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LONDON MARKET CLOSE: Blue-chips start "pivotal" week on the front foot
- The FTSE 100 ended Monday with gains, while the FTSE 250 and AIM All-Share saw marginal losses.
- European markets were mixed, with the CAC 40 stagnant and the DAX 40 reaching a new high.
- Political uncertainty weighs on the French market, with negotiations over the 2025 budget intensifying.
- US markets were also mixed, with the S&P reaching a new record high and the Dow Jones seeing losses.
- The US manufacturing sector showed signs of improvement, with a rebound in optimism and job creation.
- However, separate data from the ISM indicated a decline in the manufacturing sector for the eighth consecutive month.
- The pound weakened after UK manufacturing data showed a sharper decline than expected.
- Housebuilders Vistry and Persimmon fell on the FTSE 100, while Barratt Redrow saw gains.
- Burberry and Johnson Matthey rose after upgrades from Deutsche Bank and JPMorgan, respectively.
- Tuesday's economic calendar includes the JOLTS job openings survey in the US.
LONDON MARKET MIDDAY: FTSE 100 up, record for DAX but CAC struggles
- London's FTSE 100 rose 0.2%, while the FTSE 250 and AIM All-Share saw marginal changes.
- The Cboe UK indices were mixed, with the Cboe UK 100 up 0.2%, the Cboe UK 250 down 0.1%, and the Cboe Small Companies up 0.4%.
- European markets were also mixed, with the CAC 40 down 0.3% due to French political uncertainty, while the DAX 40 rose 0.8% to a record high.
- The pound strengthened against the dollar and euro, while the dollar weakened against the yen.
- UK manufacturing saw a sharper-than-expected decline in November, with the S&P Global UK manufacturing PMI falling to a nine-month low.
- Eurozone manufacturing also struggled, with the Hamburg Commercial Bank manufacturing PMI indicating a continued recession.
- Chinese manufacturing activity accelerated, supporting gains in Anglo American, Rio Tinto, and Prudential in London.
- Oil prices remained below USD73 a barrel, with Brent crude edging up slightly; gold prices slipped.
- Vistry and Persimmon fell after RBC downgrades, while CMC Markets rose following a Jefferies upgrade.
- Condor Gold received a GBP67.5 million bid from Metals Exploration, sending its shares up 18%.
- US stocks are expected to open lower after Thanksgiving, with the Dow Jones, S&P 500, and Nasdaq Composite all called down 0.1%.
LONDON BROKER RATINGS: Deutsche Bank raises AB Foods and Burberry
- FTSE 100
- Deutsche Bank raises AB Foods rating to 'hold' (was 'sell') and increases price target to 2,290 pence (from 2,200)
- UBS increases British American Tobacco price target to 3,000 pence but maintains a 'neutral' rating
- Berenberg lowers GSK price target to 1,600 pence but keeps a 'buy' rating
- RBC increases Compass price target to 2,625 pence, with a 'sector perform' rating
- Goldman Sachs raises InterContinental Hotels price target to 11,100 pence and rates it a 'buy'
- RBC lowers Kingfisher price target to 275 pence, with a 'sector perform' rating
- RBC downgrades Vistry to 'underperform' from 'sector perform' and cuts price target to 500 pence
- RBC downgrades Persimmon to 'underperform' and lowers price target to 1,275 pence
- RBC upgrades Barratt Redrow to 'outperform' and sets a price target of 575 pence
- JPMorgan cuts Centrica price target to 185 pence but maintains an 'overweight' rating
- Berenberg lowers BP price target to 440 pence and rates it a 'hold'
- FTSE 250
- Deutsche Bank upgrades Burberry to 'buy' from 'hold' and raises price target to 1,180 pence
- RBC lowers Pets At Home price target to 225 pence and rates it an 'underperform'
- RBC upgrades Crest Nicholson to 'sector perform' from 'underperform' and increases price target to 210 pence
- JPMorgan upgrades Johnson Matthey to 'neutral' from 'underweight' with a price target of 1,600 pence
- UBS lowers Johnson Matthey price target to 1,475 pence but maintains a 'neutral' rating
- Barclays upgrades John Wood Group to 'equal weight' with a price target of 75 pence
- Barclays raises Metro Bank price target to 70 pence but keeps an 'underweight' rating
- Jefferies increases Just Group price target to 170 pence and rates it a 'buy'
- UBS raises Petershill Partners price target to 255 pence, with a 'neutral' rating
- Jefferies upgrades CMC Markets to 'hold' from 'underperform' and increases price target to 275 pence
- Deutsche Bank raises CMC Markets price target to 246 pence but maintains a 'sell' rating
- SMALL CAP AND AIM
- RBC downgrades MJ Gleeson to 'sector perform' from 'outperform' and sets a price target of 650 pence
- Peel Hunt downgrades Severfield to 'add' from 'buy' and lowers price target to 85 pence
- RBC lowers Halfords price target to 145 pence but maintains a 'sector perform' rating
- Investec upgrades Impax Asset Management to 'buy' from 'hold' and raises price target to 405 pence
- Deutsche Bank lowers Liontrust Asset Management target price to 480 pence and rates it a 'hold'
LONDON MARKET OPEN: London stocks flat; Stellantis goes into reverse
- London stock prices saw little movement after the opening bell on Monday, with the FTSE 100 and 250 indices showing minimal changes.
- European markets were mixed, with the CAC 40 in Paris down 0.9% and the DAX 40 in Frankfurt slipping 0.2%, while Asian shares rose after positive China data.
- The Cboe UK indices showed little change, with the UK 100 flat and small gains for the UK 250 and Small Companies indices.
- US markets had a positive abbreviated trading day on Friday, with the Dow, S&P 500, and Nasdaq all climbing.
- Asian equities were boosted by robust Chinese manufacturing data, with the Shanghai Composite and Hang Seng Index both up over 1%.
- PMI readings from the eurozone, UK, and US are expected later on Monday, with a focus on the US jobs market later in the week.
- ING analysts commented on the potential impact of US data and the threat of tariffs from the Trump administration on the Fed's interest rate decision.
- The pound and euro were down against the US dollar, while the dollar fell against the yen.
- President-elect Donald Trump threatened a 100% tariff on BRICS nations if they undermine the US dollar, referring to a potential new currency by the group.
- Political uncertainty in France and the resignation of Stellantis CEO Carlos Tavares are in focus in Europe, with shares of Stellantis down 7.2% early Monday.
- UK housebuilders Persimmon and Vistry were among the worst FTSE 100 performers, while K3 Business surged on plans to return proceeds from a disposal to shareholders.
- Metals Exploration is considering a takeover offer for Condor Gold, sending Condor's shares up 33%.
- Brent oil and gold prices were slightly down early Monday.
LONDON MARKET EARLY CALL: FTSE 100 to weaken but Asian stocks up
- London's FTSE 100 is expected to open slightly lower on Monday, despite positive trade in Asia following strong data from China.
- The index of London large-caps improved by 0.3% last week and closed up 0.1% on Friday.
- The pound remained relatively unchanged, while the euro and dollar both saw minor fluctuations.
- US markets saw gains on Friday, with the Dow, S&P 500, and Nasdaq all climbing.
- Asian equities rose after robust Chinese manufacturing data; the Shanghai Composite and Hang Seng Index were up 0.7% and 0.2%, respectively, while the Nikkei 225 and S&P/ASX 200 also saw gains.
- China's manufacturing activity accelerated in November, with the purchasing managers' index improving to 51.5.
- A slew of manufacturing PMI readings from the eurozone, the UK, and the US are expected on Monday.
- Focus later this week will be on the US jobs market, with a number of readings culminating in Friday's nonfarm payrolls.
- Brent oil and gold prices saw minor declines early Monday.
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