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LONDON MARKET CLOSE: Stocks swing wildly as Trump cools Iran rhetoric
LONDON MARKET MIDDAY: Markets reverse as US halts Iran energy strikes
- Stock prices in London were volatile at midday Monday, paring early losses after US President Donald Trump signaled a temporary pause in strikes against Iran's energy infrastructure.
- FTSE 100 down 0.2%, FTSE 250 down 0.3%, and AIM all-share down 0.9%.
- European equities saw gains: CAC 40 up 1.1%, DAX 40 up 1.5%.
- Markets swung after Trump postponed strikes on Iranian energy sites for five days, citing ongoing talks.
- Bond yields fell globally, stocks turned positive in Europe, and the dollar dropped.
- Energy prices tumbled, with Brent crude below USD100 a barrel, easing inflation concerns.
- Traders priced in a 50% chance of a BoE rate hike in April, with fewer than three increases by year-end.
- Iranian state TV claimed Trump backed down after a "decisive warning" from Tehran.
- Pound strengthened against USD and EUR; euro also rose against USD.
- US stocks called higher: Dow Jones up 1.2%, S&P 500 up 1.1%, Nasdaq up 1.2%.
- Miners like Anglo American and Antofagasta rebounded, while oil majors BP and Shell fell due to lower oil prices.
- Goodwin shares plunged after losing contract tenders and considering dividend reduction.
- Quadrise rose 17% on commercialization progress; Thungela Resources fell 14% on pretax loss.
- Gold prices retreated to USD4,358.46 an ounce.
LONDON BROKER RATINGS: Goldman raises Croda; Jefferies likes Diploma
- Deutsche Bank Research cuts Melrose Industries price target to 570 (620) pence - 'hold'
- Barclays raises Hiscox price target to 1,750 (1,680) pence - 'overweight'
- Goldman Sachs raises Croda International to 'buy' - price target 3,200 pence
- UBS cuts Legal & General price target to 250 (260) pence - 'neutral'
- RBC raises Legal & General price target to 220 (205) pence - 'underperform'
- Jefferies raises Diploma price target to 5,700 (5,200) pence - 'hold'
- Deutsche Bank Research cuts JD Wetherspoon price target to 460 (490) pence - 'sell'
- Barclays cuts Lancashire Holdings price target to 590 (620) pence - 'equal weight'
- Berenberg cuts Johnson Matthey price target to 2,100 (2,250) pence - 'buy'
- Jefferies reinitiates Oxford BioMedica with 'buy' - price target 827 pence
- Jefferies raises Balfour Beatty price target to 900 (650) pence - 'buy'
- Jefferies cuts Rotork price target to 445 (460) pence - 'buy'
- Berenberg cuts DFS Furniture price target to 235 (247) pence - 'buy'
- Jefferies cuts DFS Furniture price target to 210 (230) pence - 'buy'
- Barclays cuts Sabre Insurance price target to 181 (183) pence - 'overweight'
LONDON MARKET OPEN: FTSE 100 slides as Hormuz tensions rattle markets
- London Stock Market: Opened sharply lower due to escalating Middle East tensions and threats over the Strait of Hormuz.
- FTSE Indices: FTSE 100 down 1.7%, FTSE 250 down 2.4%, AIM all-share down 2.8%.
- Cboe Indices: Cboe UK 100 down 1.8%, Cboe UK 250 down 2.4%, Cboe small companies down 0.8%.
- Middle East Tensions: Iran threatened to shut Strait of Hormuz if the US attacks its energy infrastructure; Trump issued a 48-hour ultimatum.
- UK Response: Prime Minister Keir Starmer to hold emergency Cobra meeting focusing on energy security, inflation, and supply chains.
- Oil Prices: Brent crude up to USD113.85 per barrel, over 55% higher since conflict began in late February.
- European Equities: CAC 40 down 1.5%, DAX 40 down 1.8%.
- Currency Movements: Pound slightly higher against USD and EUR; Euro up against USD and JPY.
- UK Bonds and Shares: Tumbled as traders priced in four Bank of England rate hikes for 2026 due to inflation fears.
- FTSE 100 Performers: Croda up 1.5%; mining stocks (Fresnillo, Endeavour Mining, Antofagasta) among biggest fallers.
- Anglo American: Down 1.5% after announcing delisting from SIX Swiss Exchange due to low trading volumes and regulatory burden.
- FTSE 250 Performers: Spire Healthcare down 22% after takeover talks terminated; Applied Nutrition down 14% despite strong growth.
- Smaller Caps: Cohort down 2.6% despite securing AUD21.7 million contract with Portuguese Navy.
- Asian Markets: Nikkei 225 down 3.5%, Shanghai Composite down 3.6%, Hang Seng down 3.5%, S&P/ASX 200 down 0.7%.
- US Markets (Friday): Dow Jones down 1.0%, S&P 500 down 1.5%, Nasdaq down 2.0%.
- US Treasury Yields: 10-year yield at 4.41%, 30-year yield at 4.96%.
- Upcoming Economic Data: Spain's trade balance, Ireland producer prices, eurozone consumer confidence.
LONDON MARKET EARLY CALL: FTSE 100 seen down on Trump's Iran deadline
- London stocks set to open sharply lower on Monday due to heightened Middle East tensions and potential disruption to global energy supplies.
- FTSE 100 futures indicate a 1.2% drop, opening at 9,801.53, following a 1.4% decline on Friday.
- US President Donald Trump issued an ultimatum to Iran over the Strait of Hormuz, threatening to "obliterate" Iranian power plants if the strait is not reopened within 48 hours.
- Iran responded defiantly, threatening to close the strait and target key Middle East infrastructure if attacked.
- Brent oil prices rose to USD113.47 a barrel early Monday, up from USD109.78 on Friday, amid supply concerns.
- Energy boss warns of "inescapable" price rises if the Middle East conflict persists, with global oil supplies down 20% due to the Strait of Hormuz disruption.
- Sterling weakened against the USD but strengthened slightly against the euro; euro and yen also saw minor movements.
- Markets are reacting less to Trump's announcements as the US becomes increasingly isolated in the conflict, with Iran shaping the narrative.
- International Energy Agency warns of a potential energy crisis worse than the 1970s due to oil flow disruptions.
- Global equities in sell-off mode: Dow Jones, S&P 500, Nasdaq, Nikkei 225, Shanghai Composite, and Hang Seng all down significantly.
- China's Premier Li Qiang pledges to expand global trade by opening up the economy, criticizes unilateralism.
- Gold prices fell to USD4,197.45 an ounce early Monday from USD4,593.70 on Friday.
- Corporate and economic calendar highlights include reports from Applied Nutrition, Blackbird, and economic data from Spain, Ireland, and the eurozone.
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