ADVFN UK Market News

Author: Fiona Craig

  • European markets recover as investors return after oil-driven sell-off: DAX, CAC, FTSE100

    European markets recover as investors return after oil-driven sell-off: DAX, CAC, FTSE100

    European equity markets moved higher on Friday, recovering from their sharpest daily decline in more than two weeks as easing oil prices encouraged investors back into risk assets despite ongoing concerns over artificial intelligence spending.

    Sentiment improved after Brent crude retreated almost 4 percent, having briefly climbed above $100 per barrel on Thursday following renewed Houthi attacks on oil tankers in the Red Sea.

    UK retail sales surprise to the upside

    Sterling strengthened against both the U.S. dollar and the euro after new figures showed that UK retail sales unexpectedly expanded in June.

    Retail sales increased by 1.0 percent during the month, following May’s revised 1.2 percent gain, supported by strong demand for outdoor products during warmer weather. Economists had expected a monthly decline of 0.3 percent.

    Compared with the same month last year, retail sales were up 4.2 percent, accelerating from the 3.5 percent annual growth recorded in May.

    Major European indices post gains

    Germany’s DAX advanced 0.8 percent, while France’s CAC 40 and the UK’s FTSE 100 each gained 0.4 percent during morning trading.

    Corporate earnings drive individual movers

    British polymer specialist Victrex (LSE:VCT) rose almost 2 percent after announcing changes to its management team.

    HSBC Holdings (LSE:HSBA) added 1.3 percent after agreeing to sell its Singapore life and health insurance business to Allianz.

    Shares in DiscoverIE Group (LSE:DSCV) jumped 13 percent after the electronics manufacturer reported organic order growth of 31 percent and a 6 percent year-on-year increase in first-quarter sales.

    Engineering company Renishaw (LSE:RSW) climbed 6.6 percent after indicating that annual profit is expected to exceed previous market expectations.

    German software leader SAP (TG:SAP) gained 6 percent after delivering stronger quarterly revenue.

    ATOSS Software (TG:AOF) advanced 4.3 percent following second-quarter revenue and profit growth.

    Volkswagen (TG:VOW3) slipped 1 percent after posting weaker-than-expected second-quarter earnings and lowering its forecasts for annual sales and vehicle deliveries.

    Swedish security and access specialist Assa Abloy (TG:ALZC) edged 1 percent higher after completing the acquisition of U.S.-based Classic Brass Inc.

    Security services provider Securitas (TG:S7MB) tumbled 11 percent after reporting second-quarter core profit below market expectations.

    French pharmaceutical company Sanofi (EU:SAN) declined 2.2 percent after ending the clinical development of amlitelimab for moderate-to-severe atopic dermatitis following mixed Phase 3 trial results.

  • AstraZeneca moves closer to EU asthma approval for Trixeo Aerosphere

    AstraZeneca moves closer to EU asthma approval for Trixeo Aerosphere

    AstraZeneca (LSE:AZN) has taken another step towards expanding the use of its Trixeo Aerosphere inhaler after the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion recommending its approval for asthma treatment across the European Union.

    The recommendation applies to patients aged 12 years and older whose asthma remains inadequately controlled despite treatment with a medium-dose inhaled corticosteroid and a long-acting beta2-agonist.

    Triple-therapy inhaler targets uncontrolled asthma

    Trixeo Aerosphere combines three established therapies into a single inhaler, including an inhaled corticosteroid, a long-acting beta2-agonist and a long-acting muscarinic antagonist.

    If approved by the European Commission, the treatment would offer an additional maintenance therapy option for patients whose symptoms are not sufficiently managed with dual therapy.

    Phase III studies support recommendation

    The CHMP’s positive opinion was supported by data from the Phase III KALOS and LOGOS clinical trials.

    Both studies demonstrated statistically significant improvements in lung function compared with dual-therapy treatments.

    A pooled analysis of the trial results also found that Trixeo reduced the annualised rate of severe asthma exacerbations across a broad group of patients, including individuals with no previous history of severe exacerbations.

    Rapid improvement in lung function observed

    The treatment also achieved one of its key secondary objectives by delivering measurable improvements in lung function within five minutes of the first administered dose.

    Researchers reported no new safety or tolerability concerns during the clinical programme.

    Findings from the KALOS and LOGOS trials were published in The Lancet Respiratory Medicine in February 2026.

    Global regulatory expansion continues

    Outside Europe, the medicine is marketed as Breztri Aerosphere in the United States, China and Japan.

    It is already approved in the United States for the maintenance treatment of asthma, while regulatory applications remain under review in both Japan and China.

    Trixeo/Breztri has also received approval for the treatment of chronic obstructive pulmonary disease (COPD) in adults across approximately 90 countries, including the United States, the European Union, China and Japan.

    Asthma remains a major health challenge across Europe

    According to AstraZeneca, nearly 43 million people across Europe are living with asthma, with around four million new cases diagnosed each year.

    A positive opinion from the CHMP is an important milestone in the European approval process, with the final decision now resting with the European Commission.

  • Britain’s Critical Minerals Strategy Brings Tungsten into Sharper Focus

    Britain’s Critical Minerals Strategy Brings Tungsten into Sharper Focus

    As the UK and its allies look to strengthen the resilience of critical mineral supply chains, tungsten is increasingly emerging as one of the most strategically important metals for defence, advanced manufacturing and industrial security.

    Recent policy developments in the United States, including measures to reinforce domestic defence supply chains and reduce reliance on vulnerable overseas sources of critical materials, reflect a broader trend across Western nations. The UK has similarly identified critical minerals as essential to its economic security, defence capabilities and transition to advanced technologies.

    For investors, these developments reinforce the growing importance of securing reliable supplies of strategic metals from politically stable jurisdictions.

    Why Tungsten Matters

    Tungsten is regarded as one of the world’s most important industrial metals. Its exceptional hardness, extremely high melting point and density make it indispensable across a wide range of applications, including:

    • Defence systems and armour-piercing munitions
    • Aerospace components
    • High-temperature industrial equipment
    • Precision cutting tools
    • Energy, electronics and advanced manufacturing

    Despite its importance, global tungsten production remains heavily concentrated. China dominates both mining and processing, leaving Western economies seeking alternative sources to improve supply chain resilience and reduce geopolitical risk.

    The UK Government’s Critical Minerals Strategy has highlighted the need for more secure and diversified supply chains, working closely with trusted international partners to ensure access to materials that underpin economic growth and national security.

    A Strategic Opportunity in the United States

    Against this backdrop, companies developing tungsten projects in stable mining jurisdictions are attracting increasing attention.

    One such company is Guardian Metal Resources PLC (LSE:GMET) (AMEX:GMTL) (USOTC:GMTLF) which is focused on developing domestic tungsten resources in Nevada.

    Its flagship Pilot Mountain Project is recognised as one of the largest undeveloped tungsten deposits in the United States and could become an important future source of supply for North America.

    The project hosts a substantial mineral resource at the Desert Scheelite deposit, comprising an indicated pit-constrained resource of 8.694 million tonnes grading 0.206% WO₃ and an inferred resource of 1.784 million tonnes grading 0.169% WO₃, together with valuable copper, silver and zinc by-products.

    Strong Government Support

    Guardian Metal’s development strategy aligns closely with the United States’ drive to rebuild domestic critical mineral supply chains.

    The company has secured a US$6.2 million award under the U.S. Defense Production Act Title III programme to advance the Pilot Mountain Pre-Feasibility Study, demonstrating the strategic importance placed on developing secure domestic tungsten production.

    As governments seek to reduce dependence on concentrated foreign supply chains, projects such as Pilot Mountain could become increasingly significant.

    Attractive Project Economics

    Beyond its strategic importance, Pilot Mountain has delivered encouraging economic results.

    The recently completed Pre-Feasibility Study reported:

    • After-tax Net Present Value (NPV): US$660.3 million
    • Internal Rate of Return (IRR): 59.6% (base case)

    Under stronger tungsten pricing assumptions, the project’s economics improve further, illustrating the leverage the project offers to rising demand and strengthening tungsten prices.

    Guardian Metal also owns the Tempiute Project, another historic tungsten-producing asset in Nevada, providing additional long-term development potential.

    A Growing Investment Theme

    Across the UK, Europe and North America, governments are placing increasing emphasis on securing reliable supplies of critical minerals. The discussion has moved beyond simply identifying resources to ensuring they originate from trusted jurisdictions capable of supporting long-term industrial and defence requirements.

    Tungsten sits firmly within this theme.

    As demand for resilient supply chains continues to grow, projects capable of delivering secure, Western-produced tungsten are likely to become increasingly valuable.

    With its advanced Nevada assets, government backing and focus on one of the world’s most strategically important metals, Guardian Metal Resources is well positioned to benefit from this structural shift in critical minerals policy.

    For UK investors seeking exposure to the growing strategic metals sector, Guardian Metal represents a company operating at the intersection of resource security, defence resilience and long-term industrial demand.

    This article is for informational purposes only and should not be regarded as investment advice. Investors should conduct their own research and consider seeking independent financial advice before making any investment decisions.

  • European gas prices climb to four-month highs as supply concerns extend rally

    European gas prices climb to four-month highs as supply concerns extend rally

    European wholesale natural gas prices remained close to four-month highs on Friday, leaving benchmark contracts on course for a fourth consecutive weekly advance as geopolitical tensions and concerns over winter inventories continued to support the market.

    The current run of weekly gains would represent the longest winning streak for European gas prices since May last year, reflecting mounting anxiety over supply security ahead of the colder months.

    Benchmark gas contracts continue higher

    The Dutch front-month contract at the Title Transfer Facility (TTF), Europe’s benchmark gas market, rose 0.4% to trade near its highest level in four months. Britain’s equivalent front-month wholesale gas contract also advanced, gaining 0.3%.

    Both contracts remain on track to finish the week higher as traders continue to price in geopolitical risks alongside tightening global supplies of liquefied natural gas (LNG).

    Storage concerns reinforce bullish sentiment

    Market confidence received additional support earlier this week after Equinor, Europe’s largest domestic gas producer, warned that the region is unlikely to reach its target of filling underground gas storage facilities to 80% capacity before winter.

    Equinor Chief Executive Anders Opedal said storage sites across Europe are currently around 54% full, placing inventories below the seasonal five-year average and marking the second-lowest level recorded for this time of year in the past 15 years.

    The warning has heightened concerns that Europe could enter the winter heating season with reduced supply buffers.

    Middle East disruptions tighten the LNG market

    The outlook has also been affected by escalating conflict in the Middle East, where disruptions to shipping through the Strait of Hormuz have constrained a significant share of global LNG exports.

    As cargo availability tightens, Asian importers have been willing to pay higher prices for flexible LNG shipments, drawing uncommitted cargoes away from European buyers and increasing competition for available supply.

    Higher energy costs complicate monetary policy

    The continued rise in wholesale gas prices is also adding to inflation concerns across Europe.

    With energy costs feeding through into consumer prices, financial markets are increasingly considering the possibility that central banks may delay additional interest rate cuts or maintain restrictive monetary policy for longer than previously expected.

  • Gold prices head for weekly gains despite pressure from rising Treasury yields

    Gold prices head for weekly gains despite pressure from rising Treasury yields

    Gold traded lower on Friday but remained on track to finish the week in positive territory, as geopolitical uncertainty in the Middle East continued to support demand for safe-haven assets despite increasing expectations that U.S. interest rates could stay elevated for longer.

    At 02:14 ET (06:14 GMT), spot gold (XAU/USD) declined 0.5% to $4,030.55 per ounce, while gold futures slipped 0.4% to $4,032.75. Silver (XAG/USD) fell 0.4% to $57.42 per ounce, and platinum (XPT/USD) lost 0.7% to $1,585.43.

    Safe-haven demand offsets pressure from higher rates

    Although bullion extended the previous session’s losses, it was still up around 0.8% for the week, putting it on course for its first weekly advance in three weeks.

    Demand for defensive assets remained supported by renewed conflict in the Middle East after Iran-backed Houthi forces attacked two Saudi oil tankers in the Red Sea. Following the incident, U.S. President Donald Trump warned that Iran would be held responsible for any future Houthi attacks on commercial vessels and indicated that additional military action remained an option.

    Geopolitical uncertainty increased further after reports that Iran rejected a U.S.-backed ceasefire proposal, reducing hopes that tensions could ease in the near term.

    The latest escalation also contributed to higher oil prices, adding to inflation concerns across financial markets.

    Strong economic data reinforces Fed expectations

    Gold also came under pressure from stronger-than-expected U.S. labour market data, which reinforced expectations that the Federal Reserve may keep monetary policy restrictive.

    Initial jobless claims unexpectedly fell to 187,000, the lowest reading in decades, helping lift the benchmark 10-year Treasury yield to its highest level since January 2025.

    Investors are currently pricing in roughly a 34% chance of a 25-basis-point rate increase at next week’s Federal Reserve meeting as resilient employment data and rising energy costs continue to cloud the inflation outlook.

    Nomura analysts expect policymakers to leave rates unchanged, noting that Chair Kevin Warsh is unlikely to provide major policy signals because updated economic forecasts and a revised dot plot are not scheduled for the July meeting.

    Technical outlook continues to favour buyers

    IG senior market analyst Tony Sycamore said higher Treasury yields, a stronger U.S. dollar and increased geopolitical uncertainty have all contributed to gold’s recent weakness.

    The U.S. Dollar Index remained close to 101.45 after Thursday’s gains, while elevated bond yields continued to reduce the appeal of non-interest-bearing assets.

    Nevertheless, Sycamore believes gold remains technically well positioned after establishing support above the late-June low near $3,942.

    A decisive break above the early-July peak at $4,202 could strengthen bullish momentum and potentially drive prices toward the 200-day moving average around $4,495.

    IG continues to hold a cautiously positive outlook provided prices remain above late-June support, although next week’s Federal Reserve decision and geopolitical developments are expected to be the key market catalysts.

  • Oil set for strong weekly gains despite Friday pullback

    Oil set for strong weekly gains despite Friday pullback

    Crude oil prices eased on Friday, but both major benchmarks remained on track to post their biggest weekly advances in months as escalating conflict in the Middle East continued to fuel concerns over global supply security.

    Although prices retreated from Thursday’s sharp rally, traders remained focused on the risk of further disruptions to key shipping lanes and oil-export infrastructure.

    Brent slips after breaking above $100

    At 07:47 GMT, Brent crude futures were trading $1.82 lower, or 1.81%, at $98.87 per barrel after surging more than 7% in the previous session. Thursday’s rally briefly lifted Brent above $100 per barrel for the first time since May after Iran-backed Houthi forces claimed responsibility for attacks on two Saudi oil tankers in the Red Sea.

    Even after Friday’s decline, Brent remained on course for a weekly gain of approximately 12%.

    U.S. West Texas Intermediate (WTI) crude also moved lower, falling $1.60, or 1.74%, to $90.59 per barrel. The U.S. benchmark was still set to finish the week almost 10% higher.

    Geopolitical risks continue to dominate trading

    Concerns over the security of global oil supplies remain the primary driver of market sentiment.

    “Major hubs of oil production or supply routes are surrounded by war,” said PVM Oil Associates analyst John Evans. “The short-term outlook is bullish.”

    U.S. President Donald Trump warned Iran and its Houthi allies that they would face “major military punishment” following attacks on commercial shipping in the Red Sea.

    Reports indicate that Iran has encouraged the Houthis to block the Bab el-Mandeb Strait if U.S. strikes on Iranian infrastructure continue. The waterway is one of the world’s most strategically important energy shipping routes after the Strait of Hormuz.

    Earlier this week, the Houthis also announced a naval blockade against Saudi Arabia, increasing fears of prolonged supply disruptions.

    Tanker traffic and supply outlook remain key concerns

    Shipping data from Kpler showed that only one tanker passed through the Strait of Hormuz on Thursday, marking the lowest daily traffic since 7 May.

    Analysts at JPMorgan estimate that each additional month of supply disruption could increase Brent prices by between $7 and $8 per barrel. If interruptions persist for three months, average monthly Brent prices could approach $114 per barrel.

    Fresh supply risks emerge beyond the Middle East

    Elsewhere, Russia reported overnight strikes against infrastructure at three Ukrainian ports, including fuel depots and cargo handling facilities.

    Meanwhile, Kazakhstan said several oil producers temporarily reduced production after suspected Ukrainian drone attacks forced the closure of the country’s main Black Sea export terminal, adding another source of uncertainty to global energy markets.

  • U.S. futures edge higher as investors monitor Middle East conflict and fresh tariff measures: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. futures edge higher as investors monitor Middle East conflict and fresh tariff measures: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. equity futures traded in positive territory on Friday as markets weighed escalating geopolitical risks against encouraging corporate earnings, while investors also assessed new U.S. trade tariffs and looked ahead to key economic data.

    Markets rebound despite ongoing geopolitical uncertainty

    As of 03:34 ET (07:34 GMT), Dow Jones futures had risen 0.4%, S&P 500 futures added 0.2%, and Nasdaq 100 futures advanced 0.1%.

    The gains followed Thursday’s market decline, which was triggered by renewed concerns over the conflict involving the United States, Iran and Iran-backed Houthi forces. Reports of attacks on Saudi oil tankers in the Red Sea, together with continued military exchanges between Washington and Tehran, briefly pushed Brent crude above $100 per barrel.

    The surge in oil prices renewed fears that inflationary pressures could persist, reducing the likelihood of near-term interest rate cuts and lifting U.S. Treasury yields.

    “The continued rise in energy prices is starting to put pressure on financial markets more broadly, beyond just the bond market. While central banks continue to take a measured approach to the renewed surge in energy prices, there is still plenty of scope for the turbulence in markets to ratchet higher if the U.S.-Iran conflict continues to escalate,” said Jonas Goltermann, Chief Markets Economist at Capital Economics.

    Fighting continues as ceasefire proposal is rejected

    The U.S. military announced that it had carried out a 13th consecutive night of strikes targeting Iranian military facilities, including drone storage locations and coastal surveillance infrastructure.

    According to reports from The New York Times, Iran rejected another ceasefire proposal delivered through Iraqi officials on behalf of President Donald Trump, with Iranian representatives maintaining that “America’s outlook” remained unacceptable.

    Meanwhile, Yemen’s Houthi movement claimed responsibility for disrupting shipping through the Bab el-Mandeb Strait after attacking Saudi oil tankers. Saudi Arabia confirmed that one vessel had been struck.

    Although Brent crude later retreated to around $98.90 per barrel, prices remain well above levels seen following the temporary ceasefire reached in June.

    New U.S. tariffs add another layer of uncertainty

    Trade policy also drew attention after the White House introduced import tariffs of between 10% and 12.5% on products from 60 countries.

    The administration said the measures are designed to address insufficient enforcement of restrictions on goods produced with forced labour. Canada and the European Union are among the countries affected, with officials arguing that existing regulations have not been adequately enforced.

    Media reports indicate that further tariff measures targeting manufacturing imports could be announced in the coming weeks.

    Intel delivers upbeat quarterly performance

    Intel (NASDAQ:INTC) gained in after-hours trading after reporting second-quarter results that exceeded Wall Street expectations.

    Revenue climbed 25% year-on-year, while guidance for the current quarter of $15.8 billion to $16.8 billion also came in above analyst forecasts.

    Chief Executive Lip-Bu Tan said artificial intelligence is “driving unprecedented demand for compute” and believes the company is positioned for “sustainable growth.”

    Intel continues to benefit from expanding AI investment and its strategic role as one of the few large-scale semiconductor manufacturers operating in the United States.

    PMI data in focus

    Investors are also awaiting S&P Global’s preliminary July PMI figures for the U.S.

    June’s composite PMI stood at 52.2, reflecting continued expansion in economic activity, supported by robust services demand and a fourth consecutive month of manufacturing growth as businesses strengthened inventories to manage supply risks.

  • European markets hold steady as soaring oil prices and new U.S. tariffs fuel interest rate concerns: DAX, CAC, FTSE100

    European markets hold steady as soaring oil prices and new U.S. tariffs fuel interest rate concerns: DAX, CAC, FTSE100

    European equities traded little changed on Friday as a sharp rise in oil prices and fresh U.S. tariff measures offset support from corporate earnings, reinforcing expectations that inflationary pressures could keep interest rates elevated for longer.

    The pan-European STOXX 600 remained broadly flat in early trading, with investors balancing geopolitical risks and trade tensions against the latest economic and corporate developments.

    Oil rally and geopolitical tensions weigh on sentiment

    Crude oil prices jumped more than 7%, pushing Brent above $100 per barrel for the first time in several months after U.S. President Donald Trump warned of a major military response against Iran and Yemen’s Houthi movement following continued attacks on commercial shipping in the Red Sea and Persian Gulf.

    The surge in energy prices renewed concerns about imported inflation across Europe, where many economies remain heavily dependent on energy imports.

    New U.S. tariffs increase pressure on global trade

    Market sentiment was also affected after the United States introduced new import tariffs ranging from 10% to 12.5% on goods from 60 trading partners, including the European Union.

    The White House said the measures target countries that do not adequately enforce restrictions on forced labour imports, replacing a previous 10% global tariff. The move adds further pressure on European exporters already facing weaker international demand and higher transportation costs.

    The combination of higher energy prices and renewed trade tensions pushed Eurozone government borrowing costs to their highest levels in 15 years across both short- and long-term maturities.

    Investors reassess central bank expectations

    Bond markets reflected growing expectations that both the European Central Bank and the U.S. Federal Reserve could keep monetary policy tighter for longer, with the possibility of additional interest rate increases before year-end to contain inflation.

    Attention later in the session will turn to preliminary Eurozone Purchasing Managers’ Index (PMI) data, which is expected to indicate that business activity remains subdued as companies continue to face high financing costs and rising input prices.

    Energy stocks outperform while technology remains under pressure

    Strong gains in major energy companies such as Shell and BP helped provide support for European equity markets, although broader investor sentiment remained cautious following weak signals from the global technology sector.

    Germany’s DAX rose 0.5%, Italy’s FTSE MIB gained 0.2%, while France’s CAC 40 and London’s FTSE 100 each slipped 0.1%.

    Overnight, Intel’s (NASDAQ:INTC) latest quarterly earnings failed to improve sentiment across Asian technology markets, while Tesla’s (NASDAQ:TSLA) latest cash burn figures increased concerns that heavy investment in artificial intelligence infrastructure is weighing on corporate cash generation.

    With government bond yields remaining near multi-decade highs and oil prices continuing to climb, investors have increasingly favoured defensive sectors with stable cash flows while awaiting greater clarity on central bank policy.

    Corporate movers

    Among notable stocks, Ubisoft (EU:UBI) declined 4% after releasing its first-quarter sales figures, while Volkswagen AG (TG:VOW3) lost 3% following the publication of its latest quarterly results and outlook.

  • FTSE 100 advances as upbeat UK retail sales outweigh geopolitical concerns

    FTSE 100 advances as upbeat UK retail sales outweigh geopolitical concerns

    UK equities moved higher on Friday after stronger-than-expected retail sales figures boosted investor confidence, helping offset ongoing concerns surrounding the escalating conflict between the United States and Iran.

    The FTSE 100 gained 0.32% by 03:27 ET (07:27 GMT). Elsewhere in Europe, Germany’s DAX rose 0.88%, while France’s CAC 40 added 0.23%. Sterling also strengthened, with GBP/USD climbing 0.20% to 1.3341.

    Middle East tensions and tariffs remain in focus

    Geopolitical risks continued to dominate headlines after U.S. Central Command confirmed it had carried out a 13th consecutive night of military strikes against Iranian targets, including command facilities, drone storage locations and coastal surveillance sites.

    Iranian state broadcaster IRIB reported explosions across several provinces and said two people were injured near Bandar Abbas. Iranian Foreign Minister Abbas Araghchi accused “compromised individuals” in Washington of pursuing “mindless aggression” that would increase the cost of any future agreement.

    Political divisions also emerged in Washington. The U.S. House of Representatives voted 214-208 to limit President Donald Trump’s authority to continue military action without congressional approval, although a similar proposal failed in the Senate by a vote of 47-49.

    Meanwhile, Axios reported that Trump is considering a larger military operation than February’s “Operation Epic Fury,” quoting the president as saying, “I am considering a massive attack. Bigger than ever before.” Secretary of State Marco Rubio added that Iran would continue to pay “a very heavy price.”

    Trade policy also remained in the spotlight after a new round of U.S. tariffs on imports from 60 trading partners came into force. The duties, ranging from 10% to 12.5%, affect countries including China, India and members of the European Union. U.S. Trade Representative Jamieson Greer said the measures are aimed at nations that do not prohibit imports linked to forced labour.

    UK retail sales surprise to the upside

    Domestic economic data provided support for UK markets after the Office for National Statistics reported that retail sales volumes increased by 1.0% in June, comfortably beating expectations for a 0.3% decline.

    The stronger reading was attributed to increased spending on seasonal clothing, air conditioning products and purchases linked to the World Cup. On an annual basis, retail sales rose 4.2%, significantly ahead of forecasts for 2.3%.

    Recent data also showed UK inflation easing during June as fuel and food prices moderated, while labour market indicators suggested employment conditions were stabilising.

    Oil retreats while gold remains steady

    Energy markets weakened despite the geopolitical backdrop.

    Brent crude fell 1.92% to $98.76 per barrel, while U.S. West Texas Intermediate crude declined 1.83% to $90.47. Gold prices were little changed, with futures edging up 0.04% to $4,051.87 per ounce and spot gold slipping 0.01% to $4,049.27.

    UK corporate news

    Reckitt Benckiser (LSE:RKT) agreed to sell its Russian hygiene business to Arnest Management LLC, expecting to record an estimated post-tax loss of approximately £175 million as it completes its exit from the market.

    Hyperoptic announced that its fibre broadband network has now reached two million homes and business premises, with the company shifting its focus from network expansion towards growing its subscriber base following strong revenue growth.

    discoverIE (LSE:DSCV) reported a robust start to its financial year, with organic orders increasing 31% and sales rising 6% during the first quarter. The company said adjusted full-year earnings are now expected to exceed the board’s previous expectations.

  • Wise shares decline after U.S. banking charter application is rejected

    Wise shares decline after U.S. banking charter application is rejected

    Wise PLC (LSE:WISE) shares dropped 7.5% in after-hours trading on Thursday after the U.S. Office of the Comptroller of the Currency (OCC) rejected the company’s application for a national trust bank charter.

    The decision delays Wise’s plans to establish a direct connection to the U.S. payments infrastructure, a move the company believes would have reduced transaction costs and improved pricing for customers.

    OCC cites regulatory and procedural factors

    According to the OCC, the application was denied for two main reasons. The regulator pointed to the Federal Reserve’s suspension of new Tier 3 master account approvals, which has remained in place since Wise submitted its application in June 2025, as well as existing consent orders issued against the company by several U.S. states.

    Wise originally applied for the charter more than a year ago. Shortly after filing its application in July 2025, the company became subject to a Multi-State Consent Order.

    Since then, Wise said it has strengthened its U.S. compliance framework by enhancing customer data integrity, improving investigation and reporting procedures, and expanding resources dedicated to regulatory compliance.

    Existing operations remain unchanged

    The company stressed that the OCC’s decision will not affect its current business activities in the United States or internationally.

    Wise continues to operate through money transmitter licences covering 48 U.S. states and four territories, alongside more than 80 regulatory licences worldwide. The proposed national trust bank charter was designed to provide direct access to the Federal Reserve’s payment systems, bringing the U.S. market into line with similar payment arrangements the company has established in other jurisdictions.

    Wise plans to reapply under new framework

    Rather than abandoning its plans, Wise intends to submit a fresh application under the recently introduced GENIUS Act framework, which management believes offers a more suitable regulatory pathway.

    The company said its objective remains securing direct connectivity to FedNow and Fedwire, adding that the new application should not be viewed as a strategic shift towards stablecoin-related activities.

    Regulatory scrutiny remains in focus

    The OCC’s decision adds to a period of increased regulatory attention for Wise. Earlier this year, the company also faced money laundering allegations in Belgium, adding another layer of uncertainty for investors as it continues to pursue its long-term U.S. expansion strategy.