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LONDON MARKET CLOSE: FTSE 100 sets new record despite metals meltdown
- FTSE 100 Performance: Closed up 118.02 points (1.2%) at 10,341.56, a record close, despite initial weakness and volatility in metals and oil prices.
- FTSE 250 and AIM All-Share: FTSE 250 ended up 172.69 points (0.7%) at 23,426.05, while AIM All-Share closed down 3.19 points (0.4%) at 814.34.
- European Equities: CAC 40 in Paris up 0.7%, DAX 40 in Frankfurt up 1.1%.
- Commodity Prices: Gold down to USD4,696.11/ounce, silver down 6.4%, copper down 1.3%; Brent crude fell to USD66.03/barrel.
- Gold Market Analysis: Barclays noted extreme volatility but sees durable premium; JPMorgan and Deutsche Bank remain bullish long-term.
- Federal Reserve Chair Nomination: Kevin Warsh's nomination aimed to restore market confidence and cool gold prices.
- London Stock Movers: Endeavour Mining (-2.7%), Fresnillo (-0.9%), Antofagasta (-0.2%); Anglo American (+1.2%) on Citi upgrade.
- Oil Impact: BP and Shell down 0.4% and 0.5% respectively due to falling oil prices.
- UK Economic Indicators: Manufacturing PMI at 17-month high of 51.8; house prices rose 1.0% year-on-year in January.
- Currency Movements: Pound lower at USD1.3651, euro at USD1.1804, dollar higher against yen at JPY155.52.
- US Markets: Dow Jones (+0.9%), S&P 500 (+0.5%), Nasdaq (+0.6%); US manufacturing PMI at 52.6, first expansion in 12 months.
- FTSE 100 Top Performers: JD Sports (+5.00p), InterContinental Hotels (+5.60p), AstraZeneca (+440.00p).
- FTSE 100 Biggest Fallers: Endeavour Mining (-112.00p), BAE Systems (-52.00p), Fresnillo (-34.00p).
- Upcoming Events: Australia interest rate decision, Spanish unemployment data, UK grocery market share figures, and half-year results from Alumasc and Filtronic on Tuesday.
LONDON MARKET MIDDAY: FTSE 100 recovers as metals fall eases
- Date and Time: 2nd Feb 2026, 12:12
- London Stock Market: Mixed performance at midday; FTSE 100 up 0.4% at 10,264.63, FTSE 250 down 0.3% at 23,181.11, AIM all-share down 0.8% at 810.63.
- European Equities: CAC 40 (Paris) up 0.4%, DAX 40 (Frankfurt) up 0.5%.
- Currency Movements: Sterling down to USD1.3703, Euro lower at USD1.1867, Dollar higher against Yen at JPY154.74.
- Commodities: Sharp decline in metal prices; Gold down to USD4,771.00/ounce, Silver down 3.0%, Copper down 4.6%. Brent oil lower at USD66.05/barrel.
- FTSE 100 Miners: Endeavour Mining down 3.3%, Antofagasta down 2.1%, Fresnillo down 1.6%, Glencore down 0.6% (recovered some losses by midday).
- Analyst Insight (Russ Mould, AJ Bell): Metal price decline due to market correction; Gold down 21% from peak, Silver down 32%. US dollar strength and Fed independence concerns impacting gold.
- UK Manufacturing: Job cuts at weakest level in 15 months; S&P Global UK manufacturing PMI at 17-month high of 51.8 points, indicating accelerated growth.
- US Markets: Dow Jones, S&P 500, and Nasdaq called lower; Tech stocks under pressure due to spending concerns.
- AstraZeneca: Shares up 1.7% on FTSE 100; Imfinzi recommended for EU approval in gastric cancer treatment. Shares begin trading on NYSE under harmonised listing structure.
- AIM Market: Zoo Digital shares up 8.1% on increased proposal activity; leadership changes announced.
- Upcoming Economic Event: US manufacturing PMI reading at 1445 GMT.
LONDON BROKER RATINGS: Jefferies cuts BAE; Citi raises Anglo American
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- 2nd Feb 2026 10:14
- The following London-listed shares received analyst recommendations Monday morning and on Friday:
- FTSE 100
- Shore Capital cuts Lloyds Banking to 'sell' (hold) - price target 91 (84) pence
- Barclays raises Lloyds Banking price target to 126 (120) pence - 'overweight'
- RBC raises Lloyds Banking price target to 120 (110) pence - 'outperform'
- Barclays cuts London Stock Exchange price target to 12,000 (12,500) pence - 'overweight'
- Citigroup raises Prudential price target to 1,424 (1,122) pence - 'buy'
- RBC raises Aviva price target to 770 (760) pence - 'outperform'
- RBC cuts Legal & General price target to 205 (210) pence - 'underperform'
- RBC cuts M&G price target to 260 (265) pence - 'sector perform'
- RBC raises Phoenix Group price target to 815 (735) pence - 'outperform'
- Jefferies cuts BAE Systems to 'hold' (buy) - price target 2,102 (2,060) pence
- Jefferies raises Rolls-Royce price target to 1,550 (1,290) pence - 'buy'
- Citigroup cuts easyJet price target to 490 (500) pence - 'neutral'
- Citigroup raises Anglo American to 'buy' (neutral) - price target 4,500 (3,300) pence
- Barclays raises Glencore price target to 525 (485) pence - 'overweight'
- Barclays cuts Relx price target to 3,745 (4,255) pence - 'overweight'
- Canaccord raises Sage Group to 'buy' (hold) - price target 1,135 (1,100) pence
- FTSE 250
- RBC raises Aberdeen Group price target to 210 (200) pence - 'sector perform'
- Barclays raises Wizz Air price target to 1,650 (1,600) pence - 'overweight'
- Barclays cuts Future price target to 640 (820) pence - 'overweight'
- Barclays raises Hochschild Mining target to 700 (585) pence - 'overweight'
- Barclays raises ITV price target to 84 (75) pence - 'equal weight'
- Barclays cuts WPP price target to 250 (325) pence - 'underweight'
- Deutsche Bank Research raises Jupiter Fund Management price target to 175 (165) pence - 'hold'
- RBC cuts 3i Infrastructure price target to 430 (450) pence - 'outperform'
- UBS raises Man Group price target to 310 (290) pence - 'buy'
- SMALL CAP
- Bernstein raises Canal+ price target to 470 (380) pence - 'outperform'
- Barclays cuts everplay price target to 425 (435) pence - 'overweight'
- Barclays cuts Reach price target to 61 (68) pence - 'equal weight'
- Barclays raises S4 Capital price target to 25 (20) pence - 'equal weight'
- Barclays raises South32 price target to 240 (210) pence - 'overweight'
- UBS cuts International Paper to 'neutral' - price target 44 USD
- Deutsche Bank Research cuts Liontrust Asset Management price target to 175 (180) pence - 'sell'
- Deutsche Bank Research raises Polar Capital price target to 780 (750) pence - 'buy'
- Deutsche Bank Research cuts Synthomer price target to 62 (96) pence - 'hold'
- Related Shares:
LONDON MARKET OPEN: FTSE 100 falls as diving metal prices hit miners
- Stock Market Performance:
- London stocks opened lower on 2nd Feb 2026, with the FTSE 100 down 0.3% at 10,196.54.
- FTSE 250 and AIM all-share also declined by 0.7% and 1.7%, respectively.
- Mining stocks sank due to a sharp drop in metal prices, with Fresnillo, Endeavour Mining, Antofagasta, Anglo American, and Glencore falling significantly.
- BP and Shell shares dropped 2.4% due to weaker oil prices.
- Commodity Prices:
- Gold fell sharply to USD4,635.30 per ounce from USD5,003.82 on Friday.
- Silver lost 8.7%, and copper slid 4.6%.
- Brent oil traded lower at USD65.57 per barrel from USD69.76 on Friday.
- UK Politics and Economy:
- UK Prime Minister Keir Starmer aims to work more closely with Europe on defence.
- EU-UK Partnership Council meeting scheduled for the coming week to discuss closer ties.
- UK house price growth rose to 1.0% year-on-year in January, exceeding expectations.
- Average UK house price in January was GBP270,873, slightly down from December.
- Global Markets:
- European equities: CAC 40 down 0.2%, DAX 40 slightly lower.
- Asian markets: Nikkei 225 down 1.3%, Shanghai Composite down 2.5%, Hang Seng down 2.2%, S&P/ASX 200 down 1.0%.
- US markets (Friday): Dow Jones down 0.4%, S&P 500 down 0.4%, Nasdaq down 0.9%.
- Currency Movements:
- Sterling down to USD1.3689 from USD1.3719 on Friday.
- Euro lower at USD1.1850 from USD1.1881.
- Dollar higher against the yen at JPY154.87 from JPY154.30.
- Corporate News:
- AEP Plantations rose 2.4% on the FTSE 250 after reporting increased fresh fruit bunches production.
- 3i Infrastructure shares down 5.9% due to worsening lending appetite for German fibre roll-out businesses.
- Blue Star Capital shares jumped 29% after investee company SatoshiPay processed over USD10 million in January.
- Image Scan shares sank 36% after a major military contract was terminated by NP Aerospace.
- Upcoming Economic Data:
- UK manufacturing PMI reading due shortly.
- US manufacturing PMI figure expected later in the afternoon.
LONDON MARKET EARLY CALL: FTSE 100 to fall as gold price sinks
- London Stocks: Set to open lower on Monday, with FTSE 100 futures indicating a 73.2-point (0.7%) decline to 10,150.34, following sharp falls in precious metal prices.
- Currency Movements: Sterling down to USD1.3670, euro lower at USD1.1851, and dollar higher against the yen at JPY154.63.
- Gold and Silver: Gold sharply lower at USD4,448.40/ounce (down from USD5,003.82), with silver shedding 26%—its worst daily loss ever. Analyst Michael Brown suggests a potential short-term "dead cat bounce" despite further losses in the APAC session.
- US Government Shutdown: Partial shutdown began after Congress failed to approve the 2026 budget, though disruption is expected to be limited with a Senate-backed deal pending House ratification.
- US-China-Venezuela Relations: President Trump welcomed Chinese investment in Venezuela's oil industry to revive its economy post-Maduro ousting.
- Global Markets: Wall Street closed lower on Friday (Dow -0.4%, S&P 500 -0.4%, Nasdaq -0.9%). Asian markets on Monday: Nikkei -1.2%, Shanghai Composite -2.4%, Hang Seng -3.2%, S&P/ASX 200 -1.0%.
- Commodities: Brent oil trading lower at USD65.72/barrel (down from USD69.76).
- Corporate and Economic Calendar: Cap-XX to release half-year results. Economic data includes manufacturing PMI readings and UK house price data.
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