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  • Investors balance Iran ceasefire developments with blockbuster IPO expectations: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Investors balance Iran ceasefire developments with blockbuster IPO expectations: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. equity futures traded close to unchanged on Friday as market participants assessed reports of progress in negotiations between the United States and Iran, while also turning their attention to a series of potentially record-setting stock market debuts expected later this year.

    Futures hold steady

    At 03:42 ET, futures linked to the Dow Jones Industrial Average and the S&P 500 were broadly flat, while Nasdaq 100 futures slipped by 0.1%.

    U.S. stocks ended Thursday’s session modestly higher after investors welcomed a combination of encouraging corporate earnings, softer-than-expected inflation data and growing hopes that diplomatic efforts could lead to a resolution of the conflict involving Iran.

    “We still think an Iran deal is widely expected and so the reaction in the SPX when one arrives shouldn’t be dramatic at this point, although oil and yields have room to fall, and could have a more pronounced response to an accord,” analysts at Vital Knowledge said in a note.

    Reports suggest progress on extending Iran truce

    According to media reports, Washington and Tehran have reached a preliminary agreement to prolong their existing ceasefire, although the proposal still requires approval from President Donald Trump.

    Sources cited by Reuters said the arrangement would extend the truce by 60 days and allow commercial vessels to once again pass through the Strait of Hormuz while negotiators continue discussions on a broader framework that includes Iran’s nuclear programme.

    The Strait of Hormuz has become one of the most critical issues in the conflict. Around 20% of global oil shipments pass through the waterway, and restrictions imposed during the crisis have disrupted energy flows, tightened supply and driven crude prices sharply higher.

    Oil heads lower on easing supply concerns

    Energy markets responded positively to the prospect of renewed stability in the region.

    Brent crude futures traded around $93.87 per barrel, while U.S. West Texas Intermediate futures slipped 0.2% to $88.72 per barrel.

    The recent decline puts oil on course for its largest weekly loss since early April, although prices remain significantly above levels seen before the conflict began. Earlier in the crisis, crude prices briefly climbed above $100 per barrel, intensifying concerns that rising energy costs could feed into global inflation.

    Fresh inflation data from the United States indicated that price pressures eased more than expected in April. However, there are signs that higher fuel and energy costs are beginning to weigh on consumers, leading some households to reduce spending.

    “[T]he Fed is unlikely to cut rates again anytime soon and will likely retain a hawkish bias over the summer months, until policymakers are confident that the energy surge has passed and will start to reverse,” analysts at ING said in a note. “But that requires a deal to re-open the Strait of Hormuz.”

    Anthropic nears trillion-dollar valuation milestone

    Investor attention was also drawn to developments in the technology sector, where several high-profile listings are expected to dominate capital markets activity in the months ahead.

    Artificial intelligence company Anthropic announced a $65 billion Series H funding round, giving the business a post-money valuation of $965 billion and bringing it close to the trillion-dollar mark.

    The fundraising attracted backing from a wide range of major investors, including Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN.

    Anthropic chief financial officer Krishna Rao said the company’s annualised revenue run rate surpassed $47 billion earlier this month, driven by increasing demand from enterprise customers following its Series G financing round in February.

    The company said the new capital would be used to strengthen its computing infrastructure, advance research into AI safety and interpretability, and support the continued expansion of its Claude artificial intelligence models.

    Anthropic has recently secured significant computing capacity through partnerships with Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL), Broadcom (NASDAQ:AVGO) and SpaceX (NASDAQ:SPCX).

    Its Claude models are currently available through Amazon Web Services, Google Cloud and Microsoft Azure, with AWS continuing to serve as the company’s primary cloud and training partner.

    SpaceX reportedly lowers IPO valuation goal

    Meanwhile, Bloomberg News reported that SpaceX (NASDAQ:SPCX) is targeting a valuation of at least $1.8 trillion for its forthcoming initial public offering.

    Although below earlier internal projections of more than $2 trillion, the revised figure would still make the offering the largest IPO ever undertaken if achieved.

    According to the report, the company plans to raise as much as $75 billion through the transaction. Investor presentations could begin as early as 4 June, with pricing potentially taking place around 11 June.

    Bloomberg noted that the lower valuation target followed discussions with advisers and institutional investors, although the final valuation and amount raised will depend on demand throughout the marketing process.

    With geopolitical developments and landmark technology listings both shaping investor sentiment, markets are likely to remain focused on the progress of Iran negotiations and the scale of upcoming IPOs as key themes in the weeks ahead.

  • European markets advance as reports suggest progress on U.S.-Iran ceasefire extension: DAX, CAC, FTSE100

    European markets advance as reports suggest progress on U.S.-Iran ceasefire extension: DAX, CAC, FTSE100

    European equities moved higher at the start of Friday trading, while oil prices retreated, after reports indicated fresh diplomatic progress aimed at easing tensions between the United States and Iran.

    By 06:53 GMT, the pan-European Stoxx 600 index had gained 0.2%. Germany’s DAX rose 0.1%, France’s CAC 40 added 0.5%, while the UK’s FTSE 100 traded broadly unchanged.

    Investor sentiment improved following reports that Washington and Tehran had reached a preliminary agreement to prolong the ceasefire that has been in place for several weeks, although the proposal is still awaiting approval from U.S. President Donald Trump.

    Sources cited by Reuters said the proposed arrangement would extend the truce for a further 60 days. The agreement would also allow commercial shipping to resume through the Strait of Hormuz while negotiators continue discussions on a broader settlement, including issues related to Iran’s nuclear programme.

    The Strait of Hormuz has become a focal point in the conflict, given its importance to global energy markets. Roughly one-fifth of the world’s oil supply passes through the strategic waterway, and disruptions to maritime traffic in recent months have contributed to significant volatility in energy prices.

    Efforts by both sides to restrict shipping activity through the route have raised concerns over supply shortages, pushing crude prices sharply higher and fuelling fears that elevated energy costs could trigger a new wave of inflation across major economies, including the United States.

    Against this backdrop, oil markets reacted positively to signs of diplomatic progress. Brent crude, the international benchmark, fell 1.3% to $92.54 a barrel, retreating from recent peaks but remaining well above levels seen before the conflict began.

  • ECB signals readiness to respond as energy costs threaten inflation outlook

    ECB signals readiness to respond as energy costs threaten inflation outlook

    The European Central Bank is prepared to respond in a “timely and measured manner” if rising energy prices risk becoming embedded in broader inflation, according to governing council member Fabio Panetta.

    Speaking at the Bank of Italy’s annual assembly in Rome, Panetta said the latest inflation outlook suggests that a “recalibration” of ECB monetary policy may be warranted as policymakers assess the economic consequences of the recent surge in energy costs.

    His remarks come ahead of the ECB’s next governing council meeting on 10-11 June, where markets widely expect an interest-rate increase. Several policymakers have already indicated that policy action may be necessary to contain inflationary pressures.

    Panetta stressed that a key issue for the June meeting will be evaluating how much of the increase in energy prices is likely to feed through into the wider economy and consumer prices.

    He warned that oil and natural gas markets may remain under pressure even if the conflict involving Iran is resolved quickly, suggesting that elevated energy costs could persist for longer than initially expected.

    The Bank of Italy governor also noted signs that inflation expectations are beginning to rise among households, while businesses have already started preparing for higher prices by planning increases to their own goods and services.

    Despite these concerns, Panetta highlighted that medium-term inflation expectations reflected in financial markets remain firmly anchored around the ECB’s 2% target, indicating continued confidence in the central bank’s ability to maintain price stability over time.

  • ECB survey finds geopolitical tensions are driving inflation concerns higher

    ECB survey finds geopolitical tensions are driving inflation concerns higher

    The latest European Central Bank Consumer Expectations Survey indicates that renewed geopolitical tensions are reinforcing fears of rising inflation and weaker economic growth among households across the euro area, with the conflict involving Iran prompting a notable deterioration in consumer sentiment.

    According to survey data collected in March 2026, consumers significantly increased their inflation expectations following the outbreak of hostilities in Iran in February. Average inflation expectations rose by approximately 2.5 percentage points, while expectations for economic growth fell by around 1.2 percentage points. Median inflation expectations also increased by 1.5 percentage points over the same period.

    The study, conducted by researchers including Olivier Coibion of the University of Texas and Dimitris Georgarakos of the European Central Bank, examined how households responded to the Iran conflict compared with reactions to Russia’s invasion of Ukraine in 2022. The findings suggest that consumers remain particularly sensitive to geopolitical events after experiencing the sharp inflationary pressures of recent years.

    Longer-term inflation expectations also moved higher. Average expectations for inflation three years ahead increased by 0.87 percentage points in March 2026, while median forecasts rose by 0.44 percentage points. Researchers noted that these increases came on top of already elevated expectations, indicating that concerns about future price pressures had been building even before the latest geopolitical developments.

    Consumer focus on inflation remained unusually high throughout the period. Almost half of respondents reported paying close attention to inflation developments in March 2026, only slightly below the levels seen in early 2023 when eurozone inflation reached 8.6%. The results suggest that the effects of the recent inflation surge continue to influence household perceptions and expectations.

    The survey also highlighted the enduring impact of geopolitical uncertainty on consumer confidence. Around 35% of respondents reported being highly concerned about the effect of geopolitical risks on their personal finances in May 2022. Although this figure eased over time, approximately 25% of consumers continued to express similar concerns as recently as December 2024, with elevated anxiety levels persisting into late 2025 ahead of the Iran conflict.

    Researchers found that confidence in the European Central Bank played an important role in shaping expectations. Households with greater trust in the ECB tended to adjust their inflation forecasts by a smaller margin following geopolitical shocks than those with lower levels of confidence in the institution. Survey results also indicated that trust in the central bank was stronger in early 2026 than it had been prior to the Ukraine conflict in 2022.

  • FTSE 100 edges higher as investors monitor uncertainty over potential Iran agreement

    FTSE 100 edges higher as investors monitor uncertainty over potential Iran agreement

    European stock markets traded modestly higher on Friday as investors assessed reports of progress in negotiations between the United States and Iran, while remaining cautious over the lack of a final agreement and the potential for renewed geopolitical tensions over the weekend.

    By 07:13 GMT, the FTSE 100 was up 0.09%, with Germany’s DAX gaining 0.16% and France’s CAC 40 advancing 0.45%. Sterling weakened 0.09% against the US dollar to trade at $1.3434.

    Market sentiment was influenced by reports that US and Iranian negotiators had drafted a proposal for a 60-day ceasefire extension that would reopen the Strait of Hormuz and pave the way for formal discussions regarding Iran’s nuclear programme. However, uncertainty remained after reports suggested US President Donald Trump had yet to approve the proposal and was considering the terms before making a final decision.

    Speaking on Thursday, Vice President JD Vance indicated that discussions were continuing, with negotiators still working through several outstanding issues. “Going back and forth on a couple of language points,” he said, adding that it was “still to be discussed” whether Trump would sign the agreement. “We’re not there yet, but we’re very close.”

    Despite signs of diplomatic progress, tensions in the region remained elevated. US Central Command said Iran launched a ballistic missile towards Kuwait on Wednesday night in what it described as an “egregious ceasefire violation.” Kuwaiti defence systems successfully intercepted the missile.

    The incident followed US military action near Bandar Abbas, where American forces reportedly targeted an Iranian ground control facility and intercepted several attack drones that were said to pose a threat to commercial shipping passing through the Strait of Hormuz. Regional governments including Kuwait, Saudi Arabia, Qatar and Egypt, along with the Organisation of Islamic Cooperation, subsequently condemned the missile launch towards Kuwaiti territory.

    Political divisions within Iran also added to market uncertainty. Iranian officials questioned the reported framework, with one lawmaker claiming the draft differed substantially from proposals prepared under the supervision of Supreme Leader Ayatollah Ali Khamenei. Other officials reiterated that Iran would not export its enriched uranium stockpile and continued to advocate long-term control of the Strait of Hormuz as a strategic objective.

    Further uncertainty emerged after Iran’s Tasnim News Agency reported that no memorandum of understanding had been finalised, contradicting suggestions that an agreement was close to completion.

    Meanwhile, the United States continued to increase economic pressure on Tehran. Treasury Secretary Scott Bessent announced new sanctions targeting Iran’s Persian Gulf Strait Authority as part of what he described as an “Economic Fury” campaign, warning companies and governments against paying transit fees linked to the Strait of Hormuz. Bessent also said Iranian oil exports had fallen sharply and indicated that military options remained available should negotiations fail.

    Diplomatic efforts are continuing, with US officials scheduled to meet representatives from Pakistan and Oman, both of which have played important roles in mediation efforts. Reports suggest the proposed framework could include phased sanctions relief and limited access to frozen Iranian assets, although several key issues remain unresolved.

    Investors are expected to remain focused on developments over the coming days, with any progress or setbacks in negotiations likely to influence market sentiment, energy prices and broader risk appetite.

  • Market Open: Asda Ocado Partnership, Drax Hirwaun Plant

    Market Open: Asda Ocado Partnership, Drax Hirwaun Plant

    FTSE 100 rises as investors assess Iran ceasefire developments. Asda partners with Ocado while Drax expands generation capacity.

    Market Overview

    Global markets were mixed overnight as investors weighed uncertainty surrounding Iran ceasefire negotiations and broader geopolitical developments. The FTSE 100 rose 0.30 per cent to 10,436.22, while the CAC 40 fell 0.23 per cent and the DAX declined 0.34 per cent. In the US, the Nasdaq edged 0.01 per cent higher and the S&P 500 was broadly flat, reflecting a cautious tone as markets assessed reports of efforts to extend the US-Iran ceasefire and the implications for risk assets.

    Commodity markets reflected a balanced risk backdrop. Gold gained as traders monitored inflation pressures and geopolitical developments, while Brent crude eased as concerns over energy supply disruption moderated. Natural gas moved higher and copper softened slightly. Sterling weakened against major currencies including the US dollar, euro, Swiss franc and yen, while Bitcoin advanced against the pound, indicating continued interest in alternative assets.

    Market Numbers

    FTSE 100: Up (0.30%), 10,436.22
    CAC40: Down (-0.23%), 8,188.870
    DAX: Down (-0.34%), 25,092.25
    NASDAQ: Up (0.01%), 30,225.4
    S&P 500: Down (-0.01%), 7,570.3

    In the Headlines

    Online Expansion – Ocado Group (LSE:OCDO)
    Asda has selected Ocado to help develop its online grocery business through the deployment of Ocado’s technology and automation platform. The agreement strengthens Ocado’s position in UK grocery fulfilment while supporting Asda’s efforts to improve its digital offering and operational efficiency.

    New Power Capacity – Drax Group (LSE:DRX)
    Drax has taken commercial control of its first 299MW open-cycle gas turbine plant at Hirwaun in South Wales. The facility increases the group’s flexible generation capacity and supports grid resilience as the UK continues its energy transition.

    Currencies (vs GBP)

    USD: Down (-0.15%), $1.3423
    CHF: Down (-0.14%), Fr.1.05254
    EUR: Down (-0.07%), €1.1525~
    JPY: Down (-0.13%), ¥213.811
    AUD: Down (-0.03%), $1.874940
    Bitcoin (BTC/GBP): Up (0.30%), £54,870.2

    Commodities

    Copper: Down (-0.08%), 6.44795
    Gold: Up (0.40%), 4,513.90
    Brent Crude: Down (-0.78%), 91.700
    Natural Gas: Up (0.55%), 3.313

  • CelLBxHealth secures AstraZeneca agreement to provide circulating tumour cell analytics services (CLBX)

    CelLBxHealth secures AstraZeneca agreement to provide circulating tumour cell analytics services (CLBX)

    CelLBxHealth plc (LSE:CLBX) has entered into a Master Services Agreement with AstraZeneca that establishes the company as an approved provider of circulating tumour cell (CTC)-based analytical services for clinical trial programmes.

    Under the agreement, CelLBxHealth will be able to support AstraZeneca’s research and development activities using its proprietary Parsortix platform, which is designed to isolate and analyse circulating tumour cells from blood samples. The framework agreement provides the potential for the company to contribute analytical services across multiple programmes within AstraZeneca’s clinical development pipeline.

    Management believes the arrangement represents an important commercial milestone, expanding the company’s reach within the pharmaceutical sector and reinforcing the value of its CTC technology in drug development and clinical research applications. The agreement also strengthens CelLBxHealth’s position as a specialist provider of advanced cancer analytics services to major biopharmaceutical companies.

    The Parsortix platform enables the capture of rare circulating tumour cells from blood samples, allowing researchers to conduct detailed molecular, genomic and proteomic analyses. Such capabilities can provide valuable insights into cancer biology, treatment response and disease progression, supporting both drug development and precision medicine initiatives.

    The new relationship with AstraZeneca is expected to enhance CelLBxHealth’s visibility within the pharmaceutical industry and create opportunities for additional service contracts as demand for advanced biomarker analysis and liquid biopsy technologies continues to grow.

    More about CelLBxHealth plc

    CelLBxHealth plc is a biotechnology company specialising in circulating tumour cell intelligence and cancer-related diagnostic technologies. The company’s patented Parsortix platform is designed to harvest circulating tumour cells from blood samples, enabling advanced analysis for oncology research, drug development and potential clinical applications.

    Its business model combines product sales, laboratory services, clinical trial support and the development of laboratory-developed tests. By integrating CTC analysis with imaging, genomic and proteomic technologies, CelLBxHealth aims to provide valuable insights for pharmaceutical companies, researchers and healthcare providers working to improve cancer diagnosis and treatment.

  • Clean Power Hydrogen suspends testing and share trading following electrolyser incident (CPH2)

    Clean Power Hydrogen suspends testing and share trading following electrolyser incident (CPH2)

    Clean Power Hydrogen PLC (LSE:CPH2) has halted testing activities and requested a suspension of trading in its AIM-listed shares after a serious incident occurred during the final factory acceptance test of its 1MW MFE220 membrane-free electrolyser system.

    The event took place during the third and concluding stage of the testing programme and resulted in an automatic shutdown of the unit. The incident caused significant damage to equipment, prompting the company to suspend operations while a detailed investigation is carried out to determine the cause and assess the implications for the technology and development timetable.

    As a result of the setback, completion of the factory acceptance testing process has been materially delayed. The company said the incident has also affected ongoing discussions with potential investors regarding an equity fundraising, placing additional pressure on working capital resources as management evaluates available financing options.

    Clean Power Hydrogen is reviewing its insurance coverage and contractual arrangements with customers as part of its response to the incident. The board said it is also assessing a range of strategic alternatives and funding solutions aimed at stabilising the business and supporting future development activities while the investigation is underway.

    The company’s outlook remains challenging, reflecting its limited revenue base, continuing losses and significant cash consumption. The incident adds further uncertainty to near-term funding requirements and commercial progress. While technical indicators had previously shown positive momentum in the share price, valuation remains difficult to assess given the company’s loss-making position and lack of dividend payments.

    More about Clean Power Hydrogen PLC

    Clean Power Hydrogen PLC is a UK-based hydrogen technology company focused on developing membrane-free electrolyser systems capable of producing high-purity hydrogen and oxygen. The company’s technology is designed to reduce the lifetime cost of hydrogen production while supporting decentralised energy applications.

    Listed on AIM under the ticker CPH2, the group targets a range of markets including wastewater treatment, renewable energy integration, data centre backup power, medical and life sciences applications, and heavy-duty transport. Through its patented technology platform and ongoing research and development efforts, the company aims to establish a competitive position within the emerging hydrogen economy.

  • Ocado secures Asda technology partnership as focus shifts toward cash generation (OCDO)

    Ocado secures Asda technology partnership as focus shifts toward cash generation (OCDO)

    Ocado Group (LSE:OCDO) has signed a new ecommerce partnership with Asda that will see the retailer adopt Ocado’s technology platform to modernise its online grocery operations across the UK from 2027.

    Under the agreement, Asda will deploy the Ocado Smart Platform throughout its digital grocery network, incorporating ecommerce storefronts, in-store fulfilment capabilities and last-mile delivery planning systems. The technology is designed to support a range of fulfilment options, including scheduled deliveries, rapid-delivery services, click-and-collect orders and purchases made through third-party delivery aggregators.

    The partnership represents a significant addition to Ocado’s client base in the UK grocery market and further demonstrates the adaptability of its technology platform. For Asda, the arrangement is intended to strengthen digital operations, improve efficiency and enhance the customer experience across multiple shopping channels.

    While Ocado does not expect the agreement to have a material financial impact during the 2026 financial year, management believes the deal reinforces the long-term growth potential of its technology business as adoption of the platform continues to expand. The company also reiterated its expectation of achieving positive cash flow during the second half of the current year and delivering full-year cash-flow positivity in 2027, reflecting confidence in the scalability of its business model and improving financial performance.

    Despite these developments, Ocado’s outlook remains influenced by variability in operating profitability and weaker technical indicators, with the shares continuing to trade below key moving averages and momentum measures remaining subdued. However, improving cash generation trends and an undemanding valuation provide some support, while management has outlined a clear pathway toward sustainable cash generation. Investors continue to weigh these positives against the company’s debt levels and the execution risks associated with scaling its technology and retail partnerships.

    More about Ocado Group

    Ocado Group is a UK-based technology company specialising in ecommerce, automation and logistics solutions for the grocery sector. Its proprietary Ocado Smart Platform provides retailers with an integrated suite of tools covering online storefronts, fulfilment operations, warehouse automation and last-mile delivery management.

    The company partners with supermarkets around the world to support the growth of online grocery shopping, helping retailers improve efficiency, enhance customer service and manage increasingly complex omnichannel operations. Through its technology-led approach, Ocado has established itself as a leading provider of digital infrastructure for the global grocery industry.

  • Avacta appoints new chairman as cancer therapy programmes continue to progress (AVCT)

    Avacta appoints new chairman as cancer therapy programmes continue to progress (AVCT)

    Avacta Therapeutics (LSE:AVCT) has announced a leadership transition that will see non-executive director Richard Hughes assume the role of non-executive chairman following the company’s annual general meeting on 22 June 2026.

    Hughes will succeed Shaun Chilton, who is stepping down from the board after serving as chairman. Although leaving his board position, Chilton will continue to support the company as an adviser to the chief executive officer and directors, helping to maintain continuity as Avacta advances its clinical development programmes.

    The company also confirmed that it is searching for a non-executive deputy chairman and senior independent director with significant international biotechnology experience. The recruitment process forms part of a broader effort to strengthen governance and support the next phase of growth as Avacta continues to develop its oncology portfolio.

    Operationally, the group remains focused on progressing two cancer drug candidates based on its proprietary pre|CISION platform through clinical trials. At the same time, management is expanding discussions with potential pharmaceutical partners as it seeks to maximise the commercial potential of its technology and development pipeline.

    Avacta’s outlook continues to be influenced by the financial demands of clinical-stage drug development. The company remains loss-making and is managing ongoing cash burn and balance sheet pressures associated with advancing multiple programmes. However, technical indicators have been more supportive, with the shares trading above longer-term moving averages and showing positive momentum signals. Recent clinical progress and efforts to improve cash management provide additional encouragement, although future financing requirements, partnership negotiations and development timelines remain important factors for investors to monitor.

    More about Avacta Group plc

    Avacta Therapeutics is a clinical-stage biotechnology company focused on developing innovative cancer treatments. The company’s research is centred on its proprietary pre|CISION platform, which is designed to activate therapeutic agents within the tumour microenvironment while limiting exposure to healthy tissue.

    By targeting fibroblast activation protein (FAP), the technology aims to improve the delivery of highly potent cancer therapies, potentially reducing side effects and enabling more effective dosing. Avacta is advancing a pipeline of oncology candidates intended to address unmet medical needs across a range of cancer indications.