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Deltic Energy (LSE:DELT) has confirmed that completion of its recommended cash takeover by RockRose Energy’s Viaro Bidco remains subject to regulatory approval from the North Sea Transition Authority (NSTA). The consent relates to a change of control over Deltic’s North Sea exploration licences, following shareholder approval of the scheme of arrangement in August 2025.

Viaro Bidco has now obtained an additional extension from the NSTA, pushing the deadline for further submissions to 13 February 2026. The extension allows the bidder to provide additional representations in response to the regulator’s outstanding concerns, extending the period of uncertainty around the transaction’s completion timeline. Until a decision is reached, the outcome of the deal — and Deltic’s future ownership structure — remains unresolved, with potential implications for its position in the UK North Sea upstream sector.

From a financial perspective, Deltic’s outlook continues to be weighed down by the absence of revenue, widening losses, sustained cash outflows, and a significantly reduced equity base reported in 2024. Market technicals reflect these pressures, with the share price in a clear downtrend and momentum indicators remaining weak. Valuation offers little support at this stage, as ongoing losses render the negative price-to-earnings ratio less meaningful and no dividend income is available.

More about Deltic Energy

Deltic Energy is a UK-focused oil and gas company holding exploration licences in the North Sea. The group operates within the upstream energy sector, concentrating on exploration and appraisal activities across the UK Continental Shelf.

Blencowe Resources Plc (LSE:BRES) has entered into a Letter of Intent with Italian graphite processor Alkeemia S.P.A. to toll process and purify material from its Orom-Cross graphite project in Uganda at a newly developed facility in Italy. The arrangement is designed to create a cleaner, non-China downstream pathway and support the production of ultra-high-purity graphite of up to 99.99% for specialist, higher-value applications.

Under the initial terms, up to 1,000 tonnes of graphite per year are expected to be processed, with flexibility to expand volumes over time. The agreement is intended to reduce downstream execution risk, enhance Blencowe’s appeal to European customers and financiers, and establish a traceable, locally processed supply chain aligned with European critical minerals strategies. Separately, the company confirmed the issue of 500,000 new shares and 1,000,000 options to consultant Minex, taking total voting rights to 477,795,645 shares following admission to trading in London.

Despite the strategic progress, Blencowe continues to face material financial headwinds, including the absence of revenue, ongoing losses, and negative operating cash flows. Market indicators remain weak, reflecting these challenges, although recent funding activity and strategic partnerships provide some optionality for future development. Overall, near-term financial and operational pressures continue to dominate the investment outlook.

More about Blencowe Resources

Blencowe Resources Plc is a London-listed natural resources company focused on advancing the Orom-Cross graphite project in Uganda. The company aims to supply natural flake graphite into European battery and energy-transition supply chains, including participation as an exclusive supplier to the EU SAFELOOP initiative under the European Union’s Project Horizon framework.

Starwood European Real Estate Finance Limited (LSE:SWEF) has confirmed a fourth-quarter 2025 dividend of 1.375 pence per share, consistent with its stated distribution target. The dividend will be paid on 27 February 2026 to shareholders on the register at 6 February 2026, with the shares trading ex-dividend from 5 February 2026. The company also reiterated its full-year dividend objective of 5.5 pence per share, representing an annualised yield of approximately 6.2% based on the closing share price on 22 January 2026.

The reaffirmation highlights the group’s ongoing focus on delivering predictable income to investors as it advances the orderly realisation of its remaining portfolio. Management continues to prioritise capital returns while maintaining visibility on distributions during the wind-down phase of the business.

From a financial standpoint, the company remains resilient, supported by a debt-free balance sheet and solid cash generation, even as revenue and profitability face pressure. Share price momentum has been constructive, trading above key moving averages, while valuation signals are mixed, combining an elevated dividend yield with a negative price-to-earnings ratio. Recent shareholder returns and continued progress in asset realisations provide an additional positive underpinning.

More about Starwood European Real Estate Finance

Starwood European Real Estate Finance Limited is a London-listed investment company focused on the structured wind-down and realisation of a portfolio of European real estate-related investments. Its assets are managed by Starwood European Finance Partners Limited, an indirect wholly owned subsidiary of Starwood Capital Group, placing the company within the specialised real estate credit and investment segment of the market.

U.S. stock futures signalled a higher open on Thursday, indicating that equities could extend the sharp rebound seen in the previous session.

Investor sentiment has been buoyed by signs of de-escalation in the dispute surrounding President Donald Trump’s bid to gain control of Greenland. On Wednesday, Trump ruled out the use of military force and later said that a “framework” agreement on the Arctic territory was taking shape.

Following what he described as a “framework” understanding reached with NATO Secretary General Mark Rutte, Trump also stepped back from earlier threats to impose sanctions on European countries that opposed his plans.

Some market watchers view the renewed strength in equities as a revival of the so-called “TACO trade” — shorthand for “Trump Always Chickens Out” — reflecting the belief that the president often retreats after rattling markets with aggressive tariff threats.

“There are a lot of similarities with the Liberation Day market wobble in April 2025 and now,” said Russ Mould, investment director at AJ Bell. “In both situations, Trump took an aggressive stance and then backed down after financial markets wobbled.”

He added, “The US president has a keen eye on what happens with bonds and stocks, and the last thing he wants is to be accused of destroying people’s wealth.”

Markets were highly volatile on Wednesday. Stocks surged early, pared back gains by late morning, and then rallied again in the afternoon to close sharply higher.

All three major benchmarks finished the session with solid advances, partially recouping Tuesday’s steep losses. The Dow Jones Industrial Average rose 588.64 points, or 1.2%, to 49,077.23. The Nasdaq Composite climbed 270.50 points, or 1.2%, to 23,224.82, while the S&P 500 advanced 78.76 points, or 1.2%, to 6,875.62.

The swings reflected investors reacting to Trump’s evolving remarks on Greenland. Early buying followed his comments at the World Economic Forum in Davos, Switzerland, where he explicitly ruled out military action.

“We probably won’t get anything unless I decide to use excessive strength and force, where we would be, frankly, unstoppable. But I won’t do that. Okay?” Trump said.

“Now everyone’s saying, ‘Oh, good.’ That’s probably the biggest statement I made, because people thought I would use force,” he added. “I don’t have to use force. I don’t want to use force. I won’t use force.”

Trump instead called for “immediate negotiations” with Denmark to “discuss the acquisition of Greenland by the United States.”

Later in the day, sentiment improved again after Trump said on Truth Social that the “framework” agreement emerged from a “very productive” meeting with NATO’s secretary general, and that he would not proceed with tariffs he had threatened against several European nations.

Sector performance was broadly positive. Oil service stocks led gains as crude prices moved higher, with the Philadelphia Oil Service Index jumping 4.8% to its highest close in more than a year.

Computer hardware shares also surged, pushing the NYSE Arca Computer Hardware Index up 4.4%, while biotechnology stocks climbed, lifting the NYSE Arca Biotechnology Index by 3.6%.

Strength was also evident in semiconductor, transportation and housing stocks, although software and gold-related shares lagged the broader market rally.

Oil prices edged lower on Thursday, giving back part of the gains from earlier sessions, as investors reassessed the balance between supply and demand and reacted to data pointing to higher U.S. crude and gasoline inventories.

Brent crude slipped 28 cents, or 0.43%, to $64.96 a barrel by 07:49 GMT. March West Texas Intermediate fell 19 cents, or 0.31%, to $60.43 a barrel.

Both benchmarks had climbed more than 0.4% on Wednesday, extending a 1.5% rally from the previous day, after OPEC+ producer Kazakhstan temporarily halted output at the Tengiz and Korolev fields because of power distribution issues.

Market sentiment was also shaped by comments from U.S. President Donald Trump, who on Wednesday softened his stance on Greenland by ruling out the use of military force and retreating from tariff threats aimed at Europe.

The easing of rhetoric around Greenland could help lower trade frictions between the United States and Europe, providing support for global economic activity and oil demand, said Mingyu Gao, chief researcher for energy and chemicals at China Futures.

“At the same time, the United States has not ruled out possible military involvement in Iran, which is also supporting oil prices,” Gao said.

Trump said on Wednesday that he hoped there would be no further U.S. military action involving Iran, but warned that Washington would respond if Tehran were to restart its nuclear programme.

Taking into account developments related to Greenland and the reduced likelihood of action in Iran, oil prices are likely to hover around $60 a barrel, according to Tony Sycamore, an analyst at online broker IG.

Also on Wednesday, Trump said he believed “we’re reasonably close” to reaching a deal to end the war between Russia and Ukraine, adding that he would meet Ukrainian President Volodymyr Zelenskiy later in the day.

An end to the conflict could lead to the lifting of U.S. sanctions on Russia, easing supply constraints and putting downward pressure on prices.

Meanwhile, the International Energy Agency lifted its forecast for global oil demand growth in 2026 in its latest monthly report, pointing to a slightly smaller market surplus this year.

On the inventory front, U.S. crude and gasoline stocks rose last week, while distillate inventories declined, according to market sources citing figures from the American Petroleum Institute.

Crude inventories increased by 3.04 million barrels in the week ended January 16, the sources said. Gasoline stocks climbed by 6.21 million barrels, while distillate inventories fell by 33,000 barrels.

A Reuters poll of eight analysts had forecast an average increase of around 1.1 million barrels in crude inventories for the period.

“High crude inventories are limiting further upside in oil prices in an oversupplied market,” said Yang An, an analyst at Haitong Futures.

Gold prices steadied during Asian trading on Thursday after surging to an all-time high close to $4,900 per ounce in the previous session, as easing geopolitical tensions around Greenland reduced demand for safe-haven assets.

Spot gold slipped 0.1% to $4,826.03 an ounce by 01:19 ET (06:19 GMT), pulling back modestly after touching a record peak of $4,888.1/oz a day earlier. March U.S. gold futures were also lower, down 0.3% at $4,825.39/oz.

Trump tones down Greenland tariff dispute

The precious metal paused after gaining more than 6% over the past three sessions, a rally driven by heightened geopolitical risk stemming from the transatlantic standoff over Greenland and the threat of tariffs on European imports.

That advance pushed gold close to the psychologically important $5,000 threshold, as investors sought protection amid rising global uncertainty.

Momentum faded after President Donald Trump said at the World Economic Forum in Davos that he would not impose the tariffs and ruled out the use of military force in the dispute involving the Danish territory, indicating that a “framework” agreement was close to resolving tensions with NATO allies.

“It’s a long-term deal. It’s the ultimate long-term deal. It puts everybody in a really good position, especially as it pertains to security and to minerals,” Trump told reporters.

A mild rebound in the U.S. dollar also weighed on gold prices. The U.S. Dollar Index edged slightly higher after gaining 0.1% in the previous session.

Broader metals complex remains firm

Across the wider metals market, most precious and industrial metals traded higher, with silver holding near record levels amid strong industrial demand.

Silver rose 1% to $94.03 per ounce, remaining just below the record high of $95.89/oz reached earlier this week. Platinum, however, slipped 0.8% to $2,465.10/oz.

In base metals, benchmark copper futures on the London Metal Exchange climbed nearly 1% to $12,855.0 a tonne, while U.S. copper futures were unchanged at $5.81 a pound.

U.S. equity futures moved higher, reflecting a sense of relief after President Donald Trump said he would not go ahead with new tariffs on several European countries tied to his stance on Greenland. According to media reports, the decision followed talks with NATO and European officials, though concrete details on the so-called “framework of a future deal” remain limited. Gold prices eased back from record levels, while investors also looked ahead to earnings from Intel (NASDAQ:INTC) and key U.S. inflation data closely monitored by the Federal Reserve.

Futures point higher

U.S. stock futures traded in positive territory on Thursday, as markets welcomed Trump’s reversal on additional tariffs targeting Europe.

By 03:00 ET, Dow futures were up 61 points, or 0.1%, S&P 500 futures gained 20 points, or 0.3%, and Nasdaq 100 futures rose 117 points, or 0.5%.

Wall Street ended higher on Wednesday, rebounding from its steepest drop since October in the previous session. The recovery followed Trump’s announcement that he had reached a “framework of a future deal” with NATO leadership concerning Greenland.

After days of warning that new tariffs would be imposed on eight European countries from February 1 unless the U.S. was allowed to assume control of the semi-autonomous Danish territory, Trump confirmed those measures would not be implemented.

Investors were also digesting a growing wave of corporate earnings as reporting season gathered momentum. United Airlines shares jumped more than 2% after a strong fourth-quarter profit beat, while Netflix fell over 2% after issuing softer-than-expected forward guidance.

Trump softens stance on Greenland tariffs

Trump’s policy reversal, which reportedly came after behind-the-scenes discussions with NATO and European leaders, helped ease concerns that the Greenland dispute could further strain transatlantic relations.

In a social media post, Trump said the agreement “if consummated” would be “a great one for the United States of America” and for “all Nations” within NATO.

He offered few additional details, noting only that “additional discussions” are taking place around the proposed “Golden Dome” defence system “as it pertains to Greenland.” The Wall Street Journal reported, citing European officials familiar with the talks, that negotiations are likely to focus on a potential U.S.-Denmark agreement covering troop deployments on the island and a broader expansion of Europe’s security role in the Arctic.

The report also said the U.S. would gain a first right of refusal over Greenland’s mineral resources. The territory holds significant rare-earth reserves, critical to many industries and a recurring theme in recent U.S. trade negotiations, particularly with China.

Earlier on Wednesday, Trump also appeared to rule out the use of military force to secure Greenland while addressing delegates at the World Economic Forum in Davos.

The rebound in risk assets was accompanied by a firmer U.S. dollar. Analysts at ING said that while investors may still seek more clarity on the Greenland agreement, the Federal Reserve’s policy meeting next week “means some refocus on macro drivers is on the cards.”

Gold pulls back from highs

Gold prices slipped in European trading after touching record levels in the prior session, as Trump’s tariff retreat reduced demand for safe-haven assets.

Spot gold edged down 0.1% to $4,826.25 an ounce by 03:40 ET, retreating from a record $4,888.1 reached a day earlier. U.S. gold futures fell 0.2% to $4,826.39 an ounce.

Bullion had surged more than 6% over the past three sessions amid heightened geopolitical uncertainty tied to Greenland and potential tariffs on European imports, pushing prices close to the psychological $5,000 mark.

Intel earnings ahead

Intel is scheduled to report results after the U.S. market close on Thursday.

Under CEO Lip-Bu Tan, the California-based chipmaker has been cutting costs and reinforcing its balance sheet as competition intensifies in the PC and server processor markets.

Investors are also watching to see whether Intel’s efforts to gain traction in artificial intelligence chips are starting to pay off. The company received significant backing last year from Nvidia, SoftBank and the U.S. government, with Nvidia alone purchasing $5 billion worth of Intel shares in December.

Earlier this month, Intel unveiled a new AI-focused laptop chip, aiming to reassure markets about products built on its next-generation manufacturing technology.

Other companies reporting earnings today include Procter & Gamble and GE Aerospace.

Inflation data in focus

On the economic front, attention will turn to the U.S. personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge.

The November core PCE reading is expected to hold at 0.2% month on month and 2.8% year on year.

Earlier Labor Department data showed headline U.S. consumer inflation was unchanged in December, while underlying price pressures eased slightly. ING analysts said the PCE report could reinforce signs of “muted” inflation, a key factor shaping the Fed’s interest-rate outlook.

Employment data will also be watched later today, with weekly jobless claims due for release. Last week, first-time claims fell below 200,000.