Author: Fiona Craig

International Consolidated Airlines Group (LSE:IAG) has confirmed a planned transition at group chief financial officer level, with Nicholas Cadbury scheduled to step down in June 2026 and José Antonio Barrionuevo named as his successor.

Barrionuevo currently serves as Chief Financial and Transformation Officer at British Airways and will assume the group CFO role following Cadbury’s departure. A long-standing executive within the group, he has previously held CFO positions at Iberia and brings earlier experience from JPMorgan and McKinsey & Company. His appointment reflects IAG’s internal succession planning and emphasis on leadership continuity.

Cadbury, who has held the CFO position since 2022, is credited with reinforcing the group’s balance sheet, improving profitability, and supporting shareholder returns. He will remain with the business for a six-month transition period to facilitate an orderly handover as IAG continues to prioritise transformation initiatives, customer performance, and long-term value creation.

From a market perspective, the group continues to demonstrate a strong post-pandemic financial recovery. Strategic actions such as share buybacks and improving earnings momentum underpin a constructive fundamental outlook, although mixed technical indicators suggest a degree of near-term caution.

More about International Consolidated Airlines Group

International Consolidated Airlines Group is a leading international airline holding company with a portfolio that includes British Airways and Iberia. The group operates across global passenger aviation markets and is focused on delivering sustainable long-term growth, strong profitability, and shareholder value through disciplined capital allocation and ongoing transformation across its airline businesses.

Newmark Security plc (LSE:NWT) has announced that it will publish its interim results for the six months ended 31 October 2025 on 15 January 2026, alongside a live online presentation aimed at both existing and potential investors.

On the day of the results, Chief Executive Officer Marie-Claire Dwek and Chief Financial Officer Paul Campbell White will host a webcast through the Investor Meet Company platform. The session will provide management commentary on recent trading, strategic priorities, and the outlook for the business. Participants will be able to submit questions either ahead of time or during the live event.

Market sentiment around Newmark Security continues to be influenced by constructive corporate developments and supportive technical indicators. While the company has delivered revenue growth, this progress is partially offset by ongoing cash flow pressures. Valuation levels are described as reasonable, with potential scope for further improvement as profitability metrics strengthen.

More about Newmark Security plc

Newmark Security plc is a global provider of secure people-data solutions for human capital management systems. The company delivers integrated hardware and cloud-based software that support identity management, access control, and time and attendance across both physical and digital workplaces. Its technology generates actionable workforce data to improve security, compliance, and productivity for large enterprise customers, including major retailers and public sector organisations, and is distributed in partnership with enterprise platforms such as Oracle, SAP, and Workday.

Helios Underwriting plc (LSE:HUW) has appointed Jen Tan as Chief Underwriting Officer, promoting her from Head of Portfolio Strategy as the group sharpens its underwriting and capital allocation approach across the Lloyd’s market.

In her new role, Tan will take responsibility for portfolio underwriting strategy, syndicate capacity deployment, and ongoing portfolio management. She previously led portfolio construction and capital allocation across the company’s Lloyd’s platform and brings more than 16 years of insurance industry experience. Her career includes senior positions at Hiscox and Willis Towers Watson.

Management highlighted Tan’s data-led decision-making and underwriting discipline as central to improving portfolio quality and managing earnings volatility. Working closely with the board and syndicate partners, she is expected to play a key role in optimising capital deployment through the underwriting cycle, particularly as market conditions at Lloyd’s of London remain supportive.

While the company continues to face challenges around revenue consistency and cash flow volatility, management noted that valuation metrics and recent corporate actions—including leadership strengthening and shareholder-focused initiatives—offer potential upside over the medium term.

More about Helios Underwriting plc

Helios Underwriting plc is an AIM-quoted specialist insurance investment company providing limited liability exposure to the Lloyd’s of London insurance market. Through a diversified portfolio of established Lloyd’s syndicates, the company offers investors access to US and international wholesale and reinsurance business, positioning itself as the only publicly listed vehicle providing broad, direct exposure to the Lloyd’s market.

InvestAcc Group Limited (LSE:INAC) has confirmed that director Vinoy Nursiah has stepped down from his role with immediate effect, while the board moved quickly to reassure shareholders over the company’s financial governance and reporting standards.

The board said it continues to have full confidence in InvestAcc’s financial reporting framework, internal control environment, and the capability of its finance team. It added that the business remains on course to meet current market expectations for the full year and intends to release its financial statements in line with the established timetable.

To ensure continuity, the company has initiated a process to identify both an interim director and a permanent appointment. The board indicated that the transition is being managed with a focus on maintaining operational stability and consistent oversight of financial matters following the unexpected departure.

More about InvestAcc Group Limited

InvestAcc Group Limited is a UK-based financial services business operating through a group structure. The company focuses on delivering investment-related products and services, supported by an in-house finance function and established financial reporting, governance, and internal control systems.

Pulsar Helium Inc. (LSE:PLSR) has confirmed its highest-pressure gas encounter so far at the Jetstream #5 appraisal well within the Topaz Project in Minnesota, marking another technical milestone for the helium-focused explorer.

The new gas influx was intersected at approximately 2,857 feet and is estimated to carry a bottom-hole pressure of about 1,292 psi. This exceeds all previous pressure readings across the project and adds to multiple gas-bearing zones already identified at shallower levels within the Jetstream well sequence.

Drilling operations at Jetstream #5 are ongoing, with the company targeting a total depth of up to 5,000 feet. Once completed, the drilling rig is expected to move directly to Jetstream #6, continuing the step-out appraisal strategy at Topaz.

In parallel, the company is preparing a multi-well flow and pressure build-up testing program covering Jetstream wells #3, #4, and #5. Scheduled to begin in early February 2026, the campaign is designed to improve understanding of reservoir continuity, pressure dynamics, and gas composition. The results are expected to support future resource estimates and inform longer-term development planning at the Topaz helium asset.

More about Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded primary helium exploration and development company with listings on AIM in London, the TSX Venture Exchange in Canada, and the OTCQB in the United States. Its flagship asset is the Topaz Project in Minnesota, complemented by the Tunu helium project in Greenland. Pulsar focuses on discovering and developing primary helium resources that are not associated with hydrocarbons, targeting jurisdictions and markets seeking secure, non-hydrocarbon-linked helium supply.

Crude prices climbed sharply on Thursday, reversing losses from the previous two sessions after U.S. data showed a much larger-than-expected decline in oil inventories, even as geopolitical developments surrounding Venezuela continued to shape market sentiment.

By 07:50 ET (12:50 GMT), Brent futures for March delivery were up 1.6% at $60.93 a barrel, while U.S. West Texas Intermediate crude also rose 1.6% to $56.90 a barrel. Both benchmarks had fallen more than 1% in each of the prior two trading days.

U.S. stockpiles post biggest draw in months

Support came from government figures released Wednesday indicating that U.S. crude inventories fell by 3.8 million barrels in the week ended January 2, far exceeding forecasts for a 1.2 million barrel decline and marking the largest weekly draw since late October.

The drop was nearly double the 1.9 million barrel reduction recorded the previous week, easing concerns over weakening demand and reinforcing confidence in consumption levels in the world’s largest oil-consuming economy.

Venezuela developments dominate headlines

Despite the inventory-driven bounce, attention remains firmly fixed on Venezuela. According to a Wall Street Journal report, U.S. President Donald Trump is considering a multi-year strategy to exert control over Venezuela’s oil sector, part of a broader effort to push crude prices toward his $50-a-barrel target.

The report said the administration is weighing measures to take control of state oil company Petróleos de Venezuela SA (PdVSA). Trump stated earlier this week that Venezuela would hand over between 30 million and 50 million barrels of oil to the United States, valued at up to $3 billion, shortly after U.S. forces captured Venezuelan President Nicolas Maduro.

U.S. oil companies are also being encouraged to expand operations in Venezuela, with Chevron (NYSE:CVX) seen as a key participant. Reuters reported that Chevron is in talks to broaden its license to operate in the country. Chevron remains the only U.S. oil major active in Venezuela, operating under special authorization that exempts it from the strictest sanctions.

Analysts at ING noted that “the U.S. Department of Energy said the U.S. has already begun marketing Venezuelan oil globally, while Trump’s energy secretary stated that the U.S. intends to control future sales of Venezuelan oil indefinitely. This intent to control Venezuelan oil exports is also clear with the blockade on sanctioned tankers still in place. In fact, the U.S. seized two further tankers yesterday.”

They added that “the control that the U.S. intends to exert over the Venezuelan oil industry also raises questions over the future of Venezuela’s membership within OPEC.”

While a surge in Venezuelan production could eventually add to global supply and intensify concerns over an oil surplus in 2026, analysts cautioned that any meaningful increase would likely be delayed due to ongoing political instability. The Financial Times reported that U.S. energy companies are seeking “serious guarantees” from Washington before committing capital to the country.

Jobs data in focus

Beyond geopolitics, traders are also preparing for key U.S. economic releases, with December’s nonfarm payrolls report due Friday. The data is expected to play a central role in shaping interest rate expectations.

Lower interest rates tend to support economic activity and fuel consumption, which in turn can boost energy demand in the world’s largest economy.

U.S. equity futures are pointing to a mildly lower start on Thursday, suggesting stocks could face early pressure after a mixed performance in the previous session.

Sentiment has been dented by fresh comments from President Donald Trump, who has called for a substantial increase in U.S. defence spending, proposing a military budget of $1.5 trillion by 2027.

“This will allow us to build the ‘Dream Military’ that we have long been entitled to and, more importantly, that will keep us SAFE and SECURE, regardless of foe,” Trump said in a post on Truth Social.

While the proposal is viewed as supportive for defence-related equities, it has also reignited debate over the sustainability of U.S. public finances.

“Watch the bond market closely as Trump’s proposal to radically increase defense spending could put even more pressure on the already sky-high U.S. national debt,” said Russ Mould, investment director at AJ Bell.

“While Trump insists any extra spending would be paid for by tariffs, bond markets might not be as convinced,” he added. “Equity markets are already looking a bit doubtful, with futures prices implying a red day for Wall Street.”

Trading activity could remain subdued as investors await Friday’s closely watched U.S. jobs report, which is expected to provide further insight into the health of the labour market and the outlook for Federal Reserve policy.

Economists are forecasting an increase of around 60,000 nonfarm jobs in December, following a gain of 64,000 in November. The unemployment rate is expected to edge down to 4.5% from 4.6%.

Ahead of the payrolls release, data published earlier showed initial claims for unemployment benefits rose slightly less than expected in the week to January 3. The Labor Department reported that first-time claims increased to 208,000, compared with a revised 200,000 the previous week, while forecasts had pointed to 210,000.

Wall Street finished Wednesday’s session mixed after a choppy day of trading. The Dow Jones Industrial Average and the S&P 500 retreated after an initially positive start to the first full trading week of the year, while the tech-heavy Nasdaq managed a modest gain.

The Nasdaq ended up 37.10 points, or 0.2%, at 23,584.27. By contrast, the S&P 500 slipped 23.89 points, or 0.3%, to 6,920.93, and the Dow fell 466 points, or 0.9%, to 48,996.08.

The uneven performance reflected a pause following recent strength that had pushed both the Dow and the S&P 500 to record closing highs earlier in the week.

Investors also digested a series of economic updates, including an ADP report showing private-sector job growth in December was weaker than expected. ADP said employment rose by 41,000 jobs, following a revised decline of 29,000 in November, compared with forecasts for a 47,000 increase.

Additional data showed U.S. job openings fell more than anticipated in November, while a separate report from the Institute for Supply Management surprised markets with a stronger-than-expected reading on services activity. The ISM services PMI rose to 54.4 in December from 52.6 in November, defying expectations for a slight decline and marking its highest level since October 2024.

Sector performance was uneven. Housing-related stocks came under notable pressure, dragging the Philadelphia Housing Sector Index down 2.6%. Utilities, which tend to be sensitive to interest rate expectations, also sold off sharply, with the Dow Jones Utility Average falling 2.3% to a six-month closing low.

Telecommunications, financials and oil services stocks also weakened, while pharmaceutical, biotechnology and software shares finished the session with solid gains.

European share markets traded cautiously on Thursday, with investors keeping a close eye on escalating developments between the United States and Venezuela, while also positioning ahead of key U.S. employment data that could influence expectations for Federal Reserve policy.

Sentiment was weighed down after the U.S. seized two oil tankers flying Russian flags and outlined intentions to exert long-term control over future Venezuelan oil sales.

Major indices were modestly weaker, with the UK’s FTSE 100 down 0.3%, Germany’s DAX lower by 0.2% and France’s CAC 40 slipping 0.1%.

In London, Tesco (LSE:TSCO) shares fell sharply despite the retailer guiding for full-year profit to land at the upper end of its previous range. Associated British Foods (LSE:ABF) also moved notably lower after issuing a more cautious profit outlook.

French catering group Sodexo (EU:SW) came under pressure as it reported a 1.5% decline in organic sales in North America during the first quarter.

By contrast, defence stocks across the region rallied strongly after U.S. President Donald Trump called for a significant increase in American defence spending.

Shares in Pharming Group (EU:PHARM) surged after the company forecast 2025 revenue ahead of previous guidance. UK retailer Marks and Spencer (LSE:MKS) also advanced, supported by solid food sales growth over the crucial Christmas trading period.

In Germany, wind turbine manufacturer Nordex (TG:NDX1) jumped after announcing new orders in Spain with a combined capacity of 245.8 megawatts.

Gold prices slipped further on Thursday during Asian hours, extending a pullback from earlier weekly gains as a stronger U.S. dollar dampened demand for the metal ahead of critical U.S. employment data.

By 06:40 GMT, spot gold was down 0.5% at $4,436.62 per ounce, while U.S. gold futures fell 0.4% to $4,442.86 per ounce, with investors taking profits after the recent surge. The firmer dollar continued to pressure bullion by making it more expensive for buyers using other currencies. The U.S. Dollar Index was steady after climbing for two straight sessions.

Market participants remained cautious ahead of Friday’s U.S. nonfarm payrolls report, a closely watched indicator that could influence expectations around Federal Reserve interest rate policy. Softer labour market data could strengthen the case for rate cuts, potentially improving gold’s appeal in a lower-yield environment.

U.S.–Venezuela tensions provide partial support

Geopolitical risks helped limit gold’s downside, as ongoing tensions between Washington and Caracas continued to underpin some safe-haven demand.

On Wednesday, U.S. forces seized two oil tankers linked to Venezuelan crude shipments, including one sailing under a Russian flag, in what marked a further escalation of enforcement actions targeting Venezuela’s oil exports. U.S. officials said the move was intended to disrupt sanctioned oil flows that support the Venezuelan government while bypassing U.S. restrictions.

The seizure of a vessel flying a Russian flag drew sharp criticism from Moscow, which reportedly described the action as “blatant piracy” and demanded the return of Russian nationals among the crew.

For gold markets, the flare-up in U.S.–Venezuela tensions offered some support to safe-haven buying, even as investors awaited clearer direction from Friday’s employment figures.

Broader metals market under pressure

Elsewhere in the metals complex, prices were broadly lower on Thursday.

Silver fell 2.3% to $76.32 per ounce, while platinum dropped 4.3% to $2,207.60 per ounce.

In base metals, benchmark copper futures on the London Metal Exchange declined 0.3% to $12,854.20 per tonne, while U.S. copper futures were little changed at $5.85 per pound.

U.S. equity futures traded lower on Thursday as investors positioned cautiously ahead of this week’s key U.S. employment data and continued to monitor geopolitical developments. Oil prices steadied after recent declines, Samsung delivered an upbeat profit outlook for the fourth quarter, and Bitcoin retreated below the $91,000 threshold.

U.S. futures point lower

Early trading saw U.S. stock futures edge down, reflecting a risk-averse tone as markets awaited the upcoming nonfarm payrolls report and assessed broader global uncertainties.

At 03:05 ET (08:05 GMT), Dow futures were lower by 116 points, or 0.2%, S&P 500 futures slipped 13 points, or 0.2%, and Nasdaq 100 futures declined by 81 points, or 0.3%.

The prior session on Wall Street ended mixed. The Nasdaq Composite advanced, supported by gains in heavyweight technology stocks including Nvidia (NASDAQ:NVDA) and Alphabet (NASDAQ:GOOG). In contrast, weakness in financial and energy shares weighed on the S&P 500 and the Dow Jones Industrial Average.

Markets also reacted to a series of policy statements from U.S. President Donald Trump. These included proposals to restrict institutional purchases of single-family homes, prohibit defence contractors from distributing dividends or conducting share buybacks, and increase U.S. defence spending by more than 50% to $1.5 trillion by 2027. It remains uncertain whether such measures could be enacted without congressional approval.

Analysts at Vital Knowledge noted that “The housing and defense dividend/buyback announcements weighed on investor sentiment as they were just the latest examples of the Trump 2.0 White House intervening in the economy in an unprecedented fashion.”

Oil prices stabilise

Crude prices edged higher but pared earlier gains after a Wall Street Journal report suggested the U.S. may be seeking long-term control over Venezuelan oil assets.

Oil markets found some support after two consecutive sessions of declines, amid concerns that global oversupply could worsen if Venezuelan production increases. Earlier in the week, Trump said Venezuela would hand over between 30 million and 50 million barrels of oil to Washington—worth up to $3 billion—shortly after U.S. forces captured Venezuelan President Nicolas Maduro.

Additional support came from data showing a larger-than-expected weekly drop in U.S. crude inventories, while ongoing hostilities between Russia and Ukraine helped maintain a risk premium.

By 23:01 ET (04:01 GMT), Brent crude futures were up 0.2% at $60.07 per barrel, while West Texas Intermediate crude futures also rose 0.2% to $56.03 per barrel. Both benchmarks had fallen by more than 1% in each of the previous two sessions.

Samsung forecasts sharp Q4 earnings growth

Samsung Electronics (USOTC:SSNHZ) issued a stronger-than-anticipated profit forecast for the fourth quarter, benefiting from rising memory chip prices driven by artificial intelligence-related demand and supply constraints.

The company projected operating profit of 20 trillion won ($13.82 billion) for the October–December period, exceeding Reuters/LSEG expectations of 18 trillion won and more than tripling the 6.49 trillion won recorded a year earlier. Quarterly revenue is expected to reach approximately 93 trillion won, up from 75.79 trillion won in the same period last year.

The improved outlook was largely attributed to surging memory prices, as AI-focused firms absorbed a significant share of Samsung’s output, tightening supply.

Chinese chip shares rise on Nvidia report

Chinese semiconductor stocks moved higher following reports that Beijing has instructed some domestic technology companies to pause orders for Nvidia’s H200 artificial intelligence chips.

The move appears to be part of a broader review of access to the H200 and the conditions under which it may be supplied, reflecting efforts to encourage domestic chip development while managing reliance on foreign technology.

Several local AI and chipmakers gained in early trading. Hong Kong-listed Semiconductor Manufacturing International Corp rose more than 0.3%, Hua Hong Semiconductor Ltd jumped over 2.6%, and Shanghai-listed Cambricon Technologies advanced by more than 3.3%.

Bitcoin retreats below $91,000

Bitcoin declined during European trading hours, extending a pullback from its early-year rally as risk appetite weakened amid heightened geopolitical tensions in Latin America and Asia.

Caution ahead of Friday’s U.S. nonfarm payrolls report also limited speculative activity in crypto markets, as investors sought clearer signals on the strength of the U.S. labour market and its implications for Federal Reserve policy.

Sentiment was further dampened by uncertainty surrounding crypto treasury companies, particularly Strategy Inc., one of the largest corporate holders of Bitcoin. The company, down nearly 50% so far in 2025, found only limited relief after MSCI said earlier this week that it would not proceed with plans to remove digital asset treasury firms from its indices.

Bitcoin was last down 2.4% at $90,449.9 by 03:35 ET.