Author: Fiona Craig

Emmerson PLC (LSE:EML) has released its interim results for the first half of 2025, underscoring its ongoing arbitration proceedings with the Moroccan Government regarding the Khemisset Potash Project. The company is seeking damages of $2.2 billion for the loss of the project and has secured $11 million in third-party litigation funding to support the legal process. The arbitration is moving forward, with the tribunal expected to be formally established by October 2025. Emmerson has reaffirmed its determination to pursue its case in full.

About Emmerson PLC

Emmerson PLC, an AIM-listed mining firm, specializes in the development of potash assets. The company is currently entangled in a legal battle with the Moroccan Government following the rejection of an environmental permit for the Khemisset project, which ultimately led to its expropriation.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

MicroSalt PLC (LSE:SALT) reported strong progress in the first half of 2025, posting record revenue of $0.8 million, a sharp increase compared to the same period last year. The company managed to narrow its net loss while extending its footprint in the UK and Belgium. At the same time, it strengthened its sales pipeline through partnerships with large-scale food producers.

The launch of MicroSalt® Premium and a strategic push into bulk ingredient sales have created a foundation for longer-term financial gains. Looking forward, the company expects accelerated revenue growth supported by new product introductions and rising demand from major multinational FMCG firms, suggesting a positive growth trajectory in the years ahead.

Despite these advances, MicroSalt’s stock outlook remains tempered by lingering financial pressures and negative technical signals. While operational milestones and new initiatives highlight potential, investor sentiment is weighed down by concerns around stability and valuation.

About MicroSalt PLC

MicroSalt PLC is an innovator in the food industry, producing natural, full-flavour salt with around 50% less sodium. Its mission is to provide healthier alternatives for both manufacturers and consumers, addressing global health risks linked to excessive sodium intake. Backed by patented technology, the company offers a scalable solution that is gaining adoption across a growing number of international markets.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

European equities showed a mixed trend on Monday as investor caution grew over the risk of a potential U.S. government shutdown.

Economic updates were limited, but fresh Bank of England figures indicated a slowdown in housing activity. U.K. mortgage approvals slipped to 64,700 in August, down by 500 from July and slightly below expectations of 65,000. Secured lending eased by £0.2 billion to £4.3 billion, following a steeper decline of £0.9 billion in the prior month. Consumer credit borrowing held steady at £1.7 billion.

In terms of indices, Germany’s DAX dipped 0.1%, while France’s CAC 40 edged up 0.3% and London’s FTSE 100 gained 0.4%. Rising commodity prices lent support to mining stocks, with Anglo American, Antofagasta, and Glencore all advancing.

Company-specific moves added further divergence. Pets at Home (LSE:PETS) rose after announcing a new chief financial officer. GSK (LSE:GSK) rallied sharply as CEO Emma Walmsley prepared to step down after nearly nine years, handing the reins to Luke Miels, its current commercial chief. CMC Markets (LSE:CMCX) jumped after extending a tech collaboration with Westpac in Australia. On the downside, automaker Stellantis (BIT:STLAM) slipped marginally after naming Joao Laranjo as its new CFO.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

U.S. equity futures point to a stronger open on Monday, with technology and artificial intelligence stocks expected to lead gains following last week’s mixed performance.

Nvidia (NASDAQ:NVDA) is trading 1% higher in the premarket, while Oracle (NYSE:ORCL) is up 0.9% after several sessions of selling pressure. Investor attention is also on Electronic Arts (NASDAQ:EA), which surged 5.4% after confirming an agreement to be acquired by a group of investors, including PIF, Silver Lake, and Affinity Partners. The $55 billion all-cash deal values the gaming giant at $210 per share, a 25% premium over Thursday’s closing price of $168.32.

Friday’s upbeat finish is providing momentum heading into the new week. The Dow climbed 299.97 points to 46,247.29, the S&P 500 advanced 38.98 points to 6,643.70, and the Nasdaq added 99.37 points to 22,484.07. However, all three benchmarks still posted weekly declines, snapping recent winning streaks.

Macroeconomic risks remain in focus. Markets are awaiting Friday’s nonfarm payrolls data, expected to show 50,000 jobs added in September after a modest 22,000 gain in August. The figures could heavily influence expectations around future Federal Reserve rate cuts. At the same time, a looming government funding deadline on Tuesday is raising the risk of a partial U.S. government shutdown.

Recent inflation data has bolstered sentiment. The Commerce Department said the PCE price index, the Fed’s preferred inflation gauge, increased 0.3% in August, with the annual rate ticking up to 2.7%. Core PCE inflation held steady at 2.9%, aligning with forecasts and reinforcing confidence in further Fed easing.

Meanwhile, President Donald Trump unveiled fresh trade measures via Truth Social, including a 100% tariff on imported pharmaceuticals not produced in the U.S., a 25% tariff on heavy trucks, and a 50% levy on cabinetry and vanities, effective October 1.

Friday also saw strong sector moves. Gold miners rallied as bullion prices hit multi-year highs, with the NYSE Arca Gold Bugs Index up 2.5%. Oil service stocks gained on higher crude prices, while utilities, housing, steel, and natural gas companies all posted notable advances.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Bank of America’s Global Equity Risk-Love gauge indicates that investor sentiment is showing early signs of euphoria as equity markets worldwide near record highs, according to a recent report from the bank.

The measure sits around the 85th percentile of its historical range dating back to 1987, remaining largely stable over the past month. Volatility levels, put-call ratios, and spread readings suggest optimism, whereas positioning and survey metrics are more moderate.

Emerging Markets and Asia ex-Japan Risk-Love scores have reached their peak since Q2 2021, with 9 of 16 tracked markets now in the top quintile of their historical ranges. China’s metric climbed to the 92nd percentile—its highest since April 2021—while Taiwan sits at the 80th percentile.

India’s indicators continue to show resilience despite negative news flow, reflecting little sign of bearish sentiment. Overall, optimism is broadening across the Asia-Pacific region.

BofA retains its positive market outlook, pointing to rising earnings forecasts, synchronized global monetary easing, a softer U.S. dollar, and strong market breadth as tailwinds for investors. The bank also cautioned that, after six months of steady gains, markets may enter a period of consolidation.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Investors are gearing up for a busy week as the September U.S. employment report looms, alongside the looming threat of a federal government shutdown. Key economic indicators, including the Institute for Supply Management’s (ISM) monthly data for the manufacturing and services sectors, are set to be released, while major companies such as Nike (NYSE:NKE) and Carnival Corp. (NYSE:CCL) will report their latest quarterly results.

Nonfarm Payrolls in Focus

All eyes are on Friday’s release of September’s nonfarm payrolls, which will provide insight into the current state of the U.S. labor market.

Federal Reserve officials have emphasized the importance of monitoring employment trends amid cooling job growth. When the Fed cut interest rates by 25 basis points earlier this month, it signaled a priority on supporting the labor market over immediate inflation concerns.

Projections from Fed members suggest additional rate cuts could be possible before year-end. While lower rates can stimulate hiring and investment, they may also contribute to rising prices.

Economists expect September to add 51,000 jobs, up from 22,000 in August, with the unemployment rate holding steady at 4.3%. Observers caution that elevated inflation could influence how aggressively the Fed moves.

“A jobs number [less than] 75,000 will probably keep the Fed on track for a […] cut [at its next meeting on October 29], but something [greater than] 115K with the core PCE just below 3% could spur” Fed Chair Jerome Powell and his colleagues to skip a reduction at the gathering, analysts at Vital Knowledge said in a note.

Potential Government Shutdown

Concerns remain that a U.S. government shutdown could delay the jobs report. Lawmakers face a Tuesday deadline to approve a stopgap funding bill to prevent the federal government from entering its 15th partial shutdown since 1981.

Republicans control both chambers, but Democratic votes are needed to pass the bill. Democrats have so far rejected short-term measures, demanding that any proposal undo Republican cuts to healthcare programs.

Congressional leaders are scheduled to meet President Donald Trump at the White House on Monday. Over the weekend, Trump told Reuters he has “the impression” that Democrats may want to reach an agreement.

ISM Data Releases

The upcoming ISM reports on September’s manufacturing and services activity will proceed regardless of political developments.

The manufacturing PMI is projected at 49.1, slightly up from August’s 48.7, but still below the 50-point mark separating contraction from expansion. Services PMI is expected to hold at 52.0, keeping the sector—responsible for over two-thirds of U.S. GDP—within growth territory. Employment components of the ISM may be monitored, though historically they have been poor predictors of the nonfarm payrolls report.

Nike Earnings

Nike will release its quarterly report after the market closes on Tuesday. Investors will watch for progress in the brand’s ongoing turnaround under CEO Elliott Hill, who returned last October to address declining sales, market share loss, and strategic missteps that had strained relationships with retailers.

Fiscal first-quarter revenue is expected to decline in the mid-single digits, as Hill invests in Nike’s running and sneaker lines to boost demand.

CFO Matthew Friend previously warned in March that it would take “several quarters” to clear older inventory, possibly requiring discounting that could pressure margins. Nike also plans to reduce reliance on Chinese production to avoid broad U.S. tariffs.

Despite challenges, signs of recovery are emerging. JD Sports, a major Nike retailer in the UK, said last week that the U.S.-based company is doing “all the right things in terms of resetting” its operations.

Carnival Earnings

Carnival Corp. will be among the first to report on Monday. Investors are watching how the cruise operator has benefited from growing consumer interest in sea-based vacations amid economic uncertainty.

Rising demand has boosted Carnival’s margins to near 20-year highs in Q2. The Holland America and Princess Cruises operator raised its full-year profit outlook in June, noting that the business has shown “remarkable resilience amid heightened volatility.” Analysts also pointed out that favorable exchange rates have improved the second-half forecast.

Shares of Carnival, with third-quarter per-share earnings projected at $1.32 according to Bloomberg consensus estimates, have climbed over 22% this year.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

The U.S. dollar weakened on Monday as investors weighed the risk of a federal government shutdown alongside a series of upcoming economic data releases.

By 05:35 ET (09:35 GMT), the U.S. dollar index, which measures the currency against a basket of its peers, was down 0.2% at 97.92.

Market focus is shifting toward the release of September’s nonfarm payrolls report on Friday, which could shed light on the health of the U.S. labor market.

Federal Reserve officials have emphasized supporting a cooling jobs market. When the central bank cut interest rates by 25 basis points earlier this month, policymakers indicated that addressing the slowing employment trend took priority over persistent inflationary pressures.

A survey of Fed rate projections shows many members expect further reductions before year-end. In principle, lower rates can stimulate hiring and investment, though they also carry the risk of increasing prices.

Economists forecast the U.S. added 51,000 jobs in September, compared with 22,000 in August. The unemployment rate is expected to remain at August’s 4.3%. Observers note that given high inflation, a robust employment report could lead the Fed to implement additional rate cuts at a more cautious pace.

Traders are currently pricing in roughly 40 basis points of Fed easing by the end of 2025, slightly below earlier expectations. This modest pullback helped support the dollar last week.

“A jobs number [less than] 75,000 will probably keep the Fed on track for a […] cut [at its next meeting on October 29], but something [greater than] 115K with the core PCE just below 3% could spur” Fed Chair Jerome Powell and colleagues to pause any reduction, analysts at Vital Knowledge noted.

Concerns remain that a potential U.S. government shutdown could delay the jobs report. Congress faces a looming deadline to pass a stopgap funding bill before the fiscal year ends on Tuesday, or the federal government could enter its 15th partial shutdown since 1981.

Republicans currently control both chambers of Congress, but support from some Democrats is required to pass the legislation. Democrats have rejected a short-term funding bill, demanding that any new bill undo recent Republican cuts to healthcare programs.

Leaders from both parties are scheduled to meet with President Donald Trump at the White House on Monday to discuss the issue. Speaking to Reuters over the weekend, Trump said he has “the impression” that Democrats may want to reach an agreement.

Elsewhere, analysts are monitoring a legal dispute over the potential removal of Fed Governor Lisa Cook by the Trump administration, raising further concerns about central bank independence.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Shares of CMC Markets Plc (LSE:CMCX) climbed more than 6% on Monday following news that the UK-based financial services firm will become Westpac’s preferred platform provider for its online share trading services. The deal will bring CMCX’s trading technology to a wider audience across both mobile and desktop platforms.

The full integration is anticipated to take around 12 months, with the majority of implementation costs capitalized and ongoing expenses described as incremental.

CMC Markets expects the partnership to significantly boost its Australian stockbroking operations, projecting service to roughly 40% more clients and an increase in domestic trading volumes of approximately 45% after integration. The company noted that the arrangement does not require regulatory or shareholder approval.

In its announcement, CMCX highlighted that the Westpac platform collaboration could deliver a “meaningful” revenue benefit to its Australian CMC Invest business. RBC Capital Markets estimated that Australian stockbroking contributed around 15% of CMCX’s net operating income in FY2025.

The integration will leverage existing technology and operational scale, with capitalized costs covering most of the setup and only incremental expenses expected to continue post-launch. CMC Markets holds the position of the second-largest stockbroking firm in Australia, largely due to client transitions from ANZ.

RBC Capital Markets noted that with major investments now behind it, FY25 results could provide a clearer view of the group’s profitability potential. The brokerage added that CMCX is currently trading at a CY26E price-to-earnings ratio of 10x, compared with the European diversified financials sector average of 15x.

The firm emphasized that it is “continually advancing its propositions to respond to industry developments” and highlighted the high-margin, debt-free, and capital-generative characteristics of its business. The Westpac deal, the company confirmed, is intended to expand service capacity and trading volumes, allowing CMCX to handle “circa 40% more customers with increased domestic volumes of approximately 45%.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Travis Perkins (LSE:TPK) saw its shares rise in London trading after J.P. Morgan included the company on its Positive Catalyst Watch ahead of third-quarter results, which are scheduled for October 16.

Shares jumped over 3% following the announcement.

J.P. Morgan analyst Zaim Beekawa highlighted that Q3 is likely to continue reflecting the benefits of measures Travis Perkins has taken to recover lost market share in recent years. Beekawa also pointed to a favorable comparison base, noting that last year’s Oracle Financials rollout caused disruptions and dampened volumes.

“Overall, based on our recent conversation with the company, the actions taken by Travis Perkins and an easier comparative basis, we would expect the company to see growth in the quarter and we expect positive like-for-like (LFL) revenue trends driven solely by volumes,” Beekawa wrote.

The analyst expects 1.5% LFL growth in Merchanting and 2.2% in Toolstation. He added that the company entered the second half of the year with “momentum and optimism” after reporting slightly positive trading trends in July.

Investor interest has also been supported by the appointment of new CEO Gavin Slark, whose strategic vision is seen as a key milestone for the company.

J.P. Morgan maintains an Overweight rating on Travis Perkins with a 670p price target. The bank believes the company remains in the “very early innings of the recovery,” citing workforce re-engagement, stronger capital discipline, and targeted cost management. It also noted that a broader market recovery should provide additional earnings leverage when it occurs.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

AstraZeneca (LSE:AZN) announced on Monday that it will switch to a direct listing of its shares on the New York Stock Exchange, replacing its current depositary receipt structure, in an effort to broaden its appeal to global investors. The company confirmed it will continue to be listed and headquartered in London.

The decision should reassure UK investors, following reports that the Anglo-Swedish pharma giant—London’s largest company by market value—was considering abandoning its British listing in favor of the U.S., which had fueled concerns about London’s shrinking capital markets.

Other companies that have recently moved or contemplated moves away from London include miner Glencore, investment firm Petershill Partners, and equipment rental company Ashtead. Unilever also chose Amsterdam for the listing of its ice cream spin-off.

“We set out our proposed harmonised listing structure which will support our long-term strategy for sustainable growth, while remaining headquartered in the UK and listed in London, Stockholm and New York,” AstraZeneca Chair Michel Demare said in a statement. “Enabling a global listing structure will allow us to reach a broader mix of global investors.”

Earlier this month, AstraZeneca paused a planned £200 million ($268.8 million) investment at its Cambridge research site, joining other drugmakers scaling back UK operations due to challenging business conditions.

The company has also committed to investing $50 billion in U.S. manufacturing by 2030 and will reduce certain direct-to-patient U.S. drug prices, responding to requirements from President Donald Trump’s administration aimed at avoiding steep import tariffs.

AstraZeneca’s shares have gained roughly 5% this year, and the firm plans to put its listing proposal to a shareholder vote on November 3.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.