Author: Fiona Craig

Altitude Group PLC (LSE:ALT) has announced impressive results for its financial year ending March 2025, with revenues climbing by 23.5% to $37.3 million. Adjusted operating profit also saw a notable increase, rising 20.7% to reach $3.7 million. A key contributor to this performance has been the continued expansion of the company’s Merchanting operations, alongside strong momentum in its University Gear Shop (UGS) and AIM Capital Solutions (ACS) segments.

The group is also advancing its technology capabilities while adhering to a disciplined capital allocation strategy—moves aimed at delivering long-term value for shareholders and supporting sustainable growth.

Altitude’s financial strength and recent strategic initiatives have contributed positively to its overall corporate profile. Although technical indicators currently suggest a neutral stance, the company’s reasonable valuation and confident leadership position it well for future progress.

Company Overview

Operating within the promotional products sector, Altitude Group PLC offers a range of solutions through brands such as UGS and ACS. The company continues to focus on growing its share in the Merchanting market while reinforcing its footprint in the United States.

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 climbed Wednesday, bouncing back from a five-week low hit the previous day, as the possibility of tougher U.S. sanctions on buyers of Russian crude provided some upward momentum.

As of 08:55 ET (12:55 GMT), October Brent futures increased 1.5% to $68.67 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.6% to $66.18 per barrel.

Focus on Russian Oil Sanctions

U.S. President Donald Trump continued to threaten higher tariffs on India due to New Delhi’s ongoing purchases of Russian oil. Following last week’s imposition of reciprocal 25% tariffs, Trump announced plans to add further duties on India this week.

He criticized India’s continued Russian oil imports, accusing them of financing Russia’s war effort in Ukraine. India, which imports roughly 80% of its crude oil, has dismissed these criticisms and is expected to maintain its Russian oil purchases in the near term.

“If India were to stop buying Russian oil amid tariff threats, we believe the market would be able to cope with the loss of this supply. It would wipe out the surplus we’re expecting in the market through the latter part of this year and much of 2026. This would leave some upside to prices, but a manageable one,” said analysts at ING in a research note.

They added: “The bigger risk is if other buyers also start to shun Russian oil. This would require OPEC to tap into its spare production capacity quickly and aggressively to balance the market. This could result in significant further upside for prices.”

“We should get more clarity later this week, with President Trump’s deadline for Russia to strike a deal with Ukraine on Friday. There’s a US delegation visiting Russia this week. Reports are that President Putin may be willing to offer some concessions, such as an air truce, in order to avoid stricter sanctions and secondary tariffs,” ING noted.

Oil prices were also boosted by data from the American Petroleum Institute showing a much larger-than-expected drawdown in U.S. oil inventories last week—4.2 million barrels compared with forecasts for a 1.8 million barrel decline.

Ongoing Concerns Over Supply and Demand

Despite Wednesday’s rebound, oil has faced sharp declines in recent sessions. The latest slump followed OPEC and its allies agreeing to raise production by 547,000 barrels per day in September.

The group has steadily ramped up output this year, raising concerns about oversupply during the second half of 2025.

Meanwhile, a series of disappointing economic indicators from the U.S. and China over the past week heightened worries about slower growth and weakening demand among the world’s largest oil consumers.

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.K. equities edged upward on Wednesday, supported by corporate earnings updates, while the British pound firmed slightly against the dollar. The FTSE 100 was up 0.3% as of 12:20 GMT, and sterling rose 0.1% to 1.33. Elsewhere in Europe, Germany’s DAX inched up 0.06%, and France’s CAC 40 advanced 0.3%.

Major Movers: Glencore and Tullow Slip, Hiscox Surges

Glencore (LSE:GLEN) shares declined 4.4% after the commodities giant posted a 14% drop in adjusted EBITDA to $5.43 billion for the first half, missing forecasts of $5.56 billion. The decline was linked to weaker coal prices and lower copper output. The company also recorded a deeper-than-expected net loss, driven by a significant writedown on its Colombian coal assets.

Tullow Oil (LSE:TLW) saw an even steeper fall, plunging 16.6%, after reporting a $61 million first-half loss, a major miss compared to expectations for a $76 million profit. The company also lowered its free cash flow forecast as operational difficulties continued at Ghana’s Jubilee field. First-half revenue came in at $524 million, around 13% under analyst projections.

On a more positive note, Hiscox (LSE:HSX) rallied 10.2% following the expansion of its share repurchase plan by an additional $100 million, bringing the total to $275 million. The insurer also reported an increase in gross written premiums, rising to $2.94 billion from $2.78 billion in the same period last year.

Legal & General (LSE:LGEN) slipped 3.1% after revealing a Solvency II ratio of 217%, falling short of the consensus estimate by three points. The figure excluded a six-point hit tied to temporary issues with its U.S. operations.

Wealth management firm Quilter (LSE:QLT) reported £4.5 billion ($6 billion) in net inflows, beating expectations. The firm said it would assess its capital strategy after finalizing an ongoing internal advice review.

Ibstock (LSE:IBST) posted a 9% rise in revenue to £193 million, supported by higher clay division volumes. However, adjusted EBITDA fell by £5.8 million to £36 million due to weaker pricing and less favorable product mix. The company said it had seen a “promising start” to the second half.

Coca-Cola Europacific Partners (LSE:CCEP) dropped 8.6% after the beverage company cut its full-year revenue forecast to 3–4%, down from its earlier 4% guidance. The downward revision reflected a slump in Indonesian volumes, which saw double-digit declines.

4imprint Group (LSE:FOUR) fell 6.4% after reporting a slight 1% dip in first-half revenue to $659.4 million amid a tough market environment. Nonetheless, the company improved its operating margin to 10.7% from 10.5% last year.

Finally, International Airlines Group (LSE:ICAG) slid 1.9% after UBS downgraded the stock from “neutral” to “sell.” Although the airline group delivered a strong first half, the bank flagged concerns around transatlantic travel demand, the UK’s economic backdrop, and uncertainty about the group’s loyalty program.

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 are pointing to a mildly positive open on Wednesday, suggesting stocks could regain ground after Tuesday’s retreat.

Investor sentiment appears to be buoyed by a string of better-than-expected earnings reports. McDonald’s (NYSE:MCD) shares are rallying 4.0% in premarket trading after the company topped analyst expectations on both revenue and profit for the second quarter.

Shopify (NASDAQ:SHOP) is also seeing notable early gains after the e-commerce platform delivered second-quarter revenue that beat forecasts and shared an encouraging outlook for the current quarter.

Disney (NYSE:DIS) is another name in focus, rising in the pre-market after reporting stronger-than-expected fiscal Q3 results, reinforcing optimism around the entertainment giant’s performance.

However, not all earnings updates were positive. Super Micro Computer (NASDAQ:SMCI) is under pressure following fiscal Q4 results that missed analyst targets and a soft outlook for the first quarter.

Snap (NYSE:SNAP) is also facing premarket weakness after posting second-quarter revenue that came in below consensus estimates.

With no major economic reports scheduled for release, overall market activity could be lighter than usual, as investors await further catalysts.

On Tuesday, Wall Street saw early gains evaporate as the session wore on. After extending Monday’s momentum early in the day, the major indexes reversed course and ended in the red.

By the close, the Nasdaq had declined 137.03 points, or 0.7%, to 20,916.55, while the S&P 500 dropped 30.75 points, or 0.5%, to 6,299.19. The Dow Jones Industrial Average shed 61.90 points, or 0.1%, to finish at 44,111.74.

The market’s decline may have been influenced by renewed trade tensions after former President Donald Trump hinted at fresh tariffs.

In an interview on CNBC’s Squawk Box, Trump said he will be announcing new tariffs on semiconductors and chips as soon as next week, “because we want them made in the United States.”

He also mentioned that potential tariffs on imported pharmaceuticals could reach “as high as 250 percent.”

Adding to the cautious mood, a report from the Institute for Supply Management showed that growth in the U.S. services sector cooled unexpectedly in July. The ISM Services PMI dipped to 50.1 from 50.8 in June, falling short of expectations for a rise to 51.5. While the index remains in expansion territory, the slowdown surprised economists.

Despite the broader market pullback, investors rewarded some standout earnings. Palantir (NYSE:PLTR) surged 7.9% after the company reported a sharp increase in sales.

The company attributed the jump to growing demand for artificial intelligence services, noting that its sales jumped almost 50 percent in the second quarter amid robust demand for artificial intelligence services.

Several sectors bucked the downtrend. Oil service stocks were standouts, pushing the Philadelphia Oil Service Index up 3.5%. Gold mining names also advanced, tracking a modest rise in gold prices, which helped lift the NYSE Arca Gold Bugs Index by 2.9%.

Housing and transportation stocks saw gains as well, while utilities and semiconductor shares were among the weakest performers of the session.

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 cautiously higher on Wednesday, overcoming disappointing German factory data and renewed tariff threats from former U.S. President Donald Trump targeting the pharmaceutical and semiconductor industries.

Germany’s new factory orders dropped by 1.0% in June compared to the previous month, defying forecasts for a 1.0% increase and marking a deeper decline than May’s 0.8% slide, according to Destatis.

Despite the downbeat economic signal, major European indices saw modest gains. Germany’s DAX edged up 0.1%, while France’s CAC 40 and the UK’s FTSE 100 both advanced 0.3%.

Earnings Movers and Corporate Headlines

Shares of ABN AMRO (EU:ABN) sank 7.5% after the Dutch bank unveiled a smaller-than-anticipated share buyback and reported weaker lending margins in Q2.

Commodities giant Glencore (LSE:GLEN) fell 3.1% in London trading as it reported a 14% drop in first-half adjusted EBITDA and abandoned a proposal to shift its main listing out of the UK.

Legal & General (LSE:LGEN) declined 2.5%, despite the insurer and asset manager posting better-than-expected earnings for the first half.

In contrast, German property group Vonovia (TG:VNA) surged 4% following a double-digit increase in H1 earnings and an upward revision to its 2025 EBT forecast.

Wind turbine manufacturer Nordex Group (TG:NDX1) rose 2.6% after landing a 51.7 MW order from TEUT Energieprojekte GmbH for a project in Brandenburg.

Healthcare conglomerate Fresenius (TG:FME) gained 1.6% after beating Q2 expectations and raising its full-year revenue outlook.

On the downside, Bayer (TG:BAYN) slipped 4.2% after posting a wider second-quarter loss amid a challenging operating environment.

Zalando (TG:ZAL) tumbled 4.6% despite solid Q2 results and upgraded 2025 guidance, as investors appeared unimpressed with the company’s sales growth.

Meanwhile, Commerzbank (TG:CBK) lost 1% after reporting a drop in quarterly profits.

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.

Lancashire Holdings Limited (LSE:LRE) on Wednesday boosted its full-year return on equity (ROE) guidance after reporting first-half earnings that surpassed market forecasts by 24%.

The insurer lifted its 2025 ROE projection from the mid-teen range to the high teens, based on the assumption that the second half will see loss conditions similar to those in 2024, when it faced total major losses of approximately $169 million.

Profit before tax exceeded expectations by 27%, while profit after tax outpaced consensus by 24%.

Lancashire’s robust results were mainly attributed to stronger underwriting margins and, to a lesser degree, enhanced investment returns.

The undiscounted combined operating ratio came in 1.3 percentage points better than anticipated, and net investment returns were 8% above market estimates.

Despite the encouraging earnings, gross premiums written lagged consensus by 2.2%, and insurance revenue fell 0.6% short of expectations. However, the insurance service result exceeded consensus by 39%.

Diluted book value per share was 2% higher than expected, while the interim dividend per share remained steady at 7.5 cents.

The upgrade in guidance ahead of the peak U.S. windstorm season signals confidence in Lancashire’s underwriting discipline, which may bolster shares that have seen weakness earlier 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.

Quilter (LSE:QLT) delivered robust first-half results on Wednesday, outperforming expectations on net inflows and earnings, while confirming it will reassess its capital requirements following the conclusion of its ongoing advice review.

The UK-based wealth manager recorded net inflows of £4.5 billion ($6 billion) during the period, surpassing the highest estimates from analysts, according to Jefferies.

Jefferies analysts described this as “a very strong showing, with a marked improvement in both Affluent and HNW segments.”

Assets under management and administration (AUMA) stood at £126.3 billion, approximately 4% above consensus estimates and close to the upper range forecast of £128 billion.

The analysts added, “Higher AUMA and lower costs than consensus will likely lift forecasts and we would expect a positive reaction from the market.”

Adjusted operating profit reached £100 million, beating expectations by 6%, while earnings per share climbed to 5.4 pence, exceeding consensus by 15%.

Quilter is currently reviewing its historical advice services in response to increased regulatory focus on charging practices across the industry.

The company stated on Wednesday that the provision it had already set aside for this matter “remains appropriate.”

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.

Videndum Plc (LSE:VID) revealed its financial results for the first half of 2025 on Wednesday, highlighting ongoing headwinds in its core markets alongside a challenging debt situation. The company’s leadership is actively working to manage its elevated debt levels as trading conditions remain difficult.

The imaging and broadcast equipment manufacturer reported an operating loss of £7.0 million in the first six months, marking an improvement compared to the £29.2 million loss recorded in the latter half of 2024.

Revenues totaled £115 million, reflecting a 9% decline from the second half of last year and a 23% drop year-on-year on a constant currency basis.

Videndum’s net debt increased by 17% year-over-year to £137.7 million but was only slightly higher—by £4.7 million—than the amount at the end of 2024.

In April 2025, the company adjusted the covenants tied to its revolving credit facility and successfully complied with June’s requirements. However, it still faces the need to refinance or negotiate a deleveraging plan within the next few months.

Breaking down by segments, Media Solutions generated £55.8 million in sales with an EBITA of £1.6 million, impacted by uncertainty over U.S. tariffs. Production Solutions posted £37.1 million in sales but recorded an EBITA loss of £1.4 million, while Creative Solutions reported £22.5 million in sales and an EBITA loss of £0.9 million.

Videndum pointed to several difficulties including the effect of U.S. tariff policies, recent wildfires in Los Angeles, and broader market unpredictability. The second quarter proved particularly challenging, reducing visibility for the remainder of 2025 and leading management to withhold full-year guidance.

Nonetheless, the company noted some encouraging signs such as growing order backlogs, improved market sentiment in select areas, and strong pent-up demand.

Cost-saving initiatives delivered £6 million in benefits during H1, with management targeting an additional £9 million for the second half and aiming for a full-year annualized savings run-rate near £19 million by year-end.

Videndum also flagged upcoming product launches from its Teradek and Manfrotto brands. Still, analysts caution that consensus full-year EBITA estimates of £8.8 million for 2025 may come under pressure following this update.

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 eased slightly on Wednesday, pausing after four days of gains as investors absorbed disappointing U.S. economic figures and considered the possible Fed board appointment by President Donald Trump.

At 04:30 ET (08:30 GMT), Spot Gold fell 0.4% to $3,366.50 per ounce, while December Gold Futures also slipped 0.4% to $3,420.72 an ounce.

After rising steadily for four sessions in a row, gold posted modest gains this week following a sharp 2% increase on Friday.

Gold bolstered by expectations of Fed rate cuts

The precious metal has recently found support amid growing expectations that the Federal Reserve may implement interest rate cuts as soon as next month. A string of weak economic data points suggests the Trump administration’s unpredictable trade policies are starting to impact the economy.

On Tuesday, the Institute for Supply Management’s purchasing managers’ index (PMI) for services fell to 50.1 in July, missing the forecast of 51.5 and signaling a near standstill in activity, further fueling worries over a slowdown in U.S. growth.

This followed Friday’s disappointing payroll report, which showed fewer jobs created than expected and extensive revisions to previous data, pushing the unemployment rate to 4.2%.

Currently, the likelihood of a Fed rate cut in September stands just under 90%, lending support to gold since lower interest rates reduce the cost of holding non-yielding bullion.

Meanwhile, markets are also watching President Trump’s upcoming decision on who will fill the Federal Reserve board vacancy left by Governor Adriana Kugler, who plans to resign on August 8.

Central bank gold purchases ease in second quarter

According to the World Gold Council, central banks increased their official gold reserves by a net 22 tonnes in June, with Uzbekistan leading purchases by adding 9 tonnes, ending a four-month streak of sales.

In the second quarter overall, central banks added 166 tonnes to reserves—still a 33% decline from the previous quarter.

“This marks the second consecutive quarter during which demand has slowed, with gold’s 30% price rally this year likely contributing to the move. Despite the slowdown, central banks are likely to continue adding gold to their reserves given the still-uncertain economic environment and the drive to diversify away from the U.S. dollar,” said analysts at ING in a note.

Other metals show mixed performance

Platinum Futures climbed 0.8% to $1,340.95 an ounce, while Silver Futures dipped slightly to $37.810 per ounce.

On the copper front, benchmark London Metal Exchange futures rose 0.5% to $9,687.40 a ton, with U.S. Copper Futures also up 0.5% to $4.4080 a pound.

Last week, U.S. copper prices tumbled 20% but have since traded mostly sideways after President Trump excluded refined copper from his planned 50% import tariff on the metal.

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 saw a modest rebound during Wednesday’s Asian trading session, recovering slightly from a five-week low reached in the previous day’s session. The prospect of stricter U.S. sanctions targeting purchasers of Russian crude provided some upward momentum.

However, gains remained limited as concerns persisted over increased production from OPEC+ and subdued global demand, keeping the recovery tentative.

Brent crude futures for October rose by 0.5%, reaching $68.00 per barrel, while West Texas Intermediate (WTI) futures increased 0.5% to $64.53 per barrel as of 21:50 ET (01:50 GMT).

The market was further supported by data from the American Petroleum Institute (API), which revealed a much larger-than-expected drawdown of 4.2 million barrels in U.S. oil inventories last week, significantly surpassing forecasts of a 1.8 million barrel decline.

Trump Continues to Target India with Tariff Threats Over Russian Oil Purchases

U.S. President Donald Trump renewed his warnings on Tuesday, threatening additional trade tariffs on India due to its ongoing imports of Russian oil. This comes after Washington imposed 25% reciprocal tariffs on India last week.

Trump criticized New Delhi’s continued Russian oil purchases, arguing they finance Russia’s conflict with Ukraine. India has dismissed these criticisms and reportedly plans to maintain its Russian oil imports in the short term. The country depends heavily on crude imports, sourcing roughly 80% of its oil needs from abroad.

Trump also signaled potential tariff hikes against China, another significant buyer of Russian crude.

Should India and China reduce or halt their Russian oil purchases, it would tighten global oil supply, lending some price support.

Meanwhile, signs of possible easing in the Russia-Ukraine tensions have emerged. Bloomberg reported that Moscow is considering measures such as pausing air strikes to avoid triggering further U.S. sanctions. U.S. Special Envoy to the Middle East Steve Witkoff is scheduled to visit Moscow this week to discuss the situation.

Oil Faces Pressure from Oversupply and Demand Concerns

Despite Wednesday’s modest gains, oil prices have faced sharp declines over recent sessions.

The downward trend follows OPEC+’s decision to raise production by 547,000 barrels per day starting in September.

The group has consistently ramped up output this year, stoking worries about an oversupplied market in the latter half of 2025.

Additionally, a series of disappointing economic indicators from the U.S. and China released last week have intensified fears of sluggish growth and weakening demand among the world’s largest oil consumers.

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.