Author: Fiona Craig

Rio Tinto (LSE:RIO) has released its inaugural Mineral Resource and Ore Reserve statements for seven newly acquired lithium assets obtained through the acquisition of Arcadium Lithium. The portfolio comprises four lithium brine projects in Argentina and three hard-rock spodumene deposits located in Canada and Australia. This disclosure marks an important milestone in Rio Tinto’s broader strategy to deepen its footprint in the rapidly expanding lithium sector, buoyed by rising demand for electric vehicles and renewable-energy storage. By providing detailed resource estimates, the company signals its commitment to scaling future lithium output, potentially reshaping its competitive position and offering additional avenues of growth for investors.

The company’s solid financial foundation and compelling valuation underpin its investment appeal. Technical indicators currently point to bullish momentum, although elevated levels suggest room for caution. With no recent earnings-call commentary or corporate events to draw on, these factors do not materially affect the near-term view.

More about Rio Tinto

Rio Tinto is a major global mining group engaged in the discovery, extraction, and processing of mineral resources. Its operations span key commodities such as iron ore, aluminium, copper, and diamonds, and the company is increasingly directing capital and expertise toward the lithium market, a critical input for battery technologies and electric vehicles.

Balfour Beatty (LSE:BBY) reported a robust trading performance for 2025, noting a 20% increase in its order book, supported by ongoing strength in UK Construction and new power-generation contracts. The group expects full-year revenue to grow by more than 5%, alongside an improvement in underlying operating profit, even as reduced profitability in its US Construction division provides a partial offset. The business also delivered key operational achievements across the UK, the US, and Asia, and confirmed plans to continue its share buyback programme into 2026 as part of its broader commitment to enhancing shareholder returns.

The company’s outlook reflects the benefit of a record order pipeline and disciplined capital allocation. Although technical indicators currently suggest a bearish price trend, the valuation appears reasonable. Softness in U.S. Civils and Infrastructure Investments tempers the otherwise positive momentum.

More about Balfour Beatty

Balfour Beatty is a major global infrastructure group employing around 27,000 people and specialising in financing, developing, constructing, operating, and maintaining large-scale infrastructure. With more than 100 years of history, the company has delivered landmark projects around the world that support economic growth and local communities.

SSP Group plc (LSE:SSPG) posted resilient results for the year ended September 2025, recording an 8% uplift in revenue and a 25% increase in earnings per share on a constant-currency basis. Looking ahead to FY26, the company highlighted its intention to accelerate value creation for shareholders, launching a comprehensive review of its Continental European Rail division and reinforcing its focus on improving free cash flow and returns on invested capital. Although broader economic conditions remain uncertain, management remains optimistic about the group’s growth trajectory, supported by firm trading momentum and ongoing operational improvements.

While SSP Group’s financial performance shows steady revenue gains and efficiency improvements, the business continues to carry elevated leverage and only moderate profitability. Technical readings point to a lack of strong near-term momentum, and the valuation screens as demanding given negative earnings. Limited disclosure from earnings calls and corporate events leaves few additional catalysts for now.

More about SSP Group plc

SSP Group plc operates a broad portfolio of restaurants, cafés, bars, and other food and beverage concepts situated in airports, rail stations, and other travel hubs across 38 countries. Its offerings cater to a diverse global traveller base, delivering a wide range of dining choices tailored to high-traffic transport environments.

The Property Franchise Group PLC (LSE:TPFG) delivered a solid performance for the year to December 2025, with management indicating that full-year profits remain on track with market expectations. Revenue in the second half rose roughly 11% from the prior year, supported by initiatives such as the Privilege programme and steady momentum in both mortgage activity and property sales. Although higher property taxes have added pressure to the sector, TPFG expects only minimal impact on its operations and sees scope for continued expansion in 2026, helped by its resilient franchise network and diverse income base. The group has also arranged a new lending facility with Barclays to help accelerate franchisee growth.

Encouraging financial results and rising revenue underpin the company’s forward outlook. While technical indicators point to possible short-term share price softness, the valuation appears reasonable, and the dividend yield continues to provide a supportive buffer.

More about The Property Franchise

The Property Franchise Group PLC is the UK’s largest multi-brand property franchisor, founded in 1986 and operating more than 1,900 outlets offering residential property services alongside mortgage brokerage. Its portfolio spans 18 brands across the country, blending traditional high-street agencies with hybrid models, and the company is affiliated with two major mortgage networks. Based in Bournemouth, the group joined AIM in 2013 and entered the AIM 100 index in 2024.

U.S. equity futures pointed higher early Wednesday, signaling that stocks may extend the upside momentum seen in the previous session.

Futures held their gains after new data from ADP showed an unexpected decline in private-sector hiring for November. The payrolls firm reported a drop of 32,000 jobs, reversing a revised 47,000 increase in October. Economists had been looking for a modest gain of around 10,000 jobs.

The surprise contraction has reinforced expectations that the Federal Reserve will deliver another rate cut when policymakers meet next week. According to CME’s FedWatch tool, traders now assign an 88.8% probability to a reduction of 25 basis points.

Risk appetite is also getting a lift from another strong move in Bitcoin, which is up more than 2% in early trading following a sharp rally on Tuesday.

On Tuesday, U.S. markets spent much of the day swinging between gains and losses but ultimately closed higher, recovering some of Monday’s weakness. The Nasdaq added 0.6% to finish at 23,413.67. The Dow climbed 0.4% to 47,474.46, and the S&P 500 advanced 0.3% to 6,829.37.

The rebound in crypto played a notable role in Tuesday’s upbeat tone. Bitcoin (COIN:BTCUSD) surged more than 6% after plunging the day before. Momentum in Nvidia (NASDAQ:NVDA), one of the market’s bellwether AI stocks, also helped support broader sentiment.

Chipmakers led the advance, with the Philadelphia Semiconductor Index jumping 1.8%. Hardware names were also strong, as the NYSE Arca Computer Hardware Index rose 1.7%.

Airline and telecom shares saw healthy gains, while companies tied to gold, natural gas, and oil retreated.

Still, overall conviction among traders remained cautious, with markets eyeing several upcoming U.S. economic releases that could influence expectations heading into next week’s Fed announcement.

European equities were uneven on Wednesday as traders weighed a new batch of regional economic reports.

The U.K.’s FTSE 100 slipped 0.1%, while France’s CAC 40 inched up 0.1% and Germany’s DAX advanced 0.3%.

New figures from S&P Global showed that the eurozone’s private sector grew at its fastest pace since May 2023, with both services and manufacturing contributing to the expansion. The HCOB final composite output index rose to 52.8 in November from 52.5 in October, coming in above the flash estimate of 52.4.

The survey indicated that services activity strengthened during the month, although factory output grew at its slowest rate in nine months.

In a separate release, Eurostat reported that eurozone producer prices edged up 0.1% in October, reversing a 0.1% decline in September. Stripping out energy, producer prices were unchanged for the fourth consecutive month.

Among individual stocks, Inditex surged after the Zara parent posted a 10.6% jump in sales early in the fourth quarter, supported by demand for its autumn and winter collections.

Airbus (EU:AIR) also traded higher in Paris after reaffirming its full-year adjusted EBIT outlook.

On the downside, Hugo Boss (TG:BOSS) dropped sharply after the German fashion company warned that sales and profits are likely to decline in 2026 before returning to growth the following year.

Sainsbury’s (LSE:SBRY) also retreated after Qatar’s sovereign wealth fund offloaded roughly £266 million ($352 million) worth of shares in the U.K. supermarket group.

Glencore (LSE:GLEN) detailed a major expansion roadmap for its copper division on Wednesday, saying it has substantially reduced risks across its asset base and is now positioned to lift output above 1 million tonnes a year by late 2028. The miner is also targeting roughly 1.6 million tonnes of annual production by 2035 as part of its longer-term strategy.

Between 2026 and 2029, Glencore expects copper-equivalent output to grow at a compound rate of 4% annually, with copper alone projected to expand at a much faster 9.4% over the same period.

A key component of that growth will come from the planned restart of the Alumbrera mine in Argentina. The company said operations are set to resume in the fourth quarter of 2026, with initial production scheduled for the first half of 2028. Over its expected four-year operating window, the revived mine is forecast to deliver around 75,000 tonnes of copper, 317,000 ounces of gold, and 1,000 tonnes of molybdenum.

CEO Gary Nagle said Glencore has tightened its industrial operating framework “to ensure accountability and ownership to deliver safe and reliable performance.” He added that bringing Alumbrera back online will act as “a natural enabler” for the larger Minera Agua Rica–Alumbrera (MARA) project by supporting workforce continuity, reducing ramp-up risk, and preserving essential infrastructure.

Nagle also emphasized that the copper division is expected to finance its own development pipeline, though Glencore will remain open to “value-accretive partnering/investor opportunities to reduce financial and operational risks in certain projects.”

The company noted that its coal and energy operations continue to play an important strategic role in meeting global energy and infrastructure requirements. Over the past five years, Glencore has returned $25.3 billion to shareholders.

Crude prices moved higher on Wednesday, erasing early declines, as traders grew increasingly skeptical that ongoing Russia-Ukraine peace discussions would lead to any easing of sanctions on Russian oil. Gains remained modest, however, with persistent worries about oversupply continuing to restrain the market.

By 08:16 GMT, Brent crude was up 26 cents, or 0.4%, at $62.71 a barrel. U.S. West Texas Intermediate rose 29 cents, or 0.53%, to $58.95. Both benchmarks had dropped more than 1% in Tuesday’s session.

In a research note, analysts at Goldman Sachs wrote that “Oil markets and prediction markets do not appear to price a large probability of a near-term peace agreement and removal of the sanctions on Russia oil.”

According to the Russian government, a five-hour discussion between President Vladimir Putin and senior envoys representing U.S. President Donald Trump ended without breakthrough, leaving both sides without a compromise on a possible Ukraine peace deal. Traders are watching closely for any progress that could eventually lift sanctions on Russian energy firms such as Rosneft and Lukoil, freeing up supplies that are currently restricted.

Concerns deepened after Putin charged on Tuesday that European governments were obstructing U.S. efforts to negotiate an end to the conflict, saying their proposals were “absolutely unacceptable” to Moscow. The remarks reinforced expectations that Russian barrels will continue flowing mainly to China and India, at least for now.

Tony Sycamore, market analyst at IG, noted that despite pessimism over the talks, “concerns over an oversupply glut and soft demand continue to weigh on the crude oil price, which must remain above support in the mid $50’s to avoid a deeper setback.”

The war, now in its third year following Russia’s 2022 invasion of Ukraine, has widened beyond the front lines, with Kyiv increasingly targeting Russian energy sites using drones. Recent strikes on export terminals along the Black Sea have underscored the geopolitical risks surrounding supply.

Adding to the bearish pressures, U.S. inventory data pointed to another build in crude and fuel stocks. Market sources citing American Petroleum Institute figures said U.S. crude inventories rose by 2.48 million barrels in the week ending November 28. Gasoline stocks grew by 3.14 million barrels, while distillate inventories increased by 2.88 million.

The U.S. Energy Information Administration is set to publish the official government numbers later on Wednesday.

Gold prices were little changed during Wednesday’s Asian session, with investors opting for caution ahead of several major U.S. economic releases and the Federal Reserve’s meeting next week, where a rate cut is widely anticipated.

Spot gold was flat at $4,204.55 an ounce at 02:45 ET (07:45 GMT), while U.S. gold futures added 0.4% to $4,235.75. Earlier this week, bullion touched its highest level in six weeks at $4,264.29.

Dovish Fed expectations and weaker dollar underpin gold

Expectations for easier monetary policy remain the primary driver of sentiment. CME’s FedWatch tool shows markets assigning nearly a 90% chance of a rate cut when the Fed meets on December 9–10.

The softening policy outlook has pushed the U.S. dollar toward its weakest point since mid-November, making gold cheaper for overseas buyers and supporting demand.

Recent U.S. data has also pointed to cooling economic momentum, strengthening the case for a policy shift. Traders are now waiting for two key releases: Wednesday’s ADP private payrolls report and Friday’s delayed September PCE inflation print — both crucial indicators for Fed officials.

Speculation grows over potential Fed leadership change

Adding to the dovish narrative is talk of a possible change at the top of the Fed. Reports suggest that White House economic adviser Kevin Hassett, known for favoring lower interest rates, has emerged as a leading candidate to replace current Chair Jerome Powell.

The possibility of a leadership transition toward a more rate-friendly figure has boosted gold’s safe-haven appeal.

Other metals see muted moves

Trading was restrained across precious and industrial metals as markets remained wary ahead of next week’s Fed decision.

Silver futures were steady at $58.67 an ounce, slightly below the record $59.65 level.
Platinum futures slipped 1.2% to $1,663.60 an ounce.

Copper saw modest gains, with London Metal Exchange benchmark futures up 0.5% at $11,255.20 a tonne, while U.S. copper futures rose 0.7% to $5.29 a pound.

Bitcoin (COIN:BTCUSD) powered higher on Wednesday, reclaiming the $93,000 level after tumbling toward $84,000 at the start of the week. Traders pointed to a more constructive regulatory tone in the U.S. as well as stronger conviction that the Federal Reserve could lower borrowing costs in the coming days.

As of 02:19 ET (07:19 GMT), Bitcoin was up 7.2%, trading at $93,101.6.

The rebound follows a sharp slide that briefly pulled the token below $85,000 — extending an approximately 33% correction from the record highs above $126,000 set in early October.

SEC remarks and Vanguard’s policy shift bolster sentiment

A large part of the renewed optimism stemmed from comments by SEC Chair Paul Atkins, who reaffirmed that the regulator intends to roll out a revamped framework for crypto markets, including a proposed “innovation exemption.”
The initiative is expected to provide updated guidance surrounding the issuance, storage, and trading of digital assets as the agency works to modernize its oversight.

Institutional confidence also received a boost from Vanguard’s surprise policy reversal. The asset-management giant — the second largest in the world — said it will begin permitting trades in cryptocurrency-linked ETFs and mutual funds on its brokerage platform this week.
The decision opens the door to regulated crypto exposure for millions of investors and highlights the asset class’s increasing acceptance across traditional finance.

Bitcoin also drew support from rising expectations of a Federal Reserve rate cut next week, a development that often boosts appetite for dollar-priced risk assets.

Even so, the violent price swings seen recently have kept some traders wary, with many questioning whether the rally can sustain itself.

Altcoins surge as broader crypto market rebounds

The upswing extended across the digital asset landscape.

Ethereum, the second-largest cryptocurrency, jumped 10% to $3,062.92.

XRP climbed 9.3% to $2.20, maintaining its position as the third-biggest token by market cap.

Solana rallied 12%, Cardano surged 14%, and Polygon strengthened 7%.

In the meme-token category, Dogecoin advanced 11% and $TRUMP gained 5.7%.