Author: Fiona Craig

U.S. stock futures showed little movement Thursday as investors awaited a series of important economic indicators, trying to gauge the likely direction of Federal Reserve interest rate policy. Accenture and Jabil are scheduled to release earnings before the opening bell, while President Donald Trump is reportedly preparing to sign an executive order related to a potential deal involving TikTok’s U.S. operations.

Futures steady

By 03:44 ET, futures linked to the Dow, S&P 500, and Nasdaq 100 were largely flat, following a pullback in equities during Wednesday’s session. Wall Street averages had retreated slightly as investors digested remarks from Federal Reserve Chair Jerome Powell, who offered no clear signal on the path for interest rates after last week’s 25-basis point cut.

Market participants also processed robust U.S. single-family home sales data for August, which some analysts interpret as a sign of an economy that may require less monetary support. Attention now turns to a key inflation reading on Friday, closely monitored by the Fed.

Shares of Micron (NASDAQ:MU) fell 2.8% despite reporting solid quarterly results and strong guidance. Observers noted that the decline reflects concerns about AI-driven valuation spikes in the technology sector.

Accenture earnings in focus

Accenture (NYSE:CAN) is among the pre-market corporate reporting highlights. The consultancy is expected to post fourth-quarter adjusted EPS of $3.00 on revenue of $17.36 billion, with guidance for the current quarter’s revenue at $18.46 billion, according to Bloomberg consensus estimates.

A key focus will be Accenture’s perspective on AI, as the firm has prioritized consulting on the technology to offset economic uncertainty from U.S. tariffs. Generative AI bookings reached roughly $1.5 billion last quarter, while total bookings—a measure of future secured revenue—stood at $19.70 billion.

CFO Angie Park said in June that slowing government spending would reduce fiscal fourth-quarter and annual revenue by about 2%.

Jabil earnings ahead

Electronics manufacturer Jabil (NYSE:JBL) is also scheduled to report pre-market results. The Florida-based Apple supplier has surged over 57% year-to-date, driven by strong demand for data center infrastructure and AI-related services.

Earlier this year, Jabil announced plans to invest $500 million in U.S. operations over the next several years to support cloud and AI infrastructure clients. Bloomberg estimates forecast fourth-quarter core EPS at $2.92 and net revenue at $7.58 billion.

TikTok deal executive order

Separately, President Trump is expected to sign an executive order on Thursday affirming that a deal being negotiated for TikTok’s U.S. operations meets the requirements of a 2024 law, Reuters reported.

The order reportedly extends the deadline for ByteDance, TikTok’s Chinese owner, to divest its U.S. assets or face a shutdown. Trump has delayed enforcing the law to allow time for U.S. investors and ensure compliance. Reports suggest the agreement will give U.S. investors—including Susquehanna International, Oracle, and Silver Lake—around 80% ownership of TikTok U.S., while the algorithm would be retrained but the app remains operational.

Gold steady

Gold prices remained largely unchanged, supported by a slightly weaker dollar, as investors awaited additional U.S. economic data this week. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, enhancing its appeal.

Weekly jobless claims, expected later Thursday, are forecast at 230,000. The second estimate of second-quarter GDP is also due Thursday. The Fed’s preferred inflation measure, the personal consumption expenditures (PCE) price index for August, is projected to rise 0.2% month-on-month.

Spot gold last rose 0.4% to $3,750.99 an ounce by 03:43 ET, after slipping from Tuesday’s record of $3,790.82/oz. U.S. December gold futures edged up 0.3% to $3,780.80.

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 found footing on Thursday as traders approached key economic releases with caution, amid uncertainty over the pace of further easing by the Federal Reserve.

At 03:00 ET (08:00 GMT), the Dollar Index, which measures the greenback against a basket of six major currencies, inched up slightly to 97.552 after rising 0.6% overnight to a two-week peak.

Focus on Fed commentary

The dollar’s gains on Wednesday were supported by Fed Chair Jerome Powell, who reiterated a cautious approach to additional policy easing, describing the central bank’s position as a “challenging situation” amid higher-than-expected inflation and slower job growth.

Some of that momentum eased early Thursday as investors turned their attention to a series of U.S. economic reports that may clarify the Fed’s next steps.

Weekly jobless claims, scheduled for release later in the session, will be closely watched after Fed officials highlighted a cooling labor market as a key factor behind the recent rate cut.

An advance estimate of second-quarter GDP is also expected today, with Friday’s release of the personal consumption expenditures (PCE) price index—the Fed’s preferred inflation measure—capping the week.

A number of Fed officials are slated to speak during the day, keeping markets alert for further guidance.

“The dollar is a little stronger as investors reassess the immediacy of a U.S. slowdown and what it means for interest rates,” said analysts at ING in a note. “The focus will probably be on the weekly initial jobless claims data,” they added. “Another low (dollar bullish) number is expected near 230k as this data continues to correct lower from 264k a fortnight ago. That spike was attributed to fraudulent claims in Texas.”

SNB maintains rates at zero

In Europe, EUR/USD traded mostly flat at 1.1738, struggling for direction in the absence of major eurozone economic data or ECB commentary.

“EUR/USD will be dragged around by U.S. events today. A move under 1.1725 in EUR/USD could damage the short-term picture and see the correction extend towards the 1.1660 area,” ING noted.

GBP/USD remained largely unchanged, while USD/CHF ticked up 0.1% to 0.7958 after the Swiss National Bank kept its key interest rate at zero as expected.

This decision marked the SNB’s first hold in seven meetings since it began cutting borrowing costs in March 2024, following the Trump administration’s imposition of a 39% tariff on Swiss exports to the U.S. in August.

BoJ minutes and Asia-Pacific currency moves

Elsewhere, USD/JPY dipped 0.1% to 148.69 after surging nearly 1% overnight. The Bank of Japan’s July policy meeting minutes revealed that some board members favored considering future rate hikes, highlighting internal divisions.

USD/CNY edged down 0.1% to 7.1266, while AUD/USD rose 0.2% to 0.6592, lifted by hotter-than-expected Australian inflation data released earlier this week.

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 remained largely unchanged in Asian trading on Thursday after retreating from record levels, with a stronger U.S. dollar and cautious signals from the Federal Reserve tempering demand for the precious metal.

Spot gold last traded up 0.2% at $3,713.42 per ounce by 03:01 ET (07:01 GMT), following a pullback from Tuesday’s all-time high of $3,790.82/oz. U.S. December Gold Futures inched up 0.1% to $3,773.02. The metal had declined 0.7% on Wednesday as the dollar strengthened overnight, making gold more expensive for holders of other currencies.

Gold eases before U.S. data

Fed Chair Jerome Powell said on Tuesday there was “no risk-free path” for policy, warning of the risks of cutting too quickly or too slowly. San Francisco Fed President Mary Daly and other officials reinforced the cautious stance, emphasizing that any easing would depend on upcoming economic data.

Investors are watching a series of U.S. reports this week that are expected to offer clearer guidance on whether the Fed will continue with rate reductions later this year. Lower interest rates reduce the opportunity cost of holding non-yielding assets such as bullion, enhancing gold’s appeal.

Weekly jobless claims, due Thursday, are expected to be around 230,000. The government will also release its second estimate of Q2 GDP, while the August core Personal Consumption Expenditures (PCE) price index, due Friday, is forecast to increase about 2.7% year-on-year, remaining above the Fed’s 2% target.

Bullion has repeatedly hit new highs in recent months, fueled by expectations of monetary easing, geopolitical tensions, and substantial central bank buying.

Other metals remain subdued

Other precious and industrial metals traded in narrow ranges amid a cautious market. Silver Futures rose 0.2% to $44.29 per ounce, while Platinum Futures remained steady at $1,484.35/oz.

Copper markets saw mixed moves: London Metal Exchange Copper fell 0.5% to $10,313.65 per ton, whereas U.S. Copper Futures gained 0.4% to $4.85 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.

Oil prices dipped in Thursday’s Asian trading, pulling back from the seven-week highs reached in the previous session, as investors booked profits amid concerns over softer winter demand and the resumption of Kurdish oil supplies.

Brent crude futures eased 19 cents, or 0.3%, to $69.12 a barrel by 0637 GMT, while U.S. West Texas Intermediate (WTI) futures fell 22 cents, or 0.3%, to $64.77 a barrel. Both benchmarks had climbed 2.5% on Wednesday, marking their strongest levels since August 1, driven by an unexpected drop in U.S. weekly crude inventories and fears that attacks by Ukraine on Russian energy infrastructure could disrupt supplies.

“Oil prices are hovering above our expectations,” said Suvro Sarkar, the energy sector team lead at DBS Bank. “We would expect profit-taking to emerge at current levels and oil prices to slowly moderate hereon as we enter the slower winter demand season.”

Concerns about supply fundamentals also added downward pressure, with increased output expected soon from Iraq and Kurdistan.

“The return of Kurdish supplies adds back fears of an oversupply narrative, propelling a pullback in prices that hover near a seven-week high,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. Oil flows from Iraqi Kurdistan were anticipated to resume in the coming days after eight oil companies reached an agreement with Iraq’s federal and Kurdish regional governments on Wednesday.

While worries over Russian supply disruptions persist, Haitong Securities noted that a key factor sustaining oil prices has been the absence of significant downward pressure from supply–demand fundamentals in recent weeks. As peak demand season wanes, prices have not yet fully factored in the potential for oversupply.

Highlighting the cautious sentiment on demand, J.P. Morgan analysts noted on Wednesday that U.S. air passenger traffic in September showed only a modest 0.2% year-on-year increase, a slowdown from the 1% growth recorded in each of the previous two months.

“Likewise, U.S. gasoline demand has started to pull back, mirroring the broader moderation in travel trends,” the analysts added.

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.

New car registrations across Europe increased for the second consecutive month in August, according to figures released by ACEA.

Registrations in the EU, EFTA countries, and the UK rose 4.7% to 791,349 vehicles, marking a 0.4% gain since the start of the year. France and Germany saw growth of 2.2% and 5%, respectively, while Italy experienced a 2.7% decline.

Electric vehicle registrations surged 26.8%, plug-in hybrid sales jumped 56.3%, and hybrid-electric cars increased by 11.7%. In contrast, petrol and diesel car registrations fell by just over 17%.

The Stellantis group (BIT:STLAM), which comprises brands such as Fiat, Jeep, Alfa Romeo, Peugeot, Opel/Vauxhall, Citroen, and DS, recorded a 2.2% increase in registrations in August, capturing a 13.4% market share. However, the group remains down 7.4% 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.

European equity markets slipped on Thursday, following Wall Street’s losses, as investors awaited crucial U.S. economic data that could influence the Federal Reserve’s monetary policy outlook.

At 07:10 GMT, Germany’s DAX dropped 0.6%, France’s CAC 40 fell 0.7%, while the U.K.’s FTSE 100 rose slightly by 0.5%.

Eyes on U.S. Jobless Claims

Wall Street closed lower for a second straight day on Wednesday, with technology stocks leading declines amid concerns over stretched valuations and uncertainty surrounding the Fed’s next moves. The losses followed remarks by Federal Reserve Chair Jerome Powell, who highlighted growing economic risks and interest rate uncertainty.

Investors will closely watch weekly U.S. jobless claims data later in the session, amid concerns about a potential softening in the labor market and rising layoffs. A final reading of second-quarter U.S. GDP is also due Thursday, followed by Friday’s personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge. These figures are expected to clarify whether further rate cuts are likely this year after the first reduction earlier this month.

European Economic Sentiment

In Europe, market participants are monitoring consumer confidence data from France and Germany, along with the Swiss National Bank’s latest policy update. The SNB is widely expected to maintain its policy rate at 0%, as it attempts to navigate the Swiss economy through the effects of a 39% U.S. tariff on goods exported over the summer.

Corporate Highlights

Hennes & Mauritz (TG:HMSB) posted a stronger-than-expected rise in third-quarter operating profit but warned that U.S. tariffs could weigh more heavily on Q4 gross margins. German shoe manufacturer Birkenstock (NYSE:BIRK) revised its fiscal 2025 revenue guidance upward to at least €2.09 billion and pre-announced Q4 sales of at least €520 million, up 14% on a reported basis and 18% in constant currency.

European auto data from ACEA showed that Stellantis (BIT:STLAM) returned to sales growth in Europe for the first time in over a year, supported by plug-in hybrid and battery-electric vehicles. Chinese EV maker BYD (USOTC:BYDDY) sold three times as many cars in the EU last month compared to August 2024, surpassing U.S. rival Tesla (NASDAQ:TSLA) for the second consecutive month.

Oil Retreats

Oil prices pulled back from recent highs amid supply-demand uncertainties. At 03:10 ET, Brent futures fell 0.3% to $69.14 per barrel, and U.S. West Texas Intermediate crude futures slipped 0.3% to $64.80 per barrel. Both benchmarks had gained 2.5% on Wednesday to their highest levels since August 1, driven by a surprise decline in U.S. crude inventories and concerns that Ukraine’s attacks on Russian energy infrastructure could disrupt supply.

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.

Yellow Cake plc (LSE:YCA) successfully placed 22,983,977 new Ordinary Shares with institutional investors, raising approximately US$175 million. The capital raise was increased from an initial target of US$125 million due to strong investor demand.

The funds will allow the company to exercise its 2025 uranium purchase option with Kazatomprom and pursue additional strategic uranium acquisitions. This is expected to increase Yellow Cake’s physical holdings to over 23 million pounds of uranium, positioning the company to benefit from strengthening market fundamentals amid global nuclear expansion and rising uranium demand.

More about Yellow Cake plc

Yellow Cake plc, listed in London and incorporated in Jersey, specializes in the uranium sector. The company provides exposure to the uranium spot price through its strategy of buying and holding U3O8 and engages in uranium-related commercial activities. Its operations are supported by a ten-year Framework Agreement with Kazatomprom, the world’s largest uranium producer, and it currently holds 21.68 million pounds of U3O8 stored in Canada and France.

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.

3i Group PLC (LSE:III) reported a moderation in like-for-like (LFL) sales growth at Action during Q3 2025, citing a weaker consumer environment in France and Germany, along with unrest in France, as key factors. Shares fell following the announcement. The company also confirmed a transaction to increase its stake in the retailer.

In a portfolio update ahead of its Capital Markets Seminar, 3i said year-to-date sales at Action reached €10.9 billion as of 21 September, below its prior expectation of €11.2 billion for the first nine months. This represents an 18% increase year-on-year, slightly above RBC Capital Markets’ forecast of 17.5%. LFL sales growth was 6.5% year-on-year, just above RBC’s high-end estimate of 6.4%. Growth had been 6.8% at the end of August, signaling a “softening in September so far.”

“We note a softer exit rate in September, owing to recent general strikes and unrest in France. We view Action as a high-quality retailer with significant long-term growth potential, but the degree of outperformance has narrowed this year,” the brokerage said.

3i attributed the weaker results to “weaker overall consumer spending in France and Germany,” which affected year-to-date outcomes. Operating EBITDA for the last 12 months to the end of period nine in 2025 is expected to reach about €2.3 billion, in line with forecasts. Cash balances stood at €758 million as of 21 September.

Action added 207 net new stores year-to-date, exceeding the target of 202, and remains on track to deliver or surpass 370 net new stores in 2025. Expansion includes seven new stores in Switzerland and the retailer’s first store in Romania.

In a strategic transaction, 3i agreed with GIC to acquire a 2.2% stake in Action in exchange for issuing 19.9 million new ordinary shares in 3i Group.

3i’s broader private equity portfolio also showed positive momentum, with Royal Sanders performing well. Since its July update, the group sold MAIT, generating gross proceeds of £143 million—a 30% premium over its March 2025 valuation—and delivering an estimated internal rate of return of about 27%.

“Prior to today, 3i was trading at a c.29% premium to our FY26e NAV/share forecast, ahead of its c.23% average, which we think reflects an increasing contribution from the highly rated Action business,” RBC noted. “The implied CY26e P/E for Action is c.33x. In our view, this looks fair for a well-managed business, but with more limited potential upside near-term.” RBC maintains a “sectorperform” rating with a price target of GBp 3,650.

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.

Glenveagh Properties PLC (LSE:GLV) reported a significant rise in first-half revenue and profit, as the Irish homebuilder more than doubled home completions compared with the same period last year, keeping the company on track to meet full-year guidance.

Revenue increased 124% to €341.6 million for the six months ended 30 June, up from €152.2 million a year earlier. Profit before tax surged to €32.5 million, compared with €1.0 million in H1 2024. The company completed 906 homes in the first half, a 114% increase from 424 units during the same period last year.

Glenveagh reaffirmed its full-year earnings per share guidance of 19.5 cents and expects to deliver around 2,600 total home completions in 2025, including roughly 1,500 units in the Homebuilding segment and approximately €400 million in Partnerships revenue.

“The first half of this year marks another period of successful execution against Glenveagh’s long-term strategy with a focus on scaling delivery, deepening public-private partnerships, and enhancing operational efficiency through innovation,” said CEO Stephen Garvey.

Gross margin improved to 19.5%, up 130 basis points from 18.2% in the prior-year period, reflecting benefits from investments in innovation and standardization. The Homebuilding segment saw margins rise by 170 basis points to 21.4%. The Partnerships segment contributed materially to group profit at the interim stage, generating €20.0 million in gross profit with a 16.2% margin, slightly above target.

Glenveagh also expanded its share buyback program to €105 million from €85 million previously. Since 2021, the company has returned around €400 million to shareholders through buybacks, reducing shares outstanding by approximately 39%.

Net debt stood at €229.9 million, down from €244.1 million a year earlier despite higher production levels, reflecting disciplined capital deployment and prudent cash 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.

Mitchells & Butlers (LSE:MAB), the UK-based pub and restaurant operator, reported a 3.1% increase in like-for-like sales for Q4. This contributed to a 4.2% rise for the full fiscal year ending 20 September 2025.

In the fourth quarter, food sales grew 3.4% and drink sales rose 1.9% on a like-for-like basis. Total sales for the 51-week period increased by 3.9%, with the company maintaining outperformance relative to the broader market. Management noted that mid-market pubs and pub restaurants delivered strong results, while London venues and premium businesses saw slightly softer sales.

“We are pleased with our performance over the year, in which we remained consistently ahead of the market, across all market segments,” said Phil Urban, Chief Executive. “Sales growth has been broad based, with strong like-for-like performances in both food and drink across our portfolio of brands, supported by cost efficiencies and a capital program which continues to deliver strong returns.”

The company accelerated its investment program, completing 201 conversions and remodels year-to-date, up from 185 in fiscal 2024. Mitchells & Butlers also opened two new sites – an Alex in Germany and a Browns in London – and acquired two freehold properties at existing locations.

Looking ahead, the company remains confident in meeting consensus expectations for the current fiscal year. Mitchells & Butlers anticipates higher cost inflation of around £130 million, roughly 6% of its cost base, but expressed confidence in its brands’ ability to continue outperforming the sector.

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.