ADVFN UK Market News

Author: Fiona Craig

  • Gold Consolidates Near Record Levels as Trump Signals Greenland Agreement

    Gold Consolidates Near Record Levels as Trump Signals Greenland Agreement

    Gold prices steadied during Asian trading on Thursday after surging to an all-time high close to $4,900 per ounce in the previous session, as easing geopolitical tensions around Greenland reduced demand for safe-haven assets.

    Spot gold slipped 0.1% to $4,826.03 an ounce by 01:19 ET (06:19 GMT), pulling back modestly after touching a record peak of $4,888.1/oz a day earlier. March U.S. gold futures were also lower, down 0.3% at $4,825.39/oz.

    Trump tones down Greenland tariff dispute

    The precious metal paused after gaining more than 6% over the past three sessions, a rally driven by heightened geopolitical risk stemming from the transatlantic standoff over Greenland and the threat of tariffs on European imports.

    That advance pushed gold close to the psychologically important $5,000 threshold, as investors sought protection amid rising global uncertainty.

    Momentum faded after President Donald Trump said at the World Economic Forum in Davos that he would not impose the tariffs and ruled out the use of military force in the dispute involving the Danish territory, indicating that a “framework” agreement was close to resolving tensions with NATO allies.

    “It’s a long-term deal. It’s the ultimate long-term deal. It puts everybody in a really good position, especially as it pertains to security and to minerals,” Trump told reporters.

    A mild rebound in the U.S. dollar also weighed on gold prices. The U.S. Dollar Index edged slightly higher after gaining 0.1% in the previous session.

    Broader metals complex remains firm

    Across the wider metals market, most precious and industrial metals traded higher, with silver holding near record levels amid strong industrial demand.

    Silver rose 1% to $94.03 per ounce, remaining just below the record high of $95.89/oz reached earlier this week. Platinum, however, slipped 0.8% to $2,465.10/oz.

    In base metals, benchmark copper futures on the London Metal Exchange climbed nearly 1% to $12,855.0 a tonne, while U.S. copper futures were unchanged at $5.81 a pound.

  • Markets Steady After Trump Retreats on Greenland Tariffs; Intel Earnings and Inflation Data Awaited: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Markets Steady After Trump Retreats on Greenland Tariffs; Intel Earnings and Inflation Data Awaited: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. equity futures moved higher, reflecting a sense of relief after President Donald Trump said he would not go ahead with new tariffs on several European countries tied to his stance on Greenland. According to media reports, the decision followed talks with NATO and European officials, though concrete details on the so-called “framework of a future deal” remain limited. Gold prices eased back from record levels, while investors also looked ahead to earnings from Intel (NASDAQ:INTC) and key U.S. inflation data closely monitored by the Federal Reserve.

    Futures point higher

    U.S. stock futures traded in positive territory on Thursday, as markets welcomed Trump’s reversal on additional tariffs targeting Europe.

    By 03:00 ET, Dow futures were up 61 points, or 0.1%, S&P 500 futures gained 20 points, or 0.3%, and Nasdaq 100 futures rose 117 points, or 0.5%.

    Wall Street ended higher on Wednesday, rebounding from its steepest drop since October in the previous session. The recovery followed Trump’s announcement that he had reached a “framework of a future deal” with NATO leadership concerning Greenland.

    After days of warning that new tariffs would be imposed on eight European countries from February 1 unless the U.S. was allowed to assume control of the semi-autonomous Danish territory, Trump confirmed those measures would not be implemented.

    Investors were also digesting a growing wave of corporate earnings as reporting season gathered momentum. United Airlines shares jumped more than 2% after a strong fourth-quarter profit beat, while Netflix fell over 2% after issuing softer-than-expected forward guidance.

    Trump softens stance on Greenland tariffs

    Trump’s policy reversal, which reportedly came after behind-the-scenes discussions with NATO and European leaders, helped ease concerns that the Greenland dispute could further strain transatlantic relations.

    In a social media post, Trump said the agreement “if consummated” would be “a great one for the United States of America” and for “all Nations” within NATO.

    He offered few additional details, noting only that “additional discussions” are taking place around the proposed “Golden Dome” defence system “as it pertains to Greenland.” The Wall Street Journal reported, citing European officials familiar with the talks, that negotiations are likely to focus on a potential U.S.-Denmark agreement covering troop deployments on the island and a broader expansion of Europe’s security role in the Arctic.

    The report also said the U.S. would gain a first right of refusal over Greenland’s mineral resources. The territory holds significant rare-earth reserves, critical to many industries and a recurring theme in recent U.S. trade negotiations, particularly with China.

    Earlier on Wednesday, Trump also appeared to rule out the use of military force to secure Greenland while addressing delegates at the World Economic Forum in Davos.

    The rebound in risk assets was accompanied by a firmer U.S. dollar. Analysts at ING said that while investors may still seek more clarity on the Greenland agreement, the Federal Reserve’s policy meeting next week “means some refocus on macro drivers is on the cards.”

    Gold pulls back from highs

    Gold prices slipped in European trading after touching record levels in the prior session, as Trump’s tariff retreat reduced demand for safe-haven assets.

    Spot gold edged down 0.1% to $4,826.25 an ounce by 03:40 ET, retreating from a record $4,888.1 reached a day earlier. U.S. gold futures fell 0.2% to $4,826.39 an ounce.

    Bullion had surged more than 6% over the past three sessions amid heightened geopolitical uncertainty tied to Greenland and potential tariffs on European imports, pushing prices close to the psychological $5,000 mark.

    Intel earnings ahead

    Intel is scheduled to report results after the U.S. market close on Thursday.

    Under CEO Lip-Bu Tan, the California-based chipmaker has been cutting costs and reinforcing its balance sheet as competition intensifies in the PC and server processor markets.

    Investors are also watching to see whether Intel’s efforts to gain traction in artificial intelligence chips are starting to pay off. The company received significant backing last year from Nvidia, SoftBank and the U.S. government, with Nvidia alone purchasing $5 billion worth of Intel shares in December.

    Earlier this month, Intel unveiled a new AI-focused laptop chip, aiming to reassure markets about products built on its next-generation manufacturing technology.

    Other companies reporting earnings today include Procter & Gamble and GE Aerospace.

    Inflation data in focus

    On the economic front, attention will turn to the U.S. personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge.

    The November core PCE reading is expected to hold at 0.2% month on month and 2.8% year on year.

    Earlier Labor Department data showed headline U.S. consumer inflation was unchanged in December, while underlying price pressures eased slightly. ING analysts said the PCE report could reinforce signs of “muted” inflation, a key factor shaping the Fed’s interest-rate outlook.

    Employment data will also be watched later today, with weekly jobless claims due for release. Last week, first-time claims fell below 200,000.

  • European Markets Rally After Trump Retreats From Tariff Threat: DAX, CAC, FTSE100

    European Markets Rally After Trump Retreats From Tariff Threat: DAX, CAC, FTSE100

    European equities climbed sharply on Thursday after U.S. President Donald Trump said he would not move forward with tariffs on European countries linked to Greenland, adding that a framework agreement had been reached regarding the Danish territory.

    By 08:05 GMT, Germany’s DAX was up 1.2%, France’s CAC 40 had gained 1.3%, and the UK’s FTSE 100 was 0.7% higher.

    Trump backs away from tariff plans

    Speaking on Wednesday at the World Economic Forum in Davos, Trump ruled out the use of military force—after weeks of leaving the option open—and said in a social media post that he would no longer impose tariffs that had been due to take effect on February 1.

    The U.S. president said he and NATO Secretary General Mark Rutte had “formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region” following talks at the Swiss resort.

    Earlier in the week, European markets had sold off sharply after Trump threatened escalating tariffs on several European countries unless the United States was allowed to purchase Greenland, an autonomous territory of Denmark.

    Despite the market relief, uncertainty remains around the future strength of the traditional alliance between the European Union and the U.S. That tension was underlined on Wednesday when European Central Bank President Christine Lagarde walked out of a dinner during a speech by U.S. Commerce Secretary Howard Lutnick.

    Lagarde said earlier in the day that the European economy needs a “deep review” to confront “the dawn of a new international order.”

    U.S. inflation data in focus

    There is little in the way of major European economic data scheduled for Thursday, but investors are closely watching a series of key U.S. releases.

    Weekly initial jobless claims will offer insight into labour market conditions, while the latest reading of third-quarter gross domestic product is expected to confirm underlying economic resilience. However, the most closely followed figure may be November core PCE inflation—the Federal Reserve’s preferred measure of price pressures—as markets look for clues on the likely trajectory of U.S. interest rates this year.

    Corporate updates across Europe

    In company news, Associated British Foods (LSE:ABF) said underlying sales at its Primark clothing chain declined over the Christmas trading period, in line with estimates released alongside its profit warning earlier this month.

    Spain’s Bankinter (BIT:1BKT) reported a 14.4% increase in net profit to a record €1.09 billion in 2025, supported by strong growth in off-balance-sheet funds and fee income, which offset weaker net interest income as rates fell.

    Swiss healthcare group Galenica (BIT:1GALE) said 2025 sales rose 5.5% to an all-time high, with all divisions contributing, and reaffirmed EBIT growth guidance of 10–12% for the year.

    Meanwhile, Huber + Suhner (LSE:0QNH) said full-year order intake increased nearly 14% year on year, although net sales declined 3.3% as the Swiss franc strengthened.

    Oil prices steady as inventory build weighs

    Oil prices were little changed on Thursday as easing tariff concerns around Greenland were offset by rising U.S. crude inventories.

    Brent crude slipped 0.3% to $65.02 a barrel, while U.S. West Texas Intermediate fell 0.2% to $60.49.

    The American Petroleum Institute reported that U.S. crude inventories rose by just over 3 million barrels in the week ended January 16, following a jump of more than 5 million barrels the previous week. Gasoline inventories increased by 6.21 million barrels, signalling softer demand, while distillate stocks—which include diesel and heating oil—fell by 33,000 barrels.

    Official U.S. inventory data from the Energy Information Administration are due later in the session, released a day later than usual because of a U.S. federal holiday on Monday.

  • European Defence Stocks Slide After Trump Walks Back Tariff Threat

    European Defence Stocks Slide After Trump Walks Back Tariff Threat

    European defence shares moved lower on Thursday after U.S. President Donald Trump said he would not move ahead with new tariffs on European countries, pointing to progress toward “the framework of a future deal” related to Greenland.

    In early trading, Germany’s Rheinmetall (TG:RHM) fell around 2% by 09:33 GMT. Italy’s Leonardo SpA (BIT:LDO) declined 1.8%, while France’s Thales (EU:HO) was down 1.2%. Sweden’s SAAB (BIT:1SAAB) dropped 2.2%.

    Trump said the shift in stance followed discussions with NATO secretary-general Mark Rutte, which he described as “very productive.” He added that talks would continue and could result in an agreement that, “if consummated,” would be “a great one” for both the United States and NATO allies.

    “Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” Trump wrote on Truth Social. He also noted that “additional discussions are being held concerning The Golden Dome as it pertains to Greenland,” referring to his proposed missile defence initiative.

    Speaking later on Wednesday in an interview with CNBC, Trump confirmed that the tariff threat had been withdrawn. “We took that off the table,” he said, referring to duties previously aimed at European nations opposing a U.S. takeover of Greenland. “Because we had pretty much the concept of a deal.”

    He suggested the emerging framework could include Greenland’s natural resources. “They’re going to be involved in mineral rights and so are we.”

    The comments marked a further retreat from earlier tariff rhetoric and signalled a softer tone on Greenland. They came just hours after Trump told an audience at the World Economic Forum that he would not use force to acquire the territory from Denmark, while urging European leaders to back the proposal.

    Europe, Trump said, faced a clear decision. “You can say yes and we will be very appreciative, or you can say no and we will remember.”

  • Getlink Shares Edge Higher as Q4 Results Largely Align With Expectations, EBITDA Seen Above Guidance

    Getlink Shares Edge Higher as Q4 Results Largely Align With Expectations, EBITDA Seen Above Guidance

    Getlink (EU:GET) reported fourth-quarter and full-year FY25 results on Thursday that were broadly in line with market forecasts, lifting its shares by 1.4% in Paris trading.

    Fourth-quarter revenue totalled €384 million, slightly below the Visible Alpha consensus estimate of €388 million. The modest miss was mainly attributable to Eurotunnel, where revenue reached €270 million versus expectations of €277 million, reflecting softer-than-anticipated traffic volumes and pricing.

    Performance across the rest of the group was steadier. Europorte delivered quarterly revenue of €47 million, in line with forecasts, while ElecLink slightly outperformed expectations, generating €67 million compared with consensus estimates of €62 million.

    “FY25 sales tell us little new, printing basically in-line,” said Jefferies analyst Graham Hunt in a post-results note.

    Looking at profitability, Getlink’s FY25 EBITDA is now expected to exceed the company’s guidance range of €780–830 million, compared with a Visible Alpha consensus of €813 million. Hunt noted, however, that much of the uplift is explained by €55 million of compensation linked to ElecLink, announced in December, versus the €15 million previously assumed within guidance.

    The analyst added that attention now turns to the group’s capital markets day on 26 February, when investors are expected to gain greater insight into capital allocation priorities and underlying asset demand, though he said he “remains cautious on the latter.”

  • Young & Co’s Brewery Delivers Strong Festive Trading and Sets Sights on Main Market Move

    Young & Co’s Brewery Delivers Strong Festive Trading and Sets Sights on Main Market Move

    Young & Co’s Brewery (LSE:YNGA) said on Thursday that it delivered standout trading over the Christmas period and confirmed plans to transfer its listing from AIM to the Main Market of the London Stock Exchange.

    The premium pub group reported like-for-like sales growth of 11.2% for the three weeks to 5 January, extending momentum from a strong comparative period last year. Trading was particularly robust across key festive dates, with like-for-like sales up 12.3% on Christmas Eve, Christmas Day and Boxing Day combined.

    Performance at the former City Pub estate was especially notable, with sales over Christmas and Boxing Day rising by 26%, underlining the successful integration of the acquired pubs into Young’s operating model.

    For the 14-week period to 5 January, total managed revenue increased by 5.6%, while like-for-like managed revenue rose 5.7%. On a year-to-date basis, like-for-like managed revenue growth now stands at 5.4%.

    Alongside the trading update, Young’s announced its intention to move its shares from AIM to the Main Market, with the transition expected to take place in the second quarter of 2026. The company said the move is designed to raise its corporate profile and broaden its appeal to both UK and international institutional investors.

    Simon Dodd, chief executive of Young’s, said the group delivered a record-breaking festive period. “During the six weeks of the festive period, we recorded our highest ever sales in one day, setting multiple daily and weekly records across our estate,” he said.

    The company added that its focus on operating premium, individual pubs continues to generate resilient growth, supported by sustained investment and disciplined capital allocation.

  • Auction Technology Group Exceeds Growth Guidance Despite Industrial & Commercial Revenue Decline

    Auction Technology Group Exceeds Growth Guidance Despite Industrial & Commercial Revenue Decline

    Auction Technology Group Plc (LSE:ATG) said on Thursday that revenue in its Industrial & Commercial (I&C) division fell during the October–December period, even as the group exceeded its overall growth guidance. Total revenue rose 7.2% at constant currency, driven entirely by continued strength in the Arts & Antiques (A&A) segment.

    The London-listed group reiterated its full-year outlook for pro forma constant currency revenue growth of 4–5%, alongside an adjusted EBITDA margin of 34.5–35.5%. Management described the financial year as weighted towards the first half, reflecting the rollout of new shipping capabilities in the second half.

    Within Arts & Antiques, gross merchandise volume increased during the quarter, supported by shipping enhancements and a positive contribution from the Chairish acquisition. The company said Chairish is expected to generate annual synergies of around $8 million. The board also noted it would consider restarting share buybacks towards the end of the financial year.

    However, the decline in I&C revenue drew concern from analysts. RBC Capital Markets analyst Ross Broadfoot described the weakness as “a large concern,” adding that “it appears the business is becoming more reliant on A&A to offset weakness in I&C.”

    At the same time as ATG’s update, FitzWalter Capital issued a separate statement outlining discussions around a potential sale of the I&C division, creating differing narratives around events. In ATG’s own statement, chief executive Jon-Paul Savant said he is “confident that ATG has a bright future and will remain a sector leader in both A&A and I&C divisions.”

    The board confirmed it “has received preliminary expressions of interest to acquire its I&C business” and that it “evaluated those in the ordinary course of business” while being “mindful of its fiduciary duties.” It added that the approaches “did not progress beyond initial discussions.”

    FitzWalter’s account contrasted with this position. According to its statement, on October 6, 2025, “The Chairman of ATG confirms to FitzWalter during a telephone call that the Company had engaged in serious meetings with one third party regarding the potential sale of the I&C division, and that the hope is to announce the disposal at the Company’s full year results.” FitzWalter said the chairman indicated that any proceeds would be used “to pursue a greater scale A&A opportunity through M&A with active conversations underway,” with Chairish described as “a first step.”

    FitzWalter also said that on October 17, 2025, it attended “a ’management presentation’ regarding the potential I&C disposal delivered by John-Paul Savant and Sarah Highfield (respectively, CEO and CFO of ATG).”

    Broadfoot said that “the ATG and FitzWalter statements re I&C are inconsistent and need further clarification as do the drivers of the decline in this side of the business, which may explain why there was at least a thought about whether it remains part of the group.”

    RBC Capital Markets reiterated a “sector perform” rating on the shares with a price target of 310 pence. The stock closed at 339.50 pence. The broker values the group at around 7 times forward EV/EBITDA, noting that the current one-year forward multiple of 7.5 times is close to a historic low.

  • Computacenter Outperforms 2025 Forecasts on Revenue, Profit and Cash in Early Update

    Computacenter Outperforms 2025 Forecasts on Revenue, Profit and Cash in Early Update

    Computacenter PLC (LSE:CCC) issued an early full-year trading update, highlighting performance that came in materially ahead of expectations across revenue, profitability, cash generation and order intake.

    The UK-listed IT services group reported that gross invoiced income increased by 31% year on year in 2025, or 32% at constant currency. This was around 14% ahead of market expectations, according to Jefferies. Profitability also strengthened, with adjusted profit before tax now expected to be at least £270 million, implying growth of no less than 6% versus last year and around 6% above consensus forecasts.

    “This growth has been delivered while absorbing additional investments, additional employee-related costs, and lower interest income following the buyback,” Jefferies analyst Charles Brennan said.

    By region, the US led performance, with strong growth across both hyperscaler and enterprise customers. This more than offset softer trading conditions in France, while trends in the UK and Germany continued to show improvement.

    Cash generation was another key highlight. Year-end adjusted net funds were around £600 million, equivalent to roughly 20% of the company’s market capitalisation. Management attributed this in part to early customer payments, alongside cash outflows related to the AgreeYa acquisition.

    “However, this clearly highlights a strong balance sheet position, which continues to provide strategic optionality,” Brennan said.

    Looking ahead, Computacenter pointed to robust order intake, particularly in the US. The committed order backlog across all regions is described as “significantly” ahead of levels seen at the end of 2024 and in mid-2025, underpinning confidence in continued organic growth and strategic progress into 2026.

    Brennan described the update as positive “on all fronts,” citing the scale of the beat versus consensus and the strength of cash flow. He added that there is potential for upgrades to 2026 forecasts and reiterated a Buy rating, arguing that the shares remain among the cheapest in the sector given the company’s balance sheet strength and earnings momentum.

    “The shares should respond well to the announcement,” he said.

  • Atalaya Mining Surpasses Q4 Copper Output Expectations and Upgrades Full-Year View

    Atalaya Mining Surpasses Q4 Copper Output Expectations and Upgrades Full-Year View

    Atalaya Mining (LSE:ATYM) said on Thursday that copper production in the fourth quarter of 2025 came in ahead of expectations, with output exceeding analyst forecasts by around 3%, rounding off a strong performance for the year as a whole.

    The company is now expected to deliver full-year 2025 EBITDA of approximately €183 million, representing a 175% increase compared with the prior year and around 8% above earlier estimates. The improved outcome reflects stronger-than-anticipated production volumes alongside favourable provisional pricing effects.

    Atalaya also closed the fourth quarter with a solid financial position, reporting net cash of €122 million, underpinned by robust cash flow generation throughout 2025.

    For 2026, the group has guided to copper production of between 50,000 and 54,000 tonnes, with volumes weighted towards the second half of the year. While this outlook was lighter than some expectations, prompting analysts to trim their 2026 volume assumptions to around 52,000 tonnes from 54,000 tonnes previously, sentiment remains constructive.

    Despite the softer production guidance for 2026, analysts have lifted their average EBITDA and earnings per share forecasts for the 2025–2027 period by 2% and 3% respectively, pointing to the strong fourth-quarter delivery and improved cash flow profile as key drivers.

  • Forterra Delivers 12% Revenue Increase in 2025, In Line With Expectations

    Forterra Delivers 12% Revenue Increase in 2025, In Line With Expectations

    Forterra PLC (LSE:FORT) said on Thursday that full-year revenue for 2025 rose to around £386 million, up 12% from £344.3 million in 2024, supported mainly by increased sales volumes across the business.

    The group reported that adjusted EBITDA was broadly in line with market forecasts, reflecting continued margin improvement. Adjusted profit before tax and adjusted earnings per share exceeded expectations, helped by lower interest costs and reduced depreciation charges.

    Brick sales remained Forterra’s most resilient product category during the year, although quarterly growth rates eased as the year progressed.

    The company also made notable progress in strengthening its balance sheet. Net debt before leases fell to approximately £56 million, down from £84.9 million a year earlier, bringing leverage to about 1x adjusted EBITDA and in line with management’s targeted range.

    Further detail on capital allocation and strategic priorities is expected to be provided alongside the company’s full-year results, scheduled for 11 March 2026.

    “Longer term market fundamentals remain attractive with a shortage of housing, a strong desire within Government to address this, and a constrained supply of essential building products,” said Neil Ash, Chief Executive Officer of Forterra.

    Operationally, Forterra continued to outperform the broader brick market. Its brick despatches grew faster than the 6% increase in UK domestic brick despatches recorded over the 11 months to November 2025, according to figures from the Department for Business and Trade. Management attributed this outperformance to the company’s strong exposure to housebuilding, with brick market share continuing to recover towards historic levels.

    Looking ahead, Forterra said it remains too early to gauge the full impact of the November 2025 Budget and the mid-December 2025 interest rate cut on customer demand. Nevertheless, the group remains confident that recent investments in additional production capacity leave it well positioned to benefit from longer-term structural growth drivers and an eventual market recovery.