Author: Fiona Craig

The U.S. dollar moved within a tight range on Wednesday as markets focused on who President Donald Trump will nominate to fill a seat on the Federal Reserve’s Board of Governors.

As of 03:50 ET (07:50 GMT), the U.S. Dollar Index, which tracks the greenback’s performance against six major currencies, was down 0.1% at 98.527. The dollar has been relatively quiet following its sharpest single-day drop in nearly four months last Friday, driven by a weaker-than-expected U.S. jobs report.

Spotlight on Trump’s Pick for the Fed

The dollar has struggled to find direction since last week’s labor data disappointment. Adding to the cautious sentiment, figures released Tuesday revealed that U.S. services sector activity stagnated in July, even as input prices surged at their fastest pace in nearly three years — another sign that tariffs may be weighing on the economy.

Traders are maintaining their bets on a Federal Reserve rate cut in September, with futures pricing in around a 90% probability and projecting roughly 56 basis points of easing by year-end.

With few major economic indicators due Wednesday, all eyes are on the White House as markets await Trump’s nomination to replace outgoing Fed board member Adriana Kugler. The president said on Tuesday that he plans to name a candidate before the end of the week.

“Trump’s open attacks on the Bureau of Labor Statistics over payroll revisions have not had much market impact, but it will be interesting to see whether the selected Fed chair candidate echoes that narrative,” analysts at ING wrote in a note.
“If so, it could ignite fears of a disconnect between Fed policy and official data – a scenario we see as decidedly dollar-negative.”

Euro Inches Higher; Pound Cautious Before BoE

In Europe, the euro ticked up, with EUR/USD climbing to 1.1576 despite a disappointing German industrial orders report. Orders unexpectedly declined by 1% in June, marking a second consecutive monthly drop due to weaker demand from overseas. Economists had forecast a 1.0% increase.

Later in the session, investors will watch for Eurozone retail sales data for June, with expectations for a 0.4% monthly rebound after May’s 0.7% decline.

“EUR/USD remains almost entirely driven by the dollar leg, and we continue to see decent upside potential mostly on the back of the Fed’s dovish repricing rather than any supportive eurozone story,” said ING.

Meanwhile, GBP/USD dipped slightly to 1.3295, trading in a narrow band as investors braced for the Bank of England’s policy decision on Thursday. The BoE is widely expected to lower its benchmark rate from 4.25% to 4%, and another cut is anticipated before year-end, even as inflation hovered near twice the bank’s 2% target in June.

Indian Rupee Rebounds After RBI Decision

In Asia, USD/JPY edged up to 147.66 after soft Japanese wage growth figures for June, which could signal slowing inflation in the coming months.

The Australian dollar regained ground, with AUD/USD rising 0.4% to 0.6489, following a recent slide to one-month lows. In contrast, USD/CNY gained 0.1% to 7.1891, amid speculation of further U.S. tariffs in response to China’s ongoing purchases of Russian oil.

The Indian rupee showed some resilience, with USD/INR falling 0.1% to 87.697, retreating from a record high above 88 seen earlier this week. The currency found support after the Reserve Bank of India (RBI) left interest rates unchanged at 5.50%, contrary to market expectations for further easing.

Investors had anticipated another rate cut due to increasing economic pressures, particularly from rising U.S. trade barriers. So far in 2025, the RBI has reduced rates by a total of 100 basis points.

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 stocks advanced on Wednesday, buoyed by a fresh wave of corporate earnings that have, so far, painted a largely optimistic picture for the second quarter.

As of 07:05 GMT, Germany’s DAX rose by 0.5%, France’s CAC 40 inched up 0.1%, and the UK’s FTSE 100 climbed 0.3%. The broadly upbeat earnings momentum has offered support to regional indices, even as signs begin to emerge that trade tariffs are starting to weigh on certain companies—hinting at possible challenges ahead in the third quarter.

Corporate Results Flood In

Another busy day for European earnings saw investors digest a wide range of updates.

Novo Nordisk (NYSE:NVO) trimmed its full-year sales and profit forecasts, citing slower-than-expected growth for its weight-loss drugs Wegovy and Ozempic in key markets. Despite that, the Danish pharmaceutical firm posted strong double-digit gains for the first half of the year.

Bayer (TG:BAYN) revealed it has cut around 12,000 full-time roles as part of its ongoing restructuring efforts aimed at improving efficiency and flattening management layers.

Siemens Energy (TG:SIE), meanwhile, expressed confidence in reaching the top end of its 2025 growth targets. The company credited solid U.S. demand for power equipment and wind turbines, which helped mitigate the negative impact of trade tariffs.

Fresenius (TG:FME) lifted its full-year revenue guidance, now projecting up to 7% organic growth thanks to improved performance in its healthcare divisions.

Commerzbank (TG:CBK) reported a 14% drop in second-quarter net profit from a year earlier, blaming restructuring charges. Still, the German lender raised its full-year forecast, signaling resilience despite short-term costs.

On a more somber note, Glencore (LSE:GLEN) saw first-half adjusted earnings fall amid declining coal prices and weaker copper output. The commodity giant also posted a deeper-than-expected net loss due to a significant impairment related to its Colombian coal operations.

On the other side of the Atlantic, investors await key earnings reports later in the day from Walt Disney (NYSE:DIS), Uber Technologies (NYSE:UBER), and McDonald’s (NYSE:MCD).

Economic Focus: Retail Sales and Industrial Orders

New figures released earlier showed German industrial orders fell by 1% in June, disappointing expectations for a 1% gain and raising concerns about industrial momentum in Europe’s largest economy.

Meanwhile, eurozone retail sales data for June is due later in the session. Economists anticipate a monthly rebound of 0.4%, following a 0.7% drop in May.

In the U.S., no major economic indicators are expected Wednesday, but attention will turn to a $42 billion auction of 10-year Treasury notes. This comes after Tuesday’s weak demand for a three-year note sale, which spooked bond markets.

Oil Prices Bounce Back

Crude prices climbed on Wednesday, staging a recovery from a five-week low hit during the previous session. The gains came amid speculation that the U.S. may tighten sanctions on countries buying Russian oil.

By 03:05 ET, Brent crude futures had risen 0.9% to $68.28 per barrel, while WTI crude futures gained 0.8% to $65.69.

Tuesday saw both benchmarks slide more than $1 a barrel, their lowest close in five weeks, amid fears that a planned output increase from OPEC+ in September could exacerbate a supply glut. The losses marked a fourth straight session of declines.

Adding to the mix, former U.S. President Donald Trump threatened further tariff hikes on Indian imports, targeting New Delhi’s continued purchase of Russian crude. Just last week, India was hit with a 25% tariff; more could follow this week, he warned.

Also supporting oil prices was data from the American Petroleum Institute (API) showing a sharper-than-expected drop in U.S. crude inventories—4.2 million barrels, compared to forecasts for a 1.8 million barrel draw.

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 ticked higher early Wednesday as investors assessed the impact of U.S. trade policy on corporate earnings and broader economic data. Dow futures rose by 227 points (0.5%), S&P 500 futures climbed 30 points (0.5%), and Nasdaq 100 futures advanced 74 points (0.3%) by 03:43 ET.

The gains follow a down session on Tuesday, where equities fell on concerns about the economic fallout from sweeping U.S. tariffs. Yum! Brands (NYSE:YUM), the parent company of KFC, warned that tariffs are weighing on consumer spending, denting its quarterly results. Caterpillar (NYSE:CAT), often viewed as an economic bellwether, said the duties could cost it as much as $1.5 billion this year.

Despite these concerns, the second-quarter earnings season has been relatively strong. Over 80% of reporting companies have exceeded analyst expectations, helping ease some recession fears. However, mixed economic data—including a soft July jobs report and a surge in services sector input costs—has raised concerns about stagflation, a mix of slow growth and rising inflation.

AMD Shares Drop as Data Center Sales Fall Short

Advanced Micro Devices (NASDAQ:AMD) shares slipped in after-hours trading following the release of quarterly results that underwhelmed investors. Data center revenue—crucial to AMD’s growth plans—rose 14% to $3.2 billion, in line with estimates, but far behind rival Nvidia’s 73% surge to $39.11 billion in its latest quarter.

CEO Lisa Su noted that AI chip revenue fell year-over-year, citing U.S. export restrictions to China and a transition to AMD’s next-generation MI350 chips. While AMD issued a stronger-than-expected Q3 revenue forecast of about $8.7 billion (plus or minus $300 million), it excluded MI308 AI chip sales to China, pending U.S. government license approval.

Earnings Watch: McDonald’s and Disney in Focus

Investors are also eyeing upcoming earnings from Dow components McDonald’s (NYSE:MCD) and Walt Disney (NYSE:DIS).

McDonald’s is expected to show strength in comparable sales and product innovation. Citi analysts anticipate improvements in customer traffic despite shifting consumer behavior and competitive pressure.

Disney’s results will be closely watched for updates on its streaming service, studio division, and theme parks. Attention will also center on the upcoming launch of its ESPN streaming platform. Separately, Disney’s ESPN has struck a deal to acquire NFL Network and related media assets, as the NFL takes a 10% stake in ESPN.

OpenAI Reportedly in Talks for $500 Billion Valuation

Bloomberg reports that OpenAI is exploring a potential secondary share sale that could value the company at $500 billion—up sharply from a prior $300 billion estimate. The sale would allow current and former employees to cash out.

This follows recent news that ChatGPT reached 700 million weekly active users, up from 500 million in March, and a reported $8.3 billion in new funding from major investors as part of a broader $40 billion round led by SoftBank.

Novo Nordisk Commits to Cost Cuts Amid Rising Competition

Novo Nordisk (NYSE:NVO) announced plans to cut costs as it contends with intensifying competition and copycat versions of its weight-loss drug Wegovy. Once Europe’s most valuable company, Novo has struggled to maintain momentum against challengers like Eli Lilly (NYSE:LLY).

Although the company reaffirmed its full-year guidance, this follows a recent profit warning and downward revision of its 2025 sales outlook. It also announced executive leadership changes to help revitalize growth.

In Q2, Wegovy sales surged 67% year-over-year to 19.53 billion Danish krone, while total group revenue rose 18% to 76.86 billion—but still missed estimates. Novo shares were flat in early Copenhagen trading but are down more than 52% year-to-date.

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.

Legal & General Group Plc (LSE:LGEN) reported robust first-half 2025 results, posting a 9% rise in core operating EPS driven by strategic expansion across its business segments. The company made notable advances in institutional retirement and asset management, alongside growth in its retail customer base. Key strategic moves—including the sale of its US protection business and a partnership with Meiji Yasuda—are set to strengthen its market position. Additionally, a new collaboration with Blackstone and the acquisition of Proprium Capital Partners will enhance its global real estate platform, supporting growth in key markets. Legal & General remains on track to achieve its financial goals, with plans to return significant value to shareholders via dividends and share buybacks.

The outlook reflects a mix of strengths and risks. Financial performance scores are tempered by revenue declines and liquidity concerns, representing key challenges. Nevertheless, positive technical indicators and corporate actions, including share buybacks and insider buying, offer some support. While the high P/E ratio suggests overvaluation, the attractive dividend yield partially offsets this. Addressing financial weaknesses will be critical for sustained stability and growth.

About Legal & General

Legal & General Group Plc is a major player in financial services, providing insurance, pension, and investment management solutions. The company has a strong presence in institutional retirement, asset management, and retail financial services, supported by a growing customer base and significant assets under management.

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.

Glencore (LSE:GLEN) revealed in its 2025 half-year report a strategic review targeting $1 billion in recurring cost savings by 2026 across its industrial portfolio. Despite a 14% decline in Adjusted EBITDA to $5.4 billion, driven by softer coal prices and reduced copper output, the company remains confident in its cash flow prospects and debt reduction plans. This optimism is supported by the recent sale of Viterra and a proposed $1 billion share buyback. Glencore’s marketing and industrial divisions are positioned to navigate shifting global commodity demands, even amid geopolitical uncertainties.

The company’s outlook is anchored by strong strategic initiatives and operational resilience, as emphasized during the earnings call and corporate updates. Nonetheless, financial headwinds, including profitability pressures and valuation challenges, dampen sentiment. Technical indicators provide a cautious stance with mixed signals on momentum.

About Glencore

Glencore is a leading global diversified natural resources company, producing and marketing over 60 commodities worldwide. Operating across more than 30 countries, Glencore focuses on commodities that play a key role in decarbonization while addressing current energy requirements. With a workforce exceeding 150,000 employees and contractors, the company maintains a significant presence in both established and emerging resource markets.

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

THG PLC (LSE:THG) has completed the sale of its UK-based flavour manufacturing and development unit, Claremont Ingredients, to Nactarome Group for around £103 million. This divestment supports THG’s strategy to streamline its business and achieve a net cash position. Originally purchased for £52 million in 2020, the sale delivers a strong return on investment. While the transaction will reduce THG’s net leverage and borrowing costs, it is expected to lower the Group’s EBITDA by approximately £5 million in 2025 and £10 million in 2026. The move reflects THG’s intent to sharpen its focus on core brands, particularly Myprotein, which is projected to experience double-digit revenue growth in the latter half of 2025.

THG faces financial pressures and valuation uncertainties, but positive technical signals and corporate developments offer some optimism. The company continues to prioritize operational efficiency to enhance performance.

About THG

THG PLC is a global e-commerce group headquartered in Manchester, UK, operating two main consumer divisions: THG Beauty and THG Nutrition. THG Beauty runs platforms such as Lookfantastic, Dermstore, and Cult Beauty, offering access to over 1,300 third-party brands alongside its own portfolio. THG Nutrition, anchored by Myprotein—the world’s leading online sports nutrition brand—serves global consumers through direct online sales and strategic offline partnerships across various health and wellness segments.

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.

4imprint Group plc (LSE:FOUR) posted resilient financial results for the first half of 2025, with revenues slightly down by 1% to $659.4 million year-on-year. In a tough market environment marked by fewer new customer wins, the company nonetheless boosted its operating profit margin to 10.7% and generated free cash flow of $74.6 million. With a healthy cash balance of $102.3 million, 4imprint declared an interim dividend of 80 cents per share. The board remains confident in its ability to manage ongoing challenges and anticipates that full-year revenue and pre-tax profits will meet analyst expectations.

The company’s financial health is underpinned by steady growth, strong profitability, and disciplined capital management. Technical signals reflect a broadly positive outlook, supported by favorable corporate developments. Valuation metrics are reasonable, and a robust dividend yield adds to the stock’s appeal.

About 4imprint

4imprint Group plc specializes in the direct marketing of promotional products, supplying a diverse range of branded items to businesses and organizations. Despite a competitive landscape and challenges in acquiring new customers, the company is focused on expanding its market presence.

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.

Jubilee Metals Group (LSE:JLP) has shared encouraging progress on its copper operations in Zambia, highlighting advancements in its integrated production approach. The recent upgrade of the Roan concentrator has led to copper output exceeding expectations, while development continues at the Munkoyo and Project G mining sites. Overcoming earlier hurdles related to power supply and infrastructure, the company is on course to ramp up copper production capacity to approximately 5,100 tonnes in fiscal year 2026.

Jubilee’s growth strategy centers on broadening exploration efforts, boosting processing capabilities, and exploring potential joint ventures focused on processing activities to ensure sustainable, capital-efficient expansion.

The stock’s outlook balances the promising growth trajectory in Zambia’s copper sector and operational gains against financial pressures such as shrinking profit margins and rising leverage. Supportive corporate developments offer strategic momentum, though technical signals advise a cautious stance in the near term.

About Jubilee Metals Group

Jubilee Metals Group PLC is a diversified metals producer operating primarily in South Africa and Zambia. Leveraging South African processing expertise, the company is establishing a robust copper production platform in Zambia. Its operations span exploration, mining, concentrating, and cathode refining, supported by extensive resource holdings and exploration licenses in the region.

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.

TP ICAP (LSE:TCAP) delivered strong first-half results for 2025, with group revenue rising 9% to £1.2 billion and adjusted EBIT increasing by 10% to £184 million. The company reached record profitability levels in its Global Broking and Liquidnet segments, benefiting from increased market volatility during the period. Demonstrating capital discipline, TP ICAP initiated a £30 million share buyback program and raised its interim dividend by 8%.

A key milestone in its diversification strategy was the acquisition of Neptune Networks, positioning TP ICAP to build an integrated credit platform alongside major banking partners. The company remains focused on driving profitable growth and delivering sustainable returns to shareholders, with expectations for strong surplus cash flow in the years ahead.

The outlook is supported by positive technical indicators and corporate actions such as active share repurchases and record revenue performance. Financial stability is underpinned by prudent cash management, although EBIT margins will require ongoing attention. Valuation appears fair, complemented by an attractive dividend yield.

About TP ICAP

TP ICAP Group plc is a leading interdealer broker and market infrastructure provider, specializing in Global Broking and Liquidnet services. The firm operates across multiple asset classes, offering trading and investment solutions with a focus on broking and market data.

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.

Tritax Big Box REIT (LSE:BBOX) reported solid financial results for the first half of 2025, driven by three core growth strategies: rental uplift capture, logistics asset development, and expansion into data center opportunities. The company posted a 17.3% rise in net rental income alongside a 6.4% increase in adjusted earnings per share, reflecting effective asset management and ongoing development projects.

Looking ahead, Tritax aims to boost adjusted earnings by 50% by 2030, with its advancing data center portfolio expected to deliver attractive yields. The company also completed asset disposals totaling £278.2 million to help fund growth initiatives while maintaining a conservative balance sheet with a loan-to-value ratio of 30.9%.

Tritax’s outlook benefits from strong financial momentum and strategic acquisitions. Although valuation and corporate developments are positive, technical indicators show some weakness, suggesting investors remain cautious. The REIT’s growth potential is promising but requires close monitoring of debt levels and market volatility.

About Tritax Big Box REIT

Tritax Big Box REIT specializes in logistics and data center real estate investments. The company focuses on generating superior risk-adjusted returns through strategic asset management and development, targeting long-term contracted revenues from high-quality tenants under triple-net lease agreements.

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.