Author: Fiona Craig

Futures linked to major U.S. equity benchmarks traded mostly higher ahead of the first full trading week of the new year. Oil prices slipped after U.S. forces captured the leader of oil-rich Venezuela, while shares of major U.S. energy companies such as Chevron (NYSE:CVX) and ExxonMobil (NYSE:XOM) advanced in after-hours trading. The U.S. dollar also firmed as markets weighed the global implications of the U.S. operation. Separately, reports showed U.S. auto sales rose in 2025 despite pressures from tariffs, supply-chain disruptions and the expiration of tax incentives.

Futures mostly higher

U.S. stock futures pointed broadly upward on Monday as investors assessed geopolitical developments in Venezuela alongside a busy economic calendar.

By 02:46 ET, Dow futures were largely unchanged, S&P 500 futures were up 6 points, or 0.1%, and Nasdaq 100 futures gained 75 points, or 0.3%.

On Friday, both the S&P 500 and the Dow Jones Industrial Average posted modest gains in the first session of 2026, supported by strength in semiconductor stocks such as Nvidia and Intel. The move ended four-day losing streaks for both indices.

Market participants are now watching whether U.S. equities can extend their multi-year rally, after all three major Wall Street indices recorded double-digit gains in 2025. That marked a third consecutive year of advances for the S&P 500, Dow and Nasdaq Composite, matching the run seen from 2019 to 2021.

Oil slides after U.S. captures Venezuela’s Maduro

Crude prices moved lower on Monday after the surprise U.S. operation that led to the capture of Venezuelan President Nicolas Maduro raised expectations of increased supply from the major Latin American producer.

By 03:08 ET, Brent crude futures for March were down 0.8% at $60.27 a barrel, while West Texas Intermediate futures fell 0.9% to $56.82.

Maduro was detained in a weekend operation and is expected to face drug-trafficking charges in New York. President Donald Trump said the United States would temporarily administer Venezuela until a new leader is elected, adding that major U.S. oil companies would be allowed to operate in the country.

Shares of Chevron, ExxonMobil and ConocoPhillips (NYSE:COP) all jumped in extended trading.

Venezuela holds the world’s largest proven oil reserves, but output has been constrained by aging infrastructure and strict U.S. sanctions.

In a note, ING’s head of commodities strategy Warren Patterson said comments from Venezuelan Vice President Delcy Rodriguez suggesting cooperation with the United States point to the possibility of a “smooth transition.”

Such an outcome could increase the chances of U.S. restrictions on sanctioned oil tankers being lifted, putting short-term downward pressure on prices, Patterson said. By contrast, a “messier transition” could place roughly 900,000 barrels per day of supply at risk, although any upside impact would likely be limited in an already “well-supplied” market.

Dollar catches a bid

The U.S. dollar strengthened alongside gold and the Swiss franc, with ING analysts pointing to “a modest flight to quality” following the weekend’s events in Venezuela.

Debate is intensifying over the implications of a potential U.S.-backed regime change, an uncertainty that has boosted demand for “the liquidity of the dollar,” the analysts said.

Trump has also raised the possibility of further military action if Venezuela’s interim administration does not cooperate, while also warning of potential moves against Colombia and reiterating his view that U.S. control of Greenland is necessary for national security.

Bitcoin advances

Bitcoin (COIN:BTCUSD) edged higher, tracking gains in technology stocks, although advances were capped by lingering caution after the U.S. offensive in Venezuela.

Attention this week is also focused on key economic releases, particularly U.S. nonfarm payrolls data for December.

Bitcoin was up 1.1% at $92,264.5 by 01:33 ET. The cryptocurrency benefited from optimism around artificial intelligence and rising tech shares, which it often follows. Broader crypto markets also moved higher.

U.S. auto sales tick up in 2025

New vehicle sales in the United States rose by about 2% in 2025, despite headwinds from the end of electric-vehicle tax credits, shifting tariff policies and supply-chain challenges.

Analyst estimates cited by Reuters showed roughly 16 million vehicles were sold last year, driven mainly by combustion-engine trucks, SUVs and hybrid models.

While some automakers raised prices on vehicles produced outside the U.S., tariffs had little impact on overall pricing, Reuters reported. Average retail transaction prices for new vehicles in December were expected to rise just 1.5% year on year to $47,104.

Analysts cautioned, however, that ongoing economic uncertainty and additional tariff-related costs could weigh on auto demand in 2026.

European equities moved higher on Monday, adding to gains seen at the start of the year, as investors rotated into defence stocks following U.S. military action in Venezuela that reignited geopolitical tensions.

By 08:10 GMT, the pan-European STOXX 600 index was up 0.3%. Market participation is expected to improve as investors return from the New Year holiday period and trading activity normalises.

Defence shares led sector performance, with the sector index climbing 2.7% to its highest level in two months. Technology stocks and basic resources also posted solid gains, rising 2.1% and 2.0% respectively.

Market attention remains focused on the aftermath of the weekend operation in which U.S. forces captured Venezuelan President Nicolas Maduro. U.S. President Donald Trump said on Saturday that Washington would place Venezuela under temporary American control, adding to uncertainty around the geopolitical outlook.

Beyond geopolitics, investors are closely monitoring central banks, assessing incoming economic data for signals on the timing and pace of potential interest rate cuts.

In the resources sector, mining stocks including Glencore (LSE:GLEN), Rio Tinto (LSE:RIO) and Anglo American (LSE:AAL) advanced, supported by rising copper prices.

Meanwhile, shares in ASML (EU:ASML), the world’s largest supplier of chipmaking equipment, jumped 3.9%. The move followed an upgrade from analysts at Bernstein, who lifted their rating on the stock to “outperform” from “market perform” and raised their price target to €1,300 from €800.

Shares in leading European defence groups moved sharply higher on Monday, with companies such as Leonardo (BIT:LDO), Saab, Rheinmetall (TG:RHM), Renk (TG:R3NK), Hensoldt (TG:HAG), Kongsberg (TG:KOZ1), Dassault Aviation (EU:AM) and BAE Systems (LSE:BA.) posting gains of roughly 4.3% to 7.5% by 04:11 ET (09:11 GMT).

The rally came as geopolitical tensions escalated following a large-scale U.S. military operation in Venezuela over the weekend. During the operation, U.S. forces captured Venezuelan President Nicolás Maduro and his wife, Cilia Flores. Both were subsequently flown to New York, where they are facing drug-trafficking charges.

Addressing reporters on Saturday, U.S. President Donald Trump said Washington would take temporary control of Venezuela to oversee the transition following Maduro’s removal.
“We’re going to run the country until such time as we can do a safe, proper and judicious transition,” Trump said.
He also signalled a willingness to sustain a military presence if necessary, adding, “We’re not afraid of boots on the ground.”

Trump did not outline a specific timetable for the transition, but said the immediate aim was to stabilise the country after the operation. His comments were later softened by U.S. Secretary of State Marco Rubio, who said on Sunday that the United States did not plan to directly govern Venezuela. Rubio indicated that Washington would instead rely on diplomatic and economic pressure to achieve its objectives, stopping short of confirming any formal U.S. administration.

European stock markets opened the week on a firmer footing as investors digested the news. In early trading, the UK’s FTSE 100 was up 0.2%, France’s CAC 40 had gained 0.5%, and Germany’s DAX was higher by 1.1%.

“Almost always, when threats of military action increase, defense budgets move higher, leading to positive trends for defense stocks,” said Bernstein analyst Douglas Harned. “If money is needed for Venezuela or other active combat situations, we expect it will be additive.”

Seeing Machines (LSE:SEE) has announced plans to unveil its next-generation 3D Cabin Perception Mapping technology at CES 2026. The solution is designed to deliver high-fidelity, real-time monitoring of all vehicle occupants, with the aim of improving safety outcomes while also enhancing the overall in-cabin experience.

At the event, the company will demonstrate how its advanced interior sensing capabilities can be combined with external sensor systems to enable more intelligent and automated driving functionality. Seeing Machines will also highlight its production-ready driver and occupant monitoring rear-view mirror solution, which is already deployed in its largest automotive programme to date. In addition, the group is set to feature across several partner exhibits, reflecting its expanding collaborations within the autonomous and assisted driving ecosystem.

Despite the strong technology momentum, Seeing Machines’ outlook continues to be constrained by weak profitability and pressured cash flows, even as revenue growth remains robust. Technical indicators point to a clear upward trend in the share price, although momentum appears stretched. Management guidance has been constructive, citing regulation-driven demand and cost reduction initiatives, but recent revenue softness and delays in sales cycles and RFQs mean execution risks remain elevated.

More about Seeing Machines

Seeing Machines was founded in 2000 and is headquartered in Australia. The company is a global leader in vision-based monitoring technology focused on improving transport safety. Its AI-powered driver and occupant monitoring systems track eye movement and assess cognitive state and accident risk, serving automotive, commercial fleet, off-road and aviation markets through partnerships with leading manufacturers across Australia, the US, Europe and Asia.

Power Metal Resources (LSE:POW) has completed its initial US$350,000 earn-in commitment at the Balthaga project in Saudi Arabia, securing a 20% interest and the option to increase its holding by a further 10% through additional near-term expenditure.

The company has also concluded a comprehensive re-evaluation of the project, drawing on newly available geological, geochemical and geophysical datasets from the Saudi Geological Survey, alongside historic exploration results. This data-led review has materially refined the geological model and identified 12 updated exploration targets considered prospective for granite-related rare and critical metals, including lithium, tin, tungsten, niobium, tantalum, beryllium and rare earth elements.

The work confirms that Balthaga sits within a highly evolved and mineralised crustal terrane and highlights the presence of specialised Dahul and Huqban granite intrusions enriched in multiple critical metals. Zones of elevated prospectivity have been delineated through stream sediment and soil geochemistry, including a major fault-controlled corridor within the Huqban area. While ore-grade rock samples have yet to be identified, the technical synthesis—independently reviewed by SRK Consulting—supports plans for further soil sampling, trenching and drilling.

Power Metal said the advancing geological understanding strengthens Balthaga’s role within EV Metals Group’s broader mine-to-refine strategy and aligns with Saudi Arabia’s ambitions under Vision 2030 to develop a domestic critical minerals sector.

From a market perspective, Power Metal’s outlook reflects strong reported revenue growth and a solid balance sheet, partially offset by ongoing operational challenges and negative cash flows. The shares appear undervalued on some measures, although technical indicators suggest caution due to bearish trends.

More about Power Metal Resources Plc

Power Metal Resources PLC is a London-listed mineral exploration and project incubation company with a global portfolio focused on critical and specialty metals. Through its majority-owned subsidiary Power Arabia Ltd, the group is active across the Arabian Shield in Saudi Arabia, partnering with regional stakeholders to advance projects targeting rare earth elements and other high-value battery and technology metals.

accesso Technology Group (LSE:ASCO) has indicated that its full-year performance for 2025 is expected to meet market expectations, with a more detailed trading update and guidance for 2026 scheduled for release later in January.

The company said that a major customer, which had previously been expected to cease using one of accesso’s software products, has now agreed to extend the relationship on revised commercial terms for at least one year from 1 January 2026. This positive development is being offset by the decision of another significant client not to renew its contract for the same solution after 31 January 2026. accesso currently expects the opposing contract movements to have a broadly neutral impact at Cash EBITDA level, supported by ongoing initiatives to improve operational efficiency as the group continues to support customers in a challenging macroeconomic environment.

accesso Technology’s overall outlook remains underpinned by solid financial performance and a clear strategic focus, including initiatives such as share buybacks and continued investment in technology integration. While technical indicators point to some near-term bearish trends, the company’s strong financial position and emphasis on growth and diversification are seen as providing a stable platform for future performance.

More about accesso Technology

accesso Technology Group is a UK-listed provider of technology solutions for the leisure, entertainment and cultural sectors. The group serves more than 1,200 venues across 33 countries, offering a portfolio that includes ticketing, point-of-sale, virtual queuing, distribution and experience management software. Its products are designed to help operators increase revenues, improve operational efficiency and enhance guest experiences through data-driven insights and ongoing research and development.

SkinBioTherapeutics (LSE:SBTX) has announced a series of senior leadership changes aimed at enhancing financial governance and board oversight. The company has appointed Alyson Levett as a non-executive director and Chair of the Audit Committee, bringing additional audit and governance expertise to the board.

In parallel, Group Finance Director Emily Bertram has been promoted to Chief Financial Officer and appointed as an executive director, with both changes taking effect from 1 January 2026. As part of the reshuffle, Danielle Bekker has stepped down from the board but will continue to support the company in an external advisory capacity. SkinBioTherapeutics said the changes are intended to strengthen financial oversight at a time when management anticipates a particularly active year, potentially supporting improved execution of its growth and consolidation strategy in the skin health market.

Despite the governance enhancements, the company’s overall outlook continues to be shaped by financial headwinds, including ongoing losses and negative cash flows. Technical indicators point to bearish momentum, while valuation metrics remain under pressure due to a negative price-to-earnings ratio and the absence of a dividend yield. Collectively, these factors suggest a cautious stance among investors despite the board-level improvements.

More about SkinBioTherapeutics

SkinBioTherapeutics plc is a UK-based life sciences company focused on skin health, built around its proprietary SkinBiotix® platform derived from research at the University of Manchester. The group operates across five strategic pillars, with its most advanced activities in cosmetic skincare through a partnership with Croda, where SkinBiotix® is used as the active ingredient Zenakine™, and in gut–skin axis food supplements marketed under the AxisBiotix™ brand for inflammatory skin conditions. SkinBioTherapeutics is also pursuing a consolidation strategy through acquisitions of complementary skincare and cosmetic businesses and has been listed on AIM since 2017, with headquarters in Newcastle, UK.

Touchstone Exploration (LSE:TXP) has reported encouraging drilling results from the Carapal Ridge-3 development well on its Central block in Trinidad and Tobago, marking the first well drilled into the Carapal Ridge pool in 17 years. The well intersected approximately 1,082 feet of net sand, including around 1,000 feet of net Herrera sands containing hydrocarbons both above and below a key shale marker.

In addition, the well encountered 82 feet of net Karamat sands, confirming the presence of a secondary gas-charged interval and establishing a new potential gas play on the block. While Carapal Ridge-3 was drilled at a cost around 25% above budget, largely due to additional work required to manage natural gas flows from previously unproduced Karamat sands, the well was successfully drilled to a total depth of 8,200 feet and has been cased for future production. The well design includes a horizontal section aimed at maximising exposure to unproduced Herrera sands.

Completion activities are now under way, with tie-in to the Central block’s natural gas processing facilities targeted for the first quarter of 2026. The results validate Touchstone’s seismic interpretation and support the potential for up to three additional Herrera development wells on the Central block. They also open up a new standalone Karamat prospect, which could contribute incremental gas volumes and further strengthen the company’s growth pipeline in Trinidad.

More about Touchstone Exploration

Touchstone Exploration Inc. is a Calgary-based oil and gas company focused on the acquisition, exploration, development and production of petroleum and natural gas. Its operations are concentrated on onshore assets in the Republic of Trinidad and Tobago, with shares listed on the Toronto Stock Exchange and AIM in London under the symbol TXP.

Catenai PLC (LSE:CTAI) has agreed a further extension with Klarian Ltd regarding the repayment of a £450,000 unsecured convertible loan note facility. Under the revised terms, Klarian is now required to repay a total of £624,250, inclusive of associated fees, by 31 March 2026.

The agreement also provides for an additional extension fee of up to £74,910, depending on when repayment is ultimately made. Alongside the extension, Catenai has announced plans to host an investor webinar featuring Klarian’s chief executive officer. The session is intended to introduce Klarian’s business model, outline its progress during 2025 and underline the strategic relevance of the investment to Catenai’s wider portfolio, reflecting continued engagement with shareholders.

Catenai’s overall outlook remains weighed down by substantial ongoing losses and continued cash outflows, despite signs of improving revenue and a simplified balance sheet, including the absence of debt and positive equity. Technical indicators are broadly weak to neutral, while valuation remains difficult to assess given negative earnings and the lack of dividend support.

More about Catenae Innovation Plc

Catenae Innovation Plc is an AIM-listed provider of digital media and technology services. The group delivers integrated IT systems to corporate, government and education clients, drawing on an experienced team of project managers and system integrators to support a wide institutional customer base.

Great Western Mining (LSE:GWMO) has reported further progress at its wholly owned Pine Crow–Defender tungsten prospect in Mineral County, Nevada, following the completion of a machine-cut channel sampling programme across existing trenches. The work was carried out after earlier soil sampling identified anomalous tungsten results, prompting more detailed investigation of the prospect.

According to the company, initial observations from the trenching programme have been highly encouraging. Samples have now been submitted for laboratory analysis, with assay results expected in January. These results could inform the design of an initial drilling campaign and would further support Great Western’s strategy of advancing assets aligned with growing US demand for secure, domestically sourced critical and strategic minerals. The tungsten programme complements the company’s ongoing exploration activities across its broader copper and gold portfolio in Nevada.

Despite the positive operational update, Great Western Mining’s overall outlook remains constrained by weak financial performance, including the absence of revenue, ongoing losses and continued cash burn. Balance-sheet leverage risk is relatively limited, providing some mitigation. From a market perspective, technical indicators are more constructive, with the share price holding above key moving averages and momentum indicators moderately supportive. Valuation metrics remain unfavourable or difficult to assess due to negative earnings and the lack of dividend support.

More about Great Western Mining

Great Western Mining Corporation is a diversified exploration and development company focused on strategic minerals across several 100%-owned claim groups in Mineral County, Nevada. Its portfolio includes the flagship Huntoon Copper Project, which hosts a JORC-compliant copper resource, alongside a pipeline of gold, silver and early-stage tungsten assets aligned with US critical minerals priorities.