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Economic expansion in the eurozone’s private sector slowed to its weakest pace in nine months in March, according to the latest PMI survey released Tuesday by S&P Global, as incoming orders declined and input costs climbed to their highest level in more than three years.

The S&P Global Eurozone Composite PMI Output Index slipped to 50.7 in March from 51.9 in February, signalling the slowest rate of growth since June 2025. Although the figure remained above the 50 mark that separates expansion from contraction, it was well below the long-term average of 52.4.

The deceleration was largely driven by the services sector. The Services Business Activity Index dropped to 50.2 from 51.9 the previous month, reaching its lowest level in ten months. By contrast, manufacturing output continued to show solid growth.

Among the largest eurozone economies, Spain recorded the strongest expansion in March, with growth accelerating. Ireland followed, although its growth rate eased to a six-month low. Germany also remained in expansion territory, but activity grew at the slowest pace of the year so far. Meanwhile, France and Italy both recorded declines in activity.

Across the eurozone, total new orders fell in March for the first time since July 2025, largely reflecting weaker demand for services. Export orders—including trade within the euro area—also declined, though the pace of the drop remained modest.

Employment in the private sector edged lower during the month, marking the sharpest reduction in payrolls in 13 months. The decline was mainly linked to a stronger fall in manufacturing jobs.

Cost pressures increased sharply. Input price inflation rose to its highest level in just over three years, with manufacturers reporting a record one-month jump in their input price index, which climbed nearly 11 points compared with February. Service providers also reported steep increases in operating costs.

Companies raised their selling prices at the fastest pace since February 2024, although the rise in output prices was still smaller than the surge in input costs.

Business sentiment weakened as well. Overall optimism among firms declined for the first time since December 2025 and fell to its lowest level in almost a year.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said the March PMI figures show that the eurozone economy has been significantly affected by the conflict in the Middle East. “The encouraging signs of growth seen earlier in the year have been eradicated thanks to surging energy prices, choked supply chains, financial market volatility and a renewed downturn in demand,” Williamson said.

According to Williamson, the survey data point to eurozone GDP growth of around 0.2% in the first quarter. However, he warned that the region could face a contraction in the second quarter unless the conflict is resolved quickly.

Pershing Square Capital Management (LSE:PSH) announced on Tuesday that it has put forward a non-binding offer to acquire Universal Music Group (EU:UMG), valuing the music company at roughly €30.40 per share—about 78% above its current market price.

According to the proposal, UMG shareholders would receive €5.05 per share in cash, representing approximately €9.4 billion in total, alongside 0.77 shares in a newly listed company for each UMG share they hold.

The hedge fund, led by chief executive Bill Ackman, said the deal would be carried out through a merger with Pershing Square SPARC Holdings. The transaction would result in a U.S.-listed entity trading on the New York Stock Exchange under U.S. GAAP reporting standards, potentially making it eligible for inclusion in the S&P 500 index.

Ackman argued that UMG’s shares have “languished” despite strong operating performance, pointing to factors unrelated to the underlying music business. These include uncertainty surrounding Bolloré Group’s 18% shareholding, delays to a planned U.S. listing, what he described as an underutilised balance sheet and the absence of a clearly defined capital allocation strategy. He also highlighted what he believes is a lack of market recognition for UMG’s €2.7 billion stake in Spotify.

“Sir Lucian Grainge and the company’s management have done an excellent job… generating strong business performance,” Ackman said.

“However, UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business.”

Pershing Square said it expects the transaction could be completed before the end of the year. The equity portion of the financing would be fully supported by Pershing Square and its affiliates, while debt financing would be secured at the time of signing.

If completed, the deal would result in the cancellation of about 17% of UMG’s outstanding shares, leaving the newly formed entity—referred to as New UMG—with around 1.54 billion shares outstanding, while maintaining an investment-grade balance sheet.

Legal advice to Pershing Square and SPARC is being provided by Sullivan & Cromwell, White & Case and Stibbe, with Jefferies acting as financial adviser.

hVIVO plc (LSE:HVO), a contract research organisation specialising in human challenge trials and early-stage drug development, has confirmed that it will publish its final results for the year ended 31 December 2025 on 15 April 2026.

The results announcement will be accompanied by presentations for equity analysts and an online investor briefing hosted by chief executive Yamin ‘Mo’ Khan and chief financial officer Stephen Pinkerton. The sessions will provide additional insight into the company’s performance and operations across its clinical research platform.

Management said the engagement reflects the company’s continued efforts to maintain active communication with the investment community while highlighting progress across its human challenge studies, laboratory services and early-phase clinical trial activities.

The company’s outlook is supported by strong financial performance and an attractive valuation profile. Solid revenue growth and relatively low leverage position the business favourably within the biotechnology services sector. While technical indicators suggest bullish momentum, the share price remains below certain longer-term moving averages, which may act as near-term resistance. A low price-to-earnings ratio combined with a reasonable dividend yield also adds to the company’s appeal for value and income-focused investors.

More about hVIVO plc

hVIVO plc is a full-service early-phase contract research organisation focused on human challenge clinical trials in infectious and respiratory diseases. The company operates the world’s largest quarantine facility in London and provides virology and immunology laboratory services through its hLAB division. It also runs early-phase clinical trial units in Germany through its CRS subsidiary and offers consulting and biometry services via Venn Life Sciences, supporting pharmaceutical and biotechnology clients worldwide.

MobilityOne (LSE:MBO) has announced progress on its proposed joint venture with Super Apps after Technology & Telecommunication Acquisition Corporation confirmed that all resolutions were approved at its extraordinary general meeting.

The approval marks another step forward in the planned business combination that forms part of MobilityOne’s agreement to dispose of a 60% stake in its 1Shop subsidiary and implement the related transaction structure.

As part of the arrangement, M1 Malaysia is expected to receive cash payments totalling RM60 million from Super Apps once the business combination is completed. MobilityOne has also committed to ensuring that 1Shop generates at least $125 million in revenue during 2026, or over another agreed reporting period.

To support this target, the company will transfer a portion of its existing electronic voucher operations into the 1Shop business. If the revenue milestone is achieved following completion of the merger, MobilityOne would also receive shares in TETE valued at RM20 million. All payments and share consideration remain contingent on the successful completion and timing of the merger transaction.

MobilityOne’s broader outlook continues to be affected by weak financial fundamentals, including ongoing losses, limited margins, negative equity and pressured cash flows. However, technical indicators provide some positive signals, with the share price trading above major moving averages and a positive MACD suggesting strong momentum. Valuation metrics remain mixed, reflecting a negative price-to-earnings ratio and the absence of a dividend yield.

More about MobilityOne

MobilityOne Limited is a Malaysian provider of e-commerce infrastructure and digital payment solutions. The company focuses on the virtual distribution of mobile prepaid reloads and bill payment services, connecting with banks, telecom operators, utilities, government agencies and transportation providers. Its payment services are delivered through mobile wallets, e-commerce platforms, ATMs, kiosks and other banking channels.

Beeks Financial Cloud Group (LSE:BKS) has won a £2.1 million, five-year contract to provide its Proximity Cloud service to a major foreign exchange broker, strengthening its presence in delivering high-performance trading infrastructure to institutional clients.

The broker has been using Beeks’ Private Cloud platform since September 2025 and has now chosen to expand its relationship by deploying Proximity Cloud services across multiple locations. The upgrade reflects growing demand for dedicated, client-owned trading environments that offer high performance and low latency.

Management said the contract demonstrates strong commercial momentum and highlights the potential for further upselling opportunities within Beeks’ existing client base. It also reinforces the company’s expanding pipeline of customers across the global financial markets sector.

Beeks’ broader outlook is supported by solid financial performance, including steady revenue growth, improving margins and a stable balance sheet. However, technical indicators currently remain weak, with the share price trading below key moving averages and showing bearish momentum. Valuation metrics also suggest caution, as the company trades on a relatively high price-to-earnings multiple and does not currently provide a dividend yield.

More about Beeks Financial Cloud Group Plc

Beeks Financial Cloud Group plc is a UK-listed provider of managed private infrastructure designed specifically for capital markets and financial services firms. The company delivers low-latency cloud computing, connectivity and analytics through an Infrastructure-as-a-Service model, enabling clients to deploy trading systems and connect to exchanges, trading venues and public cloud platforms for hybrid trading solutions.

BSF Enterprise’s Lab-Grown Leather (LSE:BSFA) subsidiary has presented what it describes as the world’s first handbag created from cultivated T-Rex Leather—a biomaterial produced using reconstructed dinosaur collagen. The piece is currently on display at the Art Zoo Museum in Amsterdam, where it will remain exhibited until 10 May 2026.

The one-off handbag was designed by avant-garde techwear brand Enfin Levé and developed in collaboration with creative agency VML and biotechnology partner The Organoid Company. After the exhibition concludes, the item is expected to be auctioned. The company says its T-Rex leather technology is being prepared for wider commercial introduction with luxury brands, initially for accessories and potentially later for fashion, automotive and other high-performance applications.

The project aims to showcase a new approach to luxury materials by demonstrating that premium leather products can be created without animal slaughter, deforestation or chromium-intensive tanning processes. Through its Elemental Leather product line, BSF is positioning cultivated leather as a sustainable material that retains the structural characteristics of traditional hides.

By combining synthetic biology, tissue engineering and high-end fashion design, the company hopes to establish a foothold in the emerging market for biotechnology-derived luxury materials. Management believes this could create opportunities for licensing agreements and collaborations with global brands while reinforcing the concept of “biotech exclusivity” in the luxury sector.

Despite the innovation, the company’s outlook remains affected by weak financial fundamentals, including ongoing losses, negative gross profit and continued cash burn, although leverage on the balance sheet remains relatively low. Technical indicators offer some support following a short-term share price rebound above key near-term moving averages, but mixed momentum and high share price volatility add risk. Valuation also remains constrained due to negative earnings and the absence of a dividend.

More about BSF Enterprise PLC

BSF Enterprise PLC is a UK-listed biotechnology company specialising in tissue engineering and sustainable materials. The group develops lab-grown leather, cultivated meat and corneal repair technologies using its proprietary scaffold-free ATEP platform. Its innovations are aimed at delivering ethical, high-performance alternatives to conventional materials for global industries where sustainability, traceability and advanced material performance are increasingly important.

MedPal AI (LSE:MPAL) reported record activity at its pharmacy subsidiary, MedPal Limited, after dispensing 41,600 prescription items in March 2026—an increase of 27.5% compared with the previous month. Since launch, the platform has now processed approximately 200,000 prescription items in total.

Based on March’s performance, the pharmacy business is now operating at an annualised turnover exceeding £5 million. The unit is also delivering gross margins of more than 34%, supported by its automated and technology-driven dispensing infrastructure.

The company noted that growth has been driven by rising demand across both its NHS Distance Selling Pharmacy services and private prescriptions fulfilled through MedPal.clinic. Interest in GLP-1 weight-loss medications has also contributed to increased prescription volumes.

Management added that the company’s automated pharmacy infrastructure still has significant unused capacity. This provides scope to scale dispensing volumes further without a proportional rise in operating costs, positioning MedPal AI to benefit from growth in the UK’s digital pharmacy and obesity treatment markets.

More about MedPal AI Plc

MedPal AI plc is a UK-based digital health company that has developed the MedPal Health OS, a vertically integrated platform combining AI-driven wellness tools, clinical services and automated pharmacy fulfilment. Its core mobile application connects with more than 100 wearable devices and health apps, delivering personalised lifestyle insights while serving as a gateway to the company’s medical and pharmacy services. These include a 24/7 AI-powered robotic dispensing facility capable of serving NHS and private prescription customers across the UK.

Hunting PLC (LSE:HTG) has been awarded $63.5 million in orders for its titanium stress joint products to support a new offshore project in Guyana, with deliveries scheduled through to May 2028 and revenue expected to begin flowing in the second half of 2026.

The contract will be executed by the company’s Subsea Spring division and builds on an additional $4.4 million in related orders secured since December 2025. The components will support Floating Production, Storage and Offloading (FPSO) vessels, reflecting continued demand for Hunting’s specialised subsea solutions.

The Guyana project forms part of the company’s broader strategy to expand its presence in FPSO-linked offshore developments and increase its share of global subsea infrastructure spending. Management said the new orders are expected to contribute meaningfully to subsea revenue and EBITDA over the coming years, strengthening the group’s role as a supplier to major oil and gas operators and service companies across the offshore well lifecycle.

Hunting’s outlook is supported by improving operating performance and a resilient balance sheet. Positive FY26 guidance, a strong tender pipeline and ongoing shareholder return initiatives—such as share buybacks and dividend growth—also contribute to the company’s momentum. However, some risks remain, including cash-flow volatility highlighted by a decline in free cash flow in 2025, limited near-term order book visibility and only moderate valuation support typical of cyclical energy-sector businesses.

More about Hunting

Hunting PLC is a global precision engineering company that provides specialised equipment and premium services to the energy industry. Headquartered in London with a corporate office in Houston, the group operates across North America, EMEA and Asia Pacific, among other regions. Listed on the London Stock Exchange, Hunting reports through five operating segments focused on delivering precision-manufactured products and services to oil and gas operators worldwide.