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LONDON MARKET CLOSE: FTSE 100 up as investors pin hopes on US rate cut
- FTSE 100 Performance: Closed higher by 0.2% at 9,710.87, despite weak UK construction data, driven by expectations of a US interest rate cut.
- Market Sentiment: Investors are optimistic about easier monetary policy, but caution remains due to upcoming inflation data and Fed decisions.
- UK Construction Sector: Activity fell sharply in November, marking the fastest decline in 5.5 years, with the PMI at 39.4, well below the growth threshold.
- European Equities: CAC 40 (+0.4%) and DAX 40 (+0.8%) gained, boosted by carmakers on news of potential US fuel economy standard rollbacks.
- US Markets: Slight declines in the Dow Jones, S&P 500, and Nasdaq (-0.1%), with focus on the Fed’s rate decision and core PCE inflation data.
- Currency Movements: Pound rose to $1.3353, euro dipped to $1.1658, and the dollar weakened against the yen to ¥154.75.
- Commodities: Brent oil rose to $63.45/barrel, while gold fell to $4,214.64/ounce.
- FTSE 100 Movers: Top gainers: 3i (+154p), Burberry (+35.5p), Spirax Group (+200p). Top fallers: Entain (-30.6p), Diageo (-68p), London Stock Exchange (-178p).
- Corporate Highlights: SSP (+11%) on improved trading and business review; Trustpilot (-32%) due to short-seller allegations; Baltic Classifieds (-14%) on margin concerns.
- Upcoming Data: US PCE, Michigan consumer sentiment, Canadian employment, and UK Halifax house price index on Friday.
LONDON MARKET MIDDAY: Stocks climb but construction activity sinks
- London Stock Market:
- FTSE 100 up 0.2% at 9,715.72.
- FTSE 250 up 0.2% at 22,042.79.
- AIM All-Share up 0.23 points at 749.40.
- Mining and energy sectors initially weak but FTSE 100 recovered by midday.
- European Equities:
- CAC 40 (Paris) up 0.4%.
- DAX 40 (Frankfurt) up 0.7%.
- UK Construction Activity:
- Fell at the fastest pace since May 2020 in November.
- S&P Global UK construction PMI dropped to 39.4 from 44.1 in October.
- Housing, commercial, and civil engineering sub-sectors saw sharp downturns.
- Currency Movements:
- Sterling up to USD1.3361.
- Euro higher at USD1.1680.
- Dollar lower against the yen at JPY154.51.
- US Markets:
- Dow Jones Industrial Average up 0.1%.
- S&P 500 slightly higher.
- Nasdaq Composite marginally lower.
- UK Energy Sector:
- Ofgem announced GBP28 billion funding for energy grid upgrades.
- SSE and National Grid welcomed the framework but will review details.
- SSE shares down 2.5% (ex-dividend), National Grid down 0.3%.
- Corporate News:
- Future shares up 6.2% despite lower sales and profit; announced GBP30 million share buyback and increased dividend.
- Trustpilot shares down 25% after negative report by Grizzly Research.
- Baltic Classifieds shares down 17% on lower revenue growth and margin compression warnings.
- GENinCode shares up 27% on collaboration with Thermo Fisher Scientific.
- Commodities:
- Gold down to USD4,197.50 per ounce.
- Brent oil lower at USD62.87 per barrel.
- Upcoming Data:
- US initial jobless claims data expected later on Thursday.
LONDON BROKER RATINGS: UBS cuts Diageo; Goldman Sachs cuts NatWest
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- 4th Dec 2025 09:28
- The following London-listed shares received analyst recommendations Thursday morning and on Wednesday:
-
FTSE 100
- UBS raises Informa price target to 1,075 (1,055) pence - 'buy'
- UBS cuts Diageo to 'neutral' (buy) - price target 1,850 (2,250) pence
- JPMorgan cuts Sage price target to 1,300 (1,500) pence - 'overweight'
- JPMorgan raises Halma price target to 3,900 (3,500) pence - 'neutral'
- JPMorgan raises IMI price target to 2,960 (2,850) pence - 'overweight'
- JPMorgan raises Smiths Group price target to 2,950 (2,820) pence - 'overweight'
- JPMorgan raises Spirax price target to 7,800 (7,500) pence - 'neutral'
- JPMorgan raises Weir price target to 3,450 (3,300) pence - 'overweight'
- JPMorgan raises Persimmon price target to 1,800 (1,520) pence - 'overweight'
- Goldman Sachs cuts NatWest to 'neutral' - price target 685 pence
- Goldman Sachs raises Lloyds Banking price target to 110 (105) pence - 'buy'
- Goldman Sachs raises Land Securities price target to 670 (620) pence - 'neutral'
- BofA raises BT price target to 212 (202) pence - 'neutral'
- BofA raises Vodafone price target to 98 (92) pence - 'neutral'
-
FTSE 250
- Barclays raises Bodycote to 'overweight' (equal-weight) - price target 765 (635) pence
- JPMorgan raises Bodycote price target to 670 (600) pence - 'neutral'
- RBC raises Paragon Group price target to 1,050 (975) pence - 'outperform'
- JPMorgan raises Softcat to 'overweight' (neutral) - price target 1,950 (1,750) pence
- JPMorgan raises Computacenter price target to 3,300 (3,000) pence - 'overweight'
- JPMorgan raises Genuit Group price target to 465 (455) pence - 'overweight'
- JPMorgan raises Oxford Instruments target to 2,600 (2,500) pence - 'overweight'
- JPMorgan raises Rotork price target to 420 (390) pence - 'overweight'
- JPMorgan raises Vesuvius price target to 390 (340) pence - 'neutral'
- JPMorgan raises Bellway price target to 3,820 (3,280) pence - 'overweight'
- JPMorgan raises Vistry price target to 640 (570) pence - 'neutral'
- JPMorgan cuts Taylor Wimpey price target to 120 (140) pence - 'neutral'
- RBC starts Mitie with 'outperform' - price target 195 pence
- Berenberg cuts B&M European Value Retail price target to 300 (450) pence - 'buy'
- Goldman Sachs cuts Great Portland Estates to 'neutral' (buy) - price target 340 (400) pence
- Goldman Sachs raises British Land price target to 470 (450) pence - 'buy'
- Goldman Sachs cuts Derwent London price target to 2,450 (2,460) pence - 'buy'
- Goldman Sachs raises Hammerson price target to 317 (261) pence - 'neutral'
- Deutsche Bank Research raises Zigup price target to 525 (500) pence - 'buy'
- Barclays raises Watches of Switzerland target to 595 (510) pence - 'overweight'
- Barclays cuts SSP price target to 220 (225) pence - 'overweight'
-
SMALL CAP
- JPMorgan cuts Crest Nicholson price target to 160 (190) pence - 'neutral'
- JPMorgan raises YouGov to 'overweight' - price target 385 pence
- Deutsche Bank Research raises Victorian Plumbing target to 80 (70) pence - 'hold'
- Related Shares:
LONDON MARKET OPEN: FTSE 100 slips despite European rally as SSE falls
- London Stock Market: Mixed performance on Thursday; FTSE 100 down 0.1% at 9,680.30, FTSE 250 up 0.1% at 22,013.35, AIM All-Share up 0.1% at 749.69.
- European Rally: FTSE 100 missed out due to weakness in SSE (-1.8%) and National Grid (-0.8%) after Ofgem approved a £28 billion investment in UK energy infrastructure.
- UK New Car Market: Fell 1.6% year-on-year in November to 151,154 units; battery electric vehicle (BEV) sales up 3.6% to 39,965, with market share at 26.4%.
- SMMT Warning: Weakest BEV growth in nearly two years ahead of new EV tax; calls for incentives instead of penalties to boost EV adoption.
- FTSE Index Changes: British Land promoted to FTSE 100, WPP relegated; GB Group, Pan African Resources, Princes Group, and Shawbrook join FTSE 250; European Opportunities Trust, Foresight Solar Fund, PayPoint, and Pinewood Technologies exit.
- Ofgem Decision: Approved £28 billion investment in energy infrastructure, but household bills to rise by £108 by 2031, including £48 for gas and £60 for electricity.
- Currency Movements: Sterling slightly up at $1.3343, euro higher at $1.1678, dollar lower against yen at ¥154.97.
- Global Markets: Nikkei 225 up 2.3%, Shanghai Composite down 0.1%, Hang Seng up 0.7%, S&P/ASX 200 up 0.3%; Wall Street higher on Wednesday with Dow up 0.9%, S&P 500 up 0.3%, Nasdaq up 0.2%.
- Commodities: Gold down to $4,185.00/ounce, Brent oil lower at $62.94/barrel.
- Corporate Highlights:
- Spirax Group led FTSE 100 with 2.0% gain; JPMorgan raised price target to 7,800p.
- SSP shares jumped 15% despite swinging to a loss; revenue up 6.0% to £3.64 billion, final dividend proposed at 2.8p per share.
- Baltic Classifieds shares sank 22% despite revenue growth of 7.2% to €44.8 million.
- NARF Industries shares up 15% after winning $3.6 million US government contract for cybersecurity R&D.
- Upcoming Economic Data: Eurozone retail sales, UK construction PMI, and US initial jobless claims.
LONDON MARKET EARLY CALL: FTSE 100 to rise before construction data
- London Stocks: FTSE 100 futures indicate a 0.3% higher opening at 9,723.27 on Thursday, following a 0.1% decline on Wednesday.
- Currency Movements: Sterling slightly down at USD1.3336, euro lower at USD1.1656, and dollar higher against the yen at JPY155.34.
- Ukraine War Talks: President Trump expressed optimism about Russia's willingness to end the war, while Ukrainian President Zelensky confirmed new talks with US officials.
- France-China Meeting: Macron urged Xi Jinping to help secure a Ukraine ceasefire, emphasizing China's "decisive capacity"; Xi focused on stabilizing China-France relations.
- US Markets: Wall Street closed higher on Wednesday, with the Dow up 0.9%, S&P 500 up 0.3%, and Nasdaq up 0.2%.
- Asian Markets: Nikkei 225 up 2.3%, Shanghai Composite down 0.1%, Hang Seng up 0.5%, and S&P/ASX 200 up 0.3%.
- Corporate News: Vodacom Group to acquire an additional 20% stake in Safaricom for USD2.1 billion, raising ownership to 55%.
- Commodities: Gold down to USD4,187.50/ounce, Brent oil slightly lower at USD63.02/barrel.
- Economic Calendar: Eurozone retail sales, construction PMI readings, and US initial jobless claims data expected on Thursday.
- UK Corporate Calendar: Full-year results from AJ Bell, half-year results from Baltic Classifieds, and trading update from Balfour Beatty.
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