Category: Market News

DFS Furniture plc (LSE:DFS) reported a solid start to fiscal year 2026, with order intake rising over the first 19 weeks despite a sluggish wider market. Management highlighted the benefits of the company’s scale, vertically integrated model, and distinctive culture, noting that ongoing cost-efficiency measures have lifted gross margins and helped offset inflationary pressures. Even with broader economic uncertainty, DFS expects to deliver substantial first-half profit growth and remains focused on executing its strategy to deliver long-term value for customers and shareholders.

The company’s outlook is supported by firm cash generation and disciplined cost control, factors that strengthen its financial position. While elevated leverage and modest profitability continue to pose hurdles, DFS’s moderate valuation, improving technical backdrop, and positive momentum provide additional support for its near-term potential, even in the absence of dividends or recent earnings-call updates.

More about DFS Furniture

DFS Furniture plc is the UK’s largest specialist retailer of upholstered furniture, offering a wide range of affordable, well-designed, and sustainably sourced products. The company operates through both physical showrooms and digital platforms across the United Kingdom and the Republic of Ireland, primarily under the DFS and Sofology brands, which are recognized for quality craftsmanship and flexible consumer financing options.

Amaroq Ltd. (LSE:AMRQ) delivered a strong set of results for the third quarter of 2025, underscored by the successful ramp-up of operations at the Nalunaq mine. The company confirmed it met its gold production objectives for the period and advanced its shift to an owner-operated mining model—an operational change aimed at boosting productivity and cost control.

During the quarter, Amaroq also accelerated its exploration pipeline. Fieldwork uncovered new zones of high-grade gold as well as promising critical mineral occurrences, findings that the company expects will strengthen long-term project value and broaden its development potential.

More about Amaroq Ltd

Amaroq Ltd. is a mining company focused on gold production and mineral exploration in Greenland. Its core activities center on the Nalunaq gold project, where it extracts and processes ore, while also advancing exploration across a broader portfolio that includes targets prospective for rare earth elements and other critical minerals.

U.S. equity futures were signaling a softer start to Thursday’s session, with investors bracing for early declines after two days of uneven trading.

Much of the pressure stems from Disney (NYSE:DIS), whose shares are sliding 6.0% in premarket action. The entertainment group delivered better-than-expected fiscal fourth-quarter profits, but revenue fell short of forecasts, weighing on sentiment across the broader market.

Some of the downside may be tempered by political developments in Washington. President Donald Trump signed a stopgap funding bill late Wednesday, formally ending the longest federal government shutdown on record. The measure extends funding for most federal agencies through January 30, enabling the return of key U.S. economic data releases that investors have been waiting for.

However, uncertainty remains. White House press secretary Karoline Leavitt warned reporters on Wednesday that the October employment and inflation readings are “likely never being released” due to the prolonged shutdown, leaving a gap in the economic picture heading into year-end.

The indices themselves have been moving in different directions this week. On Wednesday, the Dow powered to another record close, boosted by strong moves in UnitedHealth (NYSE:UNH), Goldman Sachs (NYSE:GS) and Cisco Systems (NASDAQ:CSCO). The Nasdaq, by contrast, dipped again as technology names continued to struggle with valuation concerns.

The Nasdaq slipped 61.84 points, or 0.3%, to finish at 23,406.46. The S&P 500 edged up 4.31 points, or 0.1%, to 6,850.92, while the Dow advanced 326.86 points, or 0.7%, ending at 48,254.82.

One notable bright spot in tech was Advanced Micro Devices (AMD). Shares jumped 9.0% after CEO Lisa Su forecast that the company’s annual revenue growth could average more than 35% over the next three to five years. She also reiterated that AMD could achieve “double-digit” market share in data-center AI chips, a segment currently dominated by Nvidia (NASDAQ:NVDA).

Meanwhile, lawmakers in the House of Representatives were preparing Wednesday to vote on the funding bill to bring the shutdown to a definitive close — a move that helped keep volatility in check.

Sector performance was mixed. Gold miners rallied sharply as bullion prices surged, lifting the NYSE Arca Gold Bugs Index by 3.7%. Airline stocks also gained momentum, with the NYSE Arca Airline Index up 2.6%.

Steelmakers, drug manufacturers, and semiconductor stocks posted solid advances, while energy shares slumped alongside a steep decline in crude oil prices.

European equities turned lower on Thursday afternoon, giving back early gains as investors positioned themselves ahead of upcoming economic releases following the end of the longest U.S. federal shutdown in history. The shutdown concluded late Wednesday after President Donald Trump signed a temporary funding package.

The Republican-controlled House approved the short-term measure with a 222 to 209 vote, with two members not voting.

After signing the bill in the Oval Office, Trump said the government would now “resume normal operations” after “people were hurt so badly” during the prolonged closure.

The agreement includes stopgap funding that keeps the U.S. government operating until January 30.

While markets remain cautious, expectations that the Federal Reserve will cut interest rates next month helped limit downside pressure on equity indexes.

Across major European benchmarks, the U.K. and Germany traded in negative territory, while France remained firmly higher.
The Stoxx 600 edged up 0.11%, the FTSE 100 slipped 0.34%, the DAX dropped 0.4%, and the CAC 40 gained 0.69%.

U.K. movers

In London, 3I Group (LSE:III) plunged nearly 16%, despite a sharp rise in first-half profit, after the firm flagged tougher conditions ahead and softer recent performance at Action, the discount retailer that dominates its portfolio.

First-half profit climbed to £3.287 billion, up from £2.048 billion, while EPS increased to 339.8p from 211.6p.

Heavyweights including Aviva (LSE:AV.), WPP (LSE:WPP), Admiral Group (LSE:ADM), SSE (LSE:SSE), Barratt Redrow (LSE:BTRW), Vodafone (LSE:VOD), BP (LSE:BP.), Coca-Cola Europacific Partners (LSE:CCEP), Kingfisher (LSE:KGF), Bunzl (LSE:BNZL), Entain (LSE:ENT), GSK (LSE:GSK), Shell (LSE:SHEL), Smith & Nephew (LSE:SN.), and Compass Group (LSE:CPG) traded 1% to 2.5% lower.

Bright spots included Endeavour Mining (LSE:EDV), soaring 11.5% after a strong Q3 supported by stronger gold prices and robust output.

Burberry Group (LSE:BRBY) advanced after reporting its first-half pretax loss narrowed to £48 million from £80 million.

Convatec Group (LSE:CTEC) rose 6.5%, while Fresnillo, Spirax Group, Persimmon, Metlen Energy & Metals, IAG, Hiscox, Experian, Babcock International, Standard Chartered, and EasyJet posted moderate to sharp gains.

Germany

In Frankfurt, Siemens dropped 5.5% after quarterly earnings fell to €1.619 billion (€2.05 per share) from €1.900 billion (€2.38) a year earlier.

Siemens Healthineers slipped 3.2%, while RWE and E.ON lost 2.1% and 2%, respectively.
Fresenius Medical Care, Beiersdorf, and Fresenius also weakened.

Meanwhile, Merck climbed more than 6% after Q3 net profit increased to €898 million (€2.07 per share) from €812 million (€1.86). Pre-exceptional EPS edged up to €2.32.

Munich RE, Bayer, MTU Aero Engines, Hannover Rück, and Infineon gained between 1% and 1.7%.

France

In Paris, Kering, Teleperformance, Crédit Agricole, Bouygues, Société Générale, Saint-Gobain, AXA, Unibail-Rodamco, Thales, Dassault Systèmes, and TotalEnergies advanced 1% to 2.5%.

Carrefour rose more than 1.5% after the Saadé family acquired a 4% stake, becoming the company’s new majority shareholder.

Edenred slid 1.9%, while Pernod Ricard dropped 1.5% and Legrand, Publicis Groupe, and Hermès International posted modest declines.

Economic data

• Eurozone industrial production rose 0.2% MoM in September after a 1.1% decline in August. YoY growth held at 1.2%, missing forecasts of 2.1%.
• France’s unemployment rate ticked up to 7.7% in Q3 from a revised 7.6%.
• U.K. GDP grew 0.1% in Q3, slowing from 0.3%. Monthly GDP fell 0.1%, following no growth in August.
• The U.K. visible trade deficit narrowed to £18.89 billion from £19.53 billion.

London’s blue-chip index slipped on Thursday after fresh data showed the U.K. economy only eked out modest growth in the third quarter, while the pound firmed slightly against the dollar but stayed close to the $1.31 mark. Trading across Europe was mixed.

By 12:17 GMT, the FTSE 100 was down 0.6%, while GBP/USD was up 0.2% at 1.31. Elsewhere in Europe, Germany’s DAX shed 0.5% and France’s CAC 40 added 0.4%.

UK corporate highlights

• Rolls-Royce Holdings PLC (LSE:RR.) reaffirmed its full-year 2025 guidance, citing strong momentum through October across its Civil Aerospace, Power Systems and Defence units. The company said it remains on course to deliver underlying operating profit of £3.1–£3.2 billion and free cash flow between £3–£3.1 billion.
• Wizz Air Holdings PLC (LSE:WIZZ) surged after the budget airline posted sharply higher earnings for the six months to September 30. Operating profit climbed 25.8% to €439.2 million, with net profit up 2.6% at €323.5 million. Revenue grew 9% to €3.34 billion on higher capacity and solid demand.
• Burberry Group PLC (LSE:BRBY) delivered a 2% rise in second-quarter comparable store sales, beating 1% forecasts and ending seven straight quarters of declines. The improvement suggests its turnaround projects and stabilization in China are beginning to take hold.
• 3i Group PLC (LSE:III) reported a total return of £3.29 billion for the first half, but shares slipped as softer recent trading at portfolio company Action overshadowed broadly in-line results. NAV per share rose to 2,857p, partly helped by a foreign-exchange gain.
• Aviva PLC (LSE:AV.) posted a robust Q3 update and raised its medium-term goals, saying it now expects to meet its 2026 financial targets a year early. Despite the upbeat outlook, shares dropped more than 4% in early deals.
• Keller Group PLC (LSE:KLR) said it remains on track to meet full-year expectations, even as macroeconomic volatility continues to weigh on the construction sector. Analysts currently expect £214 million in underlying operating profit for 2025.
• Spirax Group PLC noted improved organic sales growth and a stronger adjusted operating margin for the 10 months to October 31, compared with performance in the first half, despite sluggish global industrial production.
• Persimmon PLC (LSE:PSN) reported a 15% rise in forward sales to £2.79 billion as of November 2, 2025, reflecting resilient demand even as the housing market remains challenging.
• ConvaTec Group PLC (LSE:CTEC) traded higher after narrowing its 2025 revenue growth outlook to 6–6.5% and outlining guidance for 2026. Organic revenue for the 10 months to October 30 rose 6.3%.
• Qinetiq Group PLC (LSE:QQ.) beat expectations with a £96.0 million underlying operating profit despite a 3% organic revenue decline and reiterated its full-year guidance.
• B&M European Value Retail SA (LSE:BME) fell 1.2% following a 30.2% drop in first-half adjusted EBITDA, as subdued like-for-like sales and rising costs weighed on results.
• Endeavour Mining Corp delivered a strong quarter with adjusted EPS of $0.66, comfortably beating consensus of $0.48, supported by production of 264,000 ounces of gold.
• Grafton Group PLC (LSE:GFTU) slipped after noting a slowdown in trading momentum. Revenue for the 10 months to October 31 reached £2.13 billion, up 11.5% year-on-year, though like-for-like daily revenue growth eased to 1.6% in recent months.
• ASOS PLC (LSE:ASC) jumped after unveiling a new five-year refinancing package, including a £150 million term loan and an £87.5 million Delayed Draw Term Loan, providing additional financial headroom and improved terms.

Rio Tinto (LSE:RIO) is placing its $2.4 billion Jadar lithium project in Serbia on hold, as newly appointed CEO Simon Trott moves to streamline operations and shift focus toward projects offering quicker returns.

The company has been working on Jadar for nearly two decades, following its 2004 discovery of the large lithium-bearing deposit in western Serbia. Earlier this year, the European Union classified the project as strategic, highlighting its potential to become a key supplier of battery metals for European manufacturers.

However, despite that status, Jadar has struggled to advance. The development has faced persistent local opposition, as well as what officials believe were targeted Russian disinformation efforts aimed at derailing progress.

According to an internal memo reviewed by The Wall Street Journal, Rio Tinto will move the project into “care and maintenance” as part of a broader initiative to “simplify and prioritize near term opportunities.”

The memo reaffirmed the company’s belief that Jadar remains a valuable resource with the potential to support Serbia’s and Europe’s energy transition. But it also stressed that the “lack of progress in permitting” has left Rio Tinto “not in a position to sustain the same level of spend and resource allocation.”

The shift reflects Trott’s early strategy since replacing Jakob Stausholm in August. The new chief executive has pledged to sharpen the miner’s focus, reduce costs, and eliminate distractions as the world’s second-largest miner by market value seeks more reliable growth avenues.

Young’s Brewery (LSE:YNGA) reported another milestone set of interim results on Thursday, delivering record first-half figures and launching a £10 million share repurchase plan.

For the 26 weeks to September 29, the pub group posted £263.6 million in revenue, up 5.4% year-on-year, while adjusted profit before tax climbed 9.9% to £31.1 million. The company said robust sales momentum and margin improvements helped offset persistent cost pressures from wage growth and broader inflation.

Like-for-like sales rose 5.7%, more than double the 2.7% pace seen across the wider market. Warm spring and early summer weather helped drive footfall, particularly across the brewer’s riverside pubs and outdoor trading spaces.

“Our proven strategy and unwavering commitment to operating a premium, well-invested managed house estate continues to be reflected in these results,” said Chief Executive Simon Dodd.

Young’s deployed £12.6 million into its estate during the period and cut net debt by 13.3% to £221.8 million. The group also lifted its interim dividend by 6% to 12.22 pence per share.

Momentum has carried into the current quarter, with like-for-like revenue over the past thirteen weeks up 4.2%. Christmas bookings are running 22% ahead of last year at the same point.

Even with the solid start to the second half, Young’s flagged lingering economic uncertainty and possible headwinds linked to November’s UK Budget, noting it will remain cautious despite the strong trading backdrop.

Oil prices dipped again on Thursday, adding to the prior session’s selloff, after new inventory data from the United States heightened concerns about an increasingly oversupplied market.

As of 06:45 GMT, Brent crude traded flat at $62.71 a barrel following a 3.8% drop on Wednesday. U.S. WTI crude slipped by 3 cents to $58.46, extending the previous session’s 4.2% decline.

According to market sources citing American Petroleum Institute data, U.S. crude stocks grew by 1.3 million barrels for the week ending November 7. Gasoline and distillate stocks were reported lower.

Wednesday’s decline accelerated after OPEC indicated that global oil supply is likely to exceed fuel demand in 2026—a shift away from the group’s earlier expectations of a deficit.

Suvro Sarkar, energy sector team lead at DBS Bank, said: “Recent (price) weakness seems to be driven by OPEC’s revision of supply-demand balance in 2026 in its monthly report, which confirms the group is now acknowledging the possibility of a supply glut in 2026, in contrast to its more bullish stance all along.”

He added: “This falls in place with the recent decision to pause the unwinding of voluntary production cuts in 1Q. Given that this is just a shift to a more realistic reading of the market, it doesn’t change fundamentals, hence the market reaction seems overdone.”

The projected surplus is tied to increased production from OPEC+, which includes both cartel members and partners like Russia.

Yang An at Haitong Securities noted: “OPEC’s signal of a supply surplus unleashed previously pent-up bearish sentiment in the previous session, while a U.S. crude inventory build added pressure, pushing oil prices to continue to slide on Thursday morning.”

Traders now await official inventory data from the U.S. EIA due later in the day. Additional reports on Wednesday further weighed on market sentiment.

The EIA said in its Short-Term Energy Outlook that U.S. oil output is on course to set an even bigger record this year. It also expects global oil inventories to keep rising through 2026 as supply growth continues to outpace consumption.

Despite the bearish backdrop, some analysts believe crude will find a floor near current levels.

Sarkar said: “There should be considerable support to oil prices around $60/bbl, especially given there could be short-term disruption to Russian export flows once stricter sanctions kick in.”

Gold prices advanced again on Thursday in Asian hours, extending their recent climb as investors continued to take a defensive stance toward the U.S. economy—even after lawmakers agreed to end the country’s record-breaking government shutdown.

The metal has benefited over the past week from a run of soft private labor indicators in the U.S., which initially boosted expectations of a December rate cut from the Federal Reserve. However, with markets scaling back those expectations in recent days, gold’s momentum has slowed somewhat.

Strong and persistent central bank demand—especially from China—has also been a key tailwind. Figures showed the People’s Bank of China increased its bullion reserves for the twelfth consecutive month in September.

Spot gold rose 0.4% to $4,210.63 per ounce, while December futures held firm at $4,214.60 per ounce as of 00:06 ET (05:06 GMT).

Gold supported by caution around U.S. economic outlook after shutdown ends

Gains this week have come even as Washington moves to reopen after a nearly 43-day shutdown. President Donald Trump signed the funding bill Wednesday evening after the House approved the measure earlier in the day, allowing key government agencies to restart normal operations and release delayed economic reports.

Upcoming data for October and November is widely expected to reflect the toll of the prolonged shutdown. Trump said the disruption cost the U.S. economy $1.5 trillion.

In a note, ANZ analysts wrote: “The prospect of weak economic data following the US government shutdown also helped push gold higher,” noting that heavy central bank accumulation and broader macro uncertainty were also at play.

Other precious metals joined gold in the green. Spot platinum inched up 0.1% to $1,620.15 per ounce, while spot silver jumped 1.7% to $54.1665 per ounce.

Metal markets remained upbeat even as traders dramatically reduced the odds of a December Fed rate cut. According to CME FedWatch, the probability of a 25-bps reduction now sits at 50.4%, down from 62.4% just a day earlier.

Copper rises on optimism from U.S. reopening and expectations of Chinese stimulus

Industrial metals also moved higher, with copper holding onto its strong performance of recent weeks.

London Metal Exchange benchmark copper futures gained 0.2% to $10,933.80 a ton, while COMEX contracts climbed 0.7% to $5.1215 per pound.

Sentiment improved after the end of the U.S. shutdown, raising hopes that domestic business activity will face fewer hurdles and that demand for industrial metals may rebound.

Copper also received support from China, where policymakers have pledged new stimulus efforts, including measures tied to the country’s latest five-year plan aimed at boosting industrial output and strengthening domestic manufacturing.

The U.S. dollar drifted lower on Thursday after President Donald Trump approved legislation to end the country’s record-breaking government shutdown, lifting market sentiment, while the British pound struggled to advance following lackluster U.K. growth figures.

By 03:50 ET (08:50 GMT), the Dollar Index — which measures the greenback against six major peers — slipped 0.2% to 99.150, hovering near a one-month low.

Safe-haven dollar softens as federal funding resumes

The dollar lost some of its defensive appeal after Trump signed the spending bill late Wednesday in the Oval Office, reopening government operations after the House of Representatives voted through the measure.

The shutdown — poised to enter its 43rd day before the deal was struck — had been the longest in U.S. history, disrupting numerous federal agencies, especially aviation safety and transport oversight. It also delayed the release of key economic indicators that help guide Federal Reserve decision-making.

With federal departments restarting, markets now expect a flood of postponed data, including the upcoming monthly employment report.

Analysts at ING noted: “The White House said October payrolls and CPI data are unlikely to be released, meaning volatility will take time to pick up.”

Pound struggles despite dollar weakness

Sterling saw little benefit from the softer dollar, with GBP/USD trading flat around 1.3133 after fresh figures showed a sluggish performance from the U.K. economy.

GDP expanded only 0.1% between July and September, down from 0.3% in the prior quarter. The monthly reading for September showed a 0.1% contraction, raising pressure on the Bank of England to return to rate cuts after its recent pause.

ING commented:
“This complicates the job of Chancellor Rachel Reeves a bit more ahead of the UK Budget, where she’ll try to reassure markets with fiscally prudent measures, whilst trying not to dampen growth excessively or stoke up inflation.”

EUR/USD added 0.2% to reach 1.1612 ahead of eurozone industrial production figures expected to rebound after a sharp drop last month.

ING analysts added:
“EUR/USD has been attempting a break above 1.160, and while we are bullish on the pair into year-end, we admit a decisive move higher may be a bit premature. Some soft U.S. data is needed before 1.170 becomes a realistic short-term target for EUR/USD. For now, we expect more range-bound trading.”

Yen nears levels that previously prompted intervention

USD/JPY held near 154.77 in Asia after briefly topping the 155 mark for the first time in nearly ten months. The yen also touched a fresh all-time low against the euro as sentiment toward the currency remained negative.

Japan has intervened at similar levels in past episodes, and traders are now watching to see whether Prime Minister Sanae Takaichi’s government considers stepping in again.

USD/CNY slipped 0.2% to 7.0966 after a firmer-than-expected midpoint fixing from the People’s Bank of China. Meanwhile, AUD/USD gained 0.6% to 0.6577 following stronger Australian employment data that tempered expectations of further Reserve Bank rate cuts.