Author: Fiona Craig

hVIVO plc (LSE:HVO) has revealed the resignation of Tracey James from her role as Non-Executive Director. The company emphasized that her departure is unrelated to financial matters. As part of its leadership restructuring, hVIVO is actively recruiting a new independent Non-Executive Director and Chair, with further updates expected soon. These board changes are part of a broader initiative to reinforce the company’s governance and may influence its strategic trajectory and investor sentiment.

Open Orphan plc’s future outlook remains optimistic, supported by solid financial results and a compelling valuation. Recent corporate developments suggest a focused growth strategy and management confidence, although technical trends warrant cautious monitoring due to potential downward pressure.

About hVIVO plc

hVIVO is a leading full-service Contract Research Organisation (CRO), recognized globally for its expertise in human challenge trials. The company offers comprehensive clinical development services to a wide range of clients, including major players in the biopharmaceutical sector. With a focus on infectious and respiratory diseases, hVIVO operates a cutting-edge quarantine facility in London and delivers advanced virology and immunology lab services. Its network extends into Germany and beyond, offering integrated early-phase clinical trial solutions from preclinical studies through to Phase II.

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.

MS International PLC (LSE:MSI) has confirmed the addition of John Meldrum to its Board of Directors as an Executive Director, following the successful completion of regulatory due diligence. Meldrum has been with the company for more than 18 years and has served as the head of its UK Defence and Security division since 2019. His long-standing experience and leadership within the company are expected to enhance MSI’s strategic execution and operational focus.

The company continues to post strong financial results, highlighted by significant gains in revenue and profit, underpinned by healthy cash flow and minimal debt. Although the stock exhibits some mixed technical indicators, its current valuation appears attractive, potentially offering investors a favorable entry point. Overall, MS International’s financial resilience and growth potential contribute to a positive investment outlook.

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 index futures hovered near unchanged levels early Thursday, suggesting a quiet start to the trading day as investors process a flurry of economic updates, corporate earnings, and ongoing political tension between President Donald Trump and Federal Reserve Chair Jerome Powell.

After Wednesday’s volatile session that ended mostly in the green, market participants appear cautious, hesitant to commit to strong positions amid mixed signals.

Several U.S. economic indicators were released this morning, further contributing to the wait-and-see mood. According to the Commerce Department, retail sales rebounded more strongly than analysts predicted in June. The report showed a 0.6% rise in overall retail sales after a 0.9% dip in May. Consensus forecasts had pointed to a modest 0.1% increase.

Sales excluding autos and parts dealers also outperformed, climbing 0.5% following a 0.2% decrease the previous month. These so-called “core” retail sales were expected to grow by just 0.3%.

Meanwhile, the Labor Department reported a surprising decline in weekly jobless claims. First-time filings dropped by 7,000 to 221,000 for the week ending July 12, beating forecasts of a rise to 235,000. The previous week’s total had been revised to 228,000 from 227,000.

In another release, import prices edged up by only 0.1% in June—less than the 0.3% gain economists were expecting—suggesting muted inflationary pressure on that front.

Wednesday’s session reflected investor indecision, as major indexes traded without clear direction for much of the day. But by the close, gains had materialized, with the Nasdaq ending at a record high.

The Dow added 231.49 points, or 0.5%, to finish at 44,254.78. The S&P 500 advanced by 19.94 points, or 0.3%, to close at 6,263.70, while the Nasdaq climbed 52.69 points, or 0.3%, to settle at 20,730.49.

Markets briefly dipped midday Wednesday after reports surfaced that President Donald Trump had discussed the idea of firing Fed Chair Jerome Powell with Republican lawmakers. However, stocks recovered when Trump clarified: “I’m not planning” to fire Powell, adding, “I think it’s highly unlikely, unless he has to leave for fraud.”

Trump has consistently criticized Powell for not cutting interest rates in line with his wishes.

Additional economic data from the Labor Department showed producer prices were flat in June, contradicting expectations for a 0.2% increase. May’s figure was also revised upward to a 0.3% gain. On an annual basis, producer inflation eased to 2.3% from a revised 2.7% in May—lower than the expected 2.5%.

While the softer PPI figures may alleviate some inflation concerns, markets still expect the Fed to maintain current interest rates until at least September.

Another encouraging sign came from the Federal Reserve’s report on industrial production, which rose more than expected in June, suggesting resilience in the manufacturing sector.

On the corporate front, ASML (NASDAQ:ASML) saw its shares tumble after the chip equipment maker warned of potential stagnation in 2026 growth. Morgan Stanley (NYSE:MS) also slipped, even though its second-quarter results topped analyst expectations on both revenue and profit.

By contrast, Johnson & Johnson (NYSE:JNJ) shares jumped after the company delivered stronger-than-anticipated earnings and lifted its full-year outlook.

The upbeat J&J results helped lift the broader pharmaceutical sector, with the NYSE Arca Pharmaceutical Index climbing 1.6%. Biotech and healthcare stocks also posted solid gains—the NYSE Arca Biotechnology Index rose 1.5%, and the Dow Jones U.S. Health Care Index gained 1.2%.

However, energy names lagged behind. As crude oil prices continued to slide, energy equities retreated, pulling down the Philadelphia Oil Service Index and the NYSE Arca Oil Index by 1.5% and 1.3%, respectively.

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 shares mostly climbed on Thursday, breaking a four-day losing streak fueled by renewed optimism surrounding a potential trade agreement between the United States and the European Union.

The EU is preparing to impose tariffs on $84 billion (72 billion euros) worth of U.S. imports if the trade talks fail to reach a deal.

On the economic front, UK unemployment unexpectedly ticked up to 4.7% in the three months through May, slightly above forecasts that had predicted it would hold steady at 4.6%. Meanwhile, wage growth eased to 5% from 5.3%, raising speculation that the Bank of England might consider cutting interest rates in its upcoming meeting.

The pan-European STOXX 600 index rebounded 0.7% after a 0.6% drop the previous day, weighed down by disappointing earnings from companies like ASML Holdings and Renault.

In individual markets, the UK’s FTSE 100 edged up 0.3%, while France’s CAC 40 and Germany’s DAX both gained 0.9%.

On the corporate front, Swatch Group (BIT:1UHR) shares climbed after the luxury watchmaker signaled that the recent downturn in demand from China may be stabilizing, despite reporting declines in sales and profits.

Industrial technology firm ABB (TG:ABJ) saw its stock surge, buoyed by record-breaking order intake and improved profit margins in Q2 2025. Competitors Siemens and Schneider Electric also posted gains.

Online retailer and tech company Ocado (LSE:OCDO) soared following stronger-than-expected results for the first half of the year.

Conversely, EasyJet (LSE:EZJ) shares dropped after French air traffic control strikes and rising fuel costs hurt the airline’s quarterly results.

Advertising giant Publicis Groupe (EU:PUB) experienced volatility despite reporting solid second-quarter earnings and raising its growth outlook for the 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.

QinetiQ (LSE:QQ.) saw its stock rise over 2% on Thursday after the defense technology company reiterated its financial guidance for fiscal year 2026 in its first-quarter trading update, despite offering few new specifics on revenue visibility.

The firm upheld its previous forecast, which includes around 3% organic revenue growth, an operating margin near 11%, and earnings per share growth ranging from 15% to 20%. Strong cash conversion is also expected to continue throughout the year.

Management noted that the fiscal year has begun in line with expectations, starting with 75% revenue coverage. However, the update did not specify whether this figure had changed.

For the six-month period ending September, QinetiQ anticipates revenue will make up 46% to 48% of its annual total. The company expects its EBITA margin for the half to be close to 10%, pointing to EBITA of roughly £95 million—short of the £105 million consensus estimate, which suggests stronger second-half performance will be required to hit full-year goals.

In its U.K. defense operations, QinetiQ confirmed a five-year extension to its Long Term Partnering Agreement valued at £1.5 billion, a deal previously referenced in its annual results.

Additionally, in the U.K. intelligence sector, the company secured new contracts worth up to £110 million to deliver operational support and training services to the Ministry of Defence. These orders compare to projections of £198 million in H1 revenue and £388 million in total bookings for FY25 in that segment.

Revenue growth in the Europe, Middle East, and Africa (EMEA) services division continued to be underpinned by program execution, QinetiQ said.

In the United States, the group reported ongoing progress in its operational restructuring, with activities centered around naval systems, advanced sensor solutions, space and missile defense support, and persistent surveillance platforms.

Recent U.S. contracts include a $41 million sensor integration award for the U.S. Army, a $49.9 million IDIQ (indefinite delivery/indefinite quantity) agreement for sensor data handling, and annual funding under the Strategic Capabilities Office framework.

Commenting on the update, analysts at Jefferies noted that while the report introduced little fresh information, QinetiQ’s performance appeared broadly in line with market expectations. The £110 million in U.K. intelligence contracts was seen as a strong result within the company’s existing projections.

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.

RS Group PLC (LSE:RS1) issued a trading update Thursday ahead of its annual general meeting, highlighting continued solid operational progress while reaffirming its full-year outlook.

Despite this, the company’s shares fell 1.5% in London trading as of 08:35 GMT.

For the first quarter ending June 30, 2025, the company reported that performance in the EMEA region was affected by weaker PMI readings, whereas activity in the Americas and Asia Pacific remained more robust.

On a like-for-like basis, revenue decreased 2% year-on-year. However, RS Group emphasized that when removing temporary impacts from ongoing operational improvements—such as the digital platform upgrade in the Americas and the consolidation of a Distrelec distribution center in EMEA—trading was broadly stable.

Stifel analysts described this as “a solid performance in a volatile macro backdrop from 1 April to 30 June given the evolving global tariff environment.”

They kept their Buy rating on RS Group, highlighting valuation appeal as the stock trades at roughly a 20% discount to its 10-year EV/EBITDA average.

The analysts added, “We see upside from stabilising (then improving) trading trends and delivery against the strategic objectives set out in the September 2024 CMD.”

Looking forward, RS Group remains committed to enhancing its product offering, growing market share, and boosting operational efficiency.

The company stated, “We are confident that this will generate sustainable value and stronger returns as markets recover, in line with our medium-term financial targets.”

Following the update, Morgan Stanley analysts noted they “don’t expect consensus to move today.”

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.

Ashtead Technology Holdings plc (LSE:AT.) saw its stock climb more than 2% on Thursday after issuing a first-half 2025 trading update that highlighted stronger margins, helping ease concerns over softer-than-expected revenue and a trimmed outlook for the remainder of the year.

The subsea services and equipment rental specialist reported preliminary revenues of around £99 million for the first half, representing a 23% year-over-year increase but falling short of both market consensus and RBC Capital Markets’ projection of £110 million. According to Stifel, both revenue and EBITA came in roughly 10% below its estimates.

Despite the top-line shortfall, adjusted EBITA margins expanded to 27.3%, translating into approximately £27 million in EBITDA. The margin improvement was driven by a more favorable revenue mix and cost benefits arising from the acquisitions of Seatronics and J2.

Cash generation remained solid and aligned with internal expectations, while net debt leverage on a pro forma basis was 1.6x at the end of June, in line with prior guidance.

Looking ahead to the second half of 2025—a typically stronger period for the group—Ashtead Technology is forecasting high single-digit percentage growth in revenue. However, this updated guidance is around 8% below current consensus expectations. The company attributed the softer outlook to persistent geopolitical uncertainty and tariff-related pressures affecting demand.

Management now anticipates full-year 2025 adjusted EBITA to fall slightly below earlier projections, though the forecast for adjusted profit before tax remains unchanged, bolstered by lower interest expenses.

Ashtead also noted a strategic pivot toward higher-margin rental business and a planned scale-back of lower-yielding cross-hire operations.

In addition, the company reiterated its intention to move its listing to the Main Market of the London Stock Exchange in 2025, with further details to follow later in the 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.

U.S. stock futures showed little movement Thursday following a turbulent session in which markets reacted sharply to rumors that President Donald Trump intended to remove Federal Reserve Chair Jerome Powell. Trump later denied these reports but left the door open to a possible future dismissal. Meanwhile, a survey of U.S. companies revealed a pickup in economic activity, even as uncertainties related to tariffs continue to cloud the broader outlook.

Futures hold steady

As traders awaited a fresh wave of corporate earnings, U.S. stock futures were mostly flat on Thursday. By 03:30 ET, Dow and S&P 500 futures were essentially unchanged, while Nasdaq 100 futures edged up by 28 points, or about 0.1%.

The major indexes ended the day higher after a volatile trading session. Shares initially dropped, the dollar weakened, and gold surged following reports suggesting Trump might dismiss Powell. However, markets rebounded after Trump stated he had no plans to fire the Fed Chair.

“For less than an hour yesterday, it looked as if Trump was about to remove […] Powell,” ING analysts commented in a client note. “After yesterday’s scare, markets have probably built even more resistance to headlines on this topic.”

Investor sentiment was also supported by June’s producer price data, which showed no month-over-month change, easing some concerns sparked earlier in the week by reports of accelerating consumer inflation.

Trump denies plans to oust Powell

Much attention remains focused on Trump’s ongoing tensions with Powell. The Fed Chair has been a frequent target of Trump’s trade-related criticism, with the president faulting him for not acting swiftly to cut interest rates. Powell, citing uncertainty linked to Trump’s tariffs, has favored a cautious wait-and-see approach regarding future rate adjustments.

On Wednesday, Trump denied plans to remove Powell but stopped short of ruling out the possibility altogether. He said it was “highly unlikely” Powell would be dismissed over fraud allegations, referencing GOP complaints about the $2.5 billion renovation of the Fed’s Washington headquarters—a project defended by the Fed.

In an interview, Trump later said he would “love” to see Powell resign but acknowledged the decision ultimately rests with Powell himself. Powell, appointed by Trump in 2017, intends to complete his term, which expires in May 2026.

Beige Book shows growth amid tariff concerns

The Federal Reserve’s Beige Book report indicated that economic activity in the U.S. expanded in June and early July, though uncertainty remains due to the impact of Trump’s aggressive tariff policies.

The report, which compiles input from businesses across the country, showed that while recent weeks saw increased activity, companies remain “neutral to slightly pessimistic” about the broader economic outlook.

“Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, increasing the likelihood that consumer prices will start to rise more rapidly by late summer,” the Beige Book noted. It gathered feedback from contacts of each of the Fed’s 12 regional banks.

All districts reported seeing the effect of tariffs, often manifesting as price hikes, although some firms have benefited from the reshoring of overseas operations.

Netflix earnings in focus

Thursday will see a series of corporate earnings reports, with Netflix (NASDAQ:NFLX) grabbing particular attention after markets close.

Analysts at Vital Knowledge expect Netflix to deliver “very healthy results as its dominance” in streaming “expands,” but warn that near-term expectations may be “too frothy.”

Ahead of the opening bell, GE Aerospace (NYSE:GE), Pepsico (NASDAQ:PEP), Elevance Health (NYSE:ELV), and Cintas Corporation (NASDAQ:CTAS) are also scheduled to report their latest earnings.

According to Vital Knowledge, a recent streak of positive earnings and guidance has helped fuel optimism in equity markets.

TSMC posts record Q2 profit

Taiwan Semiconductor Manufacturing Co (NYSE:TSM) announced record second-quarter profits Thursday, beating market forecasts thanks to strong demand driven by artificial intelligence.

CEO C.C. Wei expressed confidence that AI-related demand will remain robust but urged caution about the fourth quarter of 2025 amid tariff-related uncertainties.

TSMC’s net income surged 60.7% to T$398.27 billion ($13.52 billion) for the quarter ending June 30, surpassing Reuters’ estimate of T$377.4 billion and equating to earnings per share of T$15.36.

Revenue jumped 38.6% to T$933.79 billion, propelled largely by AI-driven demand for the company’s advanced 3nm and 5nm wafer technologies—key components in cutting-edge AI processors.

These gains helped offset weaker revenue from smartphone and device chips, as well as negative currency effects.

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 declined modestly in Asian trading on Thursday, buoyed by a slight pickup in risk appetite after U.S. President Donald Trump minimized fears of an imminent dismissal of Federal Reserve Chair Jerome Powell.

Other metals also showed restrained movements, pressured by a firming dollar that held close to a three-week peak following persistent inflation data from June.

Still, demand for gold as a safe haven remained solid amid rising uncertainty surrounding Trump’s upcoming tariff measures, set to begin in just over two weeks. Platinum and silver continued to outperform gold for the most part.

Spot gold edged down 0.2% to $3,342.09 per ounce, while September gold futures slipped 0.3% to $3,348.40 by 00:49 ET (04:49 GMT).

Trump: firing Powell ‘highly unlikely’

On Wednesday, Trump stated it was “highly unlikely” that he would fire Fed Chair Powell, though he left open the possibility if evidence of fraud surfaced related to the Fed’s renovation project.

Concerns around Powell’s potential removal had escalated after Trump intensified his criticism of the Fed Chair, and several Republican allies called for Powell’s immediate ouster.

Trump has accused Powell of acting too slowly on cutting U.S. interest rates, urging swift action to avert economic harm. Meanwhile, Powell and other Fed officials have indicated rates are likely to stay steady until the effects of Trump’s tariffs on inflation become clearer.

Trump’s recent downplaying of his efforts against Powell helped lift market sentiment slightly, dampening some short-term gold demand and providing a boost to U.S. stocks.

Dollar steady as rate cut bets fade; focus shifts to retail and unemployment data

Markets widely anticipate the Fed to maintain current interest rates at its upcoming meeting, particularly after inflation figures released this week showed price pressures remained sticky in June.

This outlook supported the dollar, which hovered near three-week highs following steady gains over the last week.

Attention now turns to retail sales and jobless claims data expected later Thursday, which will offer fresh insights into the health of the U.S. economy.

Among metals, spot platinum inched up to $1,424.55 per ounce, with analysts at ANZ noting the metal’s close above $1,400 on Wednesday could signal further gains.

Spot silver rose 0.2% to $37.9945 per ounce.

Copper futures on the London Metal Exchange were steady at $9,629.75 per ton, while U.S. COMEX copper futures ticked up slightly to $5.5267 per 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.

The U.S. dollar rebounded on Thursday following the previous day’s slump, buoyed by remarks from President Donald Trump that eased concerns over a potential early dismissal of Federal Reserve Chair Jerome Powell.

By 04:40 ET (08:40 GMT), the Dollar Index, which measures the greenback against a basket of six major currencies, gained 0.3% to reach 98.405. This followed a break in its six-day winning streak, which had ended amid sharp losses in the prior session.

Powell’s Future Fuels Dollar Volatility

Wednesday saw a brief but sharp drop in the dollar after market speculation surged that Trump might remove Powell from his Fed role. However, the president later clarified he had no immediate plans to fire the Fed chief.

Trump remarked it was “highly unlikely” that Powell would be removed over allegations of fraud, responding to Republican concerns about the Fed’s $2.5 billion renovation costs for its Washington headquarters—an issue the Fed has defended vigorously.

Powell has frequently been targeted by Trump’s criticism related to trade policies, especially for not cutting interest rates more aggressively. A Trump-led removal of Powell would be unprecedented, as no sitting president has ever formally dismissed a Fed Chair.

“In that hour, we saw the reaction we would have expected: a steepening in the U.S. yield curve, and the dollar sharply lower,” ING analysts noted in their report.

“However, it never looked like markets fully priced in Powell’s exit yesterday afternoon. Pricing for a September Fed cut didn’t go beyond 20bp, and EUR/USD failed to get beyond 1.1720 even before Trump’s denial caused an unwinding of all market moves.”

Adding to the calmer tone, June producer prices showed no significant month-on-month change, helping to ease earlier concerns stirred by an accelerating consumer price report released earlier in the week.

Sterling Dips Amid Weak UK Jobs Data

In Europe, EUR/USD dropped 0.4% to 1.1699 ahead of the final eurozone consumer price index data for June, expected to confirm last month’s 2.0% annual inflation rate, up from 1.9%.

The European Central Bank hinted after its June meeting that interest rates would likely remain steady at its upcoming session. However, President Trump’s threat to impose a 30% tariff on EU imports complicates the economic outlook.

GBP/USD declined 0.3% to 1.3390 following UK data that revealed a sharper-than-expected rise in unemployment for May, alongside a slight slowdown in wage growth—factors that could encourage the Bank of England to cut rates again next month.

The unemployment rate climbed to 4.7% for the three months through May, the highest since June 2021, while wage growth excluding bonuses eased to 5.0% year-on-year, down from 5.3%.

Australian Dollar Weakens

Elsewhere, USD/JPY gained 0.5% to 148.64 as election polls suggested Prime Minister Shigeru Ishiba’s coalition may lose its majority in the upper house.

Meanwhile, AUD/USD dropped 1% to 0.6472, hitting a three-week low after job data for June showed much weaker-than-expected employment growth in Australia and a surprising uptick in unemployment, signaling slower hiring momentum.

The USD/CNY rate was mostly flat at 7.1798.

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.