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LONDON MARKET CLOSE: Stocks wilt as oil soars ahead of likely Fed hold
- FTSE 100 closed lower by 1.2% at 10,213.11, dragged down by falls in GSK and AstraZeneca.
- Oil prices surged to USD117.20 a barrel amid reports of a prolonged US blockade of the Strait of Hormuz.
- US President Donald Trump is considering extending the Iran blockade for months, escalating Middle East tensions.
- European and US markets were also lower, with the Dow Jones down 0.6% and the S&P 500 down 0.1%.
- US Federal Reserve expected to keep interest rates unchanged, with focus on Jerome Powell’s final press conference.
- Magnificent 7 companies (Microsoft, Meta, Alphabet, Amazon) set to report earnings, representing 15% of S&P 500 market value.
- Pound and euro weakened against the dollar, while gold prices fell to USD4,551.30 an ounce.
- DCC led FTSE 100 risers, up 9.3%, on potential bid from Energy Capital Partners and KKR.
- Ceres Power surged 25% on Goldman Sachs’ upgraded share price target and 'buy' rating.
- Housebuilders and retailers fell on inflation and interest rate concerns, with Persimmon down 4.4% and Next down 3.0%.
LONDON MARKET MIDDAY: FTSE falls as blue chips weigh on market
- London stock market extended losses by midday Wednesday, with FTSE 100 down 0.8% and FTSE 250 down 0.1%, while AIM all-share rose 0.7%.
- Energy markets unsettled due to UAE's planned withdrawal from OPEC and ongoing Iran war; Brent oil up to USD107.21 per barrel.
- US President Donald Trump reportedly preparing for prolonged blockade of Iranian ports to pressure Tehran on nuclear program.
- Pound strengthened against USD and euro; euro and USD stable against each other.
- European equities cautious; CAC 40 and DAX 40 marginally lower; eurozone economic confidence deteriorated sharply in April.
- DCC surged 14% on potential takeover approach from US investment firms; St James's Place and Next declined on negative reports.
- Haleon down 2.6% on flat first-quarter revenue; Ceres Power jumped 18% on extended rally and price target raise by Goldman Sachs.
- Smaller caps saw significant movements: Cindrigo Holdings up 63% on equity investment, Treatt up 46% on takeover agreement, Quantum Data Energy down 30% on delayed results.
- US stocks called higher; Dow Jones, S&P 500, and Nasdaq Composite expected to open up.
- Gold down to USD4,567.46; US Treasury yields narrowed slightly.
LONDON BROKER RATINGS: Morgan Stanley raises ITM; Goldman likes Ceres
- Berenberg raises Anglo American price target to 4,100 (3,600) pence - 'buy'
- UBS raises Anglo American price target to 4,000 (3,800) pence - 'buy'
- JPMorgan raises Anglo American price target to 2,780 (2,770) pence - 'underweight'
- RBC raises Barclays price target to 575 (550) pence - 'outperform'
- UBS cuts Barclays price target to 570 (580) pence - 'buy'
- Citigroup raises Barclays price target to 455 (450) pence - 'neutral'
- Citigroup cuts St James's Place price target to 1,790 (1,810) pence - 'buy'
- Jefferies cuts Land Securities price target to 462 (478) pence - 'underperform'
- Jefferies cuts British Land price target to 305 (310) pence - 'underperform'
- Jefferies cuts Imperial Brands price target to 3,500 (3,700) pence - 'buy'
- Goldman Sachs raises BP price target to 680 (650) pence - 'buy'
- DZ Bank raises fair value for BP to 650 (526) pence - 'buy'
- Citigroup raises WPP price target to 285 (275) pence - 'neutral'
- Goldman Sachs raises Ceres Power price target to 670 (530) pence - 'buy'
- RBC raises Mitie Group price target to 205 (195) pence - 'outperform'
- RBC cuts Taylor Wimpey price target to 115 (120) pence - 'outperform'
- JPMorgan cuts Taylor Wimpey price target to 100 (120) pence - 'neutral'
- Jefferies cuts Hammerson price target to 334 (340) pence - 'hold'
- Jefferies cuts Workspace Group price target to 424 (493) pence - 'buy'
- Jefferies cuts Great Portland Estates price target to 323 (345) pence - 'hold'
- Jefferies raises Computacenter price target to 4,400 (3,700) pence - 'buy'
- UBS raises Asos price target to 250 (240) pence - 'neutral'
- Jefferies cuts Jet2 price target to 1,800 (2,100) pence - 'buy'
- Berenberg cuts Warpaint London price target to 470 (510) pence - 'buy'
- Berenberg raises XP Power price target to 2,120 (1,500) pence - 'buy'
- Morgan Stanley raises ITM Power to 'overweight' - price target 170 pence
LONDON MARKET OPEN: Stocks slide as pharma drags FTSE 100 down
- London stock prices opened lower on Wednesday due to energy market uncertainty and corporate updates, ahead of the Fed's rate decision.
- FTSE 100 down 0.6%, FTSE 250 up 0.1%, AIM all-share up 0.5%.
- European equities mixed: CAC 40 down 0.4%, DAX 40 marginally lower.
- UAE to withdraw from OPEC, adding volatility to energy markets amid Iran war.
- Brent oil trading higher at USD106.27/barrel; pound edges up against USD, falls against EUR.
- DCC tops FTSE 100 with 6.0% rise; St James's Place falls 5.8% despite higher funds under management.
- GSK drops 2.8% despite higher profit; Haleon down 2.5% on modest revenue growth.
- Ceres Power jumps 18% on FTSE 250; Aston Martin rises 2.5% on revenue growth.
- PureTech Health falls 3.0% despite plans to delist from Nasdaq and focus on London.
- Jet2 up 0.9% amid fuel supply management efforts during Iran war.
- Asian markets mixed; Wall Street ended lower on Tuesday.
- Focus on central bank decisions: Fed expected to hold rates at 3.75%, Bank of Canada at 2.25%.
- Gold and US Treasury yields slightly lower; economic data releases expected from eurozone, Ireland, Germany, and US.
LONDON MARKET EARLY CALL: FTSE 100 seen lower ahead of rate calls
- London stocks expected to open slightly lower on Wednesday, with FTSE 100 futures down 0.1%.
- Sterling edged up against the USD to $1.3508 but fell against the euro to €1.1543.
- US President Donald Trump and King Charles III emphasized US-UK ties at a White House state dinner, with Trump claiming Charles agrees on Iran's nuclear ambitions.
- Brent oil traded lower at $104.46 per barrel, down from $111.77 the previous day.
- Wall Street closed lower on Tuesday, with the Dow down 0.1%, S&P 500 down 0.5%, and Nasdaq down 0.9%.
- Focus on central bank decisions: US Federal Reserve (expected hold at 3.75%) and Bank of Canada (expected hold at 2.25%).
- US petrol prices hit a four-year high at $4.18 per gallon, up 40% since the Iran conflict began in late February.
- Asian markets mixed: Shanghai Composite +0.6%, Hang Seng +1.5%, S&P/ASX 200 -0.3%; Nikkei 225 closed for Showa Day.
- Australian inflation accelerated to 4.6% year-on-year in March, driven by housing, transport, and food costs.
- Gold rose to $4,596.819 per ounce, up from $4,579.32 the previous day.
- UK economy faces pressure from the Middle East energy shock, with potential £35 billion loss over two years and recession risks.
- Busy corporate calendar in London with Q1 results from AstraZeneca, Aston Martin, GSK, Lloyds Banking, and trading statements from JD Wetherspoon and Jet2.
- Economic data releases include Spain's CPI, eurozone sentiment indices, Ireland's CPI, GDP, and retail sales, and Germany's CPI.
- US economic focus on wholesale inventories, durable goods orders, and building permits.
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