Tekmar Group plc (LSE:TGP) has landed a major contract valued at more than €3.5 million to deliver its polyurethane cable protection systems for a large offshore energy development in the Middle East. The award represents the company’s biggest order of this type from the customer and follows an earlier $10 million agreement, reinforcing Tekmar’s growing footprint in the region and its reputation for reliable asset-protection technology.
Despite this commercial momentum, Tekmar Group plc continues to face a challenging financial landscape. Profitability remains negative, cash generation is under pressure, and valuation metrics offer little appeal, with a negative P/E ratio and no dividend support. While some technical indicators hint at potential upside, they are not strong enough to counterbalance the underlying financial weaknesses.
More about Tekmar Group plc
Tekmar Group plc provides advanced protection systems and engineering services for the offshore energy sector, particularly offshore wind. Drawing on nearly four decades of operational expertise, the company delivers solutions spanning geotechnical engineering, simulation, subsea protection equipment, and stability technology. Based in the UK, Tekmar maintains a global presence with operations across 18 locations in Europe, Africa, the Middle East, Asia Pacific, and North America.
U.S. stock futures signaled a sharply weaker open on Friday, suggesting that the market downturn from the prior session is far from over.
Tech names remained at the center of the sell-off, with valuation worries dragging chip giants Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) more than 3% lower in pre-market trading. Major growth stocks such as Palantir Technologies (NASDAQ:PLTR) and Tesla (NASDAQ:TSLA) were also under pressure, extending what is shaping up to be a punishing week for the broader tech sector.
“Markets are down across the board as investors fret about cracks in the narrative that’s driven the mother of all tech rallies over the past few years,” said Dan Coatsworth, head of markets at AJ Bell.
He added, “Investors are worried about rich equity valuations and how billions of dollars are being spent on AI just at a time when the jobs market is looking fragile.”
The market’s slide also reflects growing concerns about monetary policy, following cautious commentary from Federal Reserve officials and uncertainty tied to key U.S. economic indicators that may not be published due to the lengthy government shutdown.
According to CME Group’s FedWatch Tool, the likelihood of a quarter-point cut at the December Fed meeting has fallen to 53.2%, down from 66.9% just a week earlier.
Thursday’s session saw stocks fall sharply at the open before accelerating to the downside throughout the day. By the close, all major averages had suffered heavy losses, breaking a two-day stretch of mixed results. The Nasdaq dropped 536.10 points, or 2.3%, to 22,870.36. The S&P 500 slid 113.43 points, or 1.7%, to 6,737.49, while the Dow sank 797.60 points, or 1.7%, to 47,457.22.
The Dow’s reversal was fueled in part by an abrupt slump in Disney (NYSE:DIS) shares, which plunged 7.8%. The company posted better-than-expected quarterly earnings but missed on revenue, sparking renewed concern about its growth outlook.
High-flying tech names remained under pressure as stretched valuations met a renewed sense of caution. Nvidia—at the center of the AI boom—tumbled alongside Broadcom (AVGO) and Alphabet (GOOGL), weighing heavily on the broader Nasdaq.
Market anxiety also deepened as traders questioned whether essential U.S. economic reports will ever be published. While President Donald Trump signed a short-term funding measure to end the historic shutdown, White House press secretary Karoline Leavitt warned that the October jobs and inflation releases are “likely never being released.”
That uncertainty leaves investors and policymakers “flying blind,” with limited insight into the health of the U.S. economy ahead of the December Fed decision.
Among sectors, computer hardware stocks were some of the hardest hit, with the NYSE Arca Computer Hardware Index tumbling 7%. Semiconductor, networking and software groups also slid sharply.
Beyond tech, weakness spread across the market, dragging down gold miners, financials, and airline stocks as the latest wave of risk aversion rippled through Wall Street.
European equities fell sharply on Friday, extending the prior session’s decline as concerns over a possible bubble in artificial intelligence and uncertainty surrounding the U.S. interest-rate path weighed on sentiment.
Although the United States finally ended its record-long government shutdown, the agreement that reopened federal agencies left several key policy issues unresolved.
Adding to the unease, the White House signaled that October’s employment and inflation figures will “likely never” be published due to the shutdown’s disruption.
Investors also had to digest fresh evidence of China’s weakening economy, with October data reflecting sluggish consumer spending and deeper stress across the property sector.
By mid-morning trading, the U.K.’s FTSE 100 had fallen 1.9%, Germany’s DAX was down 1.8%, and France’s CAC 40 had declined 1.7%.
Land Securities (LSE:LAND) dropped sharply even after the British property group reported solid income growth for the six months to September 30, 2025.
Swiss Re (TG:SR9) also moved lower despite posting nine-month net earnings of $4 billion, up 85% from a year earlier.
In contrast, Siemens Energy (BIT:1ENR) jumped after the German manufacturer significantly upgraded its mid-term outlook, supported by strong demand for gas turbines, services, and power-transmission equipment.
Luxury group Richemont (TG:RITN) advanced as well, buoyed by robust first-half growth, while Allianz (TG:ALV) rose after delivering a stronger-than-expected 15% increase in third-quarter profit.
Orcadian Energy Plc (LSE:ORCA) is stepping onto the global stage with a bold vision for the future of low-carbon power generation. In a recent appearance on The Watch List, CEO Steven A. Brown discussed the company’s latest milestone: the presentation of a pioneering offshore gas-to-power project at ADIPEC, one of the world’s largest energy conferences.
The project, developed alongside partners Independent Power Corporation (IPC) and the Marine Low Carbon Power Company, represents a significant step forward for Orcadian Energy Plc’s strategy to deliver clean, dispatchable power—something Brown calls “the holy grail” of the modern energy sector.
A New Approach to Offshore Gas and Carbon Capture
At the core of the ADIPEC showcase is Orcadian’s unusual southern North Sea gas field. While geologically strong and ideal for development, the field contains roughly 50% CO₂—meaning any viable development solution must actively manage carbon emissions.
Brown explained that the partnership’s proposed offshore platform integrates gas production, power generation, and full-cycle carbon capture:
Gas is produced and partially separated from its high CO₂ content.
The methane and remaining CO₂ are used to generate offshore power.
All CO₂—both pre- and post-combustion—is captured and reinjected back into the reservoir.
This reinjection not only sequesters the CO₂ but also maintains reservoir pressure, improving gas recovery.
The result is a system capable of delivering “clean, dispatchable power”—a combination of reliability and low emissions that renewable sources or conventional fossil fuels alone cannot consistently provide.
The company plans to transmit this low-carbon power through the grid bottleneck near Norwich, directly targeting the rapidly growing energy demands of data centre operators—particularly those powering artificial intelligence infrastructure.
“We call this not a gas-to-power strategy, but a gas-to-artificial intelligence strategy,” Brown said.
As AI workloads surge globally, reliable, low-carbon energy sources have become one of the most sought-after commodities. Orcadian Energy Plc’s project aims to position the company at the centre of this emerging demand.
Viscous Oil Assets Still Play a Role
Although the company is now gaining attention for its low-carbon gas strategy, Orcadian’s origins lie in its viscous oil portfolio.
The firm’s Pilot oil field—an 80-million-barrel recoverable discovery—remains a central asset. Orcadian holds an 18.75% stake in the project, fully carried by its partner Ping. Brown described this partnership model as ideal: secure a licence, design a strong development plan, bring in a capable partner, and be carried through to first oil or first gas.
Why Orcadian Acquired a Company With No Licences
In a strategic move last year, Orcadian acquired Halo, a company with no existing licences. At first glance this might seem puzzling—but Brown highlighted a hidden value.
Halo brought:
High-quality historical data on the Pegasus and Andromeda gas fields
A fiscal history that provides significant tax and financial advantages when combined with producing assets
This fiscal benefit, rather than the assets themselves, drove the acquisition. Orcadian now aims to crystallise this value by pairing Halo’s fiscal position with new producing fields.
Looking Ahead
Orcadian Energy Plc’s recent visibility at ADIPEC signals a growing international profile and a shift toward innovative, low-carbon solutions that serve the rapidly expanding AI and data centre markets.
As Brown summarised, the company is actively working to unlock both environmental and shareholder value across its evolving portfolio.
For more information on Orcadian Energy Plc’s low-carbon initiatives, visit orcadian.energy.
Bitcoin (COIN:BTCUSD) extended its decline on Friday, slipping below the psychologically important $100,000 threshold as fading expectations of a Federal Reserve rate cut in December weighed heavily on risk markets.
The cryptocurrency was also heading for its third weekly loss in a row, with institutional demand continuing to retreat.
By 00:00 ET, Bitcoin was down 4.2% at $97,795.5—its weakest level since May—after briefly touching an intraday low of $96,866.1.
Fed uncertainty intensifies as markets scale back December rate-cut bets
Traders sharply reduced their expectations for a December rate cut this week amid growing questions about the health of the U.S. economy.
The nearly 43-day U.S. government shutdown, which finally ended on Wednesday, created a major disruption in economic reporting. Officials have already warned that October’s inflation and employment data may not be released at all, leaving the Federal Reserve with a significant information gap heading into its December meeting.
This lack of visibility has led markets to conclude that the central bank is more likely to hold rates steady. CME’s FedWatch tool now shows the probability of a 25-bps cut at just 45.4%, down from 63.8% a week earlier.
The overall uncertainty pushed investors away from speculative trades, putting additional pressure on cryptocurrencies.
Weak institutional flows push Bitcoin toward a third week of losses
Bitcoin’s drop this week was amplified by declining institutional participation. Data from SoSoValue showed that U.S. spot Bitcoin ETFs saw almost $897 million in outflows on Thursday, marking their third straight week of withdrawals.
Major institutional buyers have been reluctant to re-enter the market, especially after Bitcoin spent much of October and early November stuck in a narrow consolidation range.
Altcoins fall alongside Bitcoin
Losses extended across the crypto market. Ether dropped 9.3% to $3,161.68 and was down more than 7% for the week. BNB slipped 5.4%, XRP fell 8%, and Solana and Cardano were both lower by roughly 8.5% to 9%.
Among meme tokens, Dogecoin and $TRUMP each fell more than 7%.
Oil prices advanced on Friday, lifted by renewed supply concerns after a Ukrainian drone strike hit infrastructure in Novorossiysk, a key Russian export center on the Black Sea.
By 07:01 GMT, Brent crude was up 79 cents, or 1.25%, to $63.80 a barrel, while U.S. West Texas Intermediate crude rose 82 cents, or 1.38%, to $59.50. Both benchmarks had initially surged more than 2% during early Asian trading before trimming gains. For the week, Brent was slightly higher while WTI was modestly lower.
Russian officials reported that the attack caused damage to a vessel, nearby residential buildings, and an oil depot, injuring three crew members.
June Goh, senior oil market analyst at Sparta Commodities, said “Ukrainian drone attacks … have sparked new fears of oil supply flow disruptions as this port is the second largest oil export hub in Russia,” noting that the strike occurred less than two weeks after a major incident in Tuapse.
She added: “The extent of the damage is not yet known but if the pattern of escalation continues, then there would be a supply curtailment both in crude and product exports out of Russia.”
Industry data indicates that Novorossiysk handled 3.22 million tonnes of crude exports in October—around 761,000 barrels per day—and 1.794 million tonnes of oil products.
The rebound in prices comes after both Brent and WTI slid roughly 3% on Wednesday, pressured by an OPEC forecast showing global supply is likely to slightly exceed demand in 2026, a shift from previous deficit projections.
U.S. data also contributed to market volatility. The Energy Information Administration reported a sharp rise in crude stockpiles last week, with inventories climbing 6.4 million barrels to 427.6 million—more than triple analysts’ expectations.
Meanwhile, investors are closely watching how newly enacted U.S. sanctions targeting Russian oil firms could reshape trade flows. Washington has barred transactions with Rosneft and Lukoil after November 21 as part of broader efforts to pressure Moscow.
JPMorgan said Thursday that nearly 1.4 million barrels a day of Russian crude—almost one-third of its seaborne exports—has accumulated in floating storage as sanctions slow offloading. The bank warned that unloading could become considerably more difficult after the sanctions deadline.
Gold prices pushed higher in Asian trading on Friday, supported by renewed risk aversion as markets confronted a murky U.S. economic outlook. Still, optimism was tempered as traders continued dialing back expectations for a Federal Reserve rate cut in December, limiting the metal’s advance.
The precious metal was also on course to register its first weekly rise in a month, having reclaimed the $4,000 per-ounce threshold earlier in the week. Strength spilled over into other precious metals as well.
Spot gold climbed 0.4% to $4,187.43 per ounce by 00:24 ET (05:24 GMT), while December futures eased slightly to $4,190.75 per ounce.
Safe-haven demand supports gold amid U.S. data uncertainty
Gold’s roughly 5% weekly rise reflected increased safe-haven buying as investors remained uneasy about how upcoming U.S. economic data will look—especially in the aftermath of the nearly 43-day government shutdown that only just concluded.
While official statistics are expected to resume in the coming weeks, analysts worry that the delayed releases could reveal sharper-than-expected weakness. U.S. officials also indicated on Thursday that inflation and labor market figures for October might never be released due to the shutdown’s disruption.
Other precious metals advanced as well. Spot platinum rose 0.5% to $1,593.83 per ounce, while spot silver jumped 1.1% to $52.8815 per ounce. Silver was the standout performer this week, soaring about 9% and nearing October’s record levels.
Markets trim December Fed cut expectations
The lack of reliable economic data heading into the December Federal Reserve meeting has made traders more cautious, prompting a sharp pullback in bets on a rate cut.
ANZ analysts wrote that “It may take days or even weeks for the federal bureaucracy to fully restart and issue long awaited economic data. Any delays could keep Fed governors relatively cautious,” highlighting recent remarks from San Francisco Fed President Mary Daly that it remained too early to judge whether a rate reduction was appropriate.
According to CME’s FedWatch tool, the probability of a 25-basis-point cut has tumbled to 45.4%, down from 64.3% a week earlier. The likelihood of no change in rates has surged to 54.6%.
The U.S. dollar drew only mild support from the recalibration in pricing, as broader worries about economic momentum continued to outweigh the rate outlook. The currency was poised for a weekly loss of around 0.4%, helping prop up precious metal prices.
The U.S. dollar firmed slightly on Friday as traders lowered expectations for a December rate cut from the Federal Reserve. Even with the modest uptick, the greenback remained on course to end the week lower, with investors sifting through policy signals and awaiting fresh economic data now that the government has reopened.
At 04:05 ET (09:05 GMT), the Dollar Index was up 0.1% at 99.125, though still heading toward a roughly 0.4% weekly loss.
Dollar steadies after Fed officials strike cautious tone
The currency drew limited support after several Fed policymakers reiterated concerns about easing too aggressively, pointing to lingering inflation pressures and signs that hiring remains steady.
Minneapolis Fed President Neel Kashkari told Bloomberg he opposed last month’s rate cut and remains undecided about whether to support another move in December.
Similarly, remarks from St. Louis Fed President Alberto Musalem and Cleveland Fed President Beth Hammack suggested that cutting rates too soon risked making monetary policy “overly accommodative” with inflation still elevated.
Market data from CME Group’s FedWatch tool now shows just over a 50% chance of a rate cut at the December 10 meeting, down from 63% the day before.
Nevertheless, many investors remain cautious about taking fresh long-dollar positions as they await delayed U.S. economic releases.
Analysts at ING noted that “while the move in the dollar fits our bearish view, it feels a bit premature and at risk of rapid reversal should the initial batch of U.S. data prove not as bad as seemingly priced in.”
Sterling slips as UK fiscal strategy comes under scrutiny
GBP/USD fell 0.2% to 1.3172, surrendering part of its previous session’s gains against a soft dollar.
The pullback came after the Financial Times reported that U.K. Prime Minister Keir Starmer and Finance Minister Rachel Reeves had abandoned plans to raise income tax rates ahead of the November 26 budget — a major shift in policy direction.
ING commented, “It’s not clear how Reeves plans to fill the £30bn fiscal hole without touching income tax. Media reports are currently suggesting a number of options being considered. One appears to be freezing the threshold for income tax brackets, which would have a similar fiscal effect as raising the rate on one bracket and could be well received by markets.”
EUR/USD hovered at 1.1632 after touching a two-week high on Thursday. Investors now look to eurozone GDP data expected to show 0.2% quarterly growth in Q3.
ING added, “EUR/USD has now entirely erased its undervaluation gap, and we now feel less confident about short-term upside unless U.S. data come in soft. We see some correction risks today, with a return below 1.160 surely possible.”
Yuan weakens after soft Chinese data; yen, aussie move higher
In Asia, USD/CNY edged up 0.1% to 7.1007 after China reported disappointing October economic indicators, including weaker industrial production and a sharper-than-expected decline in fixed-asset investment. Retail sales offered a modest upside surprise but still slowed from September.
USD/JPY ticked higher to 154.60, recovering part of Thursday’s retreat from the closely watched 155 level — an area associated with past Japanese government intervention.
AUD/USD advanced 0.6% to 0.6577 after stronger Australian labor market data reduced expectations that the Reserve Bank of Australia will deliver further rate cuts.
U.S. equity futures weakened again on Friday, extending the heavy losses seen on Thursday as investors reassessed tech valuations, incoming economic data, and tightening export limits on advanced chip equipment. Applied Materials (NASDAQ:AMD) shook confidence further by signaling that spending on semiconductor tools in China will likely decline next year under stricter U.S. rules. Reports also indicated a small dip in jobless claims, while risk-off sentiment drove Bitcoin (COIN:BTCUSD) sharply below $100,000.
Futures signal more weakness
At 02:49 ET, futures on the Dow, S&P 500, and Nasdaq 100 were all trading in negative territory. The selloff followed Thursday’s steep decline, which erased optimism from earlier in the week after the government shutdown ended.
High-growth tech names continued to slide, with Nvidia (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) leading losses. Oracle has now surrendered over a third of its value since peaking in September.
Vital Knowledge analysts wrote that “stocks suffered a steep slump thanks to continued carnage in tech as investors start throwing in the towel on a year-end rally.”
Applied Materials highlights China headwinds
Applied Materials told investors that tighter U.S. export controls blocked roughly $110 million in shipments last quarter — restrictions paused only after the Trump-Xi meeting. The company reiterated that expanded rules will cut 2026 revenue by $600 million but maintained that AI-related demand should lift sales in late 2026.
Jobless claims dip slightly
Unofficial state filings suggested first-time claims eased to around 227,000 last week. But with no official BLS data during the shutdown, markets remain in the dark. Odds of a December Fed rate cut sit near 50%.
Bitcoin tumbles
Bitcoin (COIN:BTCUSD) fell more than 6% early Friday, crossing below the $100,000 threshold and extending a multi-week decline driven by fading institutional flows.
China data disappoints
China’s October industrial output and retail sales both missed expectations, underscoring weak demand and continued pressure on manufacturers.
European equities slipped on Friday, cutting short an otherwise constructive week as investors grew more cautious about the global economic outlook and the declining odds of an additional U.S. Federal Reserve rate cut before year-end.
By 08:10 GMT, Germany’s DAX was down 0.4%, France’s CAC 40 lost 0.5%, and London’s FTSE 100 retreated 1.1%. Even with today’s declines, all three indices remain on track to end the week higher, helped earlier by renewed risk appetite after the U.S. government reopened.
Fed rate-cut expectations scaled back
European sentiment followed Wall Street lower after the NASDAQ Composite tumbled 2.3% overnight, particularly hurt by a pullback in high-growth tech stocks as traders trimmed expectations for Fed policy easing in December and questioned stretched AI-related valuations.
Recent hawkish remarks from several Fed officials have further clouded the prospect of a December rate cut. St. Louis Fed President Alberto Musalem warned that the central bank has limited scope to ease without overstimulating the economy, while Cleveland Fed President Beth Hammack argued that policy should stay restrictive to keep inflation heading down. Minneapolis Fed President Neel Kashkari separately told Bloomberg he opposed a cut last month and remains unsure about December.
Market pricing now assigns just over a 50% chance of a quarter-point cut at the December 10 meeting, down from 63% the day before, CME FedWatch data shows.
Chinese slowdown adds pressure
Sentiment also softened after the release of disappointing Chinese figures. Industrial production expanded only 4.9% in October from a year earlier—the slowest pace since August 2024—while retail sales grew just 2.9%, another post-August low. The numbers point to continued soft domestic demand in the world’s second-largest economy, a key market for many European exporters.
Concerns about the U.S. economy also lingered, with the government slowdown expected to dampen activity in the world’s biggest growth engine.
The eurozone’s own momentum remains lackluster: GDP data due later today are expected to show a meagre 0.2% expansion in Q3, after just 0.1% in Q2.
Allianz, Swiss Re, Richemont and Melrose report strong updates
In corporate news, Allianz (TG:ALV) raised its full-year operating profit guidance after delivering record third-quarter and nine-month results.
Swiss Re (TG:SR9) announced a $4 billion profit for the first nine months of 2025, supported by stronger underwriting in its property-and-casualty reinsurance division and reduced natural catastrophe claims.
Richemont (TG:RITN) topped expectations with quarterly sales rising 14% at constant exchange rates in July–September, even as the Swiss luxury house awaits the outcome of tariff negotiations between Switzerland and the U.S. following President Trump’s earlier announcement of steep 39% duties on Swiss imports.
Melrose Industries (LSE:MRO) said revenues increased 14% in the four months to October 31, led by robust growth in its Engines business.
Oil spikes after attack on Russian port
Oil prices jumped after a Ukrainian drone strike hit an oil depot at Russia’s Black Sea port of Novorossiysk, raising concerns about potential supply disruptions.
Brent crude climbed 1.5% to $63.97 a barrel, while U.S. WTI futures advanced 1.7% to $59.67. Despite the rally, both benchmarks remain set for only modest weekly gains after OPEC said earlier this week that global supply is likely to slightly exceed demand in 2026, triggering a selloff.
