Author: Fiona Craig

Shares of energy transition company EnergyPathways (LSE:EPP) tumbled nearly 46% on Thursday after the North Sea Transition Authority (NSTA) refused to grant the firm a licence for gas storage.

The decision impacts only the natural gas and hydrogen storage components of EnergyPathways’ MESH project, the company said.

The MESH initiative is a major UK-based energy storage hub, designed to accommodate natural gas, hydrogen, and compressed air.

EnergyPathways confirmed it will assess the possibility of resubmitting its licence application to the NSTA.

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.

Bitcoin (COIN:BTCUSD) surged to an all-time high on Thursday, fueled by growing expectations for a Federal Reserve rate cut in September and renewed enthusiasm from corporate investors.

Ether (COIN:ETHUSD), the world’s second-largest cryptocurrency, also climbed sharply, closing in on its 2021 record. Corporate interest has been a major driver, as more companies follow the Bitcoin treasury approach popularized by Michael Saylor’s MicroStrategy.

Bitcoin reached an unprecedented $124,436.80 before easing slightly, trading up 3.2% at $123,164.10 by 00:47 ET.

Rate Cut Optimism Supports Crypto Rally

The crypto rally has accelerated since last week, supported by both rising corporate purchases and softer-than-expected U.S. inflation data, which strengthened bets on a September rate reduction. According to CME FedWatch, markets were pricing in nearly a 97% likelihood of a 25 basis-point cut.

Lower interest rates generally boost speculative assets like cryptocurrencies by increasing available liquidity for investors.

Corporate adoption of Bitcoin has added fuel to the rally. Metaplanet Inc (USOTC:MTPLF), the world’s sixth-largest corporate Bitcoin holder, revealed a purchase exceeding $60 million this week and is raising billions to expand its crypto holdings.

Earlier in August, MicroStrategy also disclosed a significant Bitcoin acquisition, bringing its total reserves to 628,946 coins. Investor sentiment received an additional boost from Bullish Inc (NYSE:BLSH), a crypto exchange backed by Peter Thiel, which debuted on the NYSE with shares jumping nearly 90% from its IPO price, giving the company a market value of over $10 billion.

Altcoins Gain Momentum as Ether Approaches Record

Other major cryptocurrencies also saw strong gains on Thursday. Ether rose nearly 4% to $4,786.54, just shy of its $4,868.80 record from November 2021, fueled by corporate buying trends similar to those for Bitcoin. Standard Chartered even raised its 2025 Ether price target from $4,000 to $7,500 amid this adoption.

Third-largest crypto XRP climbed 2.6% to $3.3038, while Solana and Cardano surged 6.5% and 19.5%, respectively. Cardano benefited further from Grayscale Investments advancing plans for a spot Cardano exchange-traded fund.

Memecoins also rallied, with Dogecoin up 6.8% and $TRUMP gaining 7.1%. Overall, the crypto market has been buoyed by increased risk appetite and expanding corporate interest, keeping investors optimistic about the weeks ahead.

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 stabilized close to multi-week lows on Thursday as investors awaited upcoming economic releases expected to reinforce expectations for a Federal Reserve rate cut next month.

At 04:05 ET (08:05 GMT), the Dollar Index, which measures the greenback against a basket of six major currencies, ticked up 0.1% to 97.709, slightly above the two-week low recorded in the previous session.

Dollar under pressure

The greenback has struggled for most of August following disappointing U.S. jobs data, with further pressure this week after July’s modest consumer price growth was reported. Analysts noted that this indicated President Donald Trump’s tariffs had yet to significantly increase inflation, allowing the Fed to focus on signs of a cooling labor market.

Traders are now pricing in a 99% chance of a 25-basis-point rate cut at the September Fed meeting, according to Investing.com’s Fed Rate Monitor Tool.

U.S. Treasury Secretary Scott Bessent fueled speculation by suggesting that an aggressive half-point cut could be possible in light of recent weak employment figures.

“Markets aren’t pricing in anything over 25bp for now, and a 50bp option would probably not be taken seriously unless there are some hints in that direction at the Jackson Hole symposium, or August jobs data hugely disappoints again,” analysts at ING noted.

Fed Chair Jerome Powell is scheduled to speak at the Wyoming symposium next week, having used the same forum last year to signal impending rate cuts. In the meantime, traders are eyeing the July producer price index for signs that tariff-driven price increases are accelerating, alongside weekly jobless claims for more insight into labor market strength.

Eurozone GDP in focus

In Europe, EUR/USD fell 0.2% to 1.1680, just under Wednesday’s high of $1.1730, a level last reached on July 28.

Second-quarter growth data for the eurozone is expected later in the session, likely showing only 0.1% growth, a slowdown from 0.6% in Q1.

“EUR/USD is approaching tomorrow’s U.S.-Russia summit with good momentum, and the option market does not seem to be pricing in major volatility risk. One-week EUR/USD implied volatility is at the bottom of its recent range and in line with historical volatility,” ING commented.

GBP/USD traded slightly higher at 1.3572 after the release of U.K. data showing the economy grew 0.3% in Q2 2025, faster than expected but still down from Q1’s 0.7% growth. The Bank of England had forecast 0.1% growth for the April-June period.

“It’s positive news for the gilt market ahead of the Autumn fiscal event, but it doesn’t change the narrative for the Bank of England at this moment (inflation and jobs markets are the two main inputs), hence the reaction in sterling has been muted,” ING said.

Yen rises on rate hike speculation

Elsewhere, USD/JPY dropped 0.7% to 146.43 as the yen strengthened on speculation that the Bank of Japan might raise rates. This followed comments from U.S. Treasury Secretary Scott Bessent suggesting the BOJ was lagging in tackling inflation.

His remarks contrast with those from BOJ Governor Kazuo Ueda, who has largely dismissed concerns about delays in rate hikes to combat persistent inflation.

USD/CNY edged down to 7.1721, extending earlier-week declines after the U.S. and China agreed to extend their trade truce by 90 days. Attention now shifts to key Chinese economic reports due on Friday, including industrial production and retail sales.

AUD/USD fell 0.2% to 0.6536 after July labor data showed Australia’s job market slightly underperformed expectations, reinforcing the view that the sector is cooling and increasing the likelihood of further rate cuts by the Reserve Bank of Australia.

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 inched upward during Asian trading on Thursday, buoyed by investor hopes for a Federal Reserve interest rate cut next month, as markets also awaited the upcoming U.S.-Russia discussions.

Spot gold rose 0.2% to $3,361.87 per ounce, while December gold futures were largely flat at $3,409.65/oz as of 01:19 ET (05:19 GMT).

The precious metal has climbed for a third straight day following a steep early-week drop, after President Donald Trump announced that gold bars would not face tariffs.

Fed rate cut expectations provide support; geopolitical focus grows

Data released on Tuesday showed the U.S. consumer price index largely matching forecasts, with analysts noting that the effect of tariff-related price increases is not fully reflected in the economy.

“The mild data strengthened the case for the Fed to cut its benchmark interest rate at its September meeting,” said market analysts, with futures now implying a 95% chance of a reduction next month.

Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, making bullion more appealing to investors.

Attention now turns to U.S. producer price figures for final demand and weekly jobless claims for the week ending Aug. 9, both due later in the day.

Gold’s gains were moderated by geopolitical concerns, with traders closely monitoring Friday’s summit in Anchorage between President Donald Trump and Russian President Vladimir Putin.

Trump on Wednesday cautioned of “severe consequences” for Russia if Vladimir Putin blocked progress toward peace in Ukraine ahead of the summit.

A positive outcome could lessen demand for gold as a safe-haven asset, while any signs of stalled talks or rising tensions might drive prices higher.

Other metals remain quiet

Elsewhere in the metals market, platinum futures slipped 0.2% to $1,346.65/oz, while silver futures inched up 0.1% to $38.645/oz.

Copper remained steady, with London Metal Exchange copper futures at $9,805.65 per ton and U.S. copper futures flat at $4.50 a pound.

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 inched higher during Thursday’s Asian trading session as attention centered on the potential impact of an upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin on global supply.

Crude has been under pressure for the past two weeks, with concerns about weakening demand contributing to sharp losses. Prices dropped further on Wednesday after data revealed an unexpected rise in U.S. crude inventories.

By 21:58 ET (01:58 GMT), Brent futures for October gained 0.4% to $65.88 per barrel, while West Texas Intermediate (WTI) added 0.3% to $62.13 per barrel.

Trump-Putin Meeting on Ukraine Anticipated

The two leaders are scheduled to meet in Alaska on Friday to discuss a potential ceasefire in Ukraine. On Wednesday, Trump warned of “severe consequences” if Putin does not agree to a peace deal. He had previously threatened heavy tariffs on major Russian oil buyers, including India and China.

Any enforcement of these threats, along with potential new restrictions on Russia’s oil sector, could tighten global supplies and lend support to crude prices. However, reports indicate Trump does not expect an immediate resolution to the Ukraine conflict and may offer Russia concessions to ease tensions around Kyiv. Any easing of sanctions on Moscow’s energy sector could put downward pressure on prices, as concerns about an oversupply have weighed heavily on oil markets this year.

Supply Concerns and Inventory Build Weigh on Prices

Oil’s recent losses have been fueled by bearish supply forecasts from both the U.S. government and the International Energy Agency (IEA). The IEA warned that global oil supplies are “bloated,” particularly following a steady increase in OPEC+ production throughout the year.

The agency also flagged the risk of a supply surplus in 2025 and 2026 and projected slower demand growth in the coming months. It anticipates a daily oil surplus of 3 million barrels by 2026.

Further pressure came from U.S. data showing a 3 million barrel increase in inventories last week, well above market expectations of a 0.9 million barrel drawdown. The report highlighted the tail end of the travel-heavy U.S. summer period, when fuel demand typically peaks, noting that demand usually declines through autumn and into winter.

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.

Elon Musk said on Wednesday that Google (NASDAQ:GOOG) currently has the strongest chance of dominating the artificial intelligence sector, pointing to the company’s vast computing resources.

Musk also noted that major AI players, including his own xAI, are expected to “continue to prosper” for the foreseeable future.

“Outside of real-world AI, Google has the biggest compute (and data) advantage for now, so currently has the highest probability of being the leader,” Musk wrote in a post on X, adding that the situation could shift in a few years.

His remarks arrive amid intensifying rivalry among leading U.S. AI developers, all competing to outdo each other’s models, expand their data center capacity, and attract more users.

xAI recently rolled out Grok 4, the latest version of its main AI model, shortly after OpenAI released its GPT-5 model in August. Both companies have made these advanced AI systems available to the public for free.

Google, meanwhile, is reportedly preparing further updates to its Gemini AI chatbot. According to AI research firm Artificial Analysis, GPT-5’s top variant is considered the most capable AI model, followed closely by Grok 4. Gemini and its variations, however, are praised for output speed and cost efficiency per token.

On Wednesday, Google announced plans to invest an additional $9 billion in AI infrastructure in Oklahoma over the next two years. The tech giant, along with Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), and Amazon (NASDAQ:AMZN), is part of Wall Street’s so-called “AI Hyperscalers,” a group of companies pouring hundreds of billions of dollars into expanding data center capacity.

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. stock futures showed little movement on Thursday, following another day of record highs across global equity markets. Investors continue to price in expectations that the Federal Reserve may soon lower interest rates. At the same time, Cisco Systems delivered stronger-than-expected guidance for the current quarter, driven by rising corporate investment in artificial intelligence. Key U.S. economic data is also scheduled for release, offering potential insights into the state of the economy.

Muted Futures Point to Potential Pause

Thursday’s futures activity suggested a calm after recent market gains, as global equities hit new record highs for a second consecutive session.

By 03:49 ET, Dow futures were essentially unchanged, S&P 500 futures had dipped 5 points (0.1%), and Nasdaq 100 futures were down 21 points (0.1%). On Wednesday, the main indexes advanced, with the S&P 500 and Nasdaq reaching all-time highs and the Dow Jones Industrial Average rising over 1%.

Investor optimism has been driven by expectations that the Federal Reserve could cut interest rates at its September meeting, amid signs of modest inflation and a softening U.S. labor market.

Adding to dovish sentiment, U.S. Treasury Secretary Scott Bessent commented that he “believed a more aggressive half-point rate cut by the Fed was potentially on the table due partially to sharp downward revisions to job growth in June and May.”

However, ING analysts noted that “markets aren’t pricing in anything over [a 25-basis point drawdown] for now,” and argued that a 50-basis point option likely won’t gain traction unless hints appear at the upcoming Jackson Hole economic symposium or the August jobs report “hugely disappoints again.”

Cisco Surpasses Revenue Expectations

Shares of Cisco Systems (NASDAQ:CSCO) remained relatively flat in after-hours trading, following an upbeat revenue outlook for the first quarter, despite noting some impacts from sweeping U.S. tariffs during the just-ended fiscal year.

Cisco has emerged as a likely beneficiary of rising corporate AI spending, as companies like Amazon and Alphabet continue to expand their investments in artificial intelligence despite previous large-scale outlays.

CEO Chuck Robbins told investors during a post-earnings call that AI infrastructure orders in Cisco’s fiscal fourth quarter exceeded $800 million, bringing the annual total above $2 billion — more than double the company’s initial target.

Quarterly revenue, ending July 26, came in at $14.67 billion versus estimates of $14.62 billion. Executives acknowledged a “small impact” on gross profit margins from U.S. tariffs on copper, steel, and aluminum, describing the operating environment as “complex.”

For the current quarter, Cisco projects revenue between $14.65 billion and $14.85 billion, slightly above analyst expectations of $14.62 billion. Investors will also have the chance to review additional earnings on Thursday, including results from Applied Materials (NASDAQ:AMAT) after the closing bell.

Economic Data in Focus

Thursday brings U.S. producer price data for July, which could offer a clearer picture of inflation trends. Analysts anticipate a slight increase, possibly offsetting tariffs with soft services inflation. Earlier reports indicated broadly muted consumer price growth in July, though some observers warned that President Donald Trump’s aggressive trade agenda might have delayed effects in coming months.

Weekly initial jobless claims are also set for release, with expectations of little change. Policymakers continue monitoring labor market trends closely, as recent softening may influence the Fed’s approach to resuming rate cuts paused in December.

DeepSeek Postpones New AI Model

According to the Financial Times, DeepSeek has delayed the launch of its R2 AI model due to technical problems encountered when training on Huawei Ascend chips. The company switched to Nvidia chips for training while retaining Ascend for inference, causing the delay from the original May release.

The report emphasizes the challenges Chinese AI developers face in reducing reliance on U.S. technology, especially Nvidia’s chips, despite government encouragement to use Huawei’s Ascend processors earlier this year.

Bitcoin Hits Fresh Record

Bitcoin (COIN:BTCUSD) reached a new all-time high on Thursday, buoyed by expectations of Fed rate cuts and increased corporate adoption. Lower interest rates free up liquidity for speculative assets, benefiting cryptocurrencies.

Corporate buying also supported Bitcoin. Metaplanet, the world’s sixth-largest corporate Bitcoin holder, recently purchased over $60 million in the cryptocurrency and plans to raise billions more to expand holdings. Earlier in August, MicroStrategy Incorporated (now Strategy) made a major Bitcoin acquisition, bringing its total holdings to more than 628,000 coins.

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 traded in a narrow range Thursday as investors assessed regional economic indicators and corporate results, ahead of key U.S. inflation figures later in the session.

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

U.K. Growth Exceeds Expectations

Investors paused after recent gains to digest fresh data on economic performance. The U.K. economy expanded 0.3% in Q2 2025, exceeding the Bank of England’s 0.1% forecast, though this marked a slowdown from the 0.7% growth in Q1. On a monthly basis, June saw GDP rise 0.4%, above the anticipated 0.1%, following declines in April and May.

Eurozone Q2 GDP figures are expected later Thursday, with forecasts pointing to modest 0.1% growth, a slowdown from the 0.6% recorded in Q1. Meanwhile, U.S. producer price data for July will be watched closely, especially after recent mild consumer inflation, which has raised speculation of a potential Federal Reserve rate cut in September.

Corporate Earnings Spotlight

Several companies released results Thursday.

• Carlsberg (TG:CBGB) missed half-year profit and volume targets, signaling a challenging consumer backdrop for the remainder of 2025.
• RWE (TG:RWE) reported weaker-than-expected H1 earnings due to lower wind generation and difficult energy trading conditions.
• Antofagasta (LSE:ANTO) saw H1 core earnings surge nearly 60%, boosted by higher copper production and sales.
• Swiss Re (TG:SR9) exceeded expectations on net income, aided by lower catastrophe claims, stronger underwriting margins, and increased investment returns.
• Lanxess (BIT:1LXS) lowered its full-year profit guidance, citing weak demand and no anticipated improvement in the economic environment.
• Hapag Lloyd (TG:HLAG) posted a 3.1% drop in H1 net income and revised down the top end of its full-year earnings outlook, citing ongoing geopolitical uncertainty.

Oil Prices Rebound Amid Geopolitical Focus

Crude oil recovered slightly from recent losses ahead of a Friday meeting between U.S. President Trump and Russian President Vladimir Putin. At 03:05 ET, Brent futures rose 0.7% to $66.06 per barrel, while WTI climbed 0.7% to $63.06 per barrel.

Both contracts had hit two-month lows Wednesday after U.S. crude inventories rose unexpectedly by 3 million barrels, stoking concerns over demand as the summer driving season ends. Traders are also closely watching the Alaska summit between Trump and Putin, aimed at resolving the conflict in Ukraine. Trump warned Wednesday of “severe consequences” if Putin does not agree to peace, though specifics were not provided, echoing previous threats of economic sanctions.

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.K. economy expanded more than anticipated in June, following two consecutive months of contraction, although overall growth slowed during the second quarter.

According to data released Thursday by the Office for National Statistics, gross domestic product increased by 0.3% from April to June, beating the forecast of 0.1%. This, however, marks a notable slowdown from the 0.7% growth recorded in Q1.

On a monthly basis, the economy grew 0.4% in June, recovering from a 0.1% decline in May and a 0.3% drop in April—the latter being the largest monthly fall since October 2023. The June rise also exceeded expectations of 0.1% growth.

Compared with the same period last year, the U.K. economy grew 1.2% in Q2, slightly down from the 1.3% annual increase seen in the first quarter.

Economists note that the slowdown partly reflects earlier distortions linked to U.S. tariffs announced in April, which prompted a surge in exports in the first quarter. That boost has since faded, weighing on growth. Additionally, business surveys indicate that government measures—such as higher taxes and an increased minimum wage—have put pressure on companies, affecting both output and hiring.

These figures could pose challenges for Chancellor Rachel Reeves, whose policies are aimed at stimulating economic growth during her first year in office. The economy had slipped into recession at the end of 2023 but rebounded in the first half of 2024. Growth, however, has remained modest since then.

Reeves is widely expected to implement further tax increases in her upcoming annual fiscal plan, scheduled for October or November, in an effort to keep government finances aligned with her fiscal targets.

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.

ITM Power plc (LSE:ITM) delivered robust financial results for FY25, with revenues growing over 50% year-on-year, driven by strong commercial activity and a growing order backlog. The company highlighted its focus on operational excellence, manufacturing quality, and technological innovation, reinforcing its position as a leading provider in the green hydrogen sector. A solid cash position supports ITM Power’s scale-up strategy, while involvement in landmark projects and expanding market engagement underline accelerating demand for green hydrogen solutions.

Outlook

Despite encouraging short-term momentum and positive corporate developments, ITM Power continues to face significant financial challenges and valuation pressures. While technical indicators reflect potential near-term gains, long-term investor confidence will depend on addressing underlying financial health. Strategic partnerships, contract wins, and operational advancements provide a pathway for growth, but financial stability remains a key priority for the company’s sustained market leadership.

About ITM Power

ITM Power specializes in electrolyser technology, offering high-performance, reliable solutions for the green hydrogen industry. The company’s proprietary stack technology enables scalable applications for projects worldwide, and ITM Power remains committed to innovation, supply chain resilience, and supporting the global transition to clean energy.

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.