Category: Market News

Rockfire Resources PLC (LSE:ROCK) has secured £2 million in fresh capital through a strategic investment and the issuance of 2 billion new ordinary shares. ACAM LP, a key investor, contributed significantly by acquiring 50% of the new shares. This funding will support the continued development of the company’s Molaoi project in Greece, with a focus on enhancing the existing zinc resource and initiating a maiden JORC-compliant estimate for germanium. These developments aim to strengthen Rockfire’s position in the global mining sector.

About Rockfire Resources PLC

Rockfire Resources is an exploration company focused on gold, base metals, and critical minerals. Its flagship asset is a high-grade zinc, lead, silver, and germanium deposit located in Greece. The company also holds a suite of gold, copper, and silver exploration projects in Queensland, Australia.

The S&P 500 closed at a new all-time high on Wednesday, lifted by a rebound in tech stocks and renewed optimism surrounding international trade agreements. These positive developments helped overshadow weaker-than-expected jobs data showing the first decline in private payrolls in over two years.

At the close (4:00 p.m. ET), the Dow Jones Industrial Average edged down 10 points, or 0.02%. The S&P 500 rose 0.5% to a record 6,226.63, while the tech-heavy NASDAQ Composite gained 0.9%.

Tech Recovery and Trade Momentum Drive Gains

Investor sentiment improved after President Donald Trump announced a new trade deal with Vietnam—the third agreement reached ahead of the July 9 deadline, when a pause on reciprocal tariffs is set to expire. The announcement follows recent progress on deals with China and Canada, and speculation that India may also reach an agreement in the coming days.

Trump stated he has no plans to extend the deadline and will begin formally notifying countries of the tariff rates they will face. According to a Financial Times report, the U.S. is now prioritizing smaller, phased trade agreements in an effort to secure quick victories before the deadline.

Private Sector Jobs Fall for First Time Since 2022

U.S. private payrolls declined by 33,000 in June, falling well short of expectations for a 99,000 increase. It marks the first monthly decline in private employment in over two years. May’s figures were also revised down to 29,000 from an initially reported 37,000—the lowest gain since March 2023.

ADP noted that job losses were concentrated in professional and business services, education, and healthcare. In contrast, modest gains were seen in hospitality, leisure, and manufacturing.

Despite a surprising increase in job openings reported Tuesday, overall hiring slowed, hinting at a potential cooling in the labor market. Investors are now focused on Thursday’s nonfarm payrolls report for further insight into employment trends.

At a central bank conference in Sintra, Portugal, Federal Reserve Chair Jerome Powell reiterated his data-dependent approach to monetary policy. Analysts at Morgan Stanley suggested that further labor market weakness could prompt the Fed to consider interest rate cuts as early as July.

Senate Pushes Forward with Trump’s Economic Plan

In a narrow vote, the Senate passed President Trump’s sweeping fiscal package—referred to as the “One Big Beautiful Bill.” The legislation now moves to the House of Representatives, which aims to approve it by July 4.

The bill, a centerpiece of Trump’s economic agenda, includes extensions of the 2017 tax cuts, new tax relief provisions, and increased spending on defense and border security. However, some Republicans have raised concerns about its long-term impact on the national debt, with nonpartisan estimates projecting it could add over $3 trillion to the federal deficit.

Tesla Rebounds Despite Renewed Trump-Musk Tensions

Tesla (NASDAQ: TSLA) shares bounced back on Wednesday after sharp losses the previous day, following renewed criticism from Trump. The former president accused CEO Elon Musk of taking excessive advantage of federal subsidies and called for a review of Tesla’s government support.

Despite the tension, Tesla reported second-quarter deliveries of 384,122 vehicles—down from 443,956 a year earlier but better than some analysts had feared.

Meanwhile, Microsoft (NASDAQ: MSFT) announced it would lay off up to 9,100 employees, or about 4% of its global workforce, in its largest workforce reduction since 2023. The company said the move is part of an ongoing restructuring strategy to adapt to changing business needs.

U.S. stock futures slipped early Wednesday as investors reacted to weaker-than-expected employment data and took a breather following a strong run in equities.

The dip came after payroll processor ADP reported an unexpected decline in private sector jobs for June, with employment falling by 33,000 positions. The May figure was also revised downward to a gain of 29,000. Economists had forecast a solid increase of 95,000 jobs for June, making the new data a notable miss.

“While we’re not seeing widespread layoffs, companies are clearly pulling back on hiring and not rushing to fill vacant roles,” said ADP Chief Economist Dr. Nela Richardson, pointing to a cooling labor market.

The jobs report added to market uncertainty, with futures for the Dow Jones, S&P 500, and Nasdaq all trading slightly in the red during premarket hours.

Tuesday’s trading session ended on a mixed note. The Dow surged 400 points, climbing to 44,494.94 and notching its best close in over four months. However, the Nasdaq dropped 0.8% to 20,202.89 and the S&P 500 ticked down 0.1% to 6,198.01, snapping a string of record highs.

Traders are also watching developments on Capitol Hill. The Senate narrowly passed President Trump’s ambitious tax and spending legislation, with Vice President J.D. Vance casting the tie-breaking vote. The package now heads to the House, where it faces further scrutiny.

Economic data was mixed. The Institute for Supply Management reported a slight rise in manufacturing activity, with its PMI climbing to 49.0 in June from 48.5 in May — still in contraction territory. In contrast, the Labor Department surprised markets with a report showing job openings increased to 7.77 million in May, well above expectations.

Sector movements remained uneven. Homebuilder stocks led gains, pushing the Philadelphia Housing Sector Index up 3.3%. Oil services followed with a 2.9% rise. On the downside, software and natural gas stocks retreated, reflecting investor caution across tech and energy names.

Major European indices moved higher on Wednesday, buoyed by investor optimism over potential interest rate cuts by the U.S. Federal Reserve and renewed efforts to avoid a spike in transatlantic trade tensions ahead of a key tariff deadline.

Traders remained focused on the upcoming July 9 expiration of the 90-day pause on new U.S. tariffs, with EU trade representatives expected to visit Washington this week in a last-minute bid to secure a deal.

The STOXX 600, a broad measure of European equities, rose 0.3% to 541.97 after slipping slightly on Tuesday. Germany’s DAX advanced 0.5%, France’s CAC 40 gained 0.8%, and the U.K.’s FTSE 100 added 0.1%.

Corporate Highlights:

• Wizz Air Holdings (LSE:WIZZ) climbed 2.4% after the budget airline reported stronger passenger numbers for June.
• Topps Tiles (LSE:TPT) surged 7.3% following a solid trading update showing a 10% increase in quarterly sales.
• On the downside, Bytes Technology Group (LSE:BYIT) plunged 25% as the software company warned of weaker profits in the first half of the fiscal year.
• Greggs (LSE:GRG) also took a hit, dropping 14% after the U.K. bakery chain said full-year earnings would likely fall short of last year’s figures.

U.K. stocks edged higher on Wednesday as the pound slipped, while shares of bakery chain Greggs (LSE:GRG) declined sharply after the company issued a cautionary forecast for its full-year operating profits.

By 11:12 GMT, the FTSE 100 index had climbed 0.1%, with the British pound down 0.3% against the U.S. dollar, trading near $1.37. In continental Europe, Germany’s DAX advanced 0.2%, and France’s CAC 40 rose 1.2%.

Bank of England’s Taylor Flags Risks to U.K. Economic Soft Landing

Alan Taylor, a Bank of England policymaker, expressed concern on Tuesday over the diminishing chances of a smooth economic soft landing for the U.K., citing signs of slowing growth. Speaking to Bloomberg TV, he said, “The soft landing scenario appears increasingly uncertain as we see clear signs of economic deceleration.”

Bytes Technology Shares Plunge on Weak Trading Outlook

Shares of Bytes Technology Group (LSE:BYIT) tumbled more than 27% after the software and cloud services provider issued a disappointing trading update ahead of its annual meeting. The company highlighted how broader economic challenges led customers to delay purchasing decisions earlier in the fiscal year, impacting corporate sector demand in particular.

SSP Group Surges on News of TFS IPO in India

SSP Group PLC (LSE:SSPG) shares jumped over 8% following the announcement that its Indian joint venture, Travel Food Services (TFS), plans to proceed with an initial public offering. TFS is expected to list on the Indian stock exchange on July 14, with shares priced between 1,045 and 1,100 Indian rupees, valuing the company at roughly £1.17 to £1.23 billion.

Greggs Warns of Profit Impact from Hot Weather

Greggs’ (LSE:GRG) stock slumped by up to 13.7% to 1,704 pence after the company indicated that its full-year operating profit may fall slightly short of last year’s results. The firm attributed the profit warning to unusually hot weather in the U.K., which dampened store traffic in June despite a boost in cold drink sales.

Topps Tiles Shares Rise on Strong Quarterly Sales

Topps Tiles (LSE:TPT) saw shares climb nearly 7.9% following a solid 7.3% increase in like-for-like sales during Q3, driven mainly by higher trade customer orders. Although the retailer faces headwinds from rising payroll taxes and minimum wage costs, it remains optimistic about margin improvements in the latter half of the year.

Banco Sabadell to Sell TSB to Santander

Banco Sabadell (BIT1:SAB) shares gained 4% after confirming plans to sell its U.K. unit, TSB, to Banco Santander (LSE:BNC) in a deal valued up to £2.9 billion. The transaction, requiring shareholder approval, is expected to close in early 2026, with a General Meeting set for August 6.

KKR to Acquire Spectris in £4.7 Billion Deal

Spectris (LSE:SXS) shares rose more than 4% following the announcement that private equity firm KKR will acquire the precision instruments company in a cash deal worth £4.7 billion. Spectris shareholders will receive £40 per share, including a pending interim dividend.

Shell to Amend SEC Filings

Shell (LSE:SHEL) announced plans to update its 2023 and 2024 SEC filings after the company’s auditor, EY, failed to comply with U.S. rules on audit partner rotations.

AstraZeneca Considers U.S. Listing Move

According to a report in the Times, AstraZeneca (LSE:AZN) is exploring the possibility of shifting its stock listing to the United States.

Tesla’s (NASDAQ:TSLA) China-made electric vehicle sales edged up slightly in June, breaking a recent decline, according to new figures from the China Passenger Car Association released Wednesday. The automaker sold 71,599 units last month, marking a 0.8% increase compared to June of the previous year.

Shipments of Model 3 and Model Y cars produced at Tesla’s Shanghai factory climbed 16.1% from May, driven by steady demand both domestically and in export markets across Europe and beyond.

In contrast, Tesla’s main local rival, BYD (USOTC:BYDDY), reported a stronger performance with its worldwide vehicle deliveries rising 11% year-over-year. The Chinese manufacturer handed over 377,628 units globally in June.

U.S. stock futures climbed Wednesday following the Senate’s approval of a major fiscal package championed by President Donald Trump. The bill now moves to the House of Representatives, where Republicans face a tight deadline to pass it before sending it to Trump for signing into law. Meanwhile, investors are awaiting fresh data on private payrolls to better understand the health of the U.S. labor market.

Futures Gain Ground

By early Wednesday morning, U.S. stock futures were modestly higher, with Dow futures up 127 points (0.3%), S&P 500 futures rising 17 points (0.3%), and Nasdaq 100 futures increasing 56 points (0.2%). Investors are weighing the impact of the Senate’s recently passed tax cut and spending bill, as well as developments related to interest rates and trade tariffs.

The previous trading session saw mixed performances across the major indexes, with investors digesting stronger-than-expected hiring data and a less severe contraction in manufacturing activity.

House Prepares to Vote on Senate’s Version

The Senate’s narrow approval now sends the comprehensive fiscal package, dubbed the “One Big Beautiful Bill,” to the House. Lawmakers there are expected to take up the legislation this week, with a self-imposed July 4 deadline to get it to the President’s desk. However, some conservative Republicans have voiced concerns about the bill’s fiscal impact.

The package extends the 2017 tax cuts, introduces additional tax reductions, and boosts spending on defense and border security, projected to increase the national debt by more than $3 trillion. Despite this, Treasury markets have reacted calmly, buoyed by expectations the Federal Reserve may cut interest rates soon, according to analysts at ING.

ADP Employment Data in Spotlight

All eyes are on the ADP National Employment Report due Wednesday, which offers a preview of private sector job growth. Economists forecast a rise to 99,000 new jobs in June, improving from just 37,000 the previous month.

Recent data showed job openings ticked higher in May even as hiring slowed, hinting at a cooling labor market. The more comprehensive government nonfarm payrolls report, released Thursday, will provide further clarity.

The Federal Reserve continues to balance its dual mandate of promoting maximum employment and managing inflation, with officials adopting a cautious stance on future rate moves given uncertainties around the economic impact of tariffs.

Trump Signals Potential Deal with India Amid Tariff Deadline

Trade tensions remain in focus as the July 9 deadline for pausing reciprocal tariffs nears. While talks with several countries have been ongoing, few new deals have been finalized.

On Tuesday, President Trump suggested India may agree to a trade deal that would reduce tariffs and benefit U.S. companies ahead of the tariff deadline, which threatens a 26% levy on Indian goods.

“Right now, India doesn’t accept anybody in. I think India is going to do that, if they do that, we’re going to have a deal for less, much less tariffs,” Trump said. However, he also left open the possibility of not extending the deadline and simply notifying countries of their tariff rates.

Oil Prices Steady as Market Weighs Geopolitical and Inventory Data

Oil prices held steady Wednesday amid market reactions to progress toward an Israel-Hamas ceasefire and rising U.S. crude stockpiles ahead of the upcoming OPEC+ meeting.

At 03:32 ET, Brent crude futures ticked up 0.1% to $67.16 per barrel, while U.S. West Texas Intermediate futures remained flat at $65.45 per barrel.

President Trump announced Tuesday evening that Israel had accepted the terms for a 60-day ceasefire with Hamas and urged the Palestinian group to agree as well.

Data from the American Petroleum Institute showed U.S. crude inventories increased by 680,000 barrels in the week ending June 27, following five weeks of significant declines. This build has raised questions about fuel demand during the busy summer travel season. Official inventory data is expected later Wednesday.

European stock markets inched higher on Wednesday as investors weighed prospects for global trade agreements alongside expectations for further monetary easing by central banks.

By 07:02 GMT, Germany’s DAX index advanced 0.3%, France’s CAC 40 increased 0.6%, and the U.K.’s FTSE 100 gained 0.4%.

Trade optimism fuels markets

U.S. President Donald Trump reiterated on Tuesday that the July 9 deadline for finalizing trade deals will not be extended. If no agreements are reached by then, the affected countries will receive formal notifications detailing the tariffs they will face.

Despite this firm stance, market sentiment has been lifted by anticipation that several trade accords will be concluded before the deadline, especially following last week’s announcement of a trade deal between the U.S. and China.

The European Commission, representing the EU in negotiations, is expected to present a set of demands during talks with the Trump administration this week.

Last week, European Commission President Ursula von der Leyen expressed confidence that a deal could be secured ahead of the July 9 cutoff.

Eurozone unemployment figures in focus

The eurozone’s unemployment rate for May is due later in the trading session. However, this data is unlikely to significantly impact the European Central Bank’s forthcoming monetary policy decisions.

Over the past year, the ECB has cut interest rates by two percentage points from record highs. Inflation reached the bank’s 2% target last month, signaling a stabilization after a period of elevated price increases.

Market participants generally forecast one more ECB rate reduction to 1.75% before year-end, followed by a phase of steady rates, with potential hikes anticipated toward late 2026.

In contrast, U.S. monetary policy appears more uncertain after Federal Reserve Chair Jerome Powell’s recent comments. Powell indicated that rate cuts would likely have occurred sooner if not for the tariffs imposed by the Trump administration, who has frequently criticized the Fed’s approach.

Corporate news highlights

In corporate developments, Spectris (LSE:SXS) has accepted an improved takeover proposal from U.S. private equity firm KKR, outbidding Advent’s offer for the scientific instruments manufacturer. This deal may become the largest acquisition of a British company this year.

Meanwhile, Swiss engineering firm ABB (TG:ABJ) announced the launch of three new lines of factory robots designed specifically for the Chinese market, aiming to capitalize on growing automation demand among mid-sized enterprises.

Oil prices steady amid geopolitical and inventory updates

Crude oil prices remained largely unchanged Wednesday as traders absorbed news of progress toward an Israel-Hamas ceasefire and rising U.S. crude inventories ahead of the next OPEC+ meeting.

At 03:02 ET, Brent crude futures dipped 0.1% to $67.04 per barrel, while U.S. West Texas Intermediate (WTI) futures fell 0.2% to $65.34 per barrel.

President Trump said Tuesday evening that Israel had agreed to terms for a 60-day ceasefire with Hamas, urging the Palestinian group to accept the accord.

Data from the American Petroleum Institute released Tuesday showed U.S. oil stockpiles increased by 680,000 barrels for the week ending June 27. This build followed five consecutive weeks of significant declines in inventories, raising questions about fuel demand during the busy summer travel period.

Gold prices remained steady during Wednesday’s Asian trading session, maintaining gains achieved over the last two days. The precious metal found support amid growing concerns about the U.S. fiscal deficit following the Senate’s approval of President Donald Trump’s expansive tax and spending package.

Uncertainty surrounding upcoming U.S. trade negotiations, especially with the July 9 tariff deadline approaching, also contributed to gold’s appeal as a safe-haven asset.

Spot gold hovered around $3,337.25 per ounce, while August gold futures slipped slightly by 0.1% to $3,347.40 per ounce as of 01:52 ET (05:52 GMT).

This week, gold prices have surged over 2%, recovering losses from last week when news of a ceasefire between Israel and Iran reduced demand for safe-haven investments.

Senate Approves Trump’s Tax and Spending Bill, Raising Debt Concerns

The Republican-controlled Senate narrowly passed a sweeping tax and spending bill on Tuesday. The legislation, which aims to cut taxes, reduce social welfare programs, and increase funding for defense and immigration enforcement, is expected to add approximately $3.3 trillion to the national debt.

The bill now heads to the House of Representatives for final consideration, with the goal of having it signed into law by President Trump before the July 4 Independence Day holiday.

Meanwhile, Federal Reserve Chair Jerome Powell reiterated on Tuesday that the central bank will closely monitor the effects of tariffs before deciding on any interest rate cuts, pushing back against Trump’s calls for aggressive easing.

Investors interpreted Powell’s remarks as mildly dovish since he did not dismiss the possibility of a rate cut as soon as next month.

Market attention now turns to Thursday’s U.S. nonfarm payrolls report, which will be crucial in assessing the likelihood of a rate reduction in July, although a cut in September is largely anticipated.

Trade Tensions and Tariff Deadline Add to Market Caution

Concerns about the U.S. fiscal deficit combined with expectations of lower interest rates have buoyed gold prices. The upcoming July 9 deadline for tariff decisions has further injected uncertainty, supporting demand for precious metals.

President Trump has indicated he does not plan to extend the tariff deadline and will inform countries about the specific tariffs they will face through official notifications.

He also mentioned that India might ease restrictions on U.S. companies, potentially paving the way for a trade agreement, though he expressed skepticism about reaching a deal with Japan.

Metal Markets Show Mixed Activity Amid Dollar Weakness

The U.S. Dollar Index remained weak during Asian trading, lingering near its lowest point since February 2022.

Despite this, metals markets showed muted activity as investors awaited clarity on trade negotiations and tariff developments.

Silver futures held steady at about $36.05 per ounce, while platinum futures edged up 0.2% to $1,369.05.

Copper prices were more active, with London Metal Exchange copper futures climbing 0.4% to $9,968.65 per ton, and U.S. copper futures rising 1.6% to $5.1165 per pound.

Shares of Spectris (LSE:SXS) jumped more than 4% on Wednesday following the announcement that U.S. private equity firm KKR has agreed to acquire the precision measurement company in a cash transaction valued at £4.7 billion.

KKR will complete the acquisition through its subsidiary, Project Aurora Bidco Limited, using a court-approved scheme of arrangement under Part 26 of the Companies Act 2006.

Under the terms of the deal, Spectris shareholders are set to receive £40.00 per share. This amount consists of £39.72 in cash paid by Bidco, along with an interim dividend of 28 pence, which is subject to approval during the 2025 dividend cycle.

This offer represents a substantial premium — approximately 96.3% — over Spectris’ undisturbed closing price of £20.38 recorded on June 6. It also surpasses a rival bid from Advent, which valued shares at £37.63, by about 6.3%.

The Spectris board has unanimously endorsed the KKR proposal, withdrawing its previous support for Advent’s competing offer. The board highlighted KKR’s higher valuation, greater deal certainty, and commitment to maintaining the company’s current operations and workforce as key factors in its decision.

Furthermore, the board emphasized that the all-cash offer presents shareholders with an attractive exit at a premium, especially amidst ongoing market volatility.

For the fiscal year ending December 31, 2024, Spectris reported revenues of £1.2 billion and an adjusted operating profit of £203 million. The company operates primarily through its Scientific and Dynamics business units, supplying industries including pharmaceuticals, semiconductors, aerospace, and automotive.

As of June 6, Spectris had a market capitalization of roughly £2.1 billion.

The transaction is anticipated to be completed by the first quarter of 2026, contingent on shareholder approval, court sanctioning, and regulatory clearances across the UK, EU, US, and China. Upon completion, Spectris will be delisted from the London Stock Exchange and transition to a privately held company.