Category: Market News

Great Southern Copper (LSE:GSCU) has completed its largest and most advanced drilling programme to date at the Cerro Negro prospect within the Especularita project in Chile. Phase III diamond and reverse circulation drilling has extended the high-grade copper-silver system at the Mostaza area, highlighted by the identification of potential stacked high-grade Cu-Ag lenses and a newly recognised silver-lead-zinc lens.

Although assay results from several drill holes are still pending, early Phase III data has delivered encouraging copper and silver grades and confirmed mineralisation continuity across the wider Mostaza Fault Zone. These results support the company’s plans to continue drilling at Cerro Negro and to step up exploration activity at the Viuda and Colorada targets. At these prospects, Great Southern Copper is pursuing what it describes as district-scale porphyry copper-gold potential.

Looking ahead, the company is progressing detailed drill planning for 2026. This includes follow-up drilling at Cerro Negro and Viuda, alongside initial drilling at the Colorada target. Management is aiming to leverage strong copper, gold and silver market conditions and unlock what both company guidance and independent research describe as significant upside potential across its Chilean asset base.

From a market perspective, the company’s outlook remains constrained by weak financial fundamentals, reflecting its pre-revenue status, widening losses and ongoing cash outflows. Technical indicators are broadly supportive, with the share price trading above key moving averages and a positive MACD signal, although elevated RSI and Stochastic readings suggest near-term overbought conditions. Corporate developments provide a modest positive, underpinned by active exploration progress and recent funding, while valuation metrics remain unavailable due to the absence of earnings and dividend data.

More about Great Southern Copper PLC

Great Southern Copper PLC is a UK-listed mineral exploration company focused on the discovery of copper, gold and silver resources in Chile. The company holds an option to acquire 100% of the Especularita project, located in Chile’s under-explored coastal metallogenic belt, an area known for major copper operations and established infrastructure. Positioned to benefit from copper’s role as a critical metal in the global energy transition, the company is targeting both large-scale porphyry-style copper-gold systems and high-grade copper-silver-gold deposits through systematic exploration and drilling programmes.

Quadrise plc (LSE:QED) has announced the extension of its Exclusive Global Collaboration and Emulsifiers Sales Agreement with specialty chemicals group Nouryon through to 31 October 2026. The renewed deal preserves Quadrise’s exclusive rights to key emulsifiers, technical support and jointly developed intellectual property required for its MSAR® and bioMSAR™ oil-in-water emulsion fuel programmes.

The agreement extension supports Quadrise’s strategy to commercialise lower-emission fuels for marine and industrial applications. By maintaining a protected supply chain and a collaborative R&D framework with Nouryon, the company aims to strengthen its position within the energy transition and support the scaling of its decarbonisation technologies.

From a financial standpoint, Quadrise’s outlook continues to be weighed down by ongoing losses and an acceleration in free cash flow outflows against a backdrop of limited revenue generation. These pressures are partly mitigated by a low-leverage balance sheet, which helps contain near-term solvency risk. Technical indicators remain weak, while valuation remains constrained by negative earnings and the absence of dividend support.

More about Quadrise Fuels International

Quadrise plc is a technology-focused company targeting the decarbonisation of shipping, power generation, industrial processes and the oil sector. It develops and supplies MSAR® and bioMSAR™ emulsion fuel technologies, along with low-emission biofuels, aimed at reducing fuel costs, air pollution and greenhouse gas emissions on a global scale.

British Land (LSE:BLND) has confirmed that chief executive Simon Carter will step down from his role and exit the board after more than five years as CEO and a total of 18 years with the group. Carter will move on to become chief executive of European logistics property group P3 Logistics Parks.

The board plans to run a comprehensive succession process during Carter’s 12-month notice period. Chairman William Rucker praised Carter’s tenure, highlighting his role in strengthening the leadership team and building market-leading positions in London office campuses and retail parks. These assets continue to benefit from robust rental growth in supply-constrained markets, indicating that the company’s strategic direction is expected to remain consistent despite the upcoming leadership change.

From a market perspective, British Land Company plc continues to show solid technical momentum alongside attractive valuation metrics. Positive feedback from the most recent earnings call and recent corporate developments has supported confidence in the group’s strategy. That said, variability in financial performance and uneven cash flow generation remain key risks that management will need to address carefully.

More about British Land Company plc

British Land Company plc is a UK-focused commercial property company concentrated on sectors with strong underlying fundamentals, including London office campuses, retail parks and London urban logistics. The group owns or manages a £15.2bn property portfolio, with British Land’s share valued at £9.8bn as of 30 September 2025. Its long-term strategy centres on development, repositioning and active asset management, with an emphasis on delivering sustainable, high-quality places and long-term value for stakeholders.

U.S. equity futures point to a higher open on Friday, suggesting stocks may start the session on a firmer footing after two days of uneven trading.

Market sentiment has been buoyed by the latest employment figures from the U.S. Labor Department, which, while weaker than expected, are being viewed as supportive for the outlook on monetary policy. Slower job creation is easing concerns that interest rates will need to stay higher for longer.

The report showed nonfarm payrolls rose by 50,000 in December, following a revised increase of 56,000 in November. Economists had been forecasting job growth of around 60,000, compared with the 64,000 initially reported for the prior month.

At the same time, the unemployment rate edged lower to 4.4% in December from a revised 4.5% a month earlier. Markets had expected the rate to ease to about 4.5%.

Although the Federal Reserve is still widely expected to keep rates unchanged at its upcoming meeting later this month, the data may reinforce expectations that rate cuts could resume later in the year if economic momentum continues to cool.

On Thursday, Wall Street delivered another mixed session. The Dow Jones Industrial Average recovered from the previous day’s pullback, while the Nasdaq posted its first decline in four sessions as technology shares retreated.

The Dow advanced 270 points, or 0.6%, to finish at 49,266, moving back toward its recent record close. The S&P 500 was little changed, edging up by less than a point to 6,921, while the Nasdaq slipped 104 points, or 0.4%, to 23,480.

Investor caution was evident, with many traders opting to stay on the sidelines ahead of the employment report.

Additional labor market data released earlier in the day showed initial jobless claims rose modestly in the week ended January 3, coming in at 208,000. While higher than the prior week’s revised reading of 200,000, the increase was slightly smaller than economists had anticipated.

Sector performance was uneven. Energy stocks rallied strongly as oil prices surged, pushing the Philadelphia Oil Service Index up more than 4% and lifting the NYSE Arca Oil Index by over 3%.

Housing-related shares also saw notable gains, with the Philadelphia Housing Sector Index climbing 3.4%.

By contrast, weakness in networking, biotechnology and semiconductor stocks weighed on the broader technology sector, contributing to the Nasdaq’s decline.

US equity futures were largely flat as investors adopted a cautious stance ahead of the release of closely watched monthly employment data and the prospect of a Supreme Court ruling on the White House’s hardline import tariffs. Developments in Washington are also drawing attention, with President Donald Trump set to meet oil industry leaders amid renewed focus on Venezuela’s energy resources, while mining heavyweights Glencore (LSE:GLEN) and Rio Tinto (LSE:RIO) have revived merger discussions.

US futures steady

Futures linked to the main US equity indices hovered near unchanged levels on Friday as markets awaited the nonfarm payrolls report.

By 02:54 ET, futures on the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 were all little changed.

Wall Street ended Thursday’s session mixed. The S&P 500 finished broadly flat, the Nasdaq Composite declined 0.44%, while the Dow Jones Industrial Average gained 0.55%.

Defence stocks outperformed after President Trump called for a substantial increase in US military spending, proposing a rise to $1.5 trillion by 2027 from the $901 billion approved by Congress for this year.

Those gains were partly offset by weakness in technology shares, reflecting lingering concerns over whether heavy investment in artificial intelligence will translate into sufficient long-term returns. The S&P 500 technology index fell 1.5%, pressured by large-cap names such as Microsoft and Nvidia.

Jobs report in the spotlight

Attention is now firmly on the December US nonfarm payrolls release, which is expected to shed light on labour market conditions at the end of the fourth quarter.

Economists forecast that the US economy added around 66,000 jobs in the final month of 2026, slightly up from 64,000 in November, while the unemployment rate is expected to edge down to 4.5% from 4.6%.

“The unemployment rate may be monitored even more than payrolls, mirroring the Fed[eral Reserve]’s focus on joblessness,” analysts at ING said in a note.

Labour market data remain central to expectations for Federal Reserve policy, after the central bank cut interest rates several times last year to support a cooling jobs market, despite inflation proving slow to ease.

ING added that other labour indicators released this week have “sent conflicting U.S. macro signals.” While private payrolls data were described as “acceptable,” job openings disappointed and total job cuts in 2025 were the highest since 2020.

Supreme Court tariff decision awaited

Markets are also watching for a potential Supreme Court ruling on the legality of President Trump’s sweeping tariffs, which could arrive as early as Friday, though timing remains uncertain.

The case centres on Trump’s use of emergency economic powers under a 1977 law to impose the levies. During hearings in November, justices across the ideological spectrum expressed doubts about the administration’s legal rationale.

According to ING, recent comments from Trump suggest the White House is bracing for a possible adverse outcome. Online betting platform Polymarket currently assigns only a one-in-four chance that the court will rule in Trump’s favour.

If the tariffs are struck down, analysts warn this could introduce fresh uncertainty into US trade policy. A key issue would be whether the government might be required to refund an estimated $150 billion in duties already paid by importers.

Some observers believe the administration could respond to an unfavourable ruling by pursuing alternative legal routes to reintroduce the tariffs.

Trump to meet oil industry leaders

In Washington, President Trump said he plans to meet executives from several major oil companies on Friday to discuss the future of Venezuela’s extensive oil reserves.

In an interview with Fox News, Trump said the “top 14 companies are coming” to the White House and would face the task of “rebuild[ing]” Venezuela’s severely degraded oil infrastructure.

It remains unclear which companies will attend. Reuters reported, citing sources familiar with the matter, that the administration has also invited the heads of commodity trading firms Vitol and Trafigura.

Trump has repeatedly signalled his intention to exert control over Venezuelan oil, potentially on a long-term basis, following a US military operation last weekend that led to the capture of the country’s long-standing leader, Nicolas Maduro.

Earlier this week, Trump said Caracas had agreed to ship up to 50 million barrels of oil to the US, although the Financial Times reported that oil companies are seeking “serious guarantees” before committing large-scale investment to the country.

Glencore and Rio Tinto revisit merger talks

Shares in Rio Tinto fell in London after the miner confirmed it has restarted merger discussions with Glencore.

Glencore shares jumped 6.7% in London trading by 03:37 ET, after news of the renewed talks was first reported by the Financial Times.

Glencore later confirmed it is in “preliminary discussions with Rio Tinto” over a potential combination of some or all of their businesses, including the possibility of an all-share merger.

“This deal could be a win-win for both parties, providing Rio with the copper it needs and diluting iron ore exposure while unlocking value for Glencore holders,” RBC Capital Markets analysts led by Ben Davis said in a note.

European equity markets traded modestly higher on Friday, with investors cautious ahead of closely watched US employment figures that could influence expectations for Federal Reserve policy in 2026.

By 08:05 GMT, Germany’s DAX was up 0.1%, France’s CAC 40 had added 0.5%, and the UK’s FTSE 100 was 0.3% higher.

Payrolls in focus for Fed outlook

Attention in Europe, and globally, was centred on the upcoming US nonfarm payrolls report, due later in the day, which is expected to offer fresh insight into the momentum of the world’s largest economy and the future direction of Federal Reserve monetary policy.

Economists anticipate a cooling but resilient labour market, with forecasts pointing to around 57,000 jobs added in the final month of 2025, compared with 64,000 in November.

The Federal Reserve lowered interest rates at each of its final three meetings in 2025, prioritising concerns over a softening labour market despite persistent inflation pressures. Markets now largely expect policymakers to leave rates unchanged later this month, though uncertainty remains high around the scale and timing of any further cuts this year as divisions among officials persist.

In Europe, data showed German industrial production rose 0.8% month on month in November, defying expectations for a 0.6% decline and offering tentative signs of a year-end recovery in the euro zone’s largest economy. Eurozone retail sales figures for November are due later, with analysts expecting continued pressure on household spending.

Tariff ruling and geopolitics in view

Political developments were also on investors’ radar. Greenland’s future remained in focus after the chief executive of mining company Amaroq said the US was considering investments in critical minerals projects on the island. The comments come ahead of discussions between Washington and Danish officials, as US President Donald Trump continues to stress Greenland’s strategic importance for national security.

Markets are also watching for a potential Supreme Court decision on the legality of the Trump administration’s global tariffs, which could be delivered as early as Friday. The court may rule that the International Emergency Economic Powers Act of 1977 did not authorise the levies, potentially casting doubt over roughly $150 billion in duties already paid by importers.

Mining sector draws attention

In corporate news, the mining sector was firmly in the spotlight after Glencore (LSE:GLEN) confirmed late Thursday that it is in preliminary talks over a possible acquisition by Rio Tinto (LSE:RIO)—a deal that could create the world’s largest mining company.

Rio Tinto, the world’s biggest iron ore producer, has a market value of about $142 billion, compared with Glencore’s roughly $65 billion at the previous close.

“It makes sense if terms are right for both,” said Argo Investments senior portfolio manager Andy Forster. ” The biggest question mark would be the culture of the two companies as Glencore clearly has a trading background, is very opportunistic and results-focused, some of those aspects of their culture could actually be good for Rio.”

Elsewhere, J Sainsbury plc (LSE:SBRY) said it now expects retail free cash flow of more than £550 million for the current financial year, upgrading its outlook after strong grocery-led trading over the Christmas period. Rivals Tesco (LSE:TSCO) and Marks and Spencer (LSE:MKS) also reported robust Christmas food sales on Thursday.

Oil prices head for weekly rise

Oil prices moved higher on Friday and were set to record another weekly gain, amid concerns that developments in Venezuela and Iran could disrupt global supply.

Brent crude futures rose 0.8% to $62.47 a barrel, while US West Texas Intermediate advanced 0.8% to $58.21. Both benchmarks jumped more than 3% on Thursday after two days of declines, putting them on track for weekly gains of around 2%—the third consecutive weekly increase.

Supply worries have been fuelled by civil unrest in major Middle Eastern producer Iran, alongside fallout from the Trump administration’s seizure of Venezuelan President Nicolas Maduro last week and his claims that the US intends to control the South American country’s oil sector.

UK equities edged higher on Friday, snapping a two-session decline, while sterling remained under pressure against the US dollar. Early trading was shaped by merger speculation in the mining sector and updates from several large-cap UK corporates.

By 08:23 GMT, the FTSE 100 index was up around 0.3%, while the pound slipped 0.07% against the dollar to roughly 1.34. Across Europe, Germany’s DAX was broadly flat, while France’s CAC 40 advanced about 0.6%.

Glencore and Rio Tinto confirm early-stage merger discussions

Glencore (LSE:GLEN) and Rio Tinto (LSE:RIO) confirmed they are holding preliminary discussions over a possible combination involving some or all of their businesses.

Both companies said there is no certainty that a transaction will proceed, but indicated that any deal could take the form of a court-approved scheme of arrangement under which Rio Tinto would acquire Glencore. In line with UK takeover regulations, Rio Tinto must either announce a firm offer or step away by 5 February.

Market commentators suggested a potential transaction could be driven by Rio Tinto’s interest in expanding its copper exposure, potentially gaining access to assets such as Glencore’s Collahuasi and Antamina mines, alongside a broader pipeline of growth projects. For Glencore, analysts noted a deal could offer an exit route for major shareholders and allow a sharper strategic focus on its marketing and trading operations.

Sainsbury’s upgrades cash flow outlook after festive boost

J Sainsbury plc (LSE:SBRY) lifted its cash flow guidance after reporting strong Christmas trading, underpinned by grocery-led growth.

The retailer now expects retail free cash flow to exceed £550 million for the current financial year, up from its previous forecast. Over the 16 weeks to 3 January, total retail sales excluding fuel rose 3.9% year on year, while like-for-like sales increased 3.4%.

Unite Group trades in line, reiterates full-year guidance

Unite Group plc (LSE:UTG) said trading remains in line with board expectations, as the student accommodation provider reaffirmed its full-year outlook.

The group maintained adjusted earnings per share guidance of 47.5p to 48.25p for the 2025 financial year. Fourth-quarter performance met expectations, supported by around 1p of non-recurring management fee income from a university joint venture. Unite also highlighted a restructuring completed late in the year, delivering an estimated 20% reduction in head-office staff costs, alongside steady demand for the 2026/27 academic year despite modest valuation declines in the fourth quarter.

IAG confirms CFO transition plan

International Consolidated Airlines Group (LSE:IAG) announced that Chief Financial Officer Nicholas Cadbury will step down and leave the group in mid-2026.

He will be succeeded by José Antonio Barrionuevo, who currently serves as Chief Financial and Transformation Officer at British Airways. The company said the transition reflects a planned succession process, with Barrionuevo expected to take on the group CFO role following Cadbury’s departure.