Author: Fiona Craig

Oil prices edged higher on Friday, tracking a weekly gain of more than 4%, as Ukrainian strikes on Russia’s energy infrastructure prompted Moscow to limit fuel exports and brought the country close to reducing crude output.

Brent futures rose 21 cents, or 0.3%, to $69.63 a barrel by 0635 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 32 cents, or 0.5%, to $65.30 a barrel.

“Gains were supported by ongoing Ukrainian drone strikes targeting Russian oil infrastructure, NATO’s warning to Russia it is ready to respond to future violations of its airspace and Russia’s move to halt key fuel exports,” said IG analyst Tony Sycamore.

Both benchmarks are on course for their largest weekly increases since the week ending June 13, when Brent jumped 11.7% and WTI surged 13% amid air strikes between Israel and Iran.

Russia announced a partial ban on diesel exports until year-end and extended an existing ban on gasoline exports, Deputy Prime Minister Alexander Novak said Thursday. Reduced refining capacity has pushed Moscow toward potential crude output cuts, as several regions face shortages of specific fuel grades.

“NATO’s warning of a response to further violations of its airspace has ratcheted up the tensions from the Russia-Ukraine war and raised prospects of additional sanctions on Russia’s oil industry,” said Daniel Hynes, an analyst at ANZ.

Both Brent and WTI also hit their highest levels since August 1 earlier this week, fueled by a surprise drop in U.S. weekly crude inventories and Ukraine’s continued attacks on Russian energy facilities.

Offsetting some of the gains, U.S. GDP grew at an upwardly revised annualized rate of 3.8% in Q2, according to the Commerce Department’s Bureau of Economic Analysis. Stronger-than-expected economic data could make the Federal Reserve more cautious about further rate cuts. The U.S. central bank reduced rates by 25 basis points last week, its first cut since December, signaling potential additional reductions ahead.

“The Kurdistan Regional Government’s announcement on Thursday that oil exports would resume within 48 hours also pressured prices,” said Hynes. “Geopolitical tensions reversed earlier losses after a landmark agreement was reached to allow the resumption of exports from Iraq’s Kurdistan, which could return up to 500kb/d to the global market.”

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 European Central Bank (ECB) announced on Friday that it will launch a fresh series of experiments in 2026 to explore the potential uses of a digital euro. The initiative is seen as a key step in ensuring the eurozone’s financial autonomy from the United States.

The ECB noted that trials conducted this year with private sector partners have already highlighted promising applications for the digital euro, designed as a central bank-backed electronic wallet. These tests indicated that the digital currency could streamline automated payments for public transportation and support certain types of reimbursements.

This announcement marks another stage in the ECB’s ongoing effort to assess practical uses and implementation strategies for a potential central bank digital currency, as part of its broader digital finance agenda.

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 inched higher on Friday, stabilizing after losses in the previous session, although investors remain cautious ahead of key U.S. inflation data and renewed uncertainty over trade tariffs from President Donald Trump.

As of 07:05 GMT, Germany’s DAX was up 0.4%, France’s CAC 40 gained 0.4%, and the U.K.’s FTSE 100 edged 0.1% higher.

U.S. Inflation Data in Focus

Markets are closely watching the upcoming release of U.S. Personal Consumption Expenditures (PCE) data, the Federal Reserve’s preferred inflation gauge, for signals on potential further interest rate cuts this year. Wall Street losses on Thursday reflected the resilience of the U.S. economy, which has raised questions about the need for additional policy easing. Fed officials have largely signalled caution on cutting rates further, noting that tariffs could increase inflationary pressures.

Trade Tariffs Add to Market Uncertainty

Late Thursday, President Trump unveiled a series of new trade tariffs, including a 100% levy on imported pharmaceutical products. The tariffs would apply to all pharma imports unless the company has already begun establishing a U.S.-based manufacturing plant. Additional duties include a 25% tariff on heavy trucks, a 50% tariff on kitchen and bathroom fittings, and a 30% tariff on upholstered furniture, all set to take effect from October 1.

It remains unclear whether these tariffs would be imposed on top of existing national duties or if countries with trade agreements, such as the European Union or the U.K., would be exempt. The U.S. imported at least $212 billion in pharmaceutical goods in 2024, highlighting the potential market impact.

Drugmakers and European Economic Data

Investors will be watching Europe’s largest pharmaceutical companies closely in response to the tariff news. On the economic front, Spain’s GDP rose 0.8% quarter-on-quarter in Q2, exceeding expectations, while Italy’s business and consumer confidence figures are due later in the session.

Oil Prices Poised for Weekly Gain

Oil prices climbed on Friday, tracking a strong weekly gain as Russian energy supply disruptions and a surprise U.S. crude inventory draw tightened market conditions. At 03:05 ET, Brent crude futures were up 0.2% at $69.54 a barrel, while West Texas Intermediate rose 0.3% to $65.17 a barrel. Both benchmarks have increased over 4% this week, marking their largest weekly gains since mid-June.

Ukrainian drone strikes on Russian energy facilities prompted Moscow to impose partial diesel export curbs and extend a gasoline export ban until the end of 2025 to protect domestic fuel supplies, reducing global availability. On the demand side, U.S. crude inventories fell more than expected, further tightening the market.

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.

Ceres Power Holdings (LSE:CWR) posted a 26% decline in revenue to £21.1 million for the first half of 2025, as the clean energy technology company transitions from R&D to commercial production.

Despite lower revenues, largely due to significant one-off license revenue from the Delta agreement in 2024, Ceres maintained a strong balance sheet with £104.1 million in cash and short-term investments, recording a positive cash inflow of £1.6 million during the period. Gross profit fell 27% to £16.6 million, while operating costs before exceptional items dropped 6% to £35.6 million following cost rationalization measures introduced last year. Adjusted EBITDA loss widened to £11.3 million from £9.0 million in H1 2024.

In a notable milestone, Doosan became the first Ceres partner to begin mass production of products using the company’s solid oxide fuel cell technology in July. Additionally, Shell’s megawatt-scale electrolyser went live at Ceres’ Technology Centre in Bangalore, demonstrating efficient hydrogen production.

The company launched a business transformation program to reflect its shift from an R&D-focused to a commercially-led organization, aiming to cut operating expenses by roughly 20% by the end of 2025 compared to the full year.

Looking ahead, Ceres expects full-year revenue of around £32 million, with additional potential upside if a new manufacturing license agreement currently under negotiation is finalized.

CEO Phil Caldwell highlighted the rapidly evolving market, particularly the urgent power needs of AI data centers, as a key growth opportunity. “With a single product approach, a sharper commercial and operational focus and the establishment of mass manufacturing, I am confident that we can both meet the needs of today’s rapidly growing power market,” Caldwell said.

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.

British equities climbed on Friday, bouncing back from the previous day’s declines despite U.S. President Donald Trump announcing new trade tariffs, including a 100% duty on imported pharmaceutical products.

The FTSE 100 index was up roughly 1% as of 0720 GMT, while the British pound edged slightly higher against the U.S. dollar, trading at 1.33. European markets also advanced, with Germany’s DAX rising 0.4% and France’s CAC 40 up 0.7%.

Trump’s Tariffs Weigh on Pharma, UK Stocks Hold Firm

European pharmaceutical stocks fell following the tariff announcement, although UK companies saw more muted movements. In early European trading, AstraZeneca PLC (LSE:AZN) slipped 0.09%, while GSK plc (LSE:GSK) increased 0.3%. Hikma Pharmaceuticals PLC (LSE:HIK), focused on generics unaffected by the tariffs, gained 1.7%.

Meanwhile, continental European firms including Novo Nordisk A/S Class B (NYSE:NVO), Roche Holding AG (BIT1:ROG), and Novartis AG (NYSE:NVS) each fell between 1.2% and 2.4% on the Tradegate platform.

Pennon Projects “Strong Return to Profitability”

Water utility Pennon Group (LSE:PNN) confirmed it remains on track for 2025/26, forecasting a “strong return to profitability” in its trading statement released Friday. The company anticipates around 60% EBITDA growth year-over-year, slightly below Jefferies’ estimate of 66% and consensus expectations of 67%. Analysts suggested this variance could be linked to Pennon shifting some revenues from the current year into the next to smooth customer billing profiles.

Ceres Power Sees Revenue Dip Amid Shift to Commercial Production

Clean energy technology developer Ceres Power Holdings PLC (LSE:CWR) reported a 26% decline in revenue to £21.1 million for H1 2025, reflecting its transition from R&D to commercial operations. Despite lower revenues, attributed to significant one-off license revenue from the Delta agreement in 2024, the company maintained a solid balance sheet with £104.1 million in cash and short-term investments, recording a positive cash inflow of £1.6 million over the period.

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.

Tandem Group plc (LSE:TND) posted a 14.3% increase in revenue to £11.2 million and a 21.4% rise in gross profit for the first half of 2025, driven by effective inventory management and cost control measures. The company also reduced net debt by 17.9% and experienced sales growth in July and August. Despite macroeconomic pressures, including high unemployment and rising costs, management remains optimistic about future conditions, supported by product innovation and a diversified business strategy. Dividend payments are expected to resume when profitability allows.

Financially, Tandem faces challenges related to profitability and valuation, reflected in a negative P/E ratio and the absence of a dividend yield. Technical indicators are neutral, though some bearish momentum is present. Strong cash flow management and continued attention to debt levels will be critical for maintaining performance.

About Tandem Group plc

Tandem Group plc designs, develops, distributes, and retails sports, leisure, and mobility equipment. Its diverse product range includes toys, golf, cycling, and home & garden items, supported by expanding licensing partnerships and proprietary brands.

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.

Defence Holdings PLC (LSE:ALRT) will host a live broadcast interview with its newly appointed Non-Executive Chairman, Field Marshal Lord Houghton, on October 3, 2025. The discussion will highlight Lord Houghton’s extensive military career, his insights on the evolving defence landscape, and his plans for shaping the company’s strategic direction.

The appointment is expected to strengthen Defence Holdings’ position in the defence technology sector, enhance engagement with policymakers, and bolster investor confidence.

About Defence Holdings

Defence Holdings PLC is the UK’s first listed software-led defence company, focused on developing sovereign AI applications in collaboration with hyperscale platforms and UK deep-tech providers. The company aims to advance national defence capabilities through innovative technology solutions.

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.

Gulf Keystone Petroleum (LSE:GKP) has restarted crude oil exports from Kurdistan through the Iraq-Türkiye Pipeline, following agreements with both the Kurdistan Regional Government and the Federal Government of Iraq. The resumption of exports is expected to improve the company’s cash flow by enabling sales at international prices and support long-term investment in Kurdistan’s oil and gas reserves.

The agreements adhere to Iraq’s 2023–2025 Budget Law, ensuring compensation for production costs during an interim period, with a reconciliation to full Production Sharing Contract entitlements anticipated subsequently.

About Gulf Keystone Petroleum

Gulf Keystone Petroleum Ltd. is an independent operator and producer in the Kurdistan Region of Iraq, focused on oil and gas exploration and production. The company aims to optimize resource development while navigating geopolitical and operational challenges.

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.

Carclo plc (LSE:CAR) has reported trading results in line with management expectations, driven by strong margins and growth in its CTP Manufacturing Solutions and Speciality segments. These gains offset weaker revenues in Design and Engineering (D&E) and challenges from foreign exchange fluctuations. The company maintains its full-year outlook, anticipating a recovery in D&E revenues while sustaining healthy margins.

Operational improvements in the US and EMEA, combined with strategic realignments within CTP Manufacturing Solutions, have bolstered overall financial performance. The Speciality business continues to benefit from robust aerospace demand and gains in market share, supporting the company’s broader growth strategy.

About Carclo plc

Carclo plc is a global precision engineering group listed on the London Stock Exchange. It specializes in designing, industrializing, and manufacturing reliable solutions for the Life Sciences, Aerospace, and Safety & Security sectors, with a focus on regional production capabilities.

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.

Quadrise Fuels International (LSE:QED) has signed an addendum to its Site License and Supply Agreement with Valkor Technologies in Utah, USA. The revision re-phases a $1 million payment to Quadrise and adjusts the delivery schedule for Multifuel Manufacturing Units to match Valkor’s updated oil production plans. The collaboration is designed to leverage Quadrise’s technology to produce low-sulfur fuels and biofuels, expanding Valkor’s reach in the heavy sweet oils market.

Financially, Quadrise faces challenges due to weak performance and valuation pressures, though positive technical indicators and strategic corporate developments offer some balance. The company’s focus on partnerships and sustainable fuel innovation presents future growth potential, yet current financial constraints and limited revenue generation remain significant risks.

About Quadrise Fuels International

Quadrise Fuels International provides MSAR® and bioMSAR™ emulsion technologies, along with fuels and biofuels, aimed at reducing energy costs, pollution, and greenhouse gas emissions. Its solutions serve global power generation, shipping, industrial, and oil sectors, promoting more efficient and sustainable fuel use.

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.