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LONDON MARKET CLOSE: Oil majors boost FTSE 100 amid war uncertainty
- FTSE 100 closed higher by 0.7% at 9,965.16, driven by gains in oil majors BP (up 3.5%) and Shell (up 3.2%).
- FTSE 250 ended down 0.5% at 21,135.77; AIM All-Share up 0.1% at 714.09.
- European equities mixed: CAC 40 up 0.2%, DAX 40 down 0.1%.
- US stocks mixed: Dow Jones up 0.3%, S&P 500 slightly higher, Nasdaq down 0.4%.
- Brent oil up to USD103.95/barrel; gold up to USD4,421.77/ounce.
- UK services PMI fell to 6-month low of 51.2; manufacturing PMI declined to 51.4.
- Eurozone PMI slowed to 50.5, reflecting energy price impacts and Middle East tensions.
- Pound slightly higher at USD1.3394; euro at USD1.1591.
- UK Chancellor Rachel Reeves warned of significant economic challenges from Iran war; contingency planning for energy bill support underway.
- Bank of England chief economist Huw Pill emphasized readiness to act on inflation risks.
- 3i Group rose 2.2% ahead of Action's capital markets day; Bellway slumped 18% on mixed results and Iran war concerns.
- Trustpilot fell 17% after Advent Global sold 5.6% stake.
- Top FTSE 100 risers: BP, BT Group, Endeavour Mining, Shell, Convatec.
- Top FTSE 100 fallers: Persimmon, JD Sports, Experian, Kingfisher, Babcock International.
LONDON MARKET MIDDAY: FTSE steady as oil holds above USD100
- London stock prices largely unchanged at midday, with FTSE 100 slightly higher amid elevated oil prices and Middle East tensions.
- FTSE 100 up 5.50 points at 9,897.74; FTSE 250 down 0.4% at 21,167.83; AIM all-share down 0.1% at 712.44.
- Brent oil down to USD101.46 per barrel, with natural gas prices also elevated due to ongoing Middle East conflict.
- US Secretary of State Marco Rubio to meet G7 counterparts in France over Iran war; Trump claims "very good" talks with Iranian official.
- Eurozone business activity growth slows sharply in March, with composite PMI at 10-month low of 50.5, driven by services sector decline.
- UK services PMI falls to six-month low of 51.2; manufacturing PMI edges down to 51.4, with input costs rising sharply.
- Oil majors Shell and BP support FTSE 100, up 0.9% and 1.4% respectively; Trustpilot falls 12% after CFO change and share sale.
- Bellway down 11% on flat profits and lower-than-expected operating margin; PZ Cussons rises 7.8% on strong profit guidance.
- MobilityOne surges 39% on merger-related developments; gold up to USD4,416.09 per ounce.
LONDON BROKER RATINGS: Goldman Sachs cuts National Grid and SSE
- Goldman Sachs cuts National Grid to 'neutral' - price target 1,389 (1,450) pence
- Goldman Sachs cuts SSE to 'neutral' - price target 2,812 (2,535) pence
- Goldman Sachs starts Mondi with 'neutral' - price target 910 pence
- Goldman Sachs raises United Utilities price target to 1,341 (1,251) pence - 'neutral'
- Goldman Sachs raises Severn Trent price target to 2,890 (2,692) pence - 'sell'
- Goldman Sachs raises Centrica price target to 242 (232) pence - 'buy'
- UBS raises Centrica price target to 230 (200) pence - 'buy'
- UBS raises IG Group price target to 1,680 (1,600) pence - 'buy'
- Deutsche Bank Research cuts Croda price target to 3,000 (3,100) pence - 'hold'
- Deutsche Bank Research raises Entain price target to 1,055 (1,029) pence - 'buy'
- Citigroup cuts 3i Group price target to 4,280 (4,750) pence - 'buy'
- Barclays cuts Next price target to 13,100 (13,700) pence - 'equal weight'
- Jefferies cuts Sage price target to 1,100 (1,350) pence - 'buy'
- Citigroup raises M&G price target to 288 (260) pence - 'neutral'
- Citigroup raises Legal & General price target to 249 (243) pence - 'neutral'
- Deutsche Bank Research cuts Ibstock price target to 110 (144) pence - 'hold'
- Goldman Sachs raises Pennon price target to 571 (553) pence - 'neutral'
- RBC cuts Oxford Nanopore price target to 225 (300) pence - 'outperform'
- JPMorgan cuts Travis Perkins price target to 680 (712) pence - 'overweight'
- BofA cuts Atalaya Mining price target to 1,150 (1,350) pence - 'buy'
- Jefferies raises S4 Capital price target to 43 (38) pence - 'buy'
- Deutsche Bank Research cuts Kerry Group price target to 85 (91) EUR - 'buy'
- Berenberg cuts YouGov price target to 395 (600) pence - 'buy'
- Goldman Sachs starts Smurfit WestRock with 'buy' - price target 49 USD
- Berenberg raises Gym Group price target to 235 (230) pence - 'buy'
LONDON MARKET OPEN: FTSE 100 flat as Iran uncertainty lingers
- London stock prices opened slightly higher but quickly flattened, with mixed gilt yields.
- FTSE 100 up 0.2%, FTSE 250 down 0.3%, AIM all-share down 0.3%.
- US President Trump reported "very good" talks with an Iranian official, though Tehran denied this.
- Brent oil traded slightly lower at USD101.22 per barrel.
- European equities mixed: CAC 40 up 0.2%, DAX 40 down 0.3%.
- Kingfisher reported increased profits and sales, proposed unchanged dividends, and announced a share buyback program.
- UK CMA unveiled reforms for the veterinary sector, welcomed by CVS Group and Pets at Home Group.
- Goodwin surged 11% after recovering from previous losses; Bytes fell 11% due to lower operating profit.
- Distil plunged 59% due to production delays and funding concerns; YouGov fell 18% despite positive revenue momentum.
- S4 Capital rose 15% despite near-term caution due to Middle East conflict.
- Asian markets ended positively; US markets closed higher on Monday.
- Gold prices rose to USD4,399.54 per ounce.
LONDON MARKET EARLY CALL: FTSE 100 seen flat as oil steadies
- London stocks expected to open slightly lower on Tuesday, with FTSE 100 futures down 3.6 points to 9,890.55.
- Investors monitoring Middle East tensions, with potential de-escalation signals from US-Iran talks, though uncertainty persists over the Strait of Hormuz.
- US President Donald Trump reported "very good" talks with an Iranian official, denied by Tehran, amid threats and diplomatic efforts.
- UK Prime Minister Keir Starmer warns of prolonged conflict with Iran, emphasizing UK’s non-involvement.
- Oil prices slightly higher, with Brent crude at USD102.59/barrel, as supply concerns persist.
- Sterling strengthens against USD and EUR, while gold rises to USD4,387.49/ounce.
- Global markets mixed: US stocks ended higher Monday, Asian markets recover Tuesday, and Australia-EU trade deal boosts sentiment.
- UK Chancellor Rachel Reeves to announce measures against "unfair price rises" amid rising oil and fuel costs.
- Corporate results due Tuesday include Bellway, Fevertree Drinks, Henry Boot, Kingfisher, Xaar, Staffline Group, and YouGov.
- Economic calendar highlights: Flash composite PMIs for France, Germany, Eurozone, UK, and US, plus Canada manufacturing sales and US nonfarm productivity.
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