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LONDON MARKET CLOSE: Oil price declines amid reports of new Iran offer
- FTSE 100: Closed down 14.89 points (0.1%) at 10,363.93, recovering from earlier lows of 10,294.20.
- FTSE 250: Ended up 66.46 points (0.3%) at 22,531.61.
- AIM All-Share: Rose 2.57 points (0.3%) at 796.66.
- Weekly Performance: FTSE 100 down 0.1%, FTSE 250 down 0.2%, AIM All-Share up 0.2%.
- Oil Prices: Fell sharply on reports of Iran's new peace proposal via Pakistan, with Brent crude down to USD108.86 per barrel.
- Iran-US Talks: Iran submitted a new proposal for peace talks, delivered to Pakistan, amid stalled negotiations.
- US Markets: Higher amid earnings optimism; Dow up 0.1%, S&P 500 up 0.6%, Nasdaq up 1.1%.
- UK Manufacturing: Growth exceeded expectations in April, with PMI at a 47-month high of 53.7.
- UK Housing Market: Net mortgage approvals rose unexpectedly in March; house prices grew 3.0% annually in April.
- NatWest: Shares fell 3.4% despite higher Q1 profit, due to softer income outlook.
- MJ Gleeson: Shares rose 8.5% on resilient trading and stable selling prices.
- ProService Building Services: Shares slumped 15% on lower-than-expected financial forecasts.
- Gold: Traded higher at USD4,637.78 per ounce.
- Upcoming Events: Eurozone manufacturing PMI, US factory orders, and UK markets closed on Monday for May Bank Holiday.
LONDON MARKET MIDDAY: FTSE falls as US-Iran talks stall
- Stock Market Performance: London stocks lower at midday; FTSE 100 down 0.7%, FTSE 250 down 0.4%, AIM all-share down 0.4%.
- Geopolitical Focus: Stalemate between Washington and Tehran persists; Pakistan awaits Iran's revised peace proposal by Friday deadline.
- Commodities: Brent crude for July delivery down to USD111.38/barrel; gold down to USD4,567.93/ounce.
- Currency Markets: Pound up to USD1.3605; euro at USD1.1741; dollar lower at JPY156.55.
- UK Economic Data: Manufacturing PMI rose to 53.7 in April; net mortgage approvals unexpectedly rose in March; house prices up 3.0% annually in April.
- Corporate Updates: Pearson up 2.3% after backing 2026 guidance; NatWest down 4.2% despite higher profit; United Utilities down 2.8% after equity raise.
- Smaller Caps: Georgina Energy down 20%, GenIP down 36%, ADM Energy down 14%, Shield Therapeutics down 14%.
- US Markets: Dow Jones and S&P 500 called up 0.2% and 0.1% respectively; Nasdaq Composite down 0.1%.
- Upcoming Data: US manufacturing PMI and ISM manufacturing PMI figures expected later Friday.
LONDON MARKET OPEN: FTSE slips despite Pearson gain on upbeat outlook
- London stock prices opened lower on Friday, with FTSE 100 down 0.4% at 10,332.95, FTSE 250 down 0.2% at 22,424.55, and AIM all-share down 0.2% at 792.67.
- Several major European markets were closed for the Labour Day holiday, thinning trading volumes.
- Middle East tensions remained in focus, with potential progress in Iran talks despite public stalemate.
- Brent crude for July delivery fell to USD110.70 per barrel, reflecting potential diplomatic momentum.
- UK house prices grew 3.0% annually in April, with the average price rising to GBP278,880.
- Pearson led the FTSE 100, up 5.0%, after reporting strong Q1 sales growth, particularly in Virtual Learning.
- NatWest fell 3.7% despite higher Q1 profits, due to mixed investor reaction.
- United Utilities and Severn Trent declined after Citi downgraded both stocks to 'neutral'.
- Asian markets were mixed, with Nikkei 225 up 0.4% and S&P/ASX 200 up 0.7%.
- US markets closed higher on Thursday, with Dow Jones up 1.6%, S&P 500 up 1.0%, and Nasdaq up 0.9%.
- NCC Group topped FTSE 250, up 7.0%, while GenIP plunged 33% after a share placement.
- Gold prices fell to USD4,584.56 per ounce.
- Upcoming economic data includes UK mortgage approvals, manufacturing PMI, and US manufacturing figures.
LONDON BROKER RATINGS: Citi cuts United Utilities and Severn Trent
- Citigroup cuts United Utilities to 'neutral' (buy)
- Citigroup cuts Severn Trent to 'neutral' (buy)
- Deutsche Bank Research raises London Stock Exchange Group price target to 11,900 (11,400) pence - 'buy'
- JPMorgan raises Whitbread price target to 2,600 (2,500) pence - 'neutral'
- Berenberg cuts Unilever price target to 5,040 (5,840) pence - 'hold'
- RBC raises Unilever price target to 4,300 (4,200) pence - 'sector perform'
- JPMorgan raises Glencore price target to 500 (460) pence - 'neutral'
- LBBW cuts GSK price target to 2,100 (2,300) pence - 'hold'
- Citigroup cuts Hays to 'neutral' (buy)
- Citigroup cuts PageGroup to 'neutral' (buy)
- Citigroup cuts Lancashire price target to 658 (676) pence - 'buy'
- JPMorgan starts Genus with 'overweight' - price target 3,200 pence
- JPMorgan cuts THG price target to 48 (55) pence - 'neutral'
- Deutsche Bank Research cuts Travis Perkins price target to 470 (530) pence - 'sell'
- Deutsche Bank Research cuts Aston Martin price target to 50 (55) pence - 'hold'
- Deutsche Bank Research raises Keller price target to 2,400 (2,200) pence - 'hold'
- Deutsche Bank Research raises Morgan Sindall price target to 5,700 (5,500) pence - 'buy'
- Deutsche Bank raises Balfour Beatty price target to 990 (850) pence - 'buy'
- Deutsche Bank raises Costain price target to 200 (180) pence - 'hold'
- Deutsche Bank raises Kier price target to 295 (260) pence - 'buy'
- JPMorgan cuts Smurfit Westrock price target to 4,600 (4,800) pence - 'overweight'
LONDON MARKET EARLY CALL: FTSE 100 seen flat as oil eases slightly
- London stocks expected to open flat on Friday, with FTSE 100 futures up 2.9 points to 10,381.72.
- Brent crude oil prices eased to USD111.00 per barrel, down from USD114.38 on Thursday.
- Many global markets closed for Labour Day, including China, France, Germany, and others.
- US Congress approved funding for the Department of Homeland Security, ending a 75-day partial government shutdown.
- Sterling strengthened to USD1.3593 and EUR1.1593, while the euro dipped to USD1.1725.
- President Trump removed tariffs on Scottish whisky in honor of King Charles III and Queen Camilla's visit.
- US markets closed higher on Thursday, with the Dow up 1.6%, S&P 500 up 1.0%, and Nasdaq up 0.9%.
- Apple reported record Q1 results with 19% net income growth to USD29.58 billion, driven by iPhone sales.
- Asian markets rose on Friday, with Tokyo's Nikkei up 0.6% and Sydney's S&P/ASX 200 up 0.7%.
- EU-Mercosur trade agreement provisionally in force, creating one of the world's largest free-trade zones.
- Gold prices dipped to USD4,611.163 per ounce from USD4,616.72 on Thursday.
- Corporate updates expected from MJ Gleeson, NatWest Group, Pearson, and Rotork.
- Economic data releases include UK house prices, Canada manufacturing PMI, and US manufacturing PMI.
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