Author: Fiona Craig

PPHE Hotel Group (LSE:PPH) delivered higher revenue and earnings in the first half of 2026, supported by resilient trading across its hotel portfolio and continued progress with its strategy to optimise assets and strengthen the balance sheet.

Revenue increased 4.7% to £209.3 million, while revenue per available room, or RevPAR, advanced 3.9%. EBITDA climbed 6.3% to £48.4 million, accompanied by an improvement in margins. Adjusted EPRA earnings per share for the trailing 12 months remained stable, supporting an interim dividend of 17 pence per share.

The London-listed hospitality real estate group, which operates brands including Park Plaza, art’otel and Arena, said trading remains in line with market expectations despite ongoing macroeconomic and fiscal pressures. Performance has been supported by strength across its UK hotels alongside an increasing contribution from recently opened properties as they mature.

PPHE also made progress with initiatives aimed at simplifying its capital structure and concentrating investment on its core European markets. During the period, the group acquired the freehold of Park Plaza London Waterloo, refinanced the loan associated with its art’otel property in Rome and agreed the disposal of a development site in New York.

These transactions are expected to provide greater flexibility for the group to redeploy capital towards its established markets and development pipeline while continuing to optimise its property portfolio.

PPHE has also brought its formal sale process to an end following the collapse of a proposed cash offer from Fattal Hotel Group after major shareholder Euro Plaza Holdings opposed the transaction.

With the strategic review now concluded, PPHE is maintaining its focus on generating shareholder value through operational performance, portfolio optimisation and the continued development and maturation of properties across its markets.

More about PPHE Hotel Group

PPHE Hotel Group is an international hospitality real estate company with a portfolio valued at approximately £2.4 billion, comprising predominantly prime freehold and long leasehold assets across Europe.

The group owns, develops, leases, operates and franchises upscale and lifestyle hotels, resorts and campsites. It holds an exclusive Radisson licence for the Park Plaza brand across EMEA and also owns the art’otel and Arena brands.

Registered in Guernsey and listed on the London Stock Exchange, PPHE holds a controlling interest in Croatia’s Arena Hospitality Group. Its growth strategy centres on upper-upscale city-centre hotels, leisure and outdoor hospitality, and expanding its management platform across major gateway cities and selected resort destinations.

Bezant Resources (LSE:BZT) has agreed an accelerated payment arrangement with CL US Minerals for the NLZM Processing Plant, strengthening its control over a key asset supporting development of the Hope & Gorob copper project.

The processing facility is currently being upgraded and repurposed to handle copper preconcentrate from Hope & Gorob, with first concentrate production remaining targeted for September 2026. Bringing forward full ownership of the plant gives Bezant greater flexibility to pursue additional productivity improvements as it moves towards long-term production.

Under the revised agreement, Bezant will pay US$5 million by 31 October 2026, resulting in the release of the vendor’s security over the plant. A further US$4.98 million of deferred consideration will then be paid through discounted quarterly instalments between 2029 and 2031.

CL US Minerals also retains the option to convert up to £2 million of the deferred consideration into Bezant shares. This provision could reduce future cash requirements while potentially aligning the vendor’s interests with Bezant as development and production at Hope & Gorob progress.

The company is also considering potential third-party co-investment, which could provide additional financing flexibility and simplify the funding structure associated with the remaining deferred payments.

Securing greater control of the NLZM Processing Plant represents another step in Bezant’s strategy to establish a long-term copper operation at Hope & Gorob. The initial Hope open pit has an estimated 35-year life-of-mine, providing the company with a substantial production horizon alongside further opportunities to optimise the processing operation and advance exploration across the wider project area.

More about Bezant Resources

Bezant Resources Plc is a resources company focused on advancing the Hope & Gorob copper project, including the development of sulphide and oxide production.

The company’s NLZM Processing Plant, held through Tsaoxaub Metals, is being upgraded to support copper concentrate production from the project. Bezant is targeting a long-life copper operation, underpinned by the estimated 35-year life-of-mine at the initial Hope open pit and additional exploration potential across its licensed areas.

CyanConnode Holdings PLC (LSE:CYAN) has set out the formal timetable for its recommended all-cash acquisition by Esyasoft Technologies UK Limited, moving the proposed transaction towards shareholder votes and completion.

The acquisition is being structured through a court-sanctioned scheme of arrangement under the UK Companies Act. CyanConnode shareholders are scheduled to vote on the proposal at a Court Meeting and General Meeting on 3 September 2026, with the required approval thresholds needing to be met for the deal to advance.

Provided shareholders approve the transaction, all remaining conditions are satisfied and the scheme receives court sanction, the acquisition is expected to become effective on 14 September 2026.

Following completion, trading in CyanConnode shares is expected to be suspended before the company’s admission to AIM is cancelled. The transaction will result in CyanConnode becoming a privately held business within the Esyasoft group.

The acquisition represents a significant strategic step for both companies, bringing CyanConnode’s smart metering communications technology into Esyasoft’s wider energy and utilities technology operations. The combination is expected to strengthen Esyasoft’s presence in smart metering and digital utility infrastructure.

For CyanConnode shareholders, completion of the cash transaction will mark the end of the company’s period as a publicly traded AIM business, with existing public market liquidity ceasing once the delisting takes effect.

More about CyanConnode Holdings

CyanConnode Holdings PLC operates in the smart metering and Internet of Things communications market, specialising in radio frequency mesh networking technology and associated software.

Its solutions support utilities and smart city infrastructure, including large-scale advanced metering projects and communications networks designed to enable smart grid and energy management applications in the UK and international markets.

Esyasoft Technologies UK Limited is wholly owned by Esyasoft Holding Limited, an energy and utilities technology group focused on smart metering and digital utility platforms. The acquisition of CyanConnode is intended to expand the group’s capabilities and presence across smart communications infrastructure and related services.

Copper prices are approaching historic highs as the possibility of US import tariffs draws increasing volumes of refined metal into the United States, tightening supplies elsewhere even though analysts do not see an underlying global shortage.

Three-month copper on the London Metal Exchange reached as much as $14,343 per metric ton on Tuesday, leaving it close to the record of $14,527.50. The move followed orders to withdraw 65,400 tons of copper from LME warehouses over recent days.

The scale of those warrant cancellations has renewed concerns about available supply after rising inventories on the LME and Shanghai Futures Exchange had briefly eased fears of market tightness.

Analysts say the key issue is not a lack of copper globally, but its increasingly uneven distribution. With the metal essential for electricity grids, electric vehicles and AI data centres, the diversion of material towards the US is reducing readily accessible inventories in other markets.

COMEX stockpiling changes copper market dynamics

A premium for copper in the US has encouraged traders to move metal into COMEX warehouses ahead of the possibility of tariffs on refined copper beginning in 2027.

As inventories accumulate in the US, stocks elsewhere are being depleted, effectively tightening a global market that had been expected to produce a sizeable surplus this year.

Robert Edwards, principal copper analyst at CRU, said removing US-stockpiled copper from the available global supply would leave the market “at best a balanced market.”

COMEX inventories have risen for 46 consecutive days and now stand at a record 675,185 metric tons, reflecting an arbitrage trade that benefits from higher US prices.

The accumulation is particularly significant given that CRU had forecast a 639,000-ton global copper surplus for 2026.

“If (U.S.) imports keep coming in as they have been, then it’s going to look like a deficit market in reality,” Edwards said.

US imports of refined copper cathodes approached 885,000 tons during the first six months of 2026, about 3% above the same period last year and more than double the amount imported in the first half of 2024.

The country had already imported a record 1.64 million tons of refined copper during 2025.

Trump tariff decision could trigger another price shock

The copper market faced a similar situation last year, although refined metal was eventually exempted from tariffs, triggering an immediate price reversal.

Uncertainty has returned because the US Commerce Department was due to report to the White House on copper markets by June 30, allowing President Donald Trump to determine whether a 15% tariff should be introduced from January 1, 2027, followed by a 30% rate from 2028.

The huge inventories accumulated in the US could take a long time to work through, according to Macquarie strategist Alice Fox.

“Based on our numbers, you’re looking at years for that metal to get consumed,” she said.

Macquarie sees greater downside risks for copper under some scenarios, but Fox said prices would “massively spike” if Trump ultimately decides to implement the tariff.

Glencore argues clarity could bring prices lower

Glencore chief executive Gary Nagle believes uncertainty itself is a major reason behind copper’s strength and expects a definitive tariff announcement could ultimately put downward pressure on prices.

Whether Washington chooses a tariff of zero, 15% or 30%, a confirmed decision would remove an important source of uncertainty from the market.

“You’ll have these high stockpiles in the U.S., which over time will be drawn down for use … not to be exported again” because of the costs involved, Nagle said during an earnings call.

Copper already stored in COMEX warehouses is duty-paid, potentially encouraging those inventories to remain inside the US market.

That could leave other regions facing continued supply pressure. China, despite being the world’s largest copper-smelting country, may have limited ability to fill the gap because of strong domestic demand, according to Amelia Fu, head of commodities market strategy at Bank of China International.

Fu said low inventories, disruption at copper mines and an outage at Indonesia’s Gresik smelter were adding to market tightness.

“We could see new record highs in copper prices in coming weeks or months,” she said.

Gold prices slipped modestly on Wednesday but remained within reach of a three-month high as declining oil prices and lower US Treasury yields reduced concerns over inflation and supported the broader outlook for bullion.

Investors were also closely following diplomatic developments involving Iran and Oman, with discussions over the Strait of Hormuz raising hopes that more commercial shipping could resume through the strategically important waterway.

At 01:10 ET, or 05:40 GMT, XAU/USD declined 0.4% to $4,642.38 an ounce, while gold futures edged 0.1% higher to $4,699.04.

Elsewhere, XAG/USD gained 0.7% to $69.05 an ounce and XPT/USD rose 0.3% to $1,866.89. The US Dollar Index increased 0.1% to 99.01.

Gold retains support after strong weekly rally

Bullion has climbed more than 7% over the past week and remains close to the three-month peak reached in the previous session.

Part of that strength has come from falling US Treasury yields and weaker crude prices, which have helped reduce inflation concerns and eased some of the pressure on expectations for Federal Reserve monetary policy.

Treasury yields fell by roughly five to seven basis points across the curve on Tuesday. Oil prices also moved lower as markets became more optimistic about the possibility of easing tensions in the Middle East.

Iran and Oman have discussed establishing a “temporary joint maritime corridor” that could allow some shipping to restart through the Strait of Hormuz.

The direction of energy prices has important implications for bullion. Higher oil costs can feed into broader inflation, potentially giving the Fed another reason to maintain restrictive interest rates.

That environment can be negative for gold because the metal offers no interest income and must compete with yield-bearing assets. Falling yields, by contrast, tend to improve the relative appeal of holding bullion.

Fiscal concerns keep debasement trade alive

The recent gold rally has also renewed attention on the so-called debasement trade, which reflects investor concerns over government borrowing, fiscal policy and the long-term value of fiat currencies.

ANZ analysts said US Treasury Secretary Scott Bessent had offered no new indication regarding the debt-management measures announced last week.

Reports have nevertheless suggested that the Treasury could use some of its cash balance to finance buybacks of older securities carrying higher yields.

Such developments have kept concerns over sovereign debt management in focus and reinforced gold’s role for some investors as an alternative to government bonds and currencies.

PCE inflation and Jackson Hole could determine gold’s next move

Markets are now preparing for two significant US policy events that could influence the direction of gold.

The Personal Consumption Expenditures report due on Wednesday will provide a fresh assessment of inflationary pressure and economic conditions in the US.

Boston Fed President Susan Collins has said she favours keeping interest rates unchanged for the time being, provided inflation continues moving towards the Federal Reserve’s 2% objective.

Attention will then shift to Federal Reserve Chair Kevin Warsh, who is scheduled to deliver his first major speech as chair at the Jackson Hole symposium on Friday.

Investors will be looking for clearer guidance on how Warsh assesses persistent inflation risks against the wider economic outlook, as well as the circumstances that could prompt the central bank to change interest rates.

Warsh has faced criticism over uncertainty surrounding his economic views, increasing the importance of Friday’s address for financial markets.

Gold’s strong recent performance has meanwhile brought the debasement trade back into focus after the theme helped propel bullion higher in 2025. Concerns over fiscal deficits, sovereign debt and the purchasing power of conventional currencies could continue to provide an underlying source of demand for the precious metal.

Oil prices moved sharply lower again on Wednesday as investors reacted to reports of progress in diplomatic efforts aimed at easing the Middle East conflict and restoring shipping through the Strait of Hormuz.

By 04:17 ET, or 08:17 GMT, Brent crude futures were down 2.6% at $86.30 a barrel, while US West Texas Intermediate futures had fallen 2.7% to $80.18.

The declines extended Tuesday’s selloff, when oil prices dropped more than 5% following reports that Washington and Tehran could be nearing another ceasefire agreement.

Reports suggest US and Iran are moving closer to a deal

Russian state-owned agency RIA Novosti reported that the US and Iran were close to reaching a new ceasefire agreement, citing sources in Pakistan and Iran.

According to the report, the proposed arrangement would provide for free navigation through the Strait of Hormuz and could be formally announced in the coming days. Investing.com said it was unable to independently verify the report.

The claims follow comments from Pakistani officials indicating that progress had been made in mediation efforts with Iran and that discussions included the possible restoration of an interim ceasefire.

Pakistan has emerged as an important mediator during the US-Iran conflict and also played a role in brokering a ceasefire between the two sides in June.

Temporary Hormuz shipping route adds pressure to crude

Further pressure on oil came from reports of progress between Iran and Oman over maritime traffic through the Strait of Hormuz.

Al Jazeera reported that a senior Iranian official said the two countries had agreed on a temporary route through the waterway following talks in Tehran.

The official reportedly cautioned, however, that a full reopening would depend on the US meeting commitments contained in a framework ceasefire agreement signed in June.

The possibility of increased commercial shipping through the strait has encouraged traders to remove some of the supply-risk premium that had built into crude prices since the conflict began.

Vital Knowledge analysts warned that renewed fighting remains a significant possibility, describing the risk as always “just around the corner.”

“[A] geopolitical risk factor will be permanently embedded in the price,” they said.

Hormuz traffic remains far below normal levels

Despite the diplomatic developments, shipping activity through the Strait of Hormuz remains heavily restricted.

Preliminary Kpler data cited by CNBC showed that just five commodity vessels crossed the waterway on Tuesday, well below the 10-day moving average of 15.

Before hostilities began in late February, around 20% of global oil and liquefied natural gas shipments passed through Hormuz, making access to the route a major factor for international energy markets.

The Iran-Oman discussions also followed the introduction of tighter US economic sanctions against Tehran a day earlier.

Washington has indicated that it currently favours increasing economic pressure rather than pursuing additional military strikes, adding another dimension to the diplomatic and market outlook.

Oil prices are therefore likely to remain highly responsive to any further evidence of progress, or setbacks, in efforts to restore normal traffic through the Strait of Hormuz.