Author: Fiona Craig

Victorian Plumbing Group Plc (LSE:VIC) posted a 5% rise in revenue to £310 million for the year ending September 2025, supported by continued market share gains and strong contributions from trade customers as well as its tiles and flooring segment. Operating profit increased by 61%, a jump largely explained by the absence of last year’s exceptional costs and improved marketing efficiency, with promotional spending falling as a proportion of revenue. The company highlighted encouraging early traction from the launch of MFI and reiterated its focus on key expansion initiatives, maintaining a confident outlook despite a challenging economic backdrop.

The broader view on Victorian Plumbing reflects a mix of strengths and pressures. Robust sales performance and healthy gross margins underpin the investment case, though questions remain around profit consistency and long-term cash flow resilience. Technical indicators present a mixed picture, and the elevated P/E ratio suggests the shares may be priced for high expectations. While the dividend provides some support, careful liquidity management continues to be essential.

More about Victorian Plumbing Group Plc

Victorian Plumbing Group Plc is the UK’s largest specialist bathroom retailer, supplying an extensive range of products to both consumers and trade buyers. Its offering spans own-label and third-party brands across a wide spectrum of price points, backed by strong design capability, an efficient supply chain, and distinctive marketing. The group also operates MFI, an online homewares and furniture retailer introduced in 2025.

Big Yellow Group PLC (LSE:BYG) has provided an update in response to the UK Budget’s latest commercial property revaluation, which will increase the company’s annual rates bill by £1.8 million—an uplift of around 8.5%—for the year ending March 2027. The rise applies to 27 stores with rateable values above £500,000. While the adjustment will add to future costs, the company noted its strong track record in managing valuations, having secured roughly £5 million in rebates over the past six years. As it works through the 2026 Listing, Big Yellow plans to target new appeals to help mitigate upcoming rate pressures.

The group’s performance remains supported by healthy profitability, solid cash generation, and a valuation that aligns with its long-term fundamentals. Technical indicators continue to show a bullish trend, though the overbought signals suggest investors may want to remain attentive to market movements. The stable outlook is unchanged by the absence of recent earnings call updates or major corporate developments.

More about Big Yellow Group

Big Yellow Group PLC is a leading UK self-storage operator, offering secure, flexible storage options for both individuals and businesses across its nationwide network.

4imprint Group PLC (LSE:FOUR) has appointed Paul Forman as its next Chair, with his tenure set to begin on March 16, 2026, replacing outgoing Chair Paul Moody. Forman, who has held senior leadership roles across several FTSE 250 companies, is expected to bring a broad strategic perspective to the board. The decision follows an extensive search process and is intended to support the company’s long-term growth ambitions, strengthen governance, and enhance value for shareholders.

4imprint’s share performance remains underpinned by its solid financial track record and a valuation that continues to draw investor interest. Technical indicators point to ongoing bullish momentum, although the overbought readings suggest investors should monitor conditions closely. The lack of recent earnings call updates or major corporate events does not alter the overall positive outlook.

More about 4imprint

4imprint Group PLC is a leading supplier of promotional products, offering a wide range of branded merchandise with a primary focus on the US market. The company is recognized for its strong operational execution and established market leadership.

Caspian Sunrise PLC (LSE:CASP) has secured an extension to the Yelemes Deep licence within the BNG Contract Area, giving the company the green light to restart development activities at Deep Well 803. The renewed term marks a meaningful step forward for the operator, opening the door to additional exploration work and the possibility of boosting future production, which could further solidify its standing in the regional oil sector.

More about Caspian Sunrise

Caspian Sunrise PLC is an oil exploration and production company focused on unlocking both shallow and deep reservoirs in the BNG Contract Area, situated near Kazakhstan’s Tengiz oilfield.

U.S. equity futures pointed to a modestly positive start on Tuesday, suggesting Wall Street may attempt to regain momentum after Monday’s decline.

A renewed bounce in Bitcoin—up more than 2% after its sharp selloff to start the week—is helping lift sentiment, with tech names also showing early strength. Oracle (NYSE:ORCL), Nvidia (NASDAQ:NVDA), and Broadcom (NASDAQ:AVGO) were among the notable gainers in pre-market trading.

Despite the early upside, activity is expected to remain restrained as investors brace for a packed calendar of economic reports.

The first key release arrives Wednesday when ADP publishes its November private-sector payroll figures. Economists are looking for a modest gain of roughly 10,000 jobs, compared with the 42,000 added in October. The numbers will be closely watched ahead of next week’s Federal Reserve meeting.

Expectations for another rate cut continue to rise, with the CME FedWatch Tool showing an 87.4% probability of a quarter-point reduction—significantly higher than the 63% chance priced in a month ago.

Investors will also parse upcoming updates on services activity, household income and spending, and consumer sentiment, all of which could influence rate expectations heading into mid-December.

On Monday, stocks attempted to climb back after an early slump, but selling pressure eventually returned. All three major indexes closed firmly lower:

• Dow Jones Industrial Average: -427.09 points (-0.9%)
• Nasdaq Composite: -89.76 points (-0.4%)
• S&P 500: -36.46 points (-0.5%)

The pullback came after a strong streak last week, during which the major averages logged five straight sessions of gains and erased much of November’s earlier dip. Monday’s weakness suggested some investors were locking in profits after the rebound.

Recent optimism surrounding interest-rate policy—driven by dovish comments from senior Fed officials—could be challenged by the upcoming data releases.

Adding to the caution, the ISM’s November manufacturing index unexpectedly fell to 48.2 from 48.7, indicating continued contraction rather than the slight improvement economists had forecast.

Sector performance varied widely. Utilities led the losses, with the Dow Jones Utility Average dropping 2.3% to a two-month low. Biotech stocks also slid, reflected by a 2.1% fall in the NYSE Arca Biotechnology Index. Networking, healthcare, and hardware names weakened as well, while energy stocks stood out on the upside thanks to rising crude oil prices.

European equities advanced modestly on Tuesday, with investors closely watching diplomatic developments around the war in Ukraine as well as upcoming U.S. economic indicators.

Following meetings between U.S. officials and a Ukrainian delegation in Florida, President Volodymyr Zelenskyy said the updated U.S. proposal to end the conflict with Russia “looks better.”
According to multiple reports, U.S. President Donald Trump’s envoy Steve Witkoff has now travelled to Moscow to present a revised 19-point peace framework directly to Russian President Vladimir Putin.

Across the major indices, Germany’s DAX gained 0.4%, while the FTSE 100 in the U.K. and France’s CAC 40 each climbed 0.2%.

On the data front, preliminary figures from Eurostat showed an unexpected pickup in Eurozone inflation during November. Inflation rose to 2.2%, surprising economists who had expected no change from October’s 2.1%.

In the U.K., Nationwide Building Society reported stronger-than-expected momentum in the housing market. Annual house price growth reached 1.8% in November—slower than October’s 2.4% increase yet still ahead of the 1.4% consensus estimate.

Among individual movers, Bayer (TG:BAYN) jumped after the Trump administration backed the company’s effort to persuade the U.S. Supreme Court to limit lawsuits claiming its Roundup weedkiller causes cancer.

Victrex (LSE:VCT) also surged after reporting a 12% increase in sales volumes for 2025, reinforcing its leadership in the high-performance polymer market.

Swiss building materials group Holcim (BIT:1HOLM) traded higher as well, announcing acquisitions of three companies in the U.K., France, and Germany specializing in recycled demolition materials.

Meanwhile, industrial technology firm ABB (BIT:1ABB) saw gains after completing its purchase of Gamesa Electric’s power electronics business from Siemens Gamesa in Spain.

Apple Inc. (NASDAQ:AAPL) may soon confront a new wave of collective legal actions across the European Union after the bloc’s highest court confirmed that consumers can pursue group claims against the company in the Netherlands, regardless of where they reside.

In a ruling issued Tuesday, the EU Court of Justice said that an Amsterdam court is entitled to hear a case brought by the foundations Stichting Right to Consumer Justice and Stichting App Stores, which allege that Apple’s App Store fee structure — with commissions reaching up to 30% — breaches EU competition rules.

The court stated that Dutch judges are authorized to review a representative action targeting Apple’s alleged anticompetitive practices related to its App Store offerings in the Netherlands.

The decision could open the door to broader, coordinated compensation claims against Apple’s App Store policies across the EU, increasing legal risks for the tech giant as it faces heightened regulatory scrutiny in the region.

Crude prices were little changed on Tuesday as energy markets continued to assess the fallout from Ukrainian drone attacks on Russian infrastructure and growing friction between the United States and Venezuela.

As of 0903 GMT, Brent crude slipped 19 cents (0.3%) to $62.98 per barrel, while U.S. West Texas Intermediate eased 12 cents (0.2%) to $20 per barrel.
Both contracts had climbed more than 1% on Monday, with WTI briefly touching a two-week high.

Ole Hansen, head of commodity strategy at Saxo Bank, said the latest price action reflects a fragile balance between geopolitical risks and expectations of excess supply.
He noted: “Besides that, the expected yet elusive supply glut remains a key focus preventing any meaningful bounce at this point.”

The supply backdrop was further complicated on Monday when the Caspian Pipeline Consortium confirmed that it had restarted exports from one of its Black Sea loading points following the significant Ukrainian drone strike on November 29.

Concerns rose again over the weekend after U.S. President Donald Trump said “the airspace above and surrounding Venezuela” should be treated as closed — a statement that injected fresh uncertainty given the country’s status as a major oil producer.

Diplomatic developments remain a key focus for traders as well.
According to Tamas Varga of PVM Oil Associates, “Focus is also on the Ukrainian peace talks, which might result in Russia increasing its crude oil and product exports once again, although this process is likely to be protracted.”

Ukrainian President Volodymyr Zelenskiy reiterated Monday that Kyiv is prioritizing sovereignty and strong security guarantees, while acknowledging that territorial issues remain the most difficult area in negotiations.

Meanwhile, Trump’s special envoy Steve Witkoff, accompanied by Jared Kushner, is expected to meet Russian President Vladimir Putin on Tuesday to discuss possible pathways toward ending the conflict.

Elsewhere, OPEC+ confirmed on Sunday that it will proceed with a modest production increase for December and pause further hikes in the first quarter of next year over concerns of a potential supply glut.

The decline followed a rise in benchmark 10-year Treasury yields, which climbed to a near two-week peak and weakened appetite for non-yielding assets like bullion. The stronger yields also dampened some optimism surrounding expectations of an imminent Fed rate cut.

Even with Tuesday’s pullback, the broader outlook for the metal remained constructive. Futures markets still imply that the Fed is likely to lower interest rates next week, supported by easing inflation trends and signs of a cooling labor market — factors that typically enhance gold’s appeal by reducing the opportunity cost of holding it.

However, investors were hesitant to take big positions ahead of multiple high-impact data releases.

This week’s calendar includes the November ADP private employment report and the delayed September PCE Price Index, the Fed’s preferred gauge of inflation. Both figures could meaningfully influence expectations for monetary easing in the months ahead.

Uncertainty over the Federal Reserve’s future leadership also kept traders on edge.

President Donald Trump said on Sunday that he has selected a nominee to replace Fed Chair Jerome Powell, but declined to reveal the name. Reports suggest that White House economic adviser Kevin Hassett may be among the top contenders.

Metals trade lower; silver falls after record peak

Other precious and base metals also weakened as investors trimmed risk and positioned cautiously ahead of next week’s central bank meeting.

• Silver futures dropped 2.1% to $57.88 per ounce after briefly touching an all-time high of $59.44 on Monday.
• Platinum futures slipped 0.6% to $1,661.60 per ounce.
• LME copper eased 0.3% to $11,228.20 per ton.
• U.S. copper futures held steady at $5.27 per pound.

The U.S. dollar posted a modest uptick on Tuesday, though the broader trend remained soft as investors continued to price in a high probability of a Federal Reserve rate cut later this month.

At 04:30 ET (09:30 GMT), the Dollar Index — which measures the greenback’s performance against six major peers — was up 0.1% at 99.422, following a seven-day slide that pushed it to a two-week low on Monday.

Fed expectations dominate currency markets

Fresh economic data released Monday showed that U.S. manufacturing contracted for the ninth month in a row in November, reinforcing concerns that the economy is losing steam heading into year-end.

According to the CME FedWatch tool, traders now assign an 88% chance that the Fed will cut rates by 25 basis points at its December 10 meeting — a notable jump from 63% a month earlier.

Analysts at ING wrote that “we expect that the remainder of the week will validate the market’s dovish pricing for next week’s Fed meeting.”

Markets are also awaiting clarity on who will succeed Fed Chair Jerome Powell, after reports indicated White House adviser Kevin Hassett is currently the leading candidate.

U.S. Treasury Secretary Scott Bessent has said there is a strong likelihood President Donald Trump will reveal his pick before Christmas.

Euro holds near steady ahead of flash inflation

In Europe, EUR/USD slipped slightly to 1.1607 as diplomatic discussions continued over the war in Ukraine, with U.S. envoy Steve Witkoff heading to Moscow for talks with Russian officials.

Later in the day, investors will receive the eurozone’s flash inflation figures. Markets expect annual inflation to remain just above the ECB’s medium-term target, a reading unlikely to influence policy expectations as traders broadly anticipate no rate moves until 2026.

ING commented that “the risks are slightly on the downside for the euro, but our expectation is for a neutral FX impact nonetheless and EUR/USD can eye 1.170 again soon if USD drops in line with our call.”

The GBP/USD pair edged down to 1.3213, though the pound hovered near its highest readings in a month. The slight pullback followed the resignation of the head of the U.K.’s fiscal watchdog, who stepped down after the institution mistakenly published budget details ahead of Chancellor Rachel Reeves’ parliamentary announcement.

Yen softens after Monday’s brief rally

In Asian trading, USD/JPY gained 0.3% to 155.94, recovering after a 0.5% decline the previous session that was sparked by hawkish messaging from Bank of Japan Governor Kazuo Ueda.

Ueda said over the weekend that the BOJ could consider raising interest rates as early as this month, pushing yields on Japanese government bonds to their highest levels in decades.

The 30-year JGB yield rose above 1.9%, while the 10-year tested 1.88%.

Across the region, USD/CNY slipped to 7.0700, while AUD/USD rose 0.1% to 0.6553.