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LONDON MARKET CLOSE: Selloff eases as Iran conflict shifts rate bets
- London Stock Market:
- FTSE 100 closed down 0.3% at 10,249.52, paring earlier losses.
- FTSE 250 ended down 1.6% at 22,143.30.
- AIM all-share closed down 2.2% at 767.24.
- Cboe UK indices also declined, with Cboe UK 100 down 0.2% and Cboe UK 250 down 1.9%.
- European Equities:
- CAC 40 in Paris closed down 1.0%.
- DAX 40 ended 0.8% lower.
- Currency Movements:
- Pound climbed to USD1.3396 from USD1.3387 on Friday.
- Euro slightly lower at USD1.1593 from USD1.1597.
- Dollar higher against the yen at JPY158.13 from JPY157.62.
- Middle East Developments:
- Iran carried out retaliatory strikes against oil-producing Gulf nations.
- Turkey confirmed a second ballistic missile shot down by NATO defences in Turkish airspace.
- Brent oil rose to USD100.02 a barrel from USD90.85 late Friday, peaking at USD119.25 earlier.
- Inflation and Interest Rates:
- Fears of inflation triggered a sharp sell-off in gilt markets.
- Swap markets shifted from pricing two Bank of England cuts to considering a possible hike.
- Analysts noted risks to the pound due to inflation and political handling of the Iran conflict.
- US Markets:
- Dow Jones Industrial Average down 0.8%.
- S&P 500 index down 0.4%.
- Nasdaq Composite marginally lower.
- US 10-year Treasury yield slimmed to 4.13% from 4.16%.
- Corporate News:
- Pearson shares climbed 0.6% on share buyback programme update.
- Clarkson rose 3.4% on positive market sentiment and trading.
- Vietnam Enterprise Investments fell 6.1% on fuel tariff removal.
- t42 IoT Tracking Solutions jumped 41% on expected minimal impact from Middle East turmoil.
- Commodities:
- Gold fell to USD5,104.20 an ounce from USD5,142.35.
- Top Performers and Fallers (FTSE 100):
- Top risers: Metlen Energy & Metals, Shell, BP, BAE Systems, Babcock International.
- Top fallers: Persimmon, Intertek, Segro, British Land, JD Sports Fashion.
- Upcoming Economic Data:
- Japanese GDP data overnight.
- Trade balance data for Germany and France.
- US existing home sales figures.
- UK corporate results: Persimmon, Spirax, and others.
LONDON MARKET MIDDAY: Iran conflict clouds rate path for ECB and BoE
- London Stock Market:
- FTSE 100 down 1.1% at 10,170.39.
- FTSE 250 down 1.8% at 22,089.03.
- AIM all-share down 2.2% at 767.81.
- Cboe UK indices also lower, with Cboe UK 100 down 1.1% and Cboe UK 250 down 2.2%.
- European Equities:
- CAC 40 in Paris down 2.0%.
- DAX 40 in Frankfurt down 1.6%.
- Oil Markets:
- Brent crude up sharply to USD103.93 a barrel, after surging to nearly USD120 due to Iran's retaliatory strikes.
- WTI and Brent prices jumped around 30% at one stage; WTI up 75% and Brent over 60% since conflict began on February 28.
- European gas prices climbed roughly 30% on supply disruption fears.
- Shell and BP shares up 2.0% and 1.5% respectively, benefiting from the oil price spike.
- G7 finance ministers considering coordinated release of emergency oil reserves to cool prices.
- Global Reactions:
- US President Donald Trump downplayed market reaction, predicting prices will drop after Iran conflict ends.
- EU chief Ursula von der Leyen warned of higher energy prices, trade disruptions, and security concerns in Europe.
- Interest Rates and Inflation:
- Markets pricing in a Bank of England rate hike and two ECB increases this year due to rising energy costs.
- Bond markets lower as inflation concerns grow.
- UK interest rates may remain level for 2026 and rise in 2027, contrary to earlier expectations of cuts.
- Currencies:
- Pound lower at USD1.3347.
- Euro down at USD1.1559.
- Dollar up against yen at JPY158.47.
- US Markets:
- Dow futures down 1.3%, S&P 500 down 1.0%, Nasdaq down 1.1%.
- US 10-year Treasury yield at 4.18%, 30-year at 4.79%.
- Investor Sentiment:
- Sentix eurozone index fell to minus 3.1 in March, with expectations index down to plus 3.5.
- US overall index dropped to plus 7.2, expectations turned negative at minus 4.0.
- Economic Data:
- German manufacturing orders fell 11.1% in January, reversing December's gain.
- Corporate Highlights:
- Admiral Group led FTSE 100, up 2.2%, after price target increases by Jefferies and Citigroup.
- Pearson up 1.1% after accelerating GBP350 million share buyback and reaffirming 2026 guidance.
- Stack BTC jumped 55% after GBP260,000 equity fundraising from Blockchain.com and Nigel Farage.
- Commodities:
- Gold down at USD5,089.22 an ounce.
- Upcoming:
- US consumer inflation expectations data still to come on Monday.
LONDON BROKER RATINGS: JPMorgan cuts Antofagasta and Rio Tinto
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- 9th Mar 2026 10:16 The following London-listed shares received analyst recommendations Monday morning and on Friday:
-
FTSE 100
- Deutsche Bank Research raises Aviva price target to 765 (760) pence - 'buy'
- Berenberg raises IMI price target to 3,300 (3,100) pence - 'buy'
- Deutsche Bank Research raises IMI price target to 3,250 (2,900) pence - 'buy'
- Bernstein cuts IAG price target to 480 (500) pence - 'outperform'
- Barclays cuts easyJet price target to 600 (680) pence - 'overweight'
- Bernstein cuts easyJet price target to 510 (560) pence - 'outperform'
- UBS cuts Reckitt Benckiser price target to 7,400 (7,800) pence - 'buy'
- Goldman Sachs cuts Reckitt Benckiser price target to 6,200 (6,300) pence - 'neutral'
- JPMorgan cuts Reckitt Benckiser price target to 5,800 (6,100) pence - 'neutral'
- Goldman Sachs raises Shell price target to 42 (37) EUR - 'buy'
- Goldman Sachs raises BP price target to 540 (490) pence - 'buy'
- Goldman Sachs cuts Severn Trent price target to 2,692 (2,696) pence - 'sell'
- Jefferies raises Admiral Group price target to 3,770 (3,580) pence - 'buy'
- Citigroup raises Admiral Group price target to 3,277 (3,178) pence - 'neutral'
- Citigroup raises Rentokil Initial price target to 550 (500) pence - 'buy'
- Citigroup cuts Weir Group price target to 3,550 (3,700) pence - 'buy'
- RBC cuts Intertek price target to 4,475 (4,750) pence - 'sector perform'
- JPMorgan cuts Antofagasta to 'neutral' (overweight) - price target 3,200 (4,400) pence
- JPMorgan cuts Glencore price target to 460 (520) pence - 'neutral'
- JPMorgan cuts Rio Tinto to 'neutral' (overweight) - price target 7,220 (7,840) pence
- JPMorgan cuts Anglo American to 'underweight' (neutral) - price target 2,800 (3,780) pence
- Jefferies cuts Autotrader Group price target to 545 (650) pence - 'hold'
- JPMorgan cuts Rightmove price target to 521 (527) pence - 'underweight'
- BofA raises National Grid price target to 1,525 (1,300) pence - 'buy'
-
FTSE 250
- Deutsche Bank raises Morgan Advanced Materials target to 210 (205) pence - 'hold'
- Bernstein cuts Wizz Air price target to 2,500 (3,000) pence - 'outperform'
- Barclays raises Wizz Air price target to 1,200 (1,150) pence - 'overweight'
- Goldman Sachs cuts Pennon Group price target to 555 (560) pence - 'neutral'
- Citigroup cuts Lancashire Holdings price target to 676 (725) pence - 'buy'
- Goldman Sachs raises Ithaca Energy price target to 185 (170) pence - 'neutral'
- Barclays raises Hunting price target to 550 (480) pence - 'equal weight'
- Jefferies cuts Vistry price target to 511 (659) pence - 'hold'
- Jefferies raises Taylor Wimpey price target to 136 (132) pence - 'buy'
- Berenberg raises Serco Group price target to 350 (330) pence - 'buy'
- Berenberg raises Coats Group price target to 135 (130) pence - 'buy'
- RBC raises Coats Group price target to 125 (115) pence - 'outperform'
- RBC cuts WH Smith price target to 675 (700) pence - 'outperform'
- Jefferies cuts Ocado price target to 225 (360) pence - 'hold'
- Jefferies cuts Ibstock price target to 133 (145) pence - 'buy'
-
SMALL CAP, AIM AND OTHER MAIN MARKET
- Barclays cuts Ryanair price target to 32.50 (33) EUR - 'overweight'
- Bernstein cuts Ryanair price target to 28 (28.25) EUR - 'market-perform'
- Barclays cuts Jet2 price target to 1,700 (1,900) pence - 'overweight'
- Berenberg raises Zegona price target to 2,300 (1,600) pence - 'buy'
- Berenberg cuts Flutter Entertainment price target to 12,900 (21,300) pence - 'buy'
- Berenberg starts Vanquis Banking Group with 'buy' - price target 165 pence
- JPMorgan cuts BHP Group price target to 2,500 (2,650) pence - 'neutral'
- Related Shares:
LONDON MARKET OPEN: Iran war batters markets; oil tops USD100-mark
- London Stock Market: Opened sharply lower on Monday due to war in Iran, with FTSE 100 down 1.7%, FTSE 250 down 2.3%, and AIM all-share down 2.2%.
- Oil Prices: Surged nearly 30% after Iran's retaliatory strikes, pushing Brent and WTI near $120/barrel. Brent quoted at $106.71/barrel in London.
- Oil Majors: Shell and BP rose 2.0% and 1.0% respectively, supported by higher oil prices.
- G7 Response: Finance ministers to discuss coordinated release of strategic oil reserves to stabilize markets.
- Global Markets: European indices (CAC 40, DAX 40) fell 2.6% and 2.5% respectively. Asian markets also declined, with Nikkei 225 down 5.2%.
- Currencies: Pound and euro weakened against the dollar, while the dollar strengthened against the yen.
- Sector Impact: Airlines (e.g., Wizz Air down 8.6%) and miners (e.g., Antofagasta, Anglo American down 5.7% and 5.6%) hit hard by rising costs and broker downgrades.
- Shipping Services: Clarkson rose 1.8% despite lower revenue, citing increased demand due to Red Sea and Hormuz disruptions.
- Smaller Caps: M&C Saatchi up 3.4% after AdvancedAdvT withdrew takeover interest; CEO Zaid Al-Qassab to step down on March 31.
- Gold and Bonds: Gold prices dipped to $5,099/ounce. US Treasury yields widened, reflecting inflation concerns.
- Political Developments: Mojtaba Khamenei named Iran's supreme leader successor, likely to anger US President Donald Trump.
- Upcoming Data: US consumer inflation expectations to be released later on Monday.
LONDON MARKET EARLY CALL: FTSE 100 seen down as oil surges over USD100
Summary of Market and Geopolitical Developments (9th Mar 2026)
- London Stocks: FTSE 100 set to open 0.8% lower at 10,203.85 due to escalating Middle East conflict and rising oil prices.
- Oil Prices: Brent crude surged to $108.95/barrel from $90.85 on Friday amid US-Israeli strikes on Iran and regional turmoil.
- Iran Leadership: Ayatollah Mojtaba Khamenei appointed as Iran's new supreme leader, defying US and Israeli threats.
- Global Oil Impact: WTI up 75%, Brent up 60% since war began; attacks on oilfields in Iraq and Kurdistan halt production, while UAE and Kuwait reduce output.
- Market Analysis: Prolonged Middle East conflict could keep oil prices elevated, reviving global inflation and slowing growth.
- US-Iran Tensions: Trump threatens escalated bombing; Iran vows never to surrender despite intensified airstrikes.
- Currency Movements: Sterling and euro weaken against USD; dollar strengthens against yen.
- Global Markets: Wall Street, Asian, and Australian markets close in the red; Nikkei 225 down 5.1%, Shanghai Composite down 0.6%, Hang Seng down 1.6%.
- China Inflation: Consumer price index rose 1.3% year-on-year in February, highest since January 2023, driven by Lunar New Year holiday.
- US Tariffs: Court grants Trump administration 45 days to design tariff-refund system after ruling tariffs under IEEPA illegal.
- Gold Prices: Gold slightly lower at $5,126.60/ounce compared to Friday's $5,142.35.
- Corporate Calendar: Clarkson and HgCapital Trust to publish full-year results.
- Economic Calendar: Germany industrial production and US consumer inflation expectations data due Monday.
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