Author: Fiona Craig

Proteome Sciences (LSE:PRM) has secured £840,000 through a placing and subscription involving 48 million new ordinary shares priced at 1.75p each, equivalent to roughly 14% of the company’s enlarged share capital. The group also plans to raise up to a further £60,000 from retail investors at the same price via the BookBuild platform.

Operational and financial highlights

The new capital will be directed toward expanding the company’s proteomics offering and supporting recent commercial momentum. Planned initiatives include scaling TMT plexing capacity to 96-plex, rolling out new DXT isotopic tagging products, and introducing solvent-shift chemoproteomic workflows. The company also expects to complete a DXT licence agreement, increase headcount, and expand mass spectrometry capabilities at its San Diego operations, alongside providing additional working capital. These investments follow a series of sizeable GCLP contract wins and new biopharma partnerships across Europe and the United States.

Major shareholder Vulpes Life Science Fund and Chief Commercial Officer Richard Dennis participated in the fundraising, with the transactions classified as related-party dealings and assessed as fair and reasonable by independent board members. Separately, Executive Chairman Christopher Pearce has agreed to amend the terms of his £5 million loan facility by increasing the conversion price from 1p to a minimum of 4p per share, a move intended to limit future dilution as the newly issued shares are admitted to trading in London.

From a market perspective, the company continues to face pressure from weak underlying financial metrics, including negative profitability, shareholders’ equity, and operating and free cash flow. Technically, the share price remains above key moving averages with a positive MACD signal, although a high RSI suggests near-term overbought conditions. Valuation metrics remain constrained, with a negative P/E ratio and no dividend yield.

More about Proteome Sciences

Proteome Sciences plc is a UK-based life sciences company quoted on AIM, specialising in proteomics services and technologies for biopharmaceutical clients in Europe and the United States. Its portfolio includes Tandem Mass Tag (TMT) and DXT isotopic tagging solutions, as well as advanced chemoproteomic workflows. The group is expanding its operational presence, particularly in San Diego, to capitalise on rising demand in the global proteomics market, which is forecast to grow strongly through to 2030.

UK communications regulator Ofcom has opened a formal investigation into Meta Platforms (NASDAQ:META) over concerns related to information the company submitted about WhatsApp during a regulatory market review.

The inquiry is focused on whether the details provided by Meta were incomplete or inaccurate during Ofcom’s assessment last year of the wholesale market for business bulk SMS services, which are commonly used by companies for notifications such as delivery updates and appointment reminders.

“Last year, we carried out a review of the wholesale market for business bulk SMS messages, which are often used for things like appointment reminders and parcel delivery notifications,” Ofcom said in a statement on Friday.

The regulator added that “the available evidence suggests that the information we received in response from Meta may not have been complete and accurate.”

Ofcom said it will now examine whether Meta complied with its legal obligations when responding to requests for information as part of the review.

U.S. equity futures are indicating a modestly weaker start to Friday’s session, as markets appear set to pause following a sharp two-day rebound that erased much of the losses suffered earlier in the week.

After the recent rally, some investors are opting to lock in gains, particularly after the bounce largely offset Tuesday’s steep decline. The advance was fueled by easing concerns around President Donald Trump’s plans for Greenland, after he ruled out the use of military force and softened his tone on potential tariffs against European countries.

That relief may be short-lived, however, as geopolitical uncertainty resurfaced following fresh comments from Trump regarding Iran. Speaking to reporters aboard Air Force One on Thursday, the president said a U.S. “armada” was moving toward the Middle East.

“We’re watching Iran,” Trump said. “You know we have a lot of ships going in that direction just in case. We have a big flotilla going in that direction and we’ll see what happens.”

Trump had previously stepped back from threatening military strikes against Iran amid its crackdown on nationwide protests, but the renewed rhetoric has unsettled market sentiment.

Adding to the early pressure, Intel (INTC) shares slid nearly 13% in premarket trading. The chipmaker came under heavy selling after posting better-than-expected fourth-quarter earnings while issuing weaker-than-anticipated guidance for the current quarter.

On Thursday, Wall Street extended its rebound, with stocks closing mostly higher and building on Wednesday’s strong gains. The advance helped further neutralize Tuesday’s selloff, pushing the Dow into positive territory for the week.

While the major indices finished below their session highs, gains remained solid across the board. The Dow Jones Industrial Average rose 306.78 points, or 0.6%, to 49,384.01. The Nasdaq Composite advanced 211.20 points, or 0.9%, to 23,436.02, and the S&P 500 climbed 37.73 points, or 0.6%, to end at 6,913.35.

Markets have been supported by diminishing tensions tied to Trump’s Greenland ambitions. On Wednesday, the president publicly ruled out military action and later said he had reached the “framework” of an agreement over the Arctic territory.

Following that “framework” arrangement with NATO Secretary General Mark Rutte, Trump retreated from earlier threats to impose sanctions on European nations opposing his plans.

Some analysts see the recent surge in equities as a revival of the so-called “TACO trade,” shorthand for “Trump Always Chickens Out,” a term used to describe a pattern of market-rattling threats followed by policy reversals.

“There are a lot of similarities with the Liberation Day market wobble in April 2025 and now,” said Russ Mould, investment director at AJ Bell. “In both situations, Trump took an aggressive stance and then backed down after financial markets wobbled.”

He added, “The US president has a keen eye on what happens with bonds and stocks, and the last thing he wants is to be accused of destroying people’s wealth.”

On the economic front, data from the U.S. Labor Department showed a small increase in initial jobless claims for the week ended January 17. Claims edged up to 200,000, rising by 1,000 from the prior week’s revised reading of 199,000.

Economists had expected claims to climb to 205,000 from the previously reported 198,000.

Meanwhile, separate figures from the Commerce Department indicated that consumer prices rose in November broadly in line with economists’ forecasts.

Sector moves were mixed in Thursday’s session. Gold-related stocks surged as bullion prices jumped, with the NYSE Arca Gold Bugs Index gaining 4.4% to a record close. Telecom stocks also performed strongly, as the NYSE Arca North American Telecom Index advanced 2.1% to a new high.

Technology-linked sectors including software, networking and biotechnology supported the Nasdaq’s outperformance, while real estate and housing stocks lagged.

European equity markets drifted modestly lower on Friday, with indices on course to end a five-week run of gains as investors remained cautious amid renewed geopolitical and trade-related tensions tied to Greenland.

On the data front, preliminary survey figures from S&P Global indicated that private-sector activity across the euro area continued to expand at a steady pace in January. Manufacturing output returned to growth territory, while momentum in the services sector eased to its weakest level in four months.

The HCOB flash composite output index held steady at 51.5 in January, matching December’s reading and falling just short of expectations for a slight uptick to 51.6.

The pan-European Stoxx 600 index slipped 0.2%, a modest pullback following a strong 1% rally in the previous session. France’s CAC 40 declined 0.3%, while Germany’s DAX hovered around flat territory. In contrast, the UK’s FTSE 100 outperformed slightly, rising 0.1%.

In corporate developments, shares of French banking group BNP Paribas (EU:BNP) moved lower following reports that the lender plans to cut roughly 1,200 jobs by the end of 2027.

UK defense firm Babcock International (LSE:BAB) also traded down after announcing changes to its chief executive leadership.

Germany’s BASF (TG:BAS) came under pressure after the chemicals group cautioned that earnings are likely to weaken.

On the upside, Swiss composite materials specialist Gurit Holding (LSE:0QQR) surged after reporting 2025 sales that exceeded its own guidance.

Swedish telecom equipment maker Ericsson (NASDAQ:ERIC) was another standout performer, with shares jumping after the company topped quarterly earnings forecasts and unveiled a SEK 15 billion share buyback program.

Oil prices moved higher during Asian trading on Friday after U.S. President Donald Trump suggested that American naval forces were being positioned near Iran, fuelling fresh concerns over potential supply disruptions from a key Middle Eastern producer.

While crude had dipped earlier in the week, prices remained on track for a fifth consecutive weekly gain. Traders have increasingly priced in geopolitical risk, alongside expectations of firmer demand, as global tensions heighten the threat of interruptions to oil flows.

Brent crude futures for March delivery climbed 0.9% to $64.62 a barrel, while U.S. West Texas Intermediate futures also rose 0.9% to $59.89 a barrel by 22:48 ET (03:48 GMT).

Trump highlights ‘armada’ deployment

Speaking to reporters aboard Air Force One on Thursday night, Trump said the United States had dispatched a fleet toward Iran and warned Tehran against escalating domestic crackdowns or reviving its nuclear programme.

“We have an armada… heading in that direction, and maybe we won’t have to use it,” Trump told reporters. “I’d rather not see anything happen, but we’re watching them very closely,” Trump said.

Media reports indicated that a U.S. aircraft carrier and several destroyers are expected to reach the Middle East in the coming days, reigniting fears of renewed military confrontation in the region.

Iran is among the largest oil producers within the Organization of the Petroleum Exporting Countries and is also a major supplier to China, the world’s biggest crude importer. Any military action involving the United States would likely disrupt Iranian oil exports.

The country has faced nationwide protests since January against the ruling Nezam, with reports suggesting that thousands were killed during the latest unrest.

Fifth weekly gain in sight

On a weekly basis, oil prices were up between 0.6% and 0.8% after a volatile stretch, as investors also responded to shifting signals from Washington on Greenland.

Additional support came from modestly positive economic data out of China and the International Energy Agency’s decision to lift its oil demand outlook for 2026. Crude has also attracted bargain hunters following a weak showing through much of 2025.

A softer U.S. dollar further underpinned prices, with markets continuing to expect the Federal Reserve to cut interest rates later this year, a dynamic that tends to support dollar-denominated commodities.

Gold prices are edging closer to the $5,000-an-ounce mark, propelled by a resurgence in geopolitical risk and growing unease over the independence of the U.S. Federal Reserve — dynamics that have pressured the dollar and intensified flows into hard-asset safe havens.

Spot gold climbed to a fresh record of $4,967.48 an ounce, extending weekly gains to roughly 8%, while February futures traded at $6,969.69. Silver followed closely behind, jumping to an all-time high of $99.38 an ounce in spot trading.

After posting its strongest annual performance since 1979, gold’s momentum has remained striking. The metal is up a further 15% so far this year, supported by renewed criticism of the Federal Reserve from U.S. President Donald Trump, U.S. military action in Venezuela and renewed rhetoric around annexing Greenland. Together, these developments have revived what investors describe as the “degrade trade,” characterised by a retreat from government bonds and fiat currencies in favour of alternative stores of value such as gold.

“Gold is going through a gradual repricing as fractures emerge in the post-war, rules-based global order,” said Yuxuan Tang, head of Asia macro strategy at JP Morgan Private Bank. “More investors are coming to view gold as a dependable hedge against these difficult-to-measure regime-change risks,” he added.

Supply constraints are adding to price sensitivity. “Gold supply is not sufficient to absorb U.S. market and political tensions, which makes price ceilings particularly fragile,” said Ahmad Assiri, a strategist at Pepperstone Ltd Group.

Central-bank demand continues to provide a powerful tailwind. Poland’s central bank — currently the world’s largest buyer of gold — approved plans this week to acquire an additional 150 tonnes amid rising geopolitical uncertainty. At the same time, India’s holdings of U.S. Treasuries have fallen to a five-year low, while allocations to gold and other alternative assets have increased, reflecting a broader effort by some major economies to diversify away from the world’s largest bond market.

Investors are also closely watching Washington. Markets are awaiting President Trump’s nomination for the next Federal Reserve chair after he said discussions with candidates had concluded and reiterated that he has a preferred choice. A more dovish appointment would likely reinforce expectations for additional rate cuts this year — a supportive backdrop for precious metals following three consecutive reductions.

Geopolitical negotiations remain in focus as well, with markets tracking talks between Russian President Vladimir Putin and U.S. envoys Steve Witkoff and Jared Kushner on a proposed peace plan aimed at ending the war in Ukraine.

Bullish momentum has prompted major banks to lift their forecasts. Goldman Sachs recently raised its year-end gold price target to $5,400 an ounce from $4,900, citing strong demand from private investors and central banks. The bank said the rally is being driven by persistent inflows into Western ETFs and continued purchases by emerging-market central banks, estimated at around 70 tonnes per year in 2026, as part of an ongoing currency-diversification trend.

JP Morgan forecasts an average gold price of around $5,055 in the fourth quarter of 2026, underpinned by still-elevated official-sector demand of roughly 755 tonnes annually — well above pre-2022 levels — and a gradual reallocation toward gold within institutional portfolios.

Other global lenders, including UBS, Bank of America, Morgan Stanley and Deutsche Bank, are clustering around 2026 price targets of $4,800 to $5,000 an ounce. Some projections anticipate a sustained move above $5,000 between late 2026 and 2027, supported by persistent geopolitical strain, concerns over global debt sustainability, a potential revival in ETF inflows and mine supply struggling to keep pace.

Strategists increasingly argue that gold is “breaking historical norms.” Following its surge in 2025 and fresh highs in 2026, the metal is widely viewed as a potential top-performing asset again this year. Still, analysts warn that any easing of fiscal or monetary stress — or waning demand for macro hedges — could trigger profit-taking and introduce sharper volatility along the path to projected price levels.

Silver, riding gold’s rally, has more than tripled over the past year. The metal has also been supported by an unprecedented short squeeze and a surge in retail buying, forcing banks and refiners to scramble to meet exceptional physical demand.

Uncertainty around potential changes to China’s export-licensing regime has further amplified scarcity concerns, while volatility remains elevated even after the United States refrained from imposing broad tariffs on imports of key minerals, including silver and platinum.

According to Robert Gottlieb, a former precious-metals trader, elevated prices and sharp market swings have fundamentally altered risk-taking behaviour across the banking sector. Banks now “have to cut their positions significantly, which results in higher volatility and wider spreads,” he said.

U.S. equity futures moved cautiously on Friday as investors balanced a heavy flow of corporate earnings and economic signals against easing geopolitical frictions between the United States and Europe. Intel (NASDAQ:INTL) posted a fourth-quarter loss and warned of additional pressure from supply constraints linked to booming demand from artificial intelligence data centres. At the same time, TikTok outlined a new joint venture designed to preserve its U.S. presence. Elsewhere, the Bank of Japan held interest rates steady while signalling a tightening bias, and gold surged to fresh record highs.

Futures trade near flat

Stock index futures in the U.S. hovered just below unchanged levels following a volatile week dominated by trade and geopolitical headlines. At 03:50 ET, Dow futures were down 33 points, or 0.1%, S&P 500 futures slipped 4 points, or 0.1%, and Nasdaq 100 futures declined 43 points, or 0.2%.

Wall Street ended higher in the previous session after President Donald Trump retreated from plans to impose additional tariffs on a number of European countries as early as February 1. Trump said on Thursday that the U.S. had secured full and permanent access to Greenland after talks with NATO allies. However, the lack of clarity around the agreement and Washington’s earlier demands regarding the semi-autonomous Danish territory continued to raise concerns among European officials.

As tensions over Greenland appeared to ease, market focus shifted back to an intensifying earnings season and the Federal Reserve’s policy decision scheduled for next week.

Intel flags tougher conditions

Intel shares fell sharply in extended trading after the chipmaker reported a loss for the fourth quarter and issued a cautious outlook for the current period. The company recorded a net loss of $333 million in the final quarter of its fiscal year, undershooting market expectations despite recent backing from major investors such as Nvidia and support from the U.S. government.

Management highlighted surging demand from AI-driven data centres as a key factor behind ongoing supply shortages across the semiconductor industry. Chief Financial Officer David Zinsner said these constraints could persist well into 2026.

For the first quarter, Intel now expects a loss of $0.21 per share, underlining the scale of the challenge facing Chief Executive Lip-Bu Tan as the company competes in an AI chip market dominated by Nvidia and rival Advanced Micro Devices. Investors were also left wanting more detail, as Intel deferred updates on customers for its foundry business and offered limited information on uptake of its next-generation 14A manufacturing technology.

“[T]here weren’t any customer announcements made for the 14A […] while some investors were hoping for a big name, like possibly Apple,” analysts at Vital Knowledge said in a note.

TikTok announces U.S. joint venture

TikTok said it will move forward with a Trump administration-backed joint venture that will allow the widely used short-form video app to continue operating in the United States. The platform has long been under scrutiny from U.S. lawmakers, who have raised concerns that its ownership structure — with parent company ByteDance based in China — poses risks to national security and data privacy.

Trump previously sought to ban TikTok in 2020 and later opted not to enforce a 2024 law passed by Congress that required ByteDance to divest its U.S. assets or face a nationwide ban. Under the new arrangement, TikTok’s U.S. operations will be managed by a newly created entity viewed as more aligned with Washington, with a mandate to protect user data and strengthen cybersecurity.

U.S. and international investors, including Oracle (NYSE:ORCL), private equity firm Silver Lake and Abu Dhabi-based MGX, will hold 80.1% of the joint venture, while ByteDance will retain a 20% stake. Trump, who has credited TikTok with helping him secure a second term in office, said the app “will now be owned by a group of Great American Patriots and Investors.”

Bank of Japan keeps rates unchanged

The Bank of Japan left interest rates unchanged on Friday, maintaining its benchmark overnight call rate at 0.75% following a rate increase in December. Eight of the nine members of the policy board supported the decision, while board member Hajime Takata dissented in favour of a 25 basis point hike.

While the pause was widely anticipated, the central bank upgraded its economic growth and inflation forecasts, citing expectations of increased fiscal support. Policymakers reiterated that rates would continue to rise if growth and inflation develop in line with projections, as they seek to anchor inflation around the 2% target.

The BOJ raised its real GDP growth forecast for fiscal 2025 to a range of 0.8% to 0.9%, up from its earlier estimate of 0.6% to 0.8%.

“Given that the real policy rate is still deeply negative, further policy tightening is therefore all but guaranteed,” Capital Economics analysts said, adding that they expect the central bank to move before at least July.

“Granted, the looming sharp fall in headline inflation puts the Bank in an awkward position, particularly if [Prime Minister Sanae] Takaichi also suspends the sales tax on food. But looking past those distortions, price pressures will remain firm.”

Gold surges to record highs

Gold prices climbed to record levels in Asian trading on Friday, edging closer to the closely watched $5,000-an-ounce mark after Trump’s comments on Iran boosted demand for safe-haven assets. Silver and platinum also reached fresh highs.

Spot gold rose as much as 0.7% to a record $4,967.48 an ounce, while February gold futures advanced more than 1% to $4,969.69. Spot silver jumped nearly 3% to $99.0275, and spot platinum gained almost 1% to $2,692.31 an ounce.

European equities traded mostly lower on Friday, with investors remaining cautious as heightened geopolitical tensions continued to weigh on sentiment toward the end of a turbulent week.

By 08:10 GMT, Germany’s DAX was down 0.1% and France’s CAC 40 slipped 0.2%, while the UK’s FTSE 100 edged 0.2% higher.

Elevated political uncertainty

European stocks had rebounded on Thursday after U.S. President Donald Trump softened his stance on imposing trade tariffs tied to gaining ownership of Greenland, the autonomous Danish territory. Even so, all three major indices remained on track for weekly losses as political risks continued to overshadow markets.

Geopolitical concerns intensified after Trump raised the prospect of military action against Iran, telling reporters aboard Air Force One late Thursday that the United States had naval forces moving toward the region. “We have an armada… heading in that direction, and maybe we won’t have to use it,” Trump said. “I’d rather not see anything happen, but we’re watching them very closely,” he added, warning Tehran against killing protestors or resuming its nuclear programme.

Meanwhile, Ukrainian President Volodymyr Zelenskyy criticised Europe’s response to rising geopolitical threats during his speech at the World Economic Forum in Davos, Switzerland. He accused Europe of being “lost” while trying to persuade Trump to “change” and back the continent, rather than acting collectively to defend itself.

Tensions were further compounded by the decision of most European countries not to participate in Trump’s proposed “Board of Peace,” originally intended to oversee the demilitarisation and reconstruction of Gaza. Concerns were raised over the body’s structure and whether it could ultimately rival the United Nations.

UK retail sales surprise

Later in the session, investors were set to assess a fresh round of economic indicators, including January PMI readings for the euro area, as signs of a tentative recovery emerge.

Ahead of those releases, UK retail sales delivered an upside surprise, rising 0.4% in December from November as shoppers returned to stores after declines in October and November. Economists surveyed by Reuters had forecast a 0.1% monthly fall.

Corporate updates in focus

In European company news, Ericsson (BIT:1ERICB) announced plans for a substantial share buyback and a higher dividend, after a surge in net cash helped offset weak conditions in the mobile networks market.

UK defence group Babcock International Group (LSE:BAB) said it remains on track to achieve its full-year margin target of 8%, supported by strong organic revenue growth in the third quarter, with potential upside linked to progress on its Indonesian Arrowhead programme.

Meanwhile, Pets at Home Group Plc (LSE:PETS) confirmed that Sarah Pollard will join the company in March as chief financial officer designate.

Investor attention was also firmly on the technology sector after Intel (NASDAQ:INTC) issued weaker-than-expected first-quarter revenue and profit guidance late Thursday. The outlook triggered a sharp sell-off in extended U.S. trading, with the chipmaker citing difficulties aligning supply with surging demand for traditional server chips used in artificial intelligence data centres.

Oil prices head for weekly gains

Oil prices rose on Friday and were on course for a fifth consecutive weekly gain, driven by fears of supply disruptions following Trump’s comments on Iran.

Brent crude futures climbed 0.5% to $64.39 a barrel, while U.S. West Texas Intermediate rose 0.6% to $59.69. Both benchmarks were tracking weekly gains of just under 1%.

Reports indicated that a U.S. aircraft carrier and several destroyers were expected to arrive in the Middle East in the coming days, heightening concerns of renewed military conflict. Iran remains one of the largest oil producers within the Organization of Petroleum Exporting Countries and a key supplier to major importer China.