Author: Fiona Craig

Ariana Resources (LSE:AAU) has completed its latest drilling campaign at the Kizilcukur prospect in Türkiye, uncovering possible extensions to existing mineralised zones that could ultimately provide satellite feed for the Kiziltepe Gold-Silver Mine. The programme returned encouraging gold and silver intercepts, and the company is now assessing how Kizilcukur can be incorporated into the broader Kiziltepe operation. Subject to securing the necessary environmental permits, Ariana is aiming to bring the site into production by late 2026.

More about Ariana Resources

Ariana Resources PLC is engaged in the exploration, development, and production of mineral assets, with a strong focus on gold projects across Africa and Europe. The company’s activities in Türkiye are anchored by its interest in Zenit Madencilik San. ve Tic. A.S., through which it advances its gold and silver operations.

Revolution Beauty Group plc (LSE:REVB) endured a difficult first half of 2025, recording a 31.8% fall in revenue to £49.4 million following strategic and operational disruptions carried over from the prior year. The company reported a sizeable operating loss, yet recent moves to strengthen its financial footing—including a successful refinancing and the return of its founding team—have been well-received by investors and partners. New leadership is prioritising renewed sales momentum and tighter financial controls, with the first indications of improvement showing up in positive EBITDA during September and October. Significant cost-reduction efforts, including a major cut to headcount, have also been implemented. Looking ahead, management is optimistic, citing planned product launches for Spring 2026 as a catalyst for future growth.

Revolution Beauty’s outlook remains constrained by its weak financial performance, which remains the dominant drag on sentiment. Persistent losses, declining revenue, and a fragile balance sheet weigh heavily, while technical indicators continue to signal bearish momentum. Valuation measures also remain challenged given the absence of positive earnings and no dividend return.

More about Revolution Beauty Group plc

Revolution Beauty is a global mass-market beauty and personal care company operating a multi-brand, multi-category model. Its products are sold directly through its e-commerce channels as well as via wholesale partners in both physical and digital retail environments. The company has a footprint of around 17,500 retail locations spanning the UK, the US, and several international markets, serving primarily consumers aged 16 to 35. Revolution Beauty runs its own manufacturing site in the UK and utilises third-party warehousing in the UK, US, and Australia, supported by offices across the UK, US, New Zealand, and Germany.

James Latham plc (LSE:LTHM) posted a 5.5% rise in revenue to £196.8 million for the six months ending 30 September 2025, supported by a 6.8% increase in sales volumes, most notably within its LDT timber pack division. While top-line performance improved, operating profit edged down to £11.1 million, reflecting a reduction in finance income and largely unchanged input costs. The company increased its interim dividend and continues to advance construction of its new National Distribution Centre, a project expected to strengthen operational efficiency once completed. Although wider economic caution continues to weigh on the merchant sector, James Latham is maintaining investment in infrastructure and management capabilities to support longer-term expansion.

The company’s outlook is shaped by the resilience of its balance sheet and a valuation seen as broadly reasonable. Even so, weaker technical signals alongside ongoing pressure on profitability and cash generation temper sentiment. With no earnings call commentary or recent corporate events to draw on, these factors play no role in the broader assessment.

More about James Latham

James Latham plc is a long-established distributor of timber and panel products, serving a broad customer base across the UK. Its LDT timber pack business remains a key contributor to growth, reinforcing the company’s position within the sector.

Oriole Resources PLC (LSE:ORR) confirmed it has received the initial US$300,000 payment from BCM International under a Completion Agreement that transfers a 50% stake in the Bibemi gold project to BCM. The milestone deepens the companies’ partnership as they progress toward a full joint venture and continue discussions with the Cameroon Government on securing an exploitation licence. As part of the agreement, BCM has committed to funding exploration work and drilling activity, support that is expected to boost Oriole’s operational capacity and reinforce its standing in the West and Central African gold exploration space.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration group focused on early-stage projects across West and Central Africa, with a primary emphasis on Cameroon. Its portfolio includes the Mbe and Bibemi orogenic gold projects, where the company has outlined meaningful exploration targets and resource potential. Oriole also holds interests in additional jurisdictions such as Senegal, East Africa, and Turkey.

Pennon Group plc (LSE:PNN) delivered a solid rebound in profitability during the first half of its 2025/26 financial year, supported by tighter cost discipline and targeted investment across its operations. The company reported marked progress on its environmental agenda as well, cutting pollution incidents by half and achieving a notable drop in storm overflow discharges. With a strengthened balance sheet, Pennon says it is ready to move ahead with its largest capital programme to date, centred on improving water resilience, reducing pollution, and enhancing support for customers. Management also reaffirmed its ambition for a 7% return on regulated equity, underpinned by efficient financing and ongoing operational improvements.

Despite these gains, the outlook remains nuanced. Pennon benefits from constructive technical momentum and a pipeline of strategic expansion initiatives, yet persistent financial pressures and questions around valuation continue to temper overall sentiment. On the recent earnings call, executives highlighted the role of major investments and recent acquisitions in shaping future growth, while acknowledging that several operational and financial hurdles still lie ahead.

More about Pennon Group plc

Pennon Group plc is a leading provider of water and wastewater services, operating across regions such as the Isles of Scilly, Devon and Cornwall, Bournemouth, Bristol, and Sutton and East Surrey. The company focuses on reliable water supply, responsible waste management, and strong environmental stewardship, with an emphasis on customer service and long-term sustainability.

U.S. equity futures pointed to a mildly higher start on Wednesday, suggesting Wall Street may continue the upswing that has unfolded over the past several sessions.

The renewed momentum has helped major benchmarks rebound from the sharp pullback earlier in the month, with investors appearing less troubled by valuation concerns that previously dragged the Nasdaq and S&P 500 to multi-week lows.

Optimism around the possibility of a December rate cut from the Federal Reserve remains a key driver. Futures held their ground even after the release of several upbeat economic indicators that might otherwise have tempered expectations for policy easing.

Fresh data from the Commerce Department showed a stronger-than-expected 0.5% rise in September durable goods orders, building on an upwardly revised 3.0% increase in August. Economists had been looking for a more modest 0.3% gain.

At the same time, weekly jobless claims unexpectedly dipped, falling to 216,000—6,000 fewer than the prior week’s revised figure—defying expectations for a slight increase.

Stocks staged a solid rally on Tuesday after a shaky start, with all three major indices finishing in the green. The Dow climbed 664.18 points, or 1.4%, to 47,112.45. The S&P 500 advanced 0.9% to 6,765.88, while the Nasdaq rose 0.7% to 23,025.59. The gains marked the third consecutive positive session, further trimming the losses accumulated earlier in November.

Traders welcomed dovish remarks from Federal Reserve policymakers and a batch of economic updates that showed retail sales rising less than predicted and producer prices holding steady with expectations. Additional labor market data from ADP indicated that private employers shed an average of 13,500 jobs per week in the four weeks ending November 8th—well above the prior period’s average.

Consumer sentiment also deteriorated, with the Conference Board’s index dropping sharply to 88.7 in November from a revised 95.5 in October.

Despite the mixed signals, rate-cut wagers accelerated. CME’s FedWatch tool shows markets now pricing in an 82.7% chance of a quarter-point cut next month, up from roughly 50% a week ago.

Housing stocks were among the session’s standout performers on Tuesday. The Philadelphia Housing Sector Index jumped 4.2%—its strongest close in nearly four weeks—after pending home sales unexpectedly increased in October.

Airlines also saw notable gains, with the NYSE Arca Airline Index rising 3.9%. Strength extended across multiple sectors, including pharmaceuticals, healthcare, and networking names.

European equities pushed higher on Wednesday, building on the prior session’s momentum as investors reacted to rising optimism over a potential Federal Reserve rate cut in December and encouraging signals from diplomatic efforts to halt the war in Ukraine.

CBS News reported that negotiators had reached a broad “common understanding” on a U.S.-brokered peace framework aimed at ending Russia’s nearly four-year invasion, though final details still need to be ironed out. The report also indicated that Ukrainian President Volodymyr Zelenskyy may travel to the United States before the end of November to finalize the agreement.

Markets were also watching developments in the United Kingdom, where Chancellor Rachel Reeves delivered her budget after its contents were accidentally published early.

By midday, the U.K.’s FTSE 100 was up 0.6%, while France’s CAC 40 gained 0.5% and Germany’s DAX advanced 0.4%.

In corporate news, German landlord Aroundtown (TG:AT1) tumbled after releasing its nine-month 2025 results and reaffirming its full-year outlook. Meanwhile, Energean (LSE:ENOG), the gas producer focused on the Eastern Mediterranean, slipped after increasing its annual net-debt guidance.

Oil prices were largely unchanged on Wednesday, stabilizing after a sharp drop in the prior session that pushed crude benchmarks to their lowest levels in about a month. Traders continued to weigh the possibility of surplus supply in the years ahead and monitored diplomatic developments surrounding a potential Russia-Ukraine peace agreement.

By 09:04 GMT, Brent crude futures were down 5 cents at $62.43 a barrel, while U.S. West Texas Intermediate futures inched up by 1 cent to trade at $57.96.

Phillip Nova analyst Priyanka Sachdeva noted that sentiment remained fragile, saying, “The market remains fundamentally skewed to the downside, with investors increasingly pricing in an oversupplied 2026 and no convincing demand catalyst to offset it.”

Tuesday’s session saw both benchmarks settle 89 cents lower after remarks from Ukrainian President Volodymyr Zelenskiy, who told European leaders he was prepared to move forward with a U.S.-supported peace framework with only a few outstanding issues left to resolve.

IG’s Tony Sycamore warned that a diplomatic breakthrough could reshape the supply outlook, writing, “If finalised, the deal could rapidly dismantle Western sanctions on Russian energy exports,” which could in turn pull WTI down toward $55. He added, “For now, the market waits for more clarity, but the risk appears to be for lower prices unless talks falter.”

U.S. President Donald Trump said he has directed his envoys to hold separate discussions with Russian President Vladimir Putin and Ukrainian officials. According to a Ukrainian representative, Zelenskiy may travel to the United States in the coming days to complete negotiations.

Sanctions pressure remains an important factor in market pricing. The United Kingdom, Europe, and the United States have all tightened restrictions on Russian crude in recent weeks, while India’s purchases of Russian oil are expected to fall in December to their lowest levels in three years.

On the inventory front, market sources citing American Petroleum Institute data reported that U.S. crude stocks declined last week, though fuel inventories rose. Analysts surveyed by Reuters had forecast a build of 1.86 million barrels in crude supplies for the week ending November 21.

Investors are now awaiting official figures from the U.S. Energy Information Administration, set to be released at 10:30 a.m. ET (15:30 GMT) on Wednesday.

Gold prices moved higher during Wednesday’s Asian session, supported by a retreating U.S. dollar as another round of soft U.S. economic figures boosted confidence that the Federal Reserve is preparing to lower interest rates in December.

Demand for safe-haven assets remained firm despite continued strength in risk markets. Persistent diplomatic strains between Japan and China, uncertainty surrounding efforts to negotiate a Russia-Ukraine ceasefire, and worries over expanding fiscal deficits all added to the appeal of bullion.

Spot gold climbed 0.9% to $4,166.13 per ounce, while February futures posted a matching 0.9% gain to $4,201.15 per ounce as of 00:24 ET (05:24 GMT).

Weak U.S. data lifts gold as traders increase bets on Fed easing

Gold extended its recent rally after Tuesday’s and Wednesday’s economic releases signaled ongoing cooling within the U.S. economy, giving the Fed more room to cut rates.

Retail sales for September barely advanced, and core producer prices contracted more sharply than anticipated—both indications that momentum continues to slow. With the government shutdown pushing back the publication of October’s labor and inflation data, the September numbers are among the final data sets available to the Fed ahead of the December policy meeting.

The Commerce Department’s Bureau of Economic Analysis has delayed the release of the PCE price index—widely known as the Fed’s key inflation measure—until December 5.

Market expectations for a December cut have accelerated rapidly in recent days, especially after two Fed officials made comments supportive of near-term policy easing. According to the CME FedWatch tool, traders now assign an 80.7% probability of a 25-basis-point cut, compared with just 42.4% a week earlier.

Other precious metals followed suit: spot silver added 1% to $52.0215 per ounce, nearing record territory, while spot platinum rose 0.2% to $1,559.90 per ounce. Industrial metals strengthened as well—benchmark copper prices on the London Metal Exchange edged up 0.3% to $10,992.90 per tonne following news that Chilean miner Codelco plans significant price hikes for its Chinese customers.

Lower interest rates typically benefit assets like gold and commodities that do not generate yield, making them more attractive relative to bonds and other rate-sensitive instruments.

Dollar pullback adds another tailwind for metals

Metals also found support in the weakening U.S. dollar, which slipped from the multi-month highs reached last week on expectations of coming monetary easing.

A softer dollar tends to lift commodities priced in dollars by improving affordability for non-U.S. buyers. The dollar index eased 0.5% after touching its highest level in nearly six months.

The U.S. dollar staged a modest rebound on Wednesday, stabilizing after a broad selloff in the previous session as traders increasingly positioned for what they believe could be a pivotal shift in Federal Reserve policy next month. Market sentiment has tilted decisively toward the expectation that the Fed will cut interest rates at its December meeting—an outlook that continues to weigh on the greenback even as it attempts to recover. At the same time, the British pound held firm while investors looked ahead to the U.K.’s Autumn Budget, a key fiscal event that may influence how much room the Bank of England has to ease policy moving forward.

The Dollar Index edged up around 0.1% in early European trading, a small but notable bounce after suffering its steepest daily decline in nearly three weeks on Tuesday. That drop was driven by a combination of weak U.S. data and increasingly dovish remarks from Federal Reserve officials. Retail sales missed expectations, consumer confidence deteriorated, and producer price growth showed no signs of reaccelerating—all indicators pointing to a softer economic backdrop that markets interpret as giving the Fed ample justification to begin lowering borrowing costs.

Investors will now turn their focus to the Federal Reserve’s Beige Book, set for release later today. The Beige Book gathers anecdotal insights from businesses across the country and often provides valuable signals about economic momentum, labor-market conditions, and pricing pressures—information that can shape the tone of the Fed’s upcoming deliberations. With several official data releases delayed by the government shutdown, today’s report takes on added significance, functioning in many ways as a substitute for missing macroeconomic information.

Sterling advanced slightly against the dollar as attention shifted to the forthcoming fiscal statement from U.K. finance minister Rachel Reeves. Expectations are that Reeves will need to raise taxes in order to meet fiscal sustainability targets, but she must also strike a delicate balance: tightening too aggressively risks inflicting further strain on an economy already wrestling with sluggish growth and fragile consumer spending. Investors are also mindful that deferring painful decisions may complicate the Bank of England’s ability to cut interest rates in the short term, potentially forcing monetary policy to remain tighter for longer than markets may prefer.

The euro also showed modest strength. The currency found some support from reports suggesting incremental progress in negotiations around a possible framework to end the conflict between Russia and Ukraine. Although a breakthrough remains uncertain, even small steps toward de-escalation can lift sentiment across European markets and lend stability to the euro, particularly in an environment where U.S. rate expectations are shifting lower.

Across the Asia-Pacific region, currency moves were shaped by domestic developments. The Japanese yen weakened slightly, reversing some of the previous session’s gains after reports indicated the Bank of Japan may be inching closer to its first rate hike in many years. Concerns over the yen’s prolonged weakness and easing political resistance to policy tightening were cited as motivating factors. The Australian dollar strengthened after inflation readings came in hotter than anticipated, dampening the likelihood of further monetary easing by the Reserve Bank of Australia. Meanwhile, the New Zealand dollar climbed sharply after the Reserve Bank of New Zealand cut rates as expected but signaled that the current easing cycle may now be at an end—an announcement that investors interpreted as more hawkish than anticipated.

Overall, currency markets remain highly sensitive to shifting expectations around global monetary policy. With central banks across major economies approaching key decision points—some preparing to cut, others hinting at hikes—the coming weeks are likely to bring continued volatility as traders recalibrate positions based on evolving economic data and policy signals.