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LONDON MARKET CLOSE: Stocks eke out gains despite US inflation upturn
Here is the bullet-point summary of the text:
- London's FTSE 100 closed higher on Wednesday, outperforming European markets, while investors assessed US inflation and political concerns in France.
- The UK's Cboe indices also ended mostly higher, with the Cboe UK 100 and Cboe UK 250 posting gains.
- French and German stock markets fell due to worries about political instability in France, with far-right leader Marine Le Pen threatening to bring down the government.
- This caused French government bond yields to rise, and French banks to fall, with Societe Generale and BNP Paribas seeing losses.
- US markets were mixed, with the Dow Jones slightly up, while the S&P 500 and Nasdaq fell.
- US economic data showed a pickup in inflation and robust growth, with the core PCE index rising 2.8% year-on-year.
- The Federal Reserve minutes indicated a gradual easing of monetary policy, and the dollar gave up ground.
- On the FTSE 100, housebuilders and property stocks gained due to a drop in bond yields, with Vistry and British Land seeing gains.
- EasyJet's shares fell 1.0% despite reporting a 39% increase in pre-tax profit for the financial year.
- Aston Martin's shares fell 5.9% after a fund raise, and Pets At Home fell 16% due to a subdued market.
- Oil prices dipped, while gold climbed; US financial markets will be closed on Thursday for Thanksgiving.
LONDON MARKET MIDDAY: FTSE 100 flat but tariffs, French woe hit peers
- Stock prices in London saw a minor gain on Wednesday afternoon, while mainland Europe remained cautious due to concerns over potential Trump tariffs and French budget worries.
- The FTSE 100 and 250 indices rose slightly, while the AIM All-Share added 0.2%.
- European automakers and French banks struggled due to tariff rhetoric and budget concerns, respectively.
- UBS analysts commented on Trump's proposed punitive tariffs and their potential impact on trade and investor risk appetite.
- The pound, euro, and yen saw mixed performances against the US dollar.
- SPI Asset Management analyst Stephen Innes highlighted the importance of US inflation data and its potential impact on the Federal Reserve's rate decision in December.
- Just Eat Takeaway.com fell 1.3% after announcing plans to delist from the London Stock Exchange, following the sale of its US business.
- Pets At Home reported a 13% drop in mid-cap performance, grappling with a subdued market.
- Aston Martin Lagonda raised funds to support future growth and electrification strategy, with shares falling 5.1%.
- Motorpoint surged 13% after reporting a half-year profit and an improving market backdrop.
- Brent oil prices weakened, while gold climbed.
LONDON MARKET OPEN: FTSE 100 outperforms before US data dump
- London's stock prices outperformed other European markets on Wednesday, with travel shares providing a boost.
- The FTSE 100 and 250 rose, while the AIM All-Share declined.
- US stocks also performed well, with the Dow, S&P 500, and Nasdaq all posting gains.
- The pound and euro strengthened against the dollar, while the dollar weakened against the yen.
- US Federal Reserve officials expect a gradual shift in monetary policy as inflation eases and the labour market remains solid.
- Hamas indicated its willingness to reach a ceasefire in Gaza, praising the successful ceasefire in Lebanon.
- EasyJet's strong annual results lifted its share price, with positive sentiment also boosting International Consolidated Airlines Group.
- Auction Technology Group's shares jumped on robust annual results, with a significant increase in pre-tax profit.
- Pets At Home's shares fell as it reported subdued market conditions, while Motorpoint's shares raced higher despite a revenue decline, citing an improving market backdrop.
LONDON BROKER RATINGS: Jefferies cuts boohoo; Coca-Cola HBC raised
- Goldman Sachs cuts United Utilities price target to 1,101 pence, rating: neutral
- Barclays downgrades Segro to 'equal weight' with a price target of 800 pence
- JPMorgan upgrades Coca-Cola HBC to 'overweight', increasing price target to 3,250 pence
- Bank of America raises InterContinental Hotels price target to 11,100 pence, rating: buy
- JPMorgan cuts Diageo price target to 2,500 pence, maintains neutral rating
- JPMorgan adds Unilever to 'analyst focus list' and raises price target to 5,400 pence
- JPMorgan increases Haleon price target to 310 pence, rating: underweight
- JPMorgan cuts Reckitt price target to 5,500 pence, rating: neutral
- JPMorgan raises British American Tobacco price target to 2,800 pence, maintains neutral rating
- JPMorgan upgrades Imperial Brands price target to 2,900 pence, rating: overweight
- Goldman Sachs cuts Centrica price target to 176 pence, rating: buy
- UBS cuts Eurowag price target to 125 pence, maintains buy rating
- JPMorgan cuts Aston Martin and PZ Cussons price targets to 160 pence and 100 pence respectively, rating: neutral
- Jefferies raises Lancashire price target to 820 pence, rating: buy
- Exane BNP upgrades Direct Line to 'outperform' with a price target of 198 pence
- Jefferies downgrades boohoo to 'hold', reducing price target to 30 pence
- JPMorgan cuts Fevertree Drinks price target to 825 pence, rating: neutral
- JPMorgan downgrades Coca-Cola Europacific to 'neutral', price target: 78 pence
- JPMorgan raises Kerry price target to 115 EUR, rating: overweight
- Goldman Sachs cuts ITM Power price target to 40 pence, rating: sell
- Barclays cuts Synthomer price target to 366 pence, rating: equal weight
LONDON MARKET EARLY CALL: FTSE 100 to tread water before US data
- London stocks are expected to open flat on Wednesday, following losses on Tuesday due to US tariff threats.
- The FTSE 100 is indicated to open just 1.6 points higher, recovering slightly from a 0.4% decline in the previous session.
- Asian markets were mixed, with the Nikkei 225 down 0.8% while the Shanghai Composite and Hang Seng rose over 1%.
- The US markets ended Tuesday in positive territory, with the Dow, S&P 500, and Nasdaq all posting gains.
- The pound and euro are stronger against the dollar, while the dollar weakens against the yen.
- Brent oil prices softened, while gold prices climbed higher.
- Hamas has indicated its willingness to reach a ceasefire in Gaza, according to a senior official.
- Key economic data releases for the day include US GDP, durable goods orders, and personal consumption expenditure figures.
- UK corporate updates include half-year results from Pennon and Johnson Matthey, and full-year numbers from easyJet and Mitchells & Butlers.
- FTSE Russell index changes indicate potential relegation for B&M, Frasers, and Vistry from the FTSE 100, with Alliance Trust, Games Workshop, and St James's Place poised to join.
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