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LONDON MARKET CLOSE: FTSE 100 edges lower amid new US-Iran uncertainty
- FTSE 100 fell modestly on Monday as oil prices topped USD100 per barrel due to US naval blockade of the Strait of Hormuz.
- US President Donald Trump announced the blockade after failed negotiations with Iran, escalating tensions.
- FTSE 100 closed down 0.2% at 10,582.96; FTSE 250 down 0.3% at 22,276.89; AIM All-Share rose 0.6% to 782.31.
- Oil prices surged as US-Iran conflict continued, with Brent oil trading at USD101.95 per barrel.
- European equities fell, with CAC 40 and DAX 40 down 0.3%; mixed performance in New York markets.
- Goldman Sachs shares fell 3.6% despite strong Q1 earnings, offset by weak division performance.
- Pound fell to USD1.3451; euro weakened against the dollar; gold traded lower at USD4,714.40 per ounce.
- Associated British Foods, Wickes, Hays, and travel operators saw declines due to economic uncertainty.
- Essentra and Mothercare plunged 11% and 21%, respectively, amid downgrades and Middle East conflict impact.
- Top FTSE 100 risers included Metlen Energy & Metals, Sage Group, 3i Group, London Stock Exchange, and BAE Systems.
- Top FTSE 100 fallers included United Utilities, Severn Trent, National Grid, Marks & Spencer, and Fresnillo.
- Upcoming: China trade figures, US producer price inflation data, and trading statements from cigarette manufacturer and PageGroup.
LONDON MARKET MIDDAY: Shares fall as oil climbs back above USD100
- Stock prices in London declined at midday on Monday due to rising geopolitical tensions and surging oil prices following the collapse of US-Iran peace talks.
- FTSE 100 fell by 0.4%, FTSE 250 by 0.7%, and AIM all-share by 0.2%.
- European equities also dropped, with CAC 40 down 0.9% and DAX 40 down 1.0%.
- US President Donald Trump announced a blockade of Iranian ports, escalating tensions and pushing oil prices above USD100 per barrel.
- Iran vowed not to surrender, while the UK expressed opposition to the blockade and focused on reopening the Strait of Hormuz.
- Oil majors BP and Shell gained 1.2% and 1.5%, respectively, benefiting from higher crude prices.
- BP acquired a 60% interest in Namibian offshore licenses from Eco Atlantic Oil & Gas, which surged 9.5%.
- Airlines faced pressure from higher fuel costs, with International Consolidated Airlines Group, Wizz Air, and easyJet declining.
- Trellus Health surged 50% after renewing its licensing agreement with Pfizer, while t42 rose 36% on strong 2025 growth.
- Mothercare plunged 31% due to lower earnings and sales in financial 2026, impacted by Middle East uncertainty.
- US futures indicated a weaker open, with Dow Jones, S&P 500, and Nasdaq Composite expected to decline.
- Germany announced fuel tax cuts to alleviate the energy shock caused by the Middle East conflict.
- Gold prices dipped to USD4,721.13 per ounce as investors balanced haven demand with market volatility.
LONDON BROKER RATINGS: Bernstein cuts Wizz Air and easyJet
- Deutsche Bank Research raises Sainsbury price target to 360 (350) pence - 'buy'
- Deutsche Bank Research raises Tesco price target to 500 (490) pence - 'buy'
- Oddo BHF raises Shell price target to 42 (33) EUR - 'neutral'
- Jefferies raises GSK price target to 2,500 (2,450) pence - 'buy'
- Goldman Sachs raises GSK price target to 1,920 (1,830) pence - 'neutral'
- Citigroup cuts Weir Group price target to 3,500 (3,550) pence - 'buy'
- Citigroup raises Fresnillo price target to 5,000 (4,600) pence - 'buy'
- Goldman Sachs raises Rio Tinto price target to 7,600 (7,400) pence - 'neutral'
- Citigroup raises Rio Tinto price target to 7,200 (7,000) pence - 'neutral'
- Citigroup raises Glencore price target to 670 (620) pence - 'buy'
- Goldman Sachs raises Glencore price target to 610 (540) pence - 'neutral'
- Goldman Sachs cuts Antofagasta price target to 4,000 (4,200) pence - 'buy'
- Bernstein cuts IAG price target to 470 (480) pence - 'outperform'
- Barclays cuts IAG price target to 425 (440) pence - 'overweight'
- RBC cuts AB Foods to 'underperform' (sector perform) - price target 1,850 (2,050) pence
- William O'Neil reinitiates Antofagasta with 'buy'
- JPMorgan raises Lloyds Banking price target to 121 (117) pence - 'neutral'
- JPMorgan raises NatWest price target to 780 (750) pence - 'overweight'
- Goldman Sachs cuts HSBC Holdings price target to 1,650 (1,675) pence - 'buy'
- Jefferies cuts Diageo price target to 1,900 (2,000) pence - 'buy'
- JPMorgan raises United Utilities price target to 1,450 (1,300) pence - 'neutral'
- JPMorgan raises Severn Trent price target to 3,225 (2,975) pence - 'neutral'
- UBS raises BAE Systems price target to 2,650 (2,600) pence - 'buy'
- UBS cuts Rolls-Royce price target to 1,500 (1,550) pence - 'buy'
- Deutsche Bank Research cuts RS Group to 'hold' (buy) - price target 700 (800) pence
- Canaccord starts Victrex with 'buy' - price target 725 pence
- Berenberg cuts Sirius Real Estate price target to 134 (136) pence - 'buy'
- Barclays cuts Rotork to 'equal weight' (overweight) - price target 355 (375) pence
- Bernstein cuts Wizz Air to 'market-perform' (outperform) - price target 1,300 (2,500) pence
- Barclays cuts Wizz Air price target to 1,100 (1,200) pence - 'overweight'
- Bernstein cuts easyJet to 'market-perform' (outperform) - price target 425 (510) pence
- Barclays cuts easyJet price target to 550 (600) pence - 'overweight'
- Goldman Sachs raises Man Group price target to 340 (320) pence - 'buy'
- Barclays cuts PageGroup price target to 155 (310) pence - 'equal weight'
- Barclays cuts Hays price target to 44 (87) pence - 'overweight'
- RBC cuts WH Smith to 'sector perform' (outperform) - price target 650 (675) pence
- Jefferies cuts Morgan Advanced Materials price target to 230 (255) pence - 'hold'
- JPMorgan raises Pennon Group price target to 615 (565) pence - 'neutral'
- JPMorgan cuts Unite Group price target to 690 (710) pence - 'overweight'
- Jefferies cuts Bodycote price target to 905 (920) pence - 'buy'
- Deutsche Bank Research cuts Essentra to 'hold' (buy) - price target 100 (150) pence
- Deutsche Bank Research raises Bank Of Ireland price target to 19.8 (19.4) pence - 'buy'
- Deutsche Bank Research raises AIB price target to 10.2 (9.6) EUR - 'hold'
- Goldman Sachs raises BHP Group price target to 2,900 (2,600) pence - 'neutral'
- Citigroup raises BHP Group price target to 2,850 (2,800) pence - 'neutral'
- Bernstein raises Ryanair to 'outperform' (market-perform) - price target 32 (28) EUR
- Barclays cuts Ryanair price target to 31 (32.50) EUR - 'overweight'
- Barclays cuts Jet2 price target to 1,600 (1,700) pence - 'overweight'
- Berenberg starts Hostelworld Group with 'buy' - price target 171 pence
- Berenberg raises TT Electronics to 'buy' (hold) - price target 150 (120) pence
- Jefferies cuts Fevertree price target to 1,080 (1,100) pence - 'buy'
- Jefferies cuts LSL Property Service price target to 361 (381) pence - 'buy'
- Deutsche Bank Research cuts Robert Walters to 'hold' (buy) - price target 100 (200) pence
LONDON MARKET OPEN: FTSE down as US begins Straight of Hormuz blockade
- Stock Market Performance:
- London stocks opened lower due to US-Iran tensions and rising oil prices.
- FTSE 100 down 0.4%, FTSE 250 down 0.6%, AIM all-share down 0.1%.
- European equities also declined: CAC 40 down 0.9%, DAX 40 down 1.0%.
- US-Iran Tensions:
- US-Iran talks collapsed, leading to a US blockade of Iranian ports.
- Oil prices surged above $100/barrel; Brent at $104.21 early Monday.
- Iran vowed not to surrender, with warnings of severe consequences for military vessels near the Strait of Hormuz.
- Currency Movements:
- Pound weakened against USD and EUR.
- Euro also fell against USD; USD strengthened against JPY.
- UK Political and Economic Response:
- PM Keir Starmer refused to join US blockade, citing higher petrol costs for Britons.
- Chancellor Rachel Reeves warned of economic impact from Iran conflict.
- UK government plans to unveil EU rule alignment legislation in King's Speech, sparking criticism over parliamentary oversight.
- Corporate Highlights:
- Oil majors BP and Shell gained 1.4% on rising oil prices.
- Imperial Brands up 1.3% on share buyback plan.
- Halma rose 0.9% after acquiring Surgistar Inc for $90 million.
- Airlines (BA, Wizz Air, easyJet) and Associated British Foods declined due to Middle East disruption and broker cuts.
- Wise up 4.9% on strong quarterly results ahead of US listing.
- Essentra fell 8.5% on Deutsche Bank downgrade.
- Global Markets:
- Wall Street mixed on Friday: Dow down 0.6%, S&P 500 down 0.1%, Nasdaq up 0.4%.
- Asian markets on Monday: Nikkei down 0.7%, Shanghai Composite up 0.1%, Hang Seng down 1.0%, S&P/ASX 200 down 0.3%.
- Gold down to $4,734.63/ounce.
LONDON MARKET EARLY CALL: FTSE 100 seen down on Iran talks impasse
- London stocks set to open lower on Monday due to renewed Middle East tensions and rising oil prices.
- FTSE 100 futures indicate a 60.0-point drop (0.6%) to 10,540.53.
- Iran and US failed to reach an agreement to end Middle East conflict; US to blockade Iranian Gulf ports starting Monday at 1400 GMT.
- Crude oil benchmarks (Brent & WTI) rise above $100/bbl; Brent trades at $102.07 early Monday.
- Sterling weakens against USD and EUR; USD strengthens as a safe-haven asset.
- UK Chancellor Rachel Reeves warns of economic impact on British families and businesses due to Iran conflict.
- Wall Street ended mixed on Friday; Asian markets down on Monday, with Nikkei 225 and Hang Seng declining.
- Gold falls to $4,721.62/ounce; corporate and economic calendars include earnings reports and US existing home sales data.
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