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LONDON MARKET CLOSE: Stocks dip amid BoE hold and Iran escalation fear
- London's FTSE 100 closed down 0.6% on Thursday, with the FTSE 250 and AIM All-Share also ending lower, as concerns over the Middle East and interest rate decisions weighed on markets.
- The Bank of England left interest rates unchanged at 4.25%, as expected, but the vote split was slightly more dovish than forecast, with three members voting for a rate cut.
- The London Stock Exchange celebrated the 30th anniversary of the AIM market, highlighting its success in helping over 4,000 companies raise capital.
- Oil prices rose due to ongoing tensions in the Middle East, boosting oil majors BP and Shell, but weighing on airlines IAG and easyJet.
- US markets were closed for Juneteenth National Independence Day, while on Wednesday, the Federal Reserve also left interest rates unchanged.
- Fed Chair Jerome Powell noted that the Fed expects a "meaningful" amount of inflation and projected two more rate cuts in 2025.
- On the FTSE 100, mining stocks fell on concerns over the Middle East conflict, while Whitbread declined after reporting a drop in sales.
- On the FTSE 250, Hays plunged 10% after warning of lower annual profits, with recruitment firms PageGroup and Robert Walters also falling.
- The pound was lower against the US dollar and euro, while gold prices also dipped.
- Friday's economic calendar includes retail sales and inflation data from Canada, Japan, and the UK, along with the Philadelphia Fed manufacturing index.
LONDON MARKET MIDDAY: Stocks red, Bank of England votes for rate hold
- London stocks were mostly down at midday on Thursday, after the Bank of England maintained its key interest rate at 4.25%, with three Monetary Policy Committee members voting for a 25 basis point cut.
- The FTSE 100, FTSE 250, and AIM All-Share indices were in negative territory, while the Cboe Small Companies index was up 0.6%.
- Whitbread lost 1.0% on the FTSE 100, reporting a decline in total UK sales and revenue per available room.
- Syncona led the FTSE 250, up 4.0%, while NCC fell 12.0% after reporting a revenue decline, particularly in its Cyber Security division.
- Quantum Blockchain soared 60% on AIM, announcing potential deals with unnamed firms and chip manufacturers for its Bitcoin mining technology.
- The head of London's AIM market called on the government to reinstate financial incentives for investors to halt an exodus of companies from the City.
- Smarter Web jumped 16% on AQSE after purchasing additional Bitcoin worth GBP8.1 million as part of its treasury policy.
- European equities were also lower, with the CAC 40 and DAX 40 down, while Norway's central bank surprised markets with a rate cut.
- Construction output in the eurozone returned to growth in April, with Spain leading the way.
- Oil prices rose, with Brent crude quoted higher at USD77.16 a barrel, while gold was lower at USD3,376.42 an ounce.
LONDON BROKER RATINGS: Kepler says 'hold' Bunzl, 'buy' Diploma
- 19th Jun 2025 09:30
- The following London-listed shares received analyst recommendations Thursday morning and on Wednesday:
- FTSE 100
- Kepler Cheuvreux starts Bunzl with 'hold' - price target 2,230 pence
- Kepler Cheuvreux starts Diploma with 'buy' - price target 5,350 pence
- UBS raises Aviva price target to 700 (670) pence - 'buy'
- UBS raises J Sainsbury price target to 306 (279) pence - 'buy'
- FTSE 250
- Bank of America initiates Rathbones with 'buy' - target 2,250 pence
- Berenberg raises Morgan Sindall price target to 5,000 (4,500) pence - 'buy'
- RBC cuts Breedon price target to 575 (625) pence - 'outperform'
- JPMorgan raises Johnson Matthey price target to 1,860 (1,600) pence - 'neutral'
- SMALL CAP
- Berenberg starts Stelrad with 'buy' - price target 200 pence
- Berenberg starts M&C Saatchi with 'buy' - price target 240 pence
- JPMorgan cuts Synthomer price target to 200 (245) pence - 'neutral'
LONDON MARKET OPEN: Stocks down in run-up to UK interest rate call
- London's stock prices opened mostly lower on Thursday, with the FTSE 100, FTSE 250, and AIM All-Share all posting losses.
- US markets were closed for Juneteenth, while the Bank of England's interest rate decision was in focus.
- The UN Security Council will meet on Friday to discuss the ongoing conflict between Israel and Iran.
- BP and Shell led gains on the FTSE 100, while Vodafone rose after appointing a new CFO.
- Syncona proposed a change in investment objective, aiming for an orderly realisation of assets.
- Kenmare Resources plunged 20% after terminating takeover offer discussions.
- Revolution Beauty dropped 16% as Frasers ruled out a bid.
- European equities were also lower, with the CAC 40 and DAX 40 down 0.7%.
- Asian markets mostly fell on Thursday, while US markets ended mixed on Wednesday.
- The Swiss National Bank lowered its interest rate to 0%.
- Economic events still to come include eurozone construction output and UK MPC meeting minutes.
LONDON MARKET EARLY CALL: Stocks edge up as eyes on Bank of England
- London stocks are expected to open slightly higher, with the FTSE 100 predicted to start Thursday 1.6 points higher.
- The Bank of England is expected to keep interest rates unchanged on Thursday, with potential cuts in August.
- The Federal Reserve also left rates unchanged, indicating higher inflation and lower economic growth expectations, but suggested two reductions later this year.
- Sterling weakened against the US dollar, trading at USD1.3403 early Thursday.
- UK consumer sentiment improved in June, but remains in negative territory, according to the BRC-Opinium consumer sentiment monitor.
- The UK Foreign Secretary, David Lammy, is set to meet with his US counterpart, Marco Rubio, to discuss the Middle East as potential American involvement in the conflict grows.
- Gold prices dipped, quoted at USD3,370.28 an ounce early Thursday.
- Brent oil traded higher at USD76.76 a barrel.
- Informa and Whitbread hold annual general meetings, while XPS Pensions releases full-year results.
- Economic calendar highlights include eurozone construction output and Switzerland's interest rate decision.
- US financial markets are closed for Juneteenth National Independence Day.
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