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LONDON MARKET CLOSE: Stocks climb and pound firms as bond yields ease
- London stocks rallied on Wednesday, with the FTSE 100 and 250 both closing up 0.7%.
- The rise came amid a calmer day on bond markets and positive UK services sector data.
- Chancellor Rachel Reeves set the date for her autumn budget, acknowledging the need for a "tight grip" on spending.
- Bank of England Governor Andrew Bailey played down concerns about the 30-year bond rate and government borrowing costs.
- The pound strengthened against the dollar, while the euro firmed against the dollar and yen.
- The UK services sector grew at its fastest rate since April 2024, according to S&P Global data.
- In New York, markets were mixed after Tuesday's falls, with the Dow down 0.4% and the Nasdaq up 0.8%.
- Alphabet and Apple rose after a favourable US antitrust ruling.
- On London's FTSE 100, Ashtead rose 0.8% after raising cash flow guidance.
- On the FTSE 250, Hilton Food plunged 17% due to raw material inflation and softer UK demand.
- Fresnillo and Endeavour Mining rose, reflecting gains in the gold price, which climbed to USD3,565.82 an ounce.
- Oil prices fell after reports that OPEC+ may increase production.
- Thursday's calendar includes a trading statement from Currys and US ADP private payrolls data.
LONDON MARKET MIDDAY: Stocks advance despite bond market jitters
- London stock prices showed gains at midday on Wednesday, with the FTSE 100, FTSE 250, and AIM All-Share indices all posting increases.
- European equities also saw gains, with Paris's CAC 40 and Frankfurt's DAX 40 up 1.0% and 0.9%, respectively.
- Global bonds remained under pressure, with investors concerned about government bond yields and geopolitical tensions involving China, Russia, and North Korea.
- The pound strengthened against the dollar, while the euro and yen weakened.
- Stocks in New York were expected to open higher, with gains predicted for the S&P 500 and Nasdaq Composite indices.
- Alphabet shares jumped in pre-market trading after a judge rejected the US government's demand for a forced divestiture of Google's Chrome browser.
- Babcock International rose 2.9% following reports of a potential agreement to build warships for Denmark and Sweden.
- M&G fell 1.0% despite reporting increased profits in the first half of the year.
- Watches of Switzerland led the FTSE 250 index with a 7.2% jump, while Hilton Food Group sank 16% due to raw material inflation and softer UK demand.
- On the AIM market, Jangada Mines rose 30% as exploration work began at its Paranaita gold project.
- Oil prices fell, while gold continued to climb, reaching a new record high.
LONDON BROKER RATINGS: Morgan Stanley lifts BP; Investec cuts Domino's
- The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:
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- FTSE 100
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- Goldman Sachs cuts Severn Trent price target to 2,596 (2,612) pence - 'sell'
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- Goldman Sachs raises SSE price target to 2,306 (2,267) pence - 'buy'
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- Goldman Sachs raises National Grid price target to 1,244 (1,185) pence - 'buy'
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- Goldman Sachs cuts United Utilities price target to 1,241 (1,248) pence - 'neutral'
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- Jefferies raises United Utilities price target to 1,190 (1,110) pence - 'hold'
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- Morgan Stanley raises BP to 'equal-weight' - price target 400 pence
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- Goldman Sachs raises Centrica price target to 199 (184) pence - 'buy'
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- Goldman Sachs cuts Pearson price target to 1,490 (1,515) pence - 'buy'
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- Goldman Sachs cuts Unite price target to 1,050 (1,110) pence - 'buy'
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- JPMorgan cuts JD Sports Fashion price target to 90 (92) pence - 'neutral'
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- FTSE 250
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- Barclays raises Burberry price target to 1,360 (1,250) pence - 'equal weight'
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- Deutsche Bank Research raises Watches Of Switzerland to 'buy' - price target 450 pence
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- Jefferies cuts Watches of Switzerland price target to 440 (490) pence - 'buy'
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- Jefferies cuts Pennon Group price target to 570 (600) pence - 'buy'
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- Goldman Sachs cuts Pennon Group price target to 555 (565) pence - 'neutral'
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- Investec cuts Domino's Pizza to 'hold' (buy) - price target 220 (360) pence
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- Barclays raises Oxford Nanopore Technologies price target to 185 (160) pence - 'overweight'
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- SMALL CAP
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- Morgan Stanley raises Kingspan to 'overweight' (underweight) - price target 83 (76) EUR
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- Jefferies raises Oxford BioMedica price target to 687 (566) pence - 'buy'
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- Berenberg cuts Ricardo to 'hold' (buy) - price target 430 (440) pence
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- Berenberg raises On The Beach price target to 340 (300) pence - 'buy'
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- RBC raises Johnson Service to 160 (155) pence - 'sector perform'
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- RBC raises Ecora Resources price target to 140 (130) pence - 'outperform'
LONDON MARKET OPEN: London stocks mixed as bond sell-offs accelerate
- London stocks were mixed at the open on Wednesday, with the FTSE 100 index showing a slight gain while the FTSE 250 and other indices opened lower.
- Bond sell-offs accelerated, with yields on US, Japanese, and European bonds rising amid concerns over political uncertainty and public finances.
- Safe-haven metals like gold continued to climb, reaching a new record high.
- European equities were mixed, with the CAC 40 and DAX 40 posting small gains while Asian markets mostly ended the day in negative territory.
- Swissquote analyst Ipek Ozkardeskaya attributed the negative market sentiment to concerns over sovereign debt, political hurdles, and elevated inflation pressures.
- Hilton Food's shares tumbled 15% after the company reported a decline in pretax profit, while Watches of Switzerland gained 6.6% on positive trading updates.
- Jangada Mines' shares jumped 39% after the company commenced exploration work at its Paranaita gold project in Brazil.
- The pound and euro were lower against the US dollar, while the dollar strengthened against the yen.
- Brent oil prices dipped slightly, while gold continued to climb, reaching a new record high.
- Investors awaited upcoming economic data releases, including composite PMI readings and US factory goods orders.
LONDON MARKET EARLY CALL: Stocks broadly flat ahead of composite PMI
- London's FTSE 100 is expected to open marginally higher, with a predicted gain of 2.6 points at the open, following a decline on Tuesday.
- Sterling and the euro are slightly weaker against the US dollar in early trading, while the yen has strengthened.
- Warnings from industry leaders suggest the UK may need to import a significant portion of its oil and gas demand by the end of the decade without sustained investment in the sector.
- Thames Water lenders propose a £20.5 billion investment plan to improve the company's performance and address issues related to pollution and leaks.
- Brent oil prices tick higher, while gold continues its impressive rally, reaching a new record high in Asia, driven by expectations of monetary easing and safe-haven demand.
- US stocks closed lower on Tuesday, with the Dow, S&P 500, and Nasdaq all losing ground.
- Asian markets are mostly lower on Wednesday, with the Nikkei, Shanghai Composite, Hang Seng, and S&P/ASX 200 indices all posting losses.
- China and Russia strengthen bilateral relations with 20 new deals, including a gas pipeline through Mongolia.
- Economic calendar highlights for Wednesday include composite PMI readings, US factory goods orders, and the Federal Reserve's Beige Book.
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