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LONDON MARKET CLOSE: Stocks slide, oil spikes, as peace talks falter
- FTSE 100 closed lower by 0.7% at 10,338.95 amid Iran suspending peace talks with the US.
- FTSE 250 and AIM All-Share also declined, while Cboe Small Companies Index rose slightly.
- Iran suspended talks with US mediators in protest against Israel's Lebanon offensive.
- Brent crude prices rose to USD97.22 per barrel, up from USD91.62 on Friday.
- European markets (CAC 40, DAX 40) closed lower, while US markets (Dow, S&P 500, Nasdaq) were mixed.
- UK manufacturing activity expanded at its fastest pace in four years in May, per S&P Global.
- Pound weakened against USD but firmed against EUR; US Treasury yields widened.
- FTSE 100: BP and Shell shares rose on oil price gains; Sage Group and Entain were top risers.
- FTSE 250: Bluefield Solar Income Fund jumped 16% on Drax's GBP548 million cash offer.
- Applied Nutrition climbed 12% on raised guidance and US acquisition.
- easyJet rose 10% on potential takeover interest from Castlelake.
- ME Group International plunged 27% on cautious full-year outlook due to softer trading.
- Tuesday's calendar includes eurozone inflation, UK money supply data, and corporate updates from British American Tobacco and Pennon.
LONDON MARKET MIDDAY: Shares down as US-Iran deal fails to materialise
- London stock prices slightly lower at midday due to US-Iran tensions, despite positive UK manufacturing data and mid-cap gains.
- FTSE 100 down 0.2%, FTSE 250 marginally lower, and AIM all-share marginally higher.
- European equities mixed: CAC 40 up 0.2%, DAX 40 up 0.4%.
- US conducted "self-defense" strikes in Iran, targeting radar and command-and-control sites; Iran retaliated against a US air base.
- Brent oil up to USD93.97 per barrel.
- UK manufacturing PMI rose to 53.9 in May, highest since 2022, despite cost pressures and supply chain issues.
- Sterling down against USD, up against EUR; euro and USD weaker against yen.
- Oil majors Shell and BP up 1.2% and 0.8% respectively, despite tax loophole discussions.
- BP started gas production in Azerbaijan's Caspian Sea field.
- FTSE 100 led by Entain (+3.6%); defense and aerospace stocks declined.
- FTSE 250 saw Bluefield Solar Income Fund surge 16% and easyJet jump 10%.
- ME Group International plunged 27%, Pan African Resources fell 11%.
- GSTechnologies up 29% after Singapore court ruling; Wise shares down 10% due to regulatory scrutiny.
- Eurozone manufacturing PMI slowed but beat expectations; unemployment rate unchanged at 6.3%.
- US stocks called higher; investors await US manufacturing PMI data.
LONDON BROKER RATINGS: Goldman raises price targets on property firms
- Goldman Sachs raises Segro to 'buy' (neutral) - price target 900 (800) pence
- Goldman Sachs raises Tritax Big Box price target to 190 (180) pence - 'buy'
- Barclays raises Tritax Big Box price target to 170 (165) pence - 'overweight'
- Goldman Sachs raises LondonMetric Property target to 210 (190) pence - 'neutral'
- Goldman Sachs raises Land Securities price target to 790 (730) pence - 'buy'
- Goldman Sachs raises British Land price target to 510 (500) pence - 'buy'
- Goldman Sachs raises Halma price target to 5060 (4290) pence - 'buy'
- Citigroup cuts Burberry price target to 1,560 (1,590) pence - 'buy'
- DZ Bank raises Rio Tinto to 'buy' (hold) - fair value 9,000 (7,500) pence
- RBC cuts National Grid price target to 1,375 (1,400) pence - 'sector perform'
- RBC raises Severn Trent price target to 3,450 (3,400) pence - 'sector perform'
- Deutsche Bank Research raises Man Group price target to 295 (280) pence - 'buy'
- Goldman Sachs raises Unite Group price target to 630 (560) pence - 'buy'
- Goldman Sachs raises Supermarket Income REIT target to 91 (88) pence - 'neutral'
- Goldman Sachs raises Hammerson price target to 351 (338) pence - 'neutral'
- Goldman Sachs raises Great Portland price target to 370 (340) pence - 'neutral'
- Goldman Sachs raises Derwent London price target to 2,370 (2,340) pence - 'buy'
- Goldman Sachs raises Big Yellow price target to 830 (800) pence - 'sell'
- RBC raises Pets At Home price target to 175 (170) pence - 'underperform'
- RBC cuts Hollywood Bowl price target to 415 (420) pence - 'outperform'
- Deutsche Bank Research raises Polar Capital Holdings target to 1,250 (1,050) pence - 'buy'
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