Author: Fiona Craig

U.K. retail sales declined sharply in May, reversing the significant gains recorded in April, with food store sales particularly dropping on a monthly basis.

Retail sales fell by 2.7% in May compared to the previous month, following a revised 1.3% increase in April, according to data released by the Office of National Statistics on Friday. Economists had predicted a more modest monthly decline of 0.5%.

On an annual basis, retail sales dropped by 1.3% in May, after an impressive 5.0% rise in April, when sunny weather encouraged British consumers to return to high streets, especially in food stores.

Similarly, U.S. retail sales also fell sharply in May, declining by 0.9%, marking the largest drop since January, following a downwardly revised 0.1% dip in April. This second consecutive monthly decline reversed much of the tariff-driven surge in March.

President Donald Trump’s aggressive and frequently changing tariff policies have increased economic uncertainty, making business planning difficult.

U.K. consumer sentiment improved in June to its highest level since December, though it remains firmly in negative territory, according to a survey by the British Retail Consortium released on Thursday.

“Gen Z saw the biggest improvement, in both economic outlook and their expectations of their future finances, with younger generations remaining the most optimistic about the future,” said BRC Chief Executive Helen Dickinson.
“This rising optimism may also reflect the increase in minimum wage from April, with many younger people expected to have seen a significant uplift in their pay packet. Expectations of future spending – both in retail and more generally – rose slightly, with more spending on groceries planned over the coming months.”

The Bank of England kept its benchmark Bank Rate steady at 4.5% at its recent meeting but highlighted risks stemming from a weakening labor market and higher energy prices due to escalating conflict in the Middle East.

“Interest rates remain on a gradual downward path,” said Governor Andrew Bailey in a statement. However, policymakers noted in the meeting minutes that interest rates are not on a preset path.

“The world is highly unpredictable. In the U.K. we are seeing signs of softening in the labour market. We will be looking carefully at the extent to which those signs feed through to consumer price inflation,” Bailey added.

Bitcoin slipped slightly on Friday, with the broader cryptocurrency market showing little movement despite improved risk sentiment following U.S. President Donald Trump’s decision to delay a decision on attacking Iran.

The largest cryptocurrency was on track for a second consecutive week of modest declines, trading within a narrow range since hitting record highs earlier in June. Bitcoin dropped 0.3% to $104,580.40 as of 01:58 ET (05:58 GMT).

Muted trading volumes reflected the U.S. market holiday on Thursday, while hawkish remarks from the Federal Reserve earlier this week continued to weigh on crypto sentiment.

Bitcoin Weekly Performance and Market Reaction to Iran Comments

Bitcoin has fallen about 0.8% this week, trading between $103,000 and $108,000 for most of June. The market showed little enthusiasm after Trump said he would decide within “two weeks” on whether to involve the U.S. in the Israel-Iran conflict.

While other risk assets, including Asian stocks and currencies, gained following the announcement, gold prices declined. The delay eased fears of an imminent U.S. strike on Iran, which could have escalated the conflict significantly. However, Trump’s “two weeks” timeframe remains ambiguous, as the president has used this phrase before to postpone key policy decisions.

Altcoins Rangebound Amid Hawkish Fed Sentiment

Most altcoins remained within tight ranges Friday, continuing subdued trading after the Fed’s recent hawkish stance unsettled speculative markets.

• Ethereum was flat at $2,520.12
• XRP dipped 0.2% to $2.15
• Solana edged up 0.2%
• Cardano slipped 0.9%
• Dogecoin fell 1.1%
• Meme token $TRUMP dropped 1.6%

The Federal Reserve held interest rates steady this week but indicated no near-term easing, citing persistent inflation risks. While projecting two rate cuts in 2025, it trimmed forecasts for cuts in 2026.

Sustained higher interest rates tend to pressure speculative assets like cryptocurrencies by limiting available investment capital. The Fed’s aggressive rate hikes in 2022 and 2023 had previously driven a prolonged crypto slump, with a partial recovery seen in late 2023 and 2024.

Gold prices declined during Friday’s Asian trading session, reflecting a modest boost in risk appetite following remarks from the White House indicating that a U.S. strike on Iran, linked to the Israel conflict, is not imminent.

The precious metal remained under pressure after hawkish comments from the Federal Reserve earlier in the week supported the strength of the U.S. dollar. Although the dollar eased slightly on Friday, it was still poised for gains over the week. The firm dollar also capped a recent surge in platinum prices, which had climbed to a more than four-year high.

Spot gold slipped 0.5% to $3,353.17 per ounce, while August gold futures fell 1.1% to $3,369.40 an ounce by 00:58 ET (04:58 GMT).

Improved Risk Sentiment Following Trump’s Iran Decision Delay

Gold’s decline coincided with increased risk appetite in broader markets, triggered by the White House announcement that President Donald Trump will take two weeks to decide on U.S. involvement in the Israel-Iran conflict. This helped alleviate fears of an imminent U.S. military strike after reports earlier in the week suggested preparations for such action.

However, the “two weeks” timeframe has previously been used by Trump for several critical policy decisions, only for deadlines to be postponed indefinitely, leaving some uncertainty in the markets. For example, eight weeks ago, Trump also used the same timeframe when questioned about his trust in Russian President Vladimir Putin.

Despite ongoing exchanges of attacks between Israel and Iran, now stretching into an eighth day, the delay in immediate U.S. action boosted some investor confidence.

Other Metals Weaken Amid Dollar Strength and Fed Signals

Silver futures dropped 1.6% to $35.765 per ounce. Copper also declined, with London Metal Exchange copper futures down 0.3% to $9,602.05 per ton, and U.S. copper futures slipping 0.9% to $4.7650 per pound.

Platinum prices retreated 1.5% to $1,282.75 per ounce, pulling back from the recent four-year peak reached in the previous session. Despite this, platinum is on track for its third consecutive week of gains, up 5.8% amid strong demand and tightening supply fundamentals highlighted in a recent industry report. The report spurred a speculative rally, although some analysts remain cautious about the sustainability of the price surge.

Oil prices dipped sharply during Asian trading on Friday, reversing some of their recent gains after the White House announced that President Donald Trump will take two more weeks to decide on whether to intervene in the escalating Iran-Israel conflict.

Despite this pullback, crude remains on track for a third consecutive week of gains, as ongoing tensions in the Middle East continue to raise concerns over potential disruptions to global oil supply. Market sentiment has been supported by data revealing a significant drawdown in U.S. crude inventories, signaling tighter fuel supplies in the world’s largest consumer.

By 21:20 ET (01:20 GMT), Brent crude futures for August delivery fell 1.9% to $77.33 per barrel. Meanwhile, West Texas Intermediate (WTI) futures, which did not trade Thursday due to a U.S. holiday, climbed 0.8% to $74.07 a barrel.

Trump to Decide on Military Action Within Two Weeks

The White House clarified that President Trump will make a final call on potential military action against Iran within the next two weeks. The announcement eased fears of an imminent U.S. strike, especially following reports of preparations for such a move.

A U.S. military intervention would mark a major escalation, with Iran warning strongly against any attack. Nuclear negotiations between Washington and Tehran collapsed last week after Israeli airstrikes targeted Iran’s nuclear sites, with the conflict now entering its eighth day.

Attention remains on the possibility of further Israeli strikes on Iran’s nuclear facilities, particularly the Fordow enrichment plant, Iran’s largest.

Oil Markets Eye Third Straight Week of Gains

Brent and WTI futures were set to finish the week with gains between 3.5% and 4%, marking a third consecutive week of rising prices. Last week alone saw crude surge nearly 12%, primarily following Israel’s strikes on Iran.

The market remains concerned about potential supply disruptions from Iran, OPEC’s third-largest oil producer. Additionally, further U.S. sanctions on Iranian oil exports are seen as a risk amid the conflict.

Beyond geopolitical tensions, the recent drop of over 10 million barrels in U.S. crude inventories has further supported prices. With summer travel demand picking up, expectations for increased fuel consumption in the world’s top oil user are also boosting market sentiment.

Apple Inc. (NASDAQ:AAPL) is reportedly engaging with Indian companies to locally produce the manufacturing equipment needed for assembling its flagship iPhone devices in India, according to a report by Business Standard. This move is part of Apple’s broader strategy to expand its production footprint in India.

The California-based tech giant aims to source manufacturing tools domestically and supply them to its Indian contract manufacturers, a development confirmed by a senior official from India’s Ministry of Electronics and Information Technology. Apple has previously announced ambitious plans to scale up iPhone production in India, partly in response to escalating U.S. tariffs on Chinese-made products.

While Apple continues to maintain manufacturing operations in China, it has expressed intentions to eventually produce all iPhones sold in the U.S. market through its Indian facilities. The effort to procure production equipment locally also reflects Apple’s strategic shift away from reliance on China, which has traditionally dominated the supply of capital equipment for iPhone manufacturing.

India’s role as an iPhone production hub has grown steadily, with major manufacturers such as Foxconn, Pegatron, and Tata Electronics significantly increasing output over recent years. Foxconn, Apple’s largest supplier, plans to invest $1.5 billion in a new components factory in Tamil Nadu, underscoring the country’s rising importance in Apple’s supply chain.

Central Asia Metals PLC (LSE:CAML) has updated its offer to acquire New World Resources Limited, raising the bid to A$0.053 per share and valuing NWR at around A$197 million. Alongside this improved proposal, CAML has included an off-market takeover offer and a conditional A$10 million placement to back the advancement of NWR’s Antler Project, which is progressing ahead of schedule.

The board of New World Resources has recommended that shareholders accept the revised offer, which aligns with Central Asia Metals’ broader strategy to expand its asset base and boost production capacity.

CAML’s outlook remains positive, supported by strong financial results and attractive valuation metrics. While technical indicators show room for further growth, some caution is advised due to momentum signals approaching overbought levels.

About Central Asia Metals

Central Asia Metals PLC specializes in the base metals industry, focusing on acquiring and developing metal assets that increase production and enhance cash flow. The company pursues strategic investments aimed at sustaining long-term growth and strengthening its market position.

ValiRx (LSE:VAL) has announced that Ambrose Healthcare has exercised its option to license VAL401 from ValiSeek Limited, in a deal worth £16 million plus ongoing royalties. This milestone enables the continued development and commercialization of VAL401, a repurposed form of Risperidone with promising anticancer properties.

The partnership with Ambrose Healthcare, a specialist pharmaceutical firm, is focused on advancing treatments for rare conditions such as pancreatic cancer. This collaboration highlights ValiRx’s commitment to pioneering innovative therapies and is expected to strengthen its position in the oncology sector while expanding potential applications across various cancer types.

About ValiRx plc

ValiRx is a life sciences company dedicated to early-stage cancer therapeutics and women’s health. Its mission is to accelerate the translation of cutting-edge scientific research into effective medicines. By integrating multiple disciplines and streamlining drug development, ValiRx reduces costs and expedites clinical progress. The company’s lead drug candidates are typically outlicensed or partnered for further development and market introduction.

Record plc (LSE:REC) has released its annual results for the year ended 31 March 2025, showcasing resilience and strategic advancement during a period of executive transition. Despite a modest decrease in revenue and assets under management, the company delivered an increase in earnings per share and raised its dividend—highlighting effective financial stewardship.

Looking ahead, Record is positioning itself for long-term growth through innovation and product diversification. Recent initiatives include the launch of new investment pillars and the introduction of pioneering offerings such as the world’s first Sharia-compliant Deep Tier Supply Chain Finance fund. These developments reflect a forward-looking strategy aimed at strengthening the company’s market standing and enhancing value for shareholders.

Supported by strong profitability, stable cash flows, and a generous dividend yield, Record continues to be viewed favorably by investors. Technical indicators suggest steady upward momentum, and recent corporate milestones reinforce the firm’s outlook as a competitive and evolving asset manager.

About Record plc

Record plc is a specialist asset management firm known for its expertise in currency hedging solutions for institutional clients. Expanding beyond its core currency services, the firm now offers strategies in risk management, absolute return, and private market investments—positioning itself as a diversified, risk-conscious alternative asset manager.

Fresnillo plc (LSE:FRES) has released its 2024 Report on Payments to Governments, detailing its financial contributions across the jurisdictions in which it operates. In compliance with UK disclosure regulations, the company reported total payments of $79.4 million, the majority of which were made in Mexico. These payments include taxes, royalties, and fees related to licenses and concessions.

This annual disclosure reflects Fresnillo’s ongoing commitment to transparency, accountability, and regulatory compliance—factors that may positively influence stakeholder trust and the company’s broader reputation.

Fresnillo continues to show solid financial health, supported by encouraging earnings discussions, strategic cost management, and strong production performance. However, valuation concerns—highlighted by a high price-to-earnings ratio and overbought technical signals—suggest a need for careful navigation of ongoing operational challenges to maintain momentum.

About Fresnillo plc

Fresnillo plc is a prominent mining company specializing in the discovery, development, and extraction of precious metals. With core operations in Mexico and additional interests in Peru and Chile, Fresnillo is recognized for its leadership in the silver and gold mining sectors, underpinned by a focus on responsible and sustainable resource development.

SkinBioTherapeutics plc (LSE:SBTX) has announced the successful completion of a £4.2 million capital raise through a combined Placing, Subscription, and WRAP Retail Offer. A total of 24,704,836 new Ordinary Shares were issued at a price of 17 pence per share. The new shares are expected to begin trading on AIM by 24 June 2025, increasing the company’s total issued share capital and voting rights.

The funds raised will be used to advance SkinBioTherapeutics’ operational and strategic goals as it continues to develop and commercialize its innovative skin health solutions. While current financial metrics and technical indicators reflect challenges, this positive corporate development signals renewed investor confidence and potential for future growth.

About SkinBioTherapeutics plc

SkinBioTherapeutics plc is a biotechnology company focused on improving skin health through science-driven innovation. Operating at the intersection of consumer wellness and healthcare, the company develops microbiome-based products that address a range of skin conditions, serving both retail and medical markets.