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LONDON MARKET CLOSE: Blue chips falter as oil price moves ever higher
- FTSE 100 closed down 57.99 points (0.6%) at 10,321.09, weighed by falls in Marks & Spencer, J Sainsbury, and Shell.
- FTSE 250 and AIM All-Share also closed lower, with minimal losses.
- Middle East stalemate and dashed hopes for Iran-US negotiations impacted market sentiment.
- Brent oil traded higher at USD108.92 per barrel, up from Friday’s USD105.78.
- European and US markets also closed lower, with the Dow Jones down 0.3% and the S&P 500 down 0.2%.
- Pound strengthened against USD and EUR, while the euro rose against the dollar.
- Central bank meetings dominate this week, with no rate changes expected in Japan, US, Europe, or UK.
- Marks & Spencer fell 4.8% due to a slowdown in the UK clothing market.
- J Sainsbury declined 3.4% following downgrades by Goldman Sachs and Citi.
- Shell dropped 1.7% after announcing a USD16.4 billion acquisition of ARC Resources.
- Gold traded lower at USD4,677.74 per ounce.
- Top FTSE 100 risers included Burberry Group, Smith & Nephew, and Standard Chartered.
- Top fallers were Entain, Marks & Spencer, and Endeavour Mining.
- Tuesday’s calendar includes Japan’s interest rate decision, UK grocery market data, and US economic reports.
- Corporate results expected from BP, Barclays, and Howden Joinery.
LONDON MARKET MIDDAY: Shares edge higher as oil holds above USD106
- Stock prices in London modestly higher at midday, led by energy and banking sectors.
- FTSE 100 up 0.2% at 10,400.63; FTSE 250 up 0.4% at 22,669.29; AIM all-share up 0.7% at 801.88.
- European equities positive: CAC 40 up 0.5%, DAX 40 up 0.7%.
- Iran War developments central to sentiment; Iran offers to ease Strait of Hormuz restrictions but avoids nuclear program discussions.
- US President Donald Trump unlikely to accept deal without curbs on Iran's atomic program.
- Oil prices elevated; Brent crude at USD106.56 per barrel.
- Pound strengthens against USD and EUR; USD1.3560 and EUR1.1545 respectively.
- UK Prime Minister Keir Starmer to chair Cobra meeting on economic impact of Iran war.
- European stocks tentative; FTSE 100 aided by Shell, BP, and banking stocks.
- Molten Ventures top performer on FTSE 250, up 7.3%; reported higher net asset value.
- Christie shares jump 33% on strong 2026 outlook and higher dividend.
- US stocks mixed; Dow down 0.1%, Nasdaq up 0.2%.
- Gold lower at USD4,708.539 per ounce.
LONDON BROKER RATINGS: Goldman Sachs and Citi cut Sainsbury
- Peel Hunt lifts Hiscox price target to 1,790 (1,750) pence - 'buy'
- UBS cuts Rolls-Royce price target to 1,400 (1,500) pence - 'buy'
- Bernstein raises Rolls-Royce price target to 1,150 (900) pence - 'market-perform'
- Jefferies cuts Mondi price target to 1,130 (1,225) pence - 'buy'
- Deutsche Bank Research cuts Mondi price target to 760 (915) pence - 'hold'
- Goldman Sachs cuts Sainsbury to 'sell' (buy) - price target 335 (390) pence
- Citigroup cuts Sainsbury to 'neutral' (buy) - price target 335 (377) pence
- Deutsche Bank Research raises Sainsbury price target to 365 (360) pence - 'buy'
- Investec starts Rentokil Initial with 'hold' - price target 510 pence
- Berenberg raises M&G price target to 370 (342) pence - 'buy'
- Barclays raises NatWest price target to 720 (700) pence - 'equal weight'
- Barclays raises Kingfisher to 'equal weight' - price target 300 (330) pence
- Citigroup cuts AB Foods price target to 1,450 (1,600) pence - 'sell'
- UBS raises London Stock Exchange price target to 11,700 (11,500) pence - 'buy'
- Deutsche Bank Research cuts WH Smith price target to 550 (575) pence - 'hold'
- Deutsche Bank Research raises Renishaw target to 4,960 (4,750) pence - 'hold'
- Barclays raises AJ Bell price target to 530 (520) pence - 'equal weight'
- JPMorgan raises Quilter price target to 212 (206) pence - 'overweight'
- RBC raises Aberdeen Group price target to 230 (225) pence - 'sector perform'
- Citigroup raises Seplat Energy price target to 655 (415) pence - 'buy'
- Jefferies cuts Crest Nicholson price target to 112 (164) pence - 'buy'
- Jefferies raises Volex price target to 670 (540) pence - 'buy'
LONDON MARKET OPEN: FTSE flat as oil climbs, Iran talks in focus
- London stock prices opened mixed on Monday, influenced by higher oil prices and Iran conflict developments.
- FTSE 100 marginally lower at 10,376.89, FTSE 250 up 0.2% at 22,624.89, and AIM all-share up 0.6% at 800.99.
- Brent crude rose to USD107.97 per barrel, up from USD105.78 on Friday.
- Iran proposed reopening the Strait of Hormuz and ending hostilities, with a postponement of nuclear negotiations.
- US President Donald Trump cancelled a planned trip to Pakistan for Iran war talks.
- Iran's foreign minister visited Russia, Pakistan, and Oman for Middle East conflict discussions.
- German and UK economy ministers to address post-Brexit ties at the German-British Economic Forum in Berlin.
- Central banks (Fed, ECB, BoJ, BoC, BoE) to announce policy decisions this week, focusing on Iran war's inflationary impact.
- German consumer confidence for May deteriorated amid the Iran war, with the GfK indicator falling to -33.3 points.
- Pound and euro strengthened against the USD; Sainsbury down 3.0% on broker downgrades.
- Ceres Power led FTSE 250 with a 6.1% gain; Molten Ventures up 3.9% on portfolio value rise.
- Harworth Group rose 2.1% on Leeds planning approval; Headlam up 7.5% on shareholder meeting requisition.
- PensionBee shares fell 1.7% despite reaching GBP8 billion in assets under administration.
- Asian markets mixed: Nikkei 225 up 1.4%, Shanghai Composite up 0.2%, Hang Seng down 0.2%, S&P/ASX 200 down 0.2%.
- US markets ended mixed on Friday; US 10-year Treasury yield unchanged at 4.32%, 30-year yield widened to 4.93%.
- Gold dipped to USD4,714.49 per ounce; US Dallas Fed manufacturing index awaited on Monday's calendar.
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