ADVFN UK Market News

Category: Top Story

  • Energy stocks slide as oil falls on Iran-Oman Hormuz talks

    Energy stocks slide as oil falls on Iran-Oman Hormuz talks

    European energy stocks moved lower on Wednesday as crude prices extended their decline following renewed discussions between Iran and Oman over managing shipping through the Strait of Hormuz.

    Brent crude futures dropped 2.5% to $86.38 a barrel by 07:43 GMT, while WTI crude futures fell 2.8% to around $80.08. Both benchmarks extended sharp losses from the previous trading session as investors assessed the possibility of improved maritime access through the strategically important waterway.

    Iran and Oman discuss interim shipping framework

    Iran and Oman are discussing an interim arrangement covering shipping through the Strait of Hormuz, including the possible establishment of a temporary navigation corridor and cooperation on removing mines.

    The discussions come while negotiations between Iran and the US remain stalled and Washington continues to increase economic pressure on Tehran.

    Before the conflict, approximately one-fifth of global oil and LNG shipments passed through the Strait of Hormuz. Any meaningful progress towards reopening the route could therefore ease concerns over energy supplies and place additional downward pressure on crude prices.

    PVM analyst questions scale of oil selloff

    PVM analyst Tamas Varga questioned whether the scale of Brent’s decline, which exceeded $6 a barrel over two days, was justified by the latest diplomatic developments.

    Varga noted that a permanent restoration of flows through the Strait of Hormuz “is anything but a foregone conclusion” despite reports that Iran and Oman could reach an agreement covering mine clearance and management of shipping traffic through the chokepoint.

    He argued that supply risks are likely to remain and that oil inventories could continue declining over the coming weeks, although he acknowledged that “sitting in this chair has often proven uncomfortable recently.”

    The comments underline the uncertainty surrounding the oil market, with traders balancing signs of diplomatic progress against the possibility that significant disruption to energy supplies could continue.

    BP, Shell and European energy majors decline

    The renewed fall in crude prices weighed on major European oil and gas companies as markets opened.

    BP (LSE:BP.) dropped 2.8%, while Shell (LSE:SHEL) declined 1.7%. Equinor (LSE:0A7F) fell 2.5% in Oslo and Italy’s Eni (BIT:ENI) lost 1.7%.

    Elsewhere, TotalEnergies (EU:TTE) declined 1.2%, while Repsol (TG:REP) fell 1.4%.

    The weakness followed a 3.1% decline in WTI on Tuesday, when expectations of diplomatic progress outweighed continuing concerns surrounding potential supply disruptions.

    With uncertainty over the Strait of Hormuz still elevated, further developments in the Iran-Oman discussions are likely to remain an important driver for crude prices and European energy stocks.

  • FTSE 100 holds steady as falling oil prices pressure energy majors

    FTSE 100 holds steady as falling oil prices pressure energy majors

    London’s blue-chip market was broadly unchanged on Wednesday, remaining close to multi-week highs as weakness among major energy companies offset gains in housebuilders and mining stocks.

    The FTSE 100 traded around the flatline, with falling commodity costs providing some support to consumer-facing businesses but weighing heavily on the index’s large oil producers.

    Shell and BP both dropped more than 1.5% as a sharp decline in crude prices put pressure on the energy sector.

    Oil retreats as Strait of Hormuz concerns ease

    The subdued start followed a stronger previous session for UK equities, when sentiment was supported by the government’s newly announced £10 billion social housing programme aimed at increasing the supply of affordable homes across the country.

    On Wednesday, however, energy stocks became one of the main drags on the London benchmark after global oil prices fell by around 2%.

    The decline followed reports that Iran and Oman had resumed bilateral discussions focused on managing and potentially reopening the Strait of Hormuz.

    The prospect of maritime traffic returning through the strategically important waterway eased immediate concerns about global oil supplies. Brent crude futures subsequently fell towards $86 a barrel, prompting investors to take profits across major energy stocks.

    Copper rally supports London-listed miners

    Strength in industrial metals provided some support to the wider UK market and helped counter weakness in the oil sector.

    Copper climbed to its highest level in six months as inventories held by the London Metal Exchange declined, improving sentiment towards major mining companies.

    Rio Tinto PLC (LSE:RIO) and Anglo American PLC (LSE:AAL) benefited from the stronger backdrop for industrial metals as investors assessed the potential impact of tighter copper supplies.

    Gold prices, meanwhile, edged lower as markets awaited forthcoming US inflation figures for further indications about the outlook for monetary policy.

    With energy stocks under pressure but miners and other areas of the market providing support, the FTSE 100 remained broadly steady near its recent highs.

  • Jubilee Metals agrees US$35 million Large Waste Project sale to fund copper expansion

    Jubilee Metals agrees US$35 million Large Waste Project sale to fund copper expansion

    Jubilee Metals Group (LSE:JLP) has selected a preferred buyer for its Large Waste Project in Zambia under a proposed transaction valued at US$35 million, providing additional capital to support the company’s broader copper growth strategy.

    The proposed transaction replaces an earlier agreement involving the sale of a smaller waste project and reflects Jubilee’s decision to prioritise investment in its existing mining, processing and refining operations rather than pursue a large-scale greenfield development.

    By recycling capital from the Large Waste Project into established operations and controlled mining assets, Jubilee aims to reduce development risk while accelerating its transition towards an integrated copper producer.

    Transaction structured over three years

    Completion of the proposed disposal remains subject to legal and technical due diligence, with the transaction expected to proceed through a series of stages.

    Under the proposed structure, Jubilee would receive the US$35 million consideration over a period of up to three years. The agreement also includes options allowing payments to be accelerated in exchange for a reduction in the overall consideration.

    The company expects to monetise the Large Waste Project at a premium to its original acquisition cost, allowing it to realise value from the asset while directing capital towards projects that can make use of its existing infrastructure.

    The disposal is therefore intended to improve capital efficiency and reduce the execution risks associated with developing a major greenfield operation.

    Jubilee increases focus on integrated copper operations

    Proceeds from the transaction are expected to support Jubilee’s strategy of expanding its controlled copper mining portfolio alongside its established processing and refining facilities in Zambia.

    The company is increasingly focused on combining mine production with existing infrastructure, including the Roan Concentrator and Sable Refinery, to create a more integrated mine-to-metal business.

    This approach is designed to provide greater control over feed supply, improve utilisation of existing processing capacity and establish a more scalable platform for long-term copper production.

    Asset disposals are also playing a role in funding this transition, allowing Jubilee to release capital from projects considered less central to its revised development strategy.

    Financial and operational risks remain

    The proposed US$35 million disposal provides a potentially important source of funding and could strengthen Jubilee’s ability to pursue its copper expansion plans without relying entirely on additional external capital.

    However, the company’s wider outlook remains constrained by a significant deterioration in recent financial performance, including weaker 2025 revenue and profitability and negative free cash flow.

    Technical indicators also remain under pressure, with the shares trading below key moving averages and MACD in negative territory. Negative earnings limit support from conventional price-to-earnings measures, while no dividend yield is currently available.

    Expected disposal proceeds and ongoing operational initiatives provide some offset to these concerns, although uncertainty surrounding guidance and several near-term operational and financing risks continue to affect the investment case.

    More about Jubilee Metals Group

    Jubilee Metals Group is an AIM- and AltX-listed copper producer and resource developer focused on establishing an integrated copper business in Zambia.

    Its operations combine third-party material processing through the Roan Concentrator with mine-to-metal activities centred on the Sable Refinery. The company is also developing its controlled mining portfolio while monetising selected non-core assets to help finance expansion.

    Jubilee is transitioning from a predominantly processing-focused model towards a resource-backed mining, processing and refining business. By combining its existing infrastructure with exploration and resource development, the company aims to establish scalable and sustainable long-term copper production in Zambia.

  • Brave Bison nearly doubles revenue as System1 bid advances platform-led growth

    Brave Bison nearly doubles revenue as System1 bid advances platform-led growth

    Brave Bison (LSE:BBSN) delivered strong growth during the first half of 2026, with net revenue almost doubling and adjusted profit before tax more than doubling as acquisitions and organic expansion strengthened performance across the group.

    Net revenue increased to £23.9 million, while adjusted profit before tax rose 120% to £4.1 million. Growth was supported by accretive acquisitions, a strong contribution from the sport and entertainment division and double-digit organic growth from the MiniMBA business.

    Adjusted basic earnings per share increased 31%, while statutory profit before tax also improved significantly. The group’s net cash position strengthened during the period, alongside a continued focus on reducing debt.

    Platform-based businesses increase contribution

    Brave Bison continued its strategic move towards scalable, higher-margin platform-led products and services during the first half.

    Platform-based solutions accounted for 32% of group net revenue and contributed 41% of divisional EBITDA, demonstrating their increasing importance to the company’s earnings mix.

    MiniMBA recorded strong commercial momentum, securing record contract wins during the period. These included a multi-year agreement with Omnicom, supporting the marketing training platform’s expansion among major international advertisers and agencies.

    The company is also investing in artificial intelligence capabilities, including development of its BBx operating platform, as it seeks to improve efficiency and expand the technology component of its offering.

    System1 offer expands Brave Bison’s ambitions

    Brave Bison has also taken significant steps towards expanding its presence in marketing research and advertising effectiveness.

    The group acquired approximately 28% of System1 before subsequently launching a firm offer to acquire the remaining shares in the business.

    System1’s behavioural science and data analytics capabilities could complement Brave Bison’s existing marketing services and MiniMBA training operations, potentially creating a broader offering for global brands.

    The proposed combination reflects Brave Bison’s strategy of building a more integrated marketing and technology group with exposure to services, training, data and scalable intellectual property.

    Trading remains in line with expectations

    Management said current trading remains consistent with expectations, although financial performance is expected to be weighted towards the second half of the year.

    Brave Bison’s wider outlook is supported by its improving financial position, stronger revenue growth and relatively low leverage. Positive share-price momentum and an established technical uptrend provide additional support.

    However, the company’s valuation remains relatively demanding, with a high price-to-earnings multiple and a low dividend yield. Historical volatility in profitability and cash generation also means continued execution will be important in demonstrating the sustainability of recent growth.

    The progress of the System1 transaction, further expansion of MiniMBA and increasing adoption of platform-led services are therefore likely to remain important factors in the group’s longer-term development.

    More about Brave Bison

    Brave Bison is a marketing and technology group providing services, training and media solutions to major global advertisers.

    The company operates across eight countries with approximately 350 employees. Its activities span consultancy and marketing services, sport and entertainment content monetisation and marketing skills development through its MiniMBA e-learning platform.

    Brave Bison is also the largest shareholder in System1, a UK-based marketing research platform that applies behavioural science and data analytics to help companies assess and improve advertising effectiveness.

  • Central Asia Metals lifts profits and dividend as copper growth strategy accelerates

    Central Asia Metals lifts profits and dividend as copper growth strategy accelerates

    Central Asia Metals (LSE:CAML) delivered a significant improvement in first-half financial performance, with higher production and stronger metals prices driving substantial increases in revenue, earnings and cash generation.

    Revenue rose 46% to $145.5 million, while EBITDA increased 89% to $75.5 million. Profit before tax more than tripled to $59.3 million and adjusted free cash flow climbed to $46.8 million.

    The group ended June with cash of $97.2 million, providing a strong financial platform for both shareholder distributions and investment in future growth.

    Reflecting the improved performance, Central Asia Metals increased its interim dividend to 8 pence per share. The company also completed a $10 million share buy-back programme.

    Kounrad and Sasa deliver higher production

    Production of copper, zinc and lead increased modestly compared with the corresponding period last year, supported by continued performance from the Kounrad copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.

    The company reaffirmed its full-year production guidance and highlighted supportive copper and zinc prices as it entered the second half.

    Safety performance was mixed, however, with two lost time injuries recorded during the period, leaving continued operational and safety improvements as an important priority across the portfolio.

    Cygnus acquisition expands copper exposure

    Alongside its stronger operating performance, Central Asia Metals is accelerating its strategy to increase exposure to copper.

    The company has agreed an all-share acquisition of Cygnus Metals, which would add the high-grade Chibougamau copper-gold project in Québec to its portfolio. The transaction would significantly broaden CAML’s geographic footprint while increasing its exposure to a metal expected to benefit from long-term electrification and infrastructure demand.

    CAML is also progressing plans for a Toronto Stock Exchange listing as part of its wider growth strategy.

    In Kazakhstan, the company has completed maiden drilling programmes across exploration projects as it assesses opportunities to build additional resources around its existing operations.

    Exploration investment supports longer-term pipeline

    Further drilling is planned across CAML’s Kazakh exploration portfolio as the company seeks to identify additional sources of future production.

    The group is also providing further funding for Aberdeen Minerals’ Phase 4 exploration programme in Scotland, maintaining exposure to prospective base metals opportunities outside its core operating regions.

    These investments complement the proposed Cygnus transaction and demonstrate CAML’s approach of combining established cash-generating operations with acquisitions and earlier-stage exploration.

    Strong cash generation supports capital allocation

    Central Asia Metals enters the second half with a strong cash position, low leverage and substantial underlying cash generation, giving management flexibility to balance investment in growth with shareholder returns.

    The increased dividend and completed share buy-back demonstrate this capital allocation approach, while the Cygnus acquisition and exploration programmes provide potential avenues for longer-term expansion.

    However, historical earnings volatility remains a consideration, particularly following the latest full-year reported net loss and impairment charges. Operational and cost risks at Sasa also continue to influence the investment case.

    Technical indicators are relatively constructive, with positive momentum and the shares trading above key short- and medium-term moving averages, although they remain below the 200-day average. The dividend yield provides valuation support, but negative reported earnings limit the usefulness of the price-to-earnings ratio.

    More about Central Asia Metals

    Central Asia Metals is an AIM-quoted base metals producer headquartered in London. Its principal operating assets are the Kounrad SX-EW copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.

    The group also holds majority interests in exploration businesses in Kazakhstan and a significant investment in Aberdeen Minerals, which is exploring for base metals in northeast Scotland.

    Central Asia Metals’ strategy combines cash generation from established mining operations with acquisitions and exploration aimed at expanding its long-term resource base. Its portfolio provides exposure to copper, zinc and lead, metals with important applications across electrification, infrastructure and industrial markets.

  • Hochschild Mining posts strong first-half earnings as higher costs prompt guidance increase

    Hochschild Mining posts strong first-half earnings as higher costs prompt guidance increase

    Hochschild Mining (LSE:HOC) delivered a substantial improvement in its first-half financial performance, with higher precious metals revenue helping to more than double adjusted EBITDA and strengthening the group’s balance sheet.

    Revenue increased 62% to $844.4 million, while adjusted EBITDA climbed to $491.5 million. Profit before tax reached $365.8 million and basic earnings per share stood at $0.37.

    Strong cash generation allowed Hochschild to move into a net cash position of $51.1 million while retaining significant liquidity. The improvement came despite substantial payments relating to 2025 dividends for shareholders and distributions to its San Jose joint-venture partner.

    The company also increased its interim dividend to 4.0 cents per share, reflecting the stronger financial position.

    Production falls as all-in sustaining costs rise

    Operational performance was more mixed, with attributable production declining to 151,830 gold equivalent ounces during the first half.

    All-in sustaining costs increased to $2,448 per gold equivalent ounce, leading Hochschild to raise its cost guidance for the full year.

    Despite the increase in expected costs, management maintained its existing full-year production and capital expenditure targets.

    Controlling operating costs will therefore remain an important focus during the second half as Hochschild seeks to translate favourable revenue and earnings momentum into continued cash generation.

    Mara Rosa turnaround progresses

    Hochschild said the operational turnaround at its Mara Rosa gold mine in Brazil is progressing according to plan, while work continues on the Monte Do Carmo development project.

    The company is advancing Monte Do Carmo towards an investment decision expected around the end of the year, providing another potential growth catalyst for the portfolio.

    Exploration activity is continuing across the group’s assets as Hochschild looks to extend mine lives and identify additional resources capable of supporting longer-term production.

    Safety and sustainability performance remains mixed

    Hochschild reported improvements across several environmental, social and governance indicators, including better overall safety rates and incremental progress in water efficiency, recycling and workforce diversity.

    However, the period was overshadowed by a fatality at the Inmaculada operation in Peru, highlighting the continuing importance of safety performance across the group’s mines.

    The company’s wider investment outlook is supported by its improved financial performance, stronger margins and positive free cash flow, although historical volatility in earnings and cash generation remains a consideration.

    Share-price technical indicators are broadly constructive, reflecting a strong upward trend and positive MACD. However, elevated RSI and stochastic readings suggest the shares may be overbought in the near term.

    Valuation also presents a potential headwind, with a price-to-earnings ratio of approximately 21.8 times and a dividend yield of around 0.69%.

    More about Hochschild Mining

    Hochschild Mining is a London-listed precious metals producer focused on the exploration, mining, processing and sale of gold and silver across the Americas.

    The group’s operating portfolio includes the Inmaculada underground mine in southern Peru, the San Jose underground operation in southern Argentina and the Mara Rosa open-pit gold mine in Brazil.

    Alongside its producing assets, Hochschild maintains a portfolio of exploration and development projects intended to support future production and extend its presence in the precious metals sector.

  • Wall Street Futures Rise as Oil Sell-Off Eases Inflation Concerns: Dow Jones, S&P, Nasdaq

    Wall Street Futures Rise as Oil Sell-Off Eases Inflation Concerns: Dow Jones, S&P, Nasdaq

    U.S. stock futures moved higher on Tuesday, pointing to a positive start on Wall Street after the major averages finished the previous session mostly lower.

    A renewed decline in crude oil prices helped improve market sentiment, with traders reassessing the potential impact of Washington’s latest economic measures against Iran. Oil had already fallen by more than 2% on Monday, ending a six-session winning streak, before U.S. crude futures extended the retreat by more than 3% on Tuesday.

    The sharp reversal in energy prices has also helped bring Treasury yields down from recent highs, providing additional support for equity valuations.

    Washington Unveils New Iran Sanctions Campaign

    The latest move in oil followed the U.S. Treasury Department’s announcement of “Operation Economic Outcast,” which it described as an unprecedented, government-wide economic campaign targeting Iran and its “enablers.”

    The U.S. imposed sanctions on nearly 60 entities, individuals and vessels that authorities said “enable the Iranian regime’s recklessness.”

    However, the measures stopped short of immediately applying secondary sanctions to countries maintaining commercial relationships with Iran. That appeared to reassure commodity markets, which had been preparing for potentially tougher action capable of disrupting global oil flows.

    With crude prices retreating, Treasury yields also continued to ease, helping strengthen the case for an initially positive session on Wall Street.

    Nvidia and Inflation Data Remain Key Market Tests

    Investors may nevertheless be reluctant to make aggressive moves ahead of several major events later this week.

    Nvidia (NASDAQ:NVDA) is due to release its second-quarter results after Wednesday’s closing bell, making the report an important test of investor confidence in artificial intelligence and semiconductor spending.

    Closely watched U.S. inflation figures are also approaching, while attention will turn to the Jackson Hole economic symposium and Federal Reserve Chair Kevin Warsh’s remarks on Friday.

    These events could influence expectations for monetary policy and determine whether the recent improvement in risk appetite can be sustained.

    Technology Weakness Weighs on Monday’s Session

    Wall Street endured a mixed session on Monday, with stocks recovering from their early lows but generally remaining under pressure.

    The Nasdaq fell 200.26 points, or 0.8%, to 25,980.19, leaving the technology-heavy index at its lowest closing level in three weeks.

    The S&P 500 declined 21.51 points, or 0.3%, to 7,652.86.

    The Dow Jones Industrial Average bucked the broader trend, advancing 140.15 points, or 0.3%, to 53,417.16 as gains in Visa (NYSE:V), Walmart (NYSE:WMT) and Disney (NYSE:DIS) provided support.

    Nvidia Slides Ahead of Quarterly Results

    Technology shares were responsible for much of Monday’s weakness, with semiconductor stocks suffering particularly heavy selling.

    The Philadelphia Semiconductor Index dropped 2.7%, while Nvidia (NASDAQ:NVDA) lost 2.9% as investors positioned themselves ahead of the AI chipmaker’s earnings announcement.

    Computer hardware and networking stocks also came under pressure. Energy shares weakened alongside crude oil, although overall market activity remained relatively subdued as traders waited for the week’s major catalysts.

    Investors Look to Warsh for Clues on Fed Strategy

    Federal Reserve Chair Kevin Warsh’s Jackson Hole appearance on Friday is expected to attract significant attention as markets assess the outlook for inflation and interest rates.

    “[Fed Chair Kevin] Warsh is scheduled to deliver keynote remarks on Friday, and markets will be looking for greater clarity on both his assessment of inflation and the broader “regime change” he has advocated at the Fed,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

    She added, “He has been reluctant to provide conventional forward guidance, meaning the speech may focus more heavily on the Fed’s reaction function and longer-term philosophy than explicitly signaling what policymakers will do in September.”

    With few major U.S. economic releases immediately available, some investors may remain cautious until Wednesday’s consumer inflation figures provide a clearer picture of price pressures.

    For now, the combination of falling crude prices, lower Treasury yields and stronger futures is creating a more constructive backdrop for Wall Street, although Nvidia, inflation and Jackson Hole could determine the market’s next major move.

  • European Stocks Edge Higher as U.S. Treasury Yields Retreat: DAX, CAC, FTSE100

    European Stocks Edge Higher as U.S. Treasury Yields Retreat: DAX, CAC, FTSE100

    European equities moved modestly higher on Tuesday as U.S. Treasury yields pulled back from recent peaks, easing some of the pressure that higher borrowing costs have placed on global stock markets.

    Bond yields declined following reports that the U.S. Treasury could draw on its nearly $1 trillion General Account to help finance its recently announced bond buyback programme. The prospect of using existing cash reserves provided some relief to debt markets and supported sentiment across European equities.

    Iran Sanctions Prove Less Severe Than Feared

    Investors also responded positively to a U.S. sanctions package targeting Iran that was less aggressive than some market participants had anticipated.

    Washington warned countries against continuing business with Iran, threatening secondary sanctions against those that fail to comply. However, the Treasury Department stopped short of immediately imposing penalties.

    The absence of more severe measures helped reduce concerns that the latest sanctions campaign could cause an immediate disruption to crude oil supplies.

    Against this backdrop, Germany’s DAX Index gained 0.8%, France’s CAC 40 advanced 0.3% and the UK’s FTSE 100 rose 0.1%.

    German Economy Expands Faster Than Initially Estimated

    Economic data also provided some encouragement after Destatis reported that Germany’s economy performed better than previously estimated during the second quarter, supported by resilient exports despite ongoing geopolitical uncertainty.

    Gross domestic product increased 0.3% quarter-on-quarter, revised higher from the preliminary estimate of 0.2%. The economy had expanded by 0.4% during the first quarter.

    On an annual basis, German GDP growth accelerated to 1.0% in the second quarter from 0.7% during the previous three months.

    The figures provided further support to European markets by suggesting that the region’s largest economy maintained momentum despite challenging global conditions.

    Technology Stocks Gain Ahead of Nvidia and Marvell Earnings

    Technology shares were among the stronger performers, with ASML Holding (EU:ASML) and Infineon Technologies (TG:IFX) advancing as investors prepared for important semiconductor earnings later this week.

    Attention is particularly focused on Nvidia (NASDAQ:NVDA), whose results are expected to provide fresh insight into demand for artificial intelligence infrastructure and semiconductor spending.

    Marvell Technology (NASDAQ:MRVL) is also due to report this week, adding to a busy period for the chip industry and potentially providing further indications of demand across data centres and AI-related markets.

    The combination of lower U.S. Treasury yields, reduced concerns surrounding Iran sanctions and encouraging German economic data helped European equities maintain a modestly positive tone during Tuesday’s session.

  • Wall Street Futures Rise as Iran Sanctions, Nvidia Earnings and Bitcoin Rally Take Focus: Dow Jones, S&P, Nasdaq

    Wall Street Futures Rise as Iran Sanctions, Nvidia Earnings and Bitcoin Rally Take Focus: Dow Jones, S&P, Nasdaq

    U.S. stock futures advanced on Tuesday as investors prepared for a busy stretch of corporate and economic news, with Nvidia (NASDAQ:NVDA) earnings and upcoming inflation figures among the main events in focus. Meanwhile, Washington unveiled a broader economic campaign against Iran and Bitcoin (COIN:BTCUSD) extended its rally beyond $80,000.

    Oil prices moved lower as traders assessed the likely impact of the new Iran measures on global supplies, while Intuit (NASDAQ:INTU) is scheduled to release its latest results after the closing bell.

    Nvidia Earnings Loom as U.S. Futures Advance

    Wall Street was positioned for a firmer start, with Dow futures gaining 89 points, or 0.2%, by 03:08 ET (07:08 GMT). S&P 500 futures rose 20 points, or 0.3%, while Nasdaq 100 futures climbed 165 points, or 0.6%.

    The move followed losses for the major U.S. averages in the previous session. Weakness among companies exposed to the artificial intelligence theme, including semiconductor manufacturers and chip equipment businesses, outweighed gains in financials and consumer staples.

    Nvidia’s upcoming quarterly results are now set to take centre stage, given the chipmaker’s importance as a gauge of investment and demand across the AI industry. Investors are also awaiting inflation figures later this week for further indications of the direction of U.S. monetary policy.

    Trade relations between Washington and Ottawa have provided another source of uncertainty. Efforts to prevent proposed 50% U.S. tariffs on a wide range of Canadian products failed to produce an agreement, prompting Canada to threaten matching retaliatory measures.

    Vital Knowledge analysts noted that the tariffs are still several weeks away from taking effect, leaving room for further negotiations. Planned U.S. duties on Canadian automotive, truck and steel exports have meanwhile been delayed until January 2027.

    Washington Steps Up Economic Campaign Against Iran

    Iran remained a major geopolitical focus after U.S. Treasury Secretary Scott Bessent announced a fresh sanctions initiative on Monday designed to increase Tehran’s financial isolation.

    Bessent described the strategy as an “economic onslaught against Iran’s financial connections” globally, saying it would target Tehran’s “enablers” and make it harder for the country to maintain access to international financial channels.

    President Donald Trump is also asking other governments to make “specific requests to cease their interactions” with Iran as Washington intensifies its economic campaign following the start of the conflict in late February.

    The measures have not yet been implemented, but countries have been given a timetable to wind down activities involving Iran.

    Bessent warned that “any entity that facilitates money laundering on behalf of Iran” would lose access to the U.S. dollar system, adding that “the clock has just started ticking.”

    Oil Prices Slip as Markets Assess Sanctions Impact

    Oil traders appeared relatively unfazed by the latest measures, with Brent crude futures falling 0.6% to $91.58 a barrel on Tuesday.

    Both Brent and U.S. West Texas Intermediate crude had declined by more than 2% in the previous session. WTI subsequently moved towards a one-week low, with profit-taking following its recent multi-week rally adding to the pressure.

    “Oil prices drifted lower yesterday despite renewed U.S. plans to tighten economic pressure on Iran,” ING analysts said.

    “[T]raders [are] treating the U.S. effort to nudge partners away from Iranian trade as marginal rather than market-moving.”

    A key question is how aggressively Washington will pursue secondary sanctions against countries continuing to buy Iranian energy. ING noted that China is the largest purchaser of Iranian energy, raising doubts over whether the U.S. would risk destabilising its fragile trade truce with Beijing.

    Intuit Results Put AI Competition in Spotlight

    Intuit (NASDAQ:INTU) will be another focus for investors when the software company reports after Tuesday’s market close.

    In May, Intuit reduced its annual revenue forecast for TurboTax and announced plans to shrink its workforce by 17%, equivalent to roughly 3,000 positions.

    The measures were viewed as an attempt to streamline the company and redirect resources towards its own artificial intelligence products. However, they also raised concerns about the competitive threat posed by increasingly capable general-purpose AI systems.

    Large language models can already replicate some functions traditionally provided by tax preparation software, despite not having access to Intuit’s proprietary financial data, potentially increasing competitive pressure on TurboTax over time.

    Bitcoin Extends Rally Beyond $80,000

    Bitcoin (COIN:BTCUSD) continued its sharp advance on Tuesday, reaching its highest level in more than three months amid strong demand for spot Bitcoin exchange-traded funds and continued risk appetite.

    The cryptocurrency rose 4.0% to $80,415.7 by 03:48 ET, having earlier touched $81,220.4.

    Bitcoin is on course to record gains in eight of the past nine sessions, with short-covering providing additional momentum as the rally forces bearish traders to close positions.

    Concerns over U.S. public finances have also helped drive interest in the cryptocurrency. Those worries intensified after the Treasury announced plans last week to roughly double the pace of bond buybacks as part of efforts to contain rising government borrowing costs.

  • Market Open: Gulf Keystone Resilience, Volex Outlook

    Market Open: Gulf Keystone Resilience, Volex Outlook

    FTSE 100 opens flat as Volex raises its profit outlook, Gulf Keystone remains resilient and Brent crude edges higher amid Iran focus.

    Market Overview

    The FTSE 100 opened broadly unchanged, at 10,854.57, while the Euronext 100 gained 0.03 per cent and Germany’s DAX rose 0.23 per cent. European equities found support as concerns over the immediate impact of expanded US sanctions against Iran eased. Overnight in the US, the Nasdaq closed lower at 25,980.19 and the S&P 500 declined to 7,652.86.

    Commodity markets were mixed, with copper lower while gold, Brent crude and natural gas edged higher. Bitcoin rose against sterling. The US dollar was unchanged versus the pound, while the Swiss franc, euro and Japanese yen weakened marginally and the Australian dollar strengthened slightly. Oil markets remained focused on Iran and the Strait of Hormuz, although investors viewed the latest US economic pressure as posing less immediate risk to physical supply.

    Market Numbers

    FTSE 100: Up (0.001%), 10,854.57
    Euronext 100: Up (0.03%), 1,933.47
    DAX: Up (0.23%), 26,167.89
    NASDAQ: Down, 25,980.19
    S&P 500: Down, 7,652.86

    In the Headlines

    Production resilience – Gulf Keystone Petroleum (LSE:GKP)
    The Kurdistan-focused oil and gas producer maintained financial resilience despite production disruption at its Shaikan Field, with operations subsequently resuming and output recovering. The company also declared a further interim dividend, highlighting its liquidity and ability to support shareholder returns.

    Profit outlook raised – Volex (LSE:VLX)
    The specialist power and data transmission manufacturer raised its FY2027 profit expectations after strong trading across its end-markets, led by demand from data centre customers. Improved operating leverage means the board now expects underlying operating profit to exceed current market expectations.

    Currencies (vs GBP)

    USD: Unchanged (0.00%), $1.3638
    CHF: Down (0.00%), Fr.1.0941
    EUR: Down (0.01%), €1.1688
    JPY: Down (0.01%), ¥217.014
    AUD: Up (0.00%), $1.9062
    Bitcoin (BTC/GBP): Up, £58.681.23

    Commodities

    Copper: Down
    Gold: Up
    Brent Crude: Up
    Natural Gas: Up