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LONDON MARKET CLOSE: FTSE 100 ends down as oil rises amid war deadlock
- Blue chips in London outperformed European and US peers but closed marginally lower due to rising oil prices and ongoing Iran war concerns.
- FTSE 100 closed down 4.82 points at 9,967.35; FTSE 250 and AIM All-Share also ended lower.
- Oil prices rose amid continued tensions in the Strait of Hormuz and lack of progress in ending the Iran war.
- US President Donald Trump extended the deadline for Iran to open the Strait of Hormuz, but markets remained pessimistic.
- Kuwait reported damage to its main commercial port from a drone attack, adding to regional instability.
- Reports suggest the US may send up to 10,000 additional troops to the Middle East, fueling concerns of escalation.
- Brent oil rose to USD111.63 per barrel; gold prices also increased, boosting mining stocks like Fresnillo and Endeavour Mining.
- AstraZeneca rose 3.4% after positive phase three results for its chronic obstructive pulmonary disease treatment, tozorakimab.
- NatWest gained 0.9% after Deutsche Bank raised its share price target.
- Metlen Energy fell 8.6% due to delays in releasing financial statements.
- Housebuilders faced pressure as Bank of America cut price targets and profit forecasts for the sector.
- Upcoming economic data includes UK mortgage approvals, German and Italian inflation figures, and the Dallas Fed manufacturing index.
LONDON MARKET MIDDAY: Shares slide as Iran tensions deepen
- Stock Market Performance:
- FTSE 100 down 0.6% at 9,909.76.
- FTSE 250 down 1.2% at 21,039.85.
- AIM all-share down 0.6% at 714.51.
- European equities: CAC 40 down 1.1%, DAX 40 down 1.6%.
- Oil Prices: Brent oil trading at USD104.49 per barrel, down from USD108.80.
- Geopolitical Developments:
- Israel targeted a missile and sea mining facility in Iran.
- US President Trump postponed plans to destroy Iranian energy plants by 10 days.
- US considering sending up to 10,000 additional troops to the Middle East.
- Iran threatens to target shipping in the Red Sea via Houthi allies if invaded.
- Currency Movements:
- Pound down to USD1.3302 from USD1.3338.
- Euro down to USD1.1511 from USD1.1563.
- Dollar up to JPY159.88 from JPY159.65.
- Corporate News:
- AstraZeneca up 3.3% on positive drug trial results.
- Metlen Energy down 5.9% due to audit delays.
- Harbour Energy down 5.3% after BASF reduced stake.
- Playtech up 6.0% on share buyback program.
- Future down 13% on rating downgrade by Jefferies.
- Seeing Machines down 4.8% on wider first-half loss.
- US Markets: Dow Jones, S&P 500, and Nasdaq called lower.
- Commodities: Gold up to USD4,414.76 per ounce from USD4,383.70.
- Upcoming Data: Canada's budget balance data expected.
LONDON BROKER RATINGS: BofA raises Berkeley; UBS raises Savills
- Deutsche Bank Research raises NatWest price target to 840 (730) pence - 'buy'
- Deutsche Bank Research raises Kingfisher price target to 260 (255) pence - 'sell'
- Deutsche Bank Research cuts Autotrader price target to 816 (850) pence - 'buy'
- BofA raises Berkeley Group to 'buy' (neutral) - price target 4,020 (4,080) pence
- Barclays cuts 3i Group price target to 4,455 (4,810) pence - 'overweight'
- Barclays cuts Reckitt Benckiser price target to 6,300 (7,000) pence - 'overweight'
- Barclays cuts Haleon price target to 415 (420) pence - 'overweight'
- Barclays cuts Unilever price target to 5,500 (6,000) pence - 'overweight'
- Citigroup raises BT price target to 175 (140) pence - 'sell'
- UBS cuts International Consolidated Airlines price target to 355 (370) pence - 'sell'
- JPMorgan raises Diploma price target to 5,760 (5,120) pence - 'neutral'
- Kepler Cheuvreux cuts RS Group price target to 760 (820) pence - 'buy'
- Citigroup cuts RS Group price target to 650 (700) pence - 'buy'
- Citigroup cuts Aston Martin price target to 45 (55) pence - 'neutral'
- Citigroup cuts Softcat price target to 1,550 (1,900) pence - 'buy'
- Berenberg raises Pollen Street Group price target to 1,100 (1,050) pence - 'buy'
- Barclays cuts Tate & Lyle price target to 395 (410) pence - 'equal weight'
- UBS raises Savills to 'buy' - price target 1040 pence
- Barclays raises Derwent London to 'equal weight'
- UBS cuts Wizz Air price target to 1,430 (1,630) pence - 'buy'
- UBS cuts easyJet price target to 700 (800) pence - 'buy'
- Jefferies raises Mony Group to 'buy' (hold) - price target 230 (205) pence
- Kepler Cheuvreux raises Hunting price target to 580 (510) pence - 'buy'
- Deutsche Bank Research raises Capita price target to 320 (300) pence - 'hold'
- Barclays cuts Kerry Group price target to 92 (94) EUR - 'overweight'
- UBS cuts Ryanair price target to 33.15 (33.50) EUR - 'buy'
- Jefferies cuts Future to 'hold' (buy) - price target 466 (1,220) pence
- JPMorgan cuts EnQuest Energy price target to 24 (25) pence - 'overweight'
LONDON MARKET OPEN: Stocks mixed as Brent oil nears USD110
- London stock prices opened mixed on Friday, with FTSE 100 up 0.1% despite Iran peace talk uncertainty and muted European sentiment.
- FTSE 250 and AIM all-share indices both declined by 0.3%.
- European equities were marginally lower, with CAC 40 flat and DAX 40 down 0.1%.
- Sterling edged lower after UK retail sales for February fell less than expected.
- UK retail sales volumes dropped 0.4% in February but rose 0.7% in the three months to February, with annual growth at 2.5%.
- Brent oil traded higher at USD109.54 a barrel amid ongoing Iran tensions.
- US President Donald Trump extended the Iran Strait of Hormuz deadline to April 6, citing progress in peace talks.
- Iran responded to the US peace plan with counterproposals, including sovereignty over the strait, as military strikes continued.
- US considering sending up to 10,000 additional troops to the Middle East, fueling speculation of potential ground operations in Iran.
- Metlen Energy & Metals fell 11% after delaying 2025 full-year results publication.
- AstraZeneca led the FTSE 100, up 3.0%, on positive phase-three trial results for COPD treatment tozorakimab.
- Playtech topped the FTSE 250, up 3.5%, after initiating a share buyback program.
- Asian markets were mixed, with Nikkei 225 down 0.4%, Shanghai Composite up 0.6%, and Hang Seng up 0.4%.
- US markets closed lower on Thursday, with Dow Jones down 1.0%, S&P 500 down 1.7%, and Nasdaq down 2.4%.
- Gold prices rose to USD4,440.485 an ounce, while US Treasury yields widened.
LONDON MARKET EARLY CALL: FTSE 100 seen up after Trump pause extended
- London stocks set to open higher on Friday due to easing Middle East tensions after US-Iran developments.
- FTSE 100 futures indicate a 48.8-point (0.5%) rise to 10,020.97, following a 1.3% decline on Thursday.
- US President Donald Trump extended a pause on targeting Iranian energy sites, citing "very well" progressing talks.
- Brent oil traded lower at USD107.76/barrel, sterling rose to USD1.3343, and gold increased to USD4,466.79/ounce.
- UK retail sales data for February expected at 0700 GMT, with consensus forecasting a 0.8% monthly decline and 2.1% yearly increase.
- UK consumer confidence weakened in March, with GfK index falling to -21 due to inflation concerns from Middle East conflict.
- US markets closed lower on Thursday, with Dow down 1.0%, S&P 500 down 1.7%, and Nasdaq down 2.4%.
- Asian markets mixed: Nikkei down 0.4%, Shanghai Composite up 0.6%, Hang Seng up 0.2%, and S&P/ASX 200 up 0.7%.
- US Secretary of State Marco Rubio emphasized G7 interest in reopening the Strait of Hormuz, blocked by Iran.
- FTSE Russell to lower minimum free float requirement for non-UK firms to 10%, effective June 2026 index review.
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