3; Standard Life up 1.2% on Aegon UK acquisition; Saga up 10% on annual profit swing; Robert Walters up 2.3% on in-line Q1 performance.
- Geopolitical Developments: US-Iran ceasefire holding; talks in Pakistan made significant progress; Trump believes Iran war nearing end.
LONDON BROKER RATINGS: UBS cuts Imperial Brands; Peel Hunt ups Entain
- Deutsche Bank Research raises Anglo American price target to 3,800 (3,600) pence - 'buy'
- Oddo BHF raises Anglo American to 'outperform' - price target 4,250 (2,750) pence
- Deutsche Bank Research raises Rio Tinto price target to 6,900 (6,200) pence - 'hold'
- Oddo BHF raises Rio Tinto price target to 9,050 (8,200) pence - 'outperform'
- Deutsche Bank Research raises Glencore price target to 610 (550) pence - 'buy'
- Deutsche Bank Research raises Antofagasta price target to 3,100 (2,900) pence - 'sell'
- Oddo BHF starts Antofagasta with 'neutral'
- Goldman Sachs cuts Imperial Brands price target to 3,550 (3,600) pence - 'buy'
- Citigroup cuts Imperial Brands price target to 3,550 (3,650) pence - 'buy'
- UBS cuts Imperial Brands to 'neutral' - price target 3,150 pence
- Goldman Sachs cuts Diageo price target to 1,800 (2,000) pence - 'neutral'
- Deutsche Bank Research cuts Entain price target to 1,028 (1,055) pence - 'buy'
- Peel Hunt raises Entain to 'buy' (add) - price target 750 (850) pence
- Citigroup cuts AB Foods price target to 1,600 (1,710) pence - 'sell'
- Citigroup raises Vodafone price target to 115 (100) pence - 'neutral'
- Goldman Sachs raises Airtel Africa price target to 341 (302) pence - 'neutral'
- Barclays cuts Hiscox price target to 1,730 (1,750) pence - 'overweight'
- Citigroup cuts PageGroup price target to 300 (440) pence - 'buy'
- Barclays cuts Lancashire price target to 570 (590) pence - 'equal weight'
- RBC cuts Chesnara price target to 360 (370) pence - 'outperform'
- JPMorgan cuts easyJet price target to 350 (400) pence - 'underweight'
- JPMorgan cuts Wizz Air price target to 1,100 (1,200) pence - 'neutral'
- Jefferies cuts Quilter price target to 220 (250) pence - 'buy'
- Deutsche Bank Research raises Oxford Instruments price target to 2,900 (2,675) pence - 'buy'
- Jefferies raises Oxford Instruments price target to 2,590 (2,370) pence - 'hold'
- Oddo BHF raises BHP Group price target to 3,100 (2,600) pence - 'neutral'
- Deutsche Bank Research raises BHP Group price target to 2,600 (2,400) pence - 'hold'
- Deutsche Bank Research raises Uniphar to 'buy' - price target 5 EUR
- Barclays raises Bank of Ireland to 'overweight' - price target 19.50 (15.40) EUR
- Barclays raises Permanent TSB to 'equal weight' - price target 2.97 (2) EUR
- Barclays raises AIB price target to 10.50 (8.30) EUR - 'equal weight'
- Barclays raises Conduit Holdings price target to 350 (340) pence - 'underweight'
LONDON MARKET EARLY CALL: Europe to fall, peace optimism lifts Asia
- Middle East optimism boosted Asian equities, but European markets are expected to open slightly lower after a strong Tuesday.
- Corporate reports in focus include Hermes International, ASML International, Barratt Redrow, Antofagasta, and Robert Walters.
- FTSE 100 futures indicate a slight dip of 0.9 points to 10,608.16; CAC 40 and DAX 40 expected down 0.3% and 0.2%, respectively.
- US-Iran peace deal hopes continue to drive market sentiment, with ceasefire holding and talks progressing.
- Wall Street closed higher on Tuesday; Dow up 0.7%, S&P 500 up 1.2%, Nasdaq up 2.0%.
- Asian markets rose: Nikkei 225 +0.9%, Shanghai Composite +0.2%, Hang Seng +0.5%, S&P/ASX 200 +0.1%.
- Sterling stable against USD at 1.3569; euro down slightly to 1.1792 USD; USD up against yen to 158.93.
- US Treasury yields narrowed: 10-year to 4.25%, 30-year to 4.86%.
- Bank of England Governor Andrew Bailey acknowledged Middle East war's supply shock but remained cautious on interest rates.
- IMF forecasts UK inflation to reach 4%, double the BoE target, due to energy price spikes.
- Brent crude fell to $95.59/barrel; gold rose to $4,817.11/ounce.
- Eurozone industrial production data and Federal Reserve's Beige Book due Wednesday.
- ASML raises 2026 sales forecast to EUR36-40 billion from EUR34-39 billion.
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