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AI Daily 5 entries
LONDON MARKET CLOSE: FTSE 100 ekes out small gain as New York prospers
LONDON MARKET MIDDAY: FTSE 100 flat; "takeover juggernaut" lifts 250s
- London stock prices saw a slight uptick on Friday, with the FTSE 100 showing minimal movement, as trading lacked conviction due to end-of-month calm and the absence of direction from New York markets, which were closed for a shortened trading day.
- The FTSE 100 index gained 3.66 points, while the FTSE 250 and AIM All-Share posted more noticeable gains of 0.2% each.
- Cboe UK indices also rose, with the Cboe UK 100 and Cboe UK 250 increasing by 0.1% and 0.3%, respectively, while the Cboe Small Companies index edged up 0.1%.
- Stocks in New York are expected to open higher, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all predicted to gain between 0.3% and 0.4%.
- The pound strengthened against the US dollar early Friday afternoon, while the euro also rose.
- Odds of a 50-basis-point rate cut by the European Central Bank decreased following consumer price inflation data, with the final decision expected on December 12.
- In London, M&A activity took center stage, with Spire Healthcare shares surging 7.7% on reports of a potential acquisition by India's Narayana Health.
- TI Fluid shares climbed 1.8% after accepting a £1.04 billion offer from Canadian automotive components maker ABC Technologies.
- Defence firm BAE Systems experienced a 4.2% decline after Bank of America downgraded the stock to 'underperform', while retail was in focus on Black Friday, with Berenberg initiating coverage of Next and Marks & Spencer.
- Berenberg also started coverage of athleisure retailer JD Sports and DIY retail chain operator Kingfisher, with 'buy' and 'hold' ratings, respectively.
- Peel Hunt reported half-year earnings growth despite uncertainties in the UK and US, but saw its shares fall 1.2%.
- European markets showed gains, with the CAC 40 in Paris rising 0.4% and the DAX 40 in Frankfurt adding 0.2%.
- Rabobank highlighted the focus on events in France, where a budget impasse persists, while XTB analyst Kathleen Brooks noted worries spilling over into the bond market, with French 10-year yields trading at higher levels than Spanish and Portuguese counterparts.
- Brent oil prices dipped to USD72.14 a barrel, while gold prices climbed to USD2,661.23 an ounce.
LONDON BROKER RATINGS: Berenberg starts M&S at 'hold', Next at 'buy'
- FTSE 100
- Bank of America raises IMI to 'Buy' with a price target of 2,000 pence (previously 1,875 pence)
- Bank of America raises Weir Group's price target to 2,590 pence (from 2,440 pence) and maintains a 'Buy' rating
- Bank of America lowers Spirax's price target to 8,000 pence (from 9,800 pence) but keeps a 'Buy' rating
- Bank of America downgrades BAE Systems to 'Underperform' with a price target of 1,240 pence (previously 1,375 pence)
- JPMorgan cuts Mondi's price target to 1,272 pence (from 1,570 pence) and maintains a 'Neutral' rating
- HSBC raises London Stock Exchange's price target to 10,600 pence (from 10,000 pence) and keeps a 'Hold' rating
- UBS raises London Stock Exchange's price target to 11,500 pence (from 10,100 pence) and maintains a 'Neutral' rating
- Jefferies upgrades Anglo American to 'Buy' from 'Hold' and increases the price target to 2,850 pence (from 2,500 pence)
- Berenberg initiates coverage on Next with a 'Buy' rating and a price target of 12,600 pence
- Berenberg starts coverage on Marks & Spencer with a 'Hold' rating and a price target of 410 pence
- Berenberg initiates coverage on Kingfisher with a 'Hold' rating and a price target of 273 pence
- Berenberg reinitiates coverage on JD Sports Fashion with a 'Buy' rating and a price target of 135 pence
- JPMorgan removes Compass from its 'Analyst Focus List'
- JPMorgan raises Compass's price target to 3,050 pence (from 2,800 pence) and maintains an 'Overweight' rating
- JPMorgan increases InterContinental Hotels' price target to 7,800 pence (from 6,600 pence) but keeps an 'Underweight' rating
- JPMorgan raises Whitbread's price target to 4,400 pence (from 4,100 pence) and maintains an 'Overweight' rating
- JPMorgan lowers Entain's price target to 940 pence (from 960 pence) and keeps a 'Neutral' rating
- FTSE 250
- UBS raises Trustpilot's price target to 340 pence (from 270 pence) and maintains a 'Buy' rating
- Bank of America raises Spectris' price target to 3,150 pence (from 3,100 pence) and keeps a 'Buy' rating
- Bank of America lowers RS Group's price target to 750 pence (from 800 pence) and maintains a 'Neutral' rating
- Bank of America downgrades Qinetiq to 'Underperform' with a price target of 405 pence (previously 470 pence)
- Berenberg lowers Cranswick's price target to 5,400 pence (from 5,674 pence) but keeps a 'Buy' rating
- Berenberg initiates coverage on Premier Foods with a 'Buy' rating and a price target of 240 pence
- Berenberg starts coverage on Hilton Food with a 'Buy' rating and a price target of 1,090 pence
- Berenberg begins coverage on AG Barr with a 'Buy' rating and a price target of 800 pence
- Berenberg lowers Dunelm's price target to 1,430 pence (from 1,470 pence) but keeps a 'Buy' rating
- Berenberg raises Moonpig's price target to 330 pence (from 280 pence) and maintains a 'Buy' rating
- Berenberg lowers Pets at Home's price target to 290 pence (from 330 pence) and keeps a 'Hold' rating
- RBC raises St James's Place's price target to 850 pence (from 725 pence) and maintains a 'Sector Perform' rating
- RBC increases Quilter's price target to 160 pence (from 155 pence) and keeps an 'Outperform' rating
- RBC lowers Rathbones' price target to 1,800 pence (from 1,950 pence) and maintains a 'Sector Perform' rating
- Barclays cuts Aston Martin's price target to 175 pence (from 200 pence) but keeps an 'Overweight' rating
- RBC raises Auction Technology's price target to 540 pence (from 520 pence) and maintains a 'Sector Perform' rating
- Berenberg lowers Johnson Matthey's price target to 1,500 pence (from 1,650 pence) and keeps a 'Hold' rating
- SMALL CAP, AIM AND OTHER MAIN MARKET
- JPMorgan initiates coverage on Smurfit WestRock with an 'Overweight' rating and a price target of 5,500 pence
- JPMorgan raises Just Eat Takeaway's price target to 1,602 pence (from 1,415 pence) and maintains an 'Overweight' rating
- Berenberg raises DFS Furniture's price target to 185 pence (from 120 pence) but keeps a 'Hold' rating
- Berenberg starts coverage on Fevertree Drinks with a 'Hold' rating and a price target of 700 pence
- Berenberg initiates coverage on Nichols with a 'Buy' rating and a price target of 1,630 pence
- Berenberg begins coverage on Victorian Plumbing with a 'Buy' rating and a price target of 140 pence
- RBC lowers Brooks Macdonald's price target to 1,900 pence (from 2,150 pence) and maintains a 'Sector Perform' rating
LONDON MARKET EARLY CALL: FTSE 100 called higher before eurozone data
- London stocks are expected to open slightly higher on Friday, with the FTSE 100 index predicted to rise by 0.1%.
- However, European peers are set for a marginal decline, with the CAC 40 and DAX 40 called down 0.1% and marginally lower, respectively.
- Focus remains on France and upcoming eurozone inflation data, with the European Central Bank likely to cut interest rates in December according to Governing Council member Francois Villeroy de Galhau.
- Economists are closely watching the central bank's next move as the European economy shows signs of weakness despite inflation concerns.
- Markets in New York are closed for a holiday, while Asian markets were mixed, with the Shanghai Composite and Hang Seng Index up, and the Nikkei 225 and S&P/ASX 200 down slightly.
- Currency-wise, the pound and euro are up against the US dollar, while the dollar is down against the yen.
- Brent oil remains unchanged, while gold prices have risen.
- On the UK corporate calendar, broker Peel Hunt is set to release half-year results.
LONDON MARKET OPEN: Tepid trade ahead of eurozone inflation data
- London stock prices opened higher on Friday, with the FTSE 250 and AIM All-Share posting gains, while the FTSE 100 clung to a monthly increase.
- The CAC 40 and DAX 40 saw minor losses, as markets await eurozone inflation data, which could influence the European Central Bank's decision on interest rate cuts.
- M&A activity boosted shares of Spire Healthcare and TI Fluid, with the latter accepting a GBP1.04 billion offer from ABC Technologies.
- Peel Hunt reported a half-year profit but noted recent trading challenges due to UK budget and US election uncertainty.
- Miner Anglo American and engineering firm IMI rose after positive analyst recommendations, while 888 and Evoke, owner of William Hill, also climbed.
- The pound strengthened against the US dollar, while the euro and yen also made gains.
- Asian markets were mixed, with the Shanghai Composite and Hang Seng Index posting gains, while the Nikkei 225 and S&P/ASX 200 saw minor losses.
- Brent oil prices dipped, while gold climbed.
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