Author: Fiona Craig

U.S. stock futures inched up on Tuesday as investors prepared for the release of revised employment data, which could shed light on a cooling U.S. labor market. Meanwhile, software giant Oracle (NYSE:ORCL) is set to report after the closing bell, potentially offering fresh insights into the artificial intelligence boom. Corporate developments also grabbed attention, with Anglo American (LSE:AAL) and Teck Resources (NYSE:TECK) agreeing to merge, and ASML (EU:ASML) taking a $1.5 billion stake in French AI start-up Mistral.

Futures show modest gains

By 03:42 ET, S&P 500 futures were up 15 points, or 0.2%, Nasdaq 100 futures had gained 69 points, or 0.3%, and Dow futures rose 81 points, or 0.2%. Investors are eyeing the preliminary nonfarm payrolls benchmark revision and upcoming inflation data later this week.

Wall Street’s major indices advanced in the previous session, with the Nasdaq Composite reaching a fresh record high. Optimism was driven by expectations that the Federal Reserve may soon cut interest rates to support a slowing labor market.

Individual stocks saw notable movements: shares of retail app Robinhood and software publisher AppLovin rose on inclusion plans for the S&P 500 index. Chipmaker Broadcom jumped 3.2% after signaling strong AI-driven revenue growth, giving it a market cap of $1.6 trillion, making it Wall Street’s seventh-largest company.

BLS benchmark revisions

Traders are awaiting the Bureau of Labor Statistics’ preliminary nonfarm payrolls benchmark, with economists projecting a potential downward revision of up to one million jobs for the year through March. This would reinforce signs of a softening labor market, possibly predating President Donald Trump’s sweeping reciprocal tariffs introduced in early April.

Analysts also point to stricter immigration enforcement and the rise of AI as contributing factors to slower job growth. Last week’s BLS data showed weaker-than-expected gains in August, and June saw the first job losses in four-and-a-half years, reinforcing expectations that the Fed will likely cut rates by at least 25 basis points at its September meeting.

Oracle earnings spotlight

Oracle is scheduled to report after the bell on Tuesday, with markets watching for indications of the AI-driven business boom. Analysts at Vital Knowledge highlighted two key metrics: backlog, measured by remaining performance obligations, expected near $150 billion, and free cash flow, projected at $1.8 billion after a negative $2.9 billion last quarter due to higher capital expenditures.

In June, Oracle raised its annual revenue forecast, citing strong demand for cloud services supporting AI infrastructure. CEO Safra Catz indicated fiscal 2026 revenue would reach at least $67 billion, implying 16.7% growth compared with the previous outlook of 15%.

Anglo American and Teck merge

Anglo American and Teck Resources announced a merger to form a new entity, Anglo Teck, valued at over $53 billion. The combined company will become one of the world’s top copper producers, capitalizing on growing demand for copper in renewable energy and AI data centers. Both miners operate adjacent copper mines in Chile.

Under the merger, London-listed Anglo American will hold 62.4% of the new company, while Canada’s Teck will retain 37.6%.

ASML invests in Mistral AI

ASML also revealed a strategic investment in French AI start-up Mistral, acquiring a $1.5 billion stake (1.3 billion euros) and becoming the largest shareholder. The partnership will allow ASML to explore AI applications across its product lines and R&D operations.

The investment is part of Mistral’s $2 billion Series C funding round, valuing the start-up at $11.7 billion (10 billion euros), potentially making it Europe’s most valuable AI company. Mistral is considered a European rival to U.S. AI leaders like OpenAI and Google, and ASML’s advanced lithography equipment plays a critical role in chipmaking for major customers such as TSMC and Intel, supporting AI-driven growth.

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 moved in narrow ranges on Tuesday as investors weighed the latest political developments in France and awaited crucial U.S. inflation figures.

At 07:05 GMT, Germany’s DAX slipped 0.1%, France’s CAC 40 advanced 0.2%, and the U.K.’s FTSE 100 inched up 0.1%.

French Political Instability

France’s minority government led by Prime Minister François Bayrou collapsed on Monday after he lost a confidence vote, with Parliament voting 364-194 in favor of his removal. The defeat came after Bayrou failed to secure backing from opposition factions on both the right and left for 2026 budget plans aimed at narrowing the country’s large deficit.

President Emmanuel Macron must now appoint France’s fifth prime minister in under two years. While he is expected to select another centrist ally to lead a minority government, this solution is unlikely to resolve underlying political instability. French markets will face additional scrutiny on Friday when Fitch Ratings reviews the country’s AA- rating with a negative outlook, following last year’s downgrade by Moody’s after the prior government’s collapse.

U.S. Inflation in Focus

Despite political turbulence in Europe, market losses are expected to remain modest as investors anticipate upcoming U.S. inflation data, which will help gauge whether the Federal Reserve will cut interest rates next week. Market expectations are high for a September 16-17 rate reduction, though it is still unclear if the Fed will opt for a standard 25-basis-point cut or a larger 50-bps move.

Corporate Highlights

In corporate news, Dutch chip equipment maker ASML (EU:ASML) invested €1.3 billion ($1.5 billion) in French AI startup Mistral AI, becoming its largest shareholder. The companies also agreed on a strategic partnership to explore AI applications across ASML’s products and R&D.

Swiss pharmaceutical firm Novartis (BIT:1NOVN) announced plans to acquire U.S.-based Tourmaline Bio (NASDAQ:TRML) for $48 per share, valuing the biotech at $1.4 billion fully diluted.

Oil Prices Rise on Modest OPEC+ Production Increase

Crude continued higher after OPEC+ agreed to increase output in October by only 137,000 barrels per day, far below the monthly hikes of 555,000 bpd in September and August, and 411,000 bpd in previous months.

At 03:05 ET, Brent futures rose 0.8% to $66.57 a barrel, while U.S. West Texas Intermediate crude advanced 0.9% to $62.81 a barrel. Prices were also supported by speculation of additional sanctions on Russia, as U.S. President Donald Trump indicated he was ready to move to a “second phase” of restrictions following continued attacks on Ukraine.

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.

Gold prices surged to new record levels in Asian trading on Tuesday, extending strong gains from previous sessions amid mounting expectations of a Federal Reserve interest rate cut next week and a softer U.S. dollar.

Investor demand for safe-haven assets was further supported by political instability in France, where Prime Minister Francois Bayrou resigned following a failed vote of confidence in the National Assembly. Additional uncertainty in Japan, after PM Shigeru Ishiba stepped down, and the possibility of further U.S. sanctions on Russia following Moscow’s deadly weekend strike against Ukraine, also bolstered gold’s appeal.

At 00:44 ET (04:44 GMT), spot gold traded 0.6% higher at a record $3,656.70 an ounce, while December Gold Futures peaked at $3,695.25/oz.

Fed Easing Expectations Propel Gold

Bullion has climbed sharply since last week, driven by data showing a cooling U.S. labor market, most notably nonfarm payrolls, which indicated minimal job growth in August. These reports fueled expectations that the Fed will cut interest rates in September, with markets pricing in a 92.4% chance of a 25-basis-point reduction during the Fed’s September 16-17 meeting, according to CME FedWatch. A 7.6% probability of a larger 50-basis-point cut is also factored in.

Several Fed officials have signaled openness to rate cuts amid the softening labor market but have cautioned that inflation remains persistent, particularly with price increases stemming from U.S. President Donald Trump’s trade tariffs. Markets will monitor U.S. inflation data for August for further signals, as most of Trump’s tariffs took effect last month. Lower rates generally support gold and other non-yielding metals by reducing the opportunity cost compared with government bonds.

Broader Metal Markets Show Gains

Other precious metals also rose on Tuesday. Platinum Futures were up 0.6% at $1,397.25/oz, while Silver Futures added 0.2% to $41.30 an ounce, slightly below last week’s 14-year high.

Copper prices inched higher, with London Metal Exchange benchmark futures up 0.2% at $9,940.15 a ton, and U.S. Copper Futures rising 0.2% to $4.58 per pound.

“Uncertainty over US tariffs on copper imports shifted supply from China to the US in the first half of the year. This trend may reverse in the second half, as Trump has delayed plans for a 50% tariff on refined copper for now,” ING analysts noted.

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.

Oil prices continued to rise in Asian trading on Tuesday, building on Monday’s gains after OPEC+ announced a smaller-than-expected increase in production. Investors were also closely monitoring the potential for additional Western sanctions on Russia’s crude sector amid escalating tensions with Ukraine.

Brent crude for November delivery edged up 0.2% to $66.17 per barrel, while West Texas Intermediate (WTI) rose 0.3% to $62.03 per barrel by 21:03 ET (01:03 GMT). Monday’s gains of more than 1% followed the weekend OPEC+ decision, easing some concerns over an oversupplied market.

Sanctions on Russia in the Spotlight

Western nations are considering tougher measures targeting Russia’s oil industry after Moscow launched its largest air strike on Ukraine over the weekend. U.S. President Donald Trump indicated he was prepared to escalate sanctions against Russia but did not detail specific actions. He also noted plans to meet with European leaders and engage further with Russian President Vladimir Putin.

Despite strong rhetoric, previous deadlines for punitive action against Moscow have passed without major enforcement. Trump previously met with Putin in Alaska in August, yet little progress has been made toward a ceasefire. In late August, Trump imposed 50% tariffs on Indian imports to reduce Russian oil purchases, blaming such sales for funding the Ukraine conflict. India has resisted halting its purchases, while China—another major Russian crude buyer—has not faced similar penalties.

Modest OPEC+ Output Increase Supports Prices

Oil markets were buoyed by OPEC+’s decision to increase production by 137,000 barrels per day starting in October, a modest rise compared with previous monthly hikes of 555,000 bpd in September and August, and 411,000 bpd in July and June. The smaller increase reflects caution over potential oversupply, particularly with strong output from non-OPEC+ producers such as the U.S.

Throughout 2025, OPEC+ has gradually raised production to regain market share and counter weak oil prices with higher sales volumes.

Dollar Weakness Adds Support

A softer U.S. dollar also helped lift oil prices, following weaker-than-expected payroll data last week that fueled expectations for a possible Federal Reserve interest rate cut in September.

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 Marine Services PLC (LSE:GMS) posted an 8% increase in revenue for the first half of 2025, reaching US$87.1 million, driven by higher fleet average day rates and the addition of a leased vessel to operations. While fleet utilization declined due to maintenance and geopolitical tensions, adjusted EBITDA rose 6% to US$50.8 million. Net profit, however, fell 47% to US$3.9 million, impacted by higher tax and depreciation charges.

The company reduced both net leverage and bank debt, reflecting improved financial health. Looking ahead, GMS expects adjusted EBITDA for 2025 to range between US$101 million and US$109 million, supported by a secured backlog of US$517.4 million, signaling continued demand for its services. The company remains committed to shareholder returns through dividends and share buybacks despite market challenges.

Gulf Marine Services’ outlook is underpinned by solid financial performance and attractive valuation, although technical indicators suggest some short-term bearish momentum. Corporate developments add minor uncertainty but do not materially affect the overall assessment.

Company Overview

Founded in Abu Dhabi in 1977 and listed on the London Stock Exchange, Gulf Marine Services PLC provides advanced self-propelled, self-elevating support vessels (SESVs) for the offshore oil, gas, and renewable energy sectors. Operating a fleet of 14 SESVs—among the youngest in the industry—the company offers global services including platform refurbishment, maintenance, well intervention, and wind turbine support across the Middle East, Europe, Southeast Asia, West Africa, the Americas, and the Gulf of Mexico.

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.

ANGLE plc (LSE:AGL) announced its interim results for the first half of 2025, highlighting the successful completion of contracts with major pharmaceutical companies, including Eisai and AstraZeneca, despite revenue pressures from challenging market conditions. The company has developed a novel DNA dual-analysis assay using Illumina NGS, broadening its market reach and enhancing its product portfolio.

External factors, such as US policy volatility and tariff uncertainties, have delayed certain projects and collaborations. Nevertheless, ANGLE remains optimistic about growth prospects, with ongoing discussions for new contracts and partnerships, including a collaboration with Myriad Genetics to adapt a cancer test for CTC-based samples using ANGLE’s Parsortix system.

The company’s outlook is tempered by financial challenges, including negative profitability and cash flow. Technical indicators show some positive momentum, but valuation remains constrained due to negative earnings, weighing on overall market confidence.

Company Overview

ANGLE plc is a leading player in the liquid biopsy sector, specializing in innovative circulating tumor cell (CTC) technologies for research, drug development, and clinical oncology. The company provides advanced diagnostic solutions and services to major pharmaceutical and medtech firms, supporting improved cancer diagnostics and treatment.

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.

Sylvania Platinum Limited (LSE:SLP) reported record annual production of 81,002 4E PGM ounces for the fiscal year ending June 2025, exceeding prior guidance. The company achieved notable financial growth, generating $104.2 million in revenue and $20.2 million in net profit. Operational progress included the commissioning of the Thaba Joint Venture and improvements in PGM flotation feed grades.

Although the Thaba JV faced power supply challenges, the project remains on track to be a significant contributor to revenue. The company also maintained strong safety performance and reinforced its commitment to shareholders through dividends and share buybacks.

Sylvania Platinum’s strong corporate initiatives and positive technical indicators underpin its high score. While overall financial performance is stable, some risks remain due to cash flow pressures and declining revenue trends. Valuation is moderate, resulting in a balanced outlook.

Company Overview

Sylvania Platinum Limited is a South Africa-based producer and developer of platinum group metals (PGM) and chrome. The company focuses on generating PGM ounces and chromite concentrate through its Sylvania Dump Operations (SDO) and strategic joint ventures, enhancing its market presence and operational scale.

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.

Luceco plc (LSE:LUCE) posted solid first-half 2025 results, with revenue rising 14.7% to £125.7 million. Growth was fueled by recent acquisitions and strong demand for EV charging products. Despite challenges in certain international markets, the company maintained full-year guidance, supported by a healthy order book and strategic investments in energy transition and product innovation.

Luceco’s vertically integrated manufacturing capabilities and strong brand presence provide competitive advantages and position the company for future growth. Exposure to US and China tariffs remains limited, and a new £120 million revolving credit facility strengthens its capacity for further investment.

The company’s outlook benefits from favorable valuation metrics, including a low P/E ratio and a high dividend yield. However, weaker technical indicators and declining cash flow, along with increased leverage, temper overall momentum.

Company Overview

Luceco plc is a leading designer and manufacturer of electrification products and systems for residential and commercial applications. Its portfolio includes wiring accessories, EV chargers, LED lighting, and portable power products, which are distributed through professional, wholesale, and retail channels.

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.

Dunelm Group plc (LSE:DNLM) posted strong results for the financial year ending June 28, 2025, with total sales rising 3.8% to £1,771 million and profit before tax increasing 2.7% to £211 million. The company expanded its market share in the homewares and furniture sectors, opened new stores, and completed strategic acquisitions, positioning itself for continued growth despite inflationary pressures.

The company’s focus on digital sales channels and customer engagement, along with investments in new product lines and store expansion, underscores its commitment to sustainable and profitable growth.

Dunelm’s financial resilience and positive corporate developments are key strengths. These are slightly tempered by higher leverage and moderate technical indicators. Valuation is reasonable, though technical analysis suggests limited short-term momentum.

Company Overview

Dunelm Group plc is the UK’s leading homewares retailer, offering a broad range of products including furniture, textiles, kitchenware, and DIY items. Founded in 1979, Dunelm operates 202 stores across the UK and Ireland, complemented by a strong online presence featuring home delivery and Click & Collect services. The company is known for its specialist own-brand products and has been listed on the London Stock Exchange since 2006.

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.

Gamma Communications (LSE:GAMA) reported solid financial performance for the first half of 2025, driven by significant growth in its German operations following the acquisitions of Starface and Placetel. The company achieved double-digit increases in both revenue and gross profit, supported by a rise in cloud seat adoption and the successful rollout of the full Cisco Collaboration suite across multiple regions.

Despite macroeconomic pressures in the UK, Gamma’s strategic acquisitions and expanded product offerings have positioned it for continued growth. Full-year adjusted EBITDA is expected to align with market expectations, while adjusted EPS is projected to slightly exceed forecasts.

Gamma’s outlook is strengthened by strong financial performance and reasonable valuation metrics. Technical indicators suggest some short-term bearish sentiment, though the company’s ongoing share buyback program supports investor confidence. Limited recent earnings calls mean there is less insight into management guidance.

Company Overview

Gamma Communications plc is a leading European provider of technology-driven communication solutions, specializing in Unified Communications, voice enablement, connectivity, mobile, and security. The company serves both businesses and public sector organizations, with primary operations in the UK and Germany and additional presence in Spain and the Benelux region. Gamma works with channel partners to serve SMEs and engages directly with larger enterprises and public sector clients through Gamma Enterprise.

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.