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UBS has set a silver price forecast of $80 per ounce for September 2027 as the bank expects the metal to remain correlated with gold while industrial and investment demand contribute to its longer-term outlook.

The forecast compares with a silver spot price of $66.50 as of September 18.

“Silver continues to track gold closely, with the gold-silver correlation near multi-year highs,” UBS strategist Dominic Schnider said.

The bank’s analysis indicates that silver’s recent price behaviour has been influenced more by its relationship with gold than by its industrial characteristics alone. Schnider described the metal as trading primarily as “a higher-beta version of gold.”

Silver Price Targets Rise Through 2027

UBS expects silver to reach $70 per ounce by December 2026 before increasing to $75 in both March and June 2027.

Its forecast then rises to $80 by September 2027.

The bank identified monetary policy as one potential source of near-term pressure. A more hawkish Federal Reserve and additional interest-rate increases could weigh on silver, according to Schnider.

UBS nevertheless expects its assumptions for higher gold prices, combined with investment and industrial demand, to provide support over a longer timeframe.

The forecasts remain subject to market conditions and do not represent guaranteed future price levels.

Data Centres and AI Add to Industrial Demand Outlook

Industrial applications are another component of UBS’s silver analysis.

Schnider said consumption “remains structurally supportive despite substitution and thrifting in solar applications.”

Solar manufacturers have been seeking to reduce silver usage as higher prices increase input costs. UBS expects other sources of industrial consumption, including data centres, AI infrastructure, electricity-grid investment and electric vehicles, to offset some of this effect.

Actual demand will depend on future investment, manufacturing activity and the rate at which industries substitute silver with alternative materials.

Byproduct Production Limits Supply Response

On the supply side, UBS noted that silver is commonly produced as a byproduct of mining for lead, zinc, copper and gold.

This means higher silver prices do not necessarily result in a rapid increase in mine supply because production decisions can depend on the economics of other metals.

Schnider also sees “limited scope for a sustained rise in the gold-silver ratio above 70x.”

The bank expects fiscal concerns, uncertainty over the U.S. dollar’s long-term purchasing power and the possibility of less restrictive monetary policy over time to contribute to investment demand.

UBS identified a more restrictive monetary-policy environment, weaker global growth and a larger decline in industrial consumption as risks to its forecasts.

Schnider nevertheless said “the balance of risks remains tilted toward higher silver prices over the medium term.”

The assessment reflects UBS’s current commodity-market outlook. Changes in monetary policy, the U.S. dollar, gold prices, industrial activity or silver supply could result in prices differing materially from the bank’s projections.

JPMorgan strategists said current corporate fundamentals could help limit the effect of rising bond yields on global equities, citing profit margins above historical averages, relatively low leverage and broader earnings growth.

Equity markets have declined as Brent crude moved above $100 and the U.S. 10-year Treasury yield approached 5%, but strategists led by Mislav Matejka said the market impact has remained “limited.”

The S&P 500 is around 2% below its August highs, while the Stoxx 600 has declined approximately 3% to 4% from its record closing level.

JPMorgan characterised the recent performance as “a market digesting an oil and rates shock, rather than repricing a collapse in earnings.”

The bank acknowledged that volatility could persist in the near term, citing historical September seasonality and continued geopolitical uncertainty. Its strategists nevertheless expect markets to move closer to underlying fundamentals during October.

Earnings Growth Extends Beyond Technology

One factor supporting JPMorgan’s view is the level of corporate profitability.

The bank said profit margins in the U.S., Europe and Japan are “generally very healthy” and remain above their respective long-term averages.

Most companies across these regions are on track for a strong or record year of profitability in 2026, according to the strategists.

JPMorgan also noted that margins have historically reached their peaks an average of eight to nine quarters before economic downturns. The latest available figures, from the second quarter, showed margins reaching new highs.

Earnings growth has also broadened beyond technology, according to the bank. More than 80% of companies globally are now expected to deliver positive earnings-per-share growth in 2026.

European margins also remain above historical averages despite pressure on the consumer discretionary sector from weakness in the automotive industry.

Debt Profiles Could Delay Impact of Higher Rates

Corporate leverage provides another element of JPMorgan’s assessment.

The bank said net debt-to-equity ratios are generally running 20% to 40% below historical averages. At the same time, corporate debt has an average duration of approximately five to six years.

This debt profile means changes in prevailing interest rates do not necessarily translate immediately into higher borrowing costs across the corporate sector, as refinancing occurs over time.

JPMorgan’s credit strategists also expect forthcoming corporate issuance, including debt associated with artificial intelligence investment, to be absorbed by the market.

Oil Increase Has Not Shifted Longer-Term Inflation Expectations

JPMorgan also highlighted the behaviour of inflation expectations following the recent rise in crude prices.

Unlike in 2022, the bank said there are currently no indications that longer-term inflation expectations are becoming de-anchored. Five-year, five-year forward inflation swaps have remained stable despite the oil-price increase.

The strategists said this reduces the likelihood that the recent rise in rates will accelerate further and suggests financial markets currently view the oil move as temporary.

They described that environment as “typically a better backdrop for equities to look through near-term volatility.”

The analysis reflects JPMorgan’s current market assessment. Future equity performance will depend on subsequent changes in earnings, interest rates, inflation, energy prices and other economic and market factors.

Global luxury demand growth has slowed during the third quarter to date, prompting Bank of America to lower its expectations for the sector in 2027.

Industry data monitored by the bank indicates that luxury demand growth decelerated by around 2 to 3 percentage points compared with the second quarter.

Bank of America said the slowdown was primarily concentrated in July and the first half of August. Trends subsequently improved from mid-August through the first two weeks of September.

The bank attributed part of the third-quarter slowdown to a more demanding year-earlier comparison.

Q3 Revenue Growth Estimated at 4%

Bank of America forecasts luxury-sector revenue growth of 4% for the third quarter of 2026, which would be 3 percentage points below the growth rate recorded in the second quarter.

The bank noted that the comparison with the prior-year period is approximately 6 percentage points more demanding.

Looking further ahead, Bank of America has reduced its 2027 sector forecast to 4% revenue growth.

Its estimates vary by category, with the bank forecasting growth of 3% for soft luxury and 6% for hard luxury.

These figures are Bank of America projections and do not represent reported industry results.

Sector Trades at Around 20 Times Earnings

The luxury sector is currently valued at around 20 times earnings, according to Bank of America, placing it at the lower end of the 20-to-25-times price-to-earnings range identified by the bank.

Bank of America said the valuation appears attractive on that basis, although it does not currently identify a positive catalyst for the sector in the near term.

The bank’s valuation assessment represents its own market analysis rather than an indication of future share-price performance.

Bank of America’s conclusions are based on the industry data it tracks, with its forecasts remaining dependent on subsequent consumer spending trends and other market conditions.

Savannah Resources (LSE:SAV) has strengthened its financial position with a total fundraise of approximately US$40 million, providing further momentum as the company advances its flagship Barroso Lithium Project in Portugal towards construction.

The company announced today that it has successfully completed its placing, subscription and retail offer, raising a total of £30.1 million, equivalent to approximately US$40.2 million, through the issue of 547.1 million new ordinary shares at 5.5 pence per share.

Importantly, the institutional placing was significantly oversubscribed, highlighting strong demand from new and existing investors for Savannah’s development strategy. The subsequent retail offer also raised £2.19 million, giving individual investors the opportunity to participate in the fundraise.

Funding the next phase of Barroso

The additional capital comes at an important stage for Savannah as it works towards a Final Investment Decision (FID) in 2027 and prepares for the construction of Barroso.

Savannah said the proceeds, together with existing cash reserves of US$15.5 million as at 31 July 2026, will provide more than US$53 million to support the project’s next phase.

A significant portion of the funds will be directed towards project development, including long-lead items, initial groundworks, processing plant and infrastructure engineering and preparations for the access road.

The company has also allocated funds towards project finance completion, environmental permitting, geotechnical and resource work, land use rights, community initiatives and additional working capital.

This provides Savannah with greater financial flexibility as it progresses multiple workstreams in parallel and continues to prepare Barroso for construction.

Strong investor support

The scale of the fundraise is particularly notable given the strong demand for the placing, which was significantly oversubscribed.

Savannah also received further support from major shareholders, including AMG Lithium B.V., Al Marjan, Pluris Investments and Telmory LDA, alongside participation from senior management. Chairman Rick Anthon also subscribed in the retail offer process.

For a development-stage company approaching a major construction decision, securing this level of funding and shareholder support represents an important step in maintaining momentum.

Chief Executive Officer Emanuel Proença said the company continues to experience strong support from a diverse pool of existing and new investors as Savannah moves closer to construction and first production.

Barroso enters a pivotal phase

The fundraise follows Savannah’s Phase 1 Definitive Feasibility Study, completed in July, which outlined an initial 14-year project life producing 183,000 tonnes per annum of 5.5% Li₂O spodumene concentrate, based on an initial JORC Reserve of 20 million tonnes at 0.99% Li₂O.

The DFS reported an estimated US$3.2 billion of EBITDA, US$1.9 billion of free cash flow, an unlevered post-tax NPV8 of US$913 million and a post-tax IRR of 43%, based on an average sales price assumption of US$1,788 per tonne.

Barroso is also classified as a Strategic Project under the European Critical Raw Materials Act, reflecting the wider European focus on developing more secure domestic supplies of critical minerals.

With lithium demand expected to increase significantly across Europe as the region develops its battery and energy-storage industries, Savannah is seeking to establish Barroso as a domestic source of spodumene concentrate.

A busy period ahead

Savannah now enters a particularly active period, with the company targeting several key milestones ahead of the proposed FID.

These include securing a second offtake partner, submitting the RECAPE environmental application, obtaining conditional project finance offers and progressing technical workstreams.

The company has also indicated that the funding will allow it to begin preparations for long-lead item orders and initial groundworks while strengthening its team ahead of construction.

The latest financing therefore gives Savannah additional resources to move the Barroso project from feasibility and development into the next stage of delivery.

For investors following Savannah, the combination of a significantly oversubscribed placing, additional retail participation, continued major shareholder backing and a substantial funding package marks another important milestone in the company’s ambition to develop a major lithium operation in Portugal.

With FID targeted for 2027 and construction preparation now progressing, Savannah Resources is entering an increasingly important phase in the development of Barroso and its ambition to become a European lithium producer.

For more information visit – https://savannahresources.com/

This article is based on company announcements and is not investment advice.

Avacta (LSE:AVCT) has presented the design of its FOCUS-01 Phase 1 clinical trial alongside new preclinical data for AVA6103 at the AACR Conference on Pancreatic Cancer.

AVA6103 is a FAP-enabled pre|CISION peptide-drug conjugate designed to deliver exatecan, a topoisomerase I inhibitor, within the tumour microenvironment.

The company is evaluating the drug in FAP-positive solid tumours, including pancreatic ductal adenocarcinoma, or PDAC.

Preclinical Studies Evaluate Two-Week Dosing

Preclinical studies using PDAC patient-derived xenograft models evaluated AVA6103 under a dose-dense regimen administered every two weeks.

Avacta reported tumour-targeted delivery of exatecan and complete and partial responses in the models, with responses persisting for several weeks after treatment ended.

Researchers also observed high FAP expression in the PDAC models and reported that FAP-positive fibroblasts were located close to blood vessels and tumour cells.

Avacta said these findings are consistent with the intended mechanism of its pre|CISION technology, which is designed to release its drug payload in FAP-rich tumour environments.

FOCUS-01 Trial Continues Dose Escalation

Avacta also presented early safety and pharmacokinetic findings from the first three dose levels of the Phase 1 FOCUS-01 trial.

According to the company, the results demonstrated proof of mechanism and AVA6103 was well tolerated at payload doses approximately 50% above the maximum tolerated dose of conventional exatecan.

Avacta said the pharmacokinetic profile observed to date was consistent with its preclinical modelling.

These findings are from an early-stage Phase 1 study, and further clinical data will be required to assess the safety and efficacy of AVA6103 in patients.

Enrolment Continues in Both Trial Arms

Patient enrolment is continuing across both arms of FOCUS-01, including a dose-intense every-two-week regimen for patients with PDAC.

Avacta said current dosing in this arm has reached a payload level exceeding twice the conventional maximum tolerated dose of exatecan and is approaching the payload exposure of Enhertu in breast cancer.

The trial is continuing to evaluate AVA6103 across increasing dose levels and dosing schedules.

About Avacta

Avacta Group plc, trading as Avacta Therapeutics, is a clinical-stage life sciences company developing targeted oncology treatments.

Its pre|CISION platform uses fibroblast activation protein to enable the release of drug payloads within the tumour microenvironment.

AVA6103 is an exatecan-based pre|CISION peptide-drug conjugate being developed for FAP-positive solid tumours, including pancreatic, cervical, breast, small cell lung, gastric and colorectal cancers.

Bango (LSE:BGO) reported revenue of $25.9 million for the six months ended 30 June 2026, an increase of 3% from the corresponding period a year earlier.

Subscriptions revenue increased 13% to $12.3 million, while Payments revenue declined 5% to $13.6 million. Bango said the reduction in Payments revenue reflected its planned restructuring and exit from lower-margin payment routes.

Group gross margin increased to 87%, reflecting a greater contribution from subscription revenue.

Annual Recurring Revenue Increases 31%

Annual Recurring Revenue reached $20.4 million at the end of the period, up 31% year-on-year. Bango said recurring revenue represented 39% of group revenue on a trailing 12-month basis.

Net Revenue Retention was 119%, while the number of active subscriptions increased 33% to 25.6 million.

The company added six new Digital Vending Machine® customers during the first half.

Adjusted EBITDA Rises to $9.0 Million

Group Adjusted EBITDA increased 34% to $9.0 million.

Cash EBITDA was $3.7 million, compared with a $0.7 million loss in the first half of 2025. The company said first-half Cash EBITDA was also higher than the amount generated during the whole of the 2025 financial year.

Within the Payments business, Adjusted EBITDA margin increased to 43% following the removal of non-core, lower-margin payment routes.

Payments Restructuring Expected to Finish in 2026

Bango said the restructuring of its non-core Payments activities is progressing ahead of its original plan and is expected to be completed during 2026.

The company expects the remaining changes to have a low-single-digit impact on reported revenue and a negligible effect on Adjusted EBITDA.

Bango said subscription activity has continued into the second half, supported by expansion among existing customers and its pipeline of potential new business.

The board said trading remains in line with full-year market expectations.

About Bango

Bango PLC is a Cambridge-based technology company providing subscription bundling and digital payment services.

Its Digital Vending Machine® platform enables telecom operators, financial services companies and other distribution channels to offer subscription services to customers.

The group operates through Subscriptions and Payments activities, with the latter including carrier billing and digital wallet services.