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AstraZeneca (LSE:AZN) has priced a €2.55 billion multi-tranche Eurobond offering through its finance subsidiary, with the notes fully and unconditionally guaranteed by the parent company. The transaction gives the pharmaceutical group additional long-term funding across a range of maturities between 2030 and 2038.

The bonds have been issued under AstraZeneca’s Euro Medium Term Note programme and carry coupons ranging from 3.402% to 4.169%. The securities are expected to be listed on the London Stock Exchange, providing the company with further access to European debt capital markets.

AstraZeneca said the net proceeds will be used for general corporate purposes. The absence of a specific acquisition or project linked to the fundraising suggests the transaction forms part of the group’s broader balance sheet and liquidity management strategy.

The offering was arranged by a group of major international banks acting as joint bookrunners. By extending its funding profile through longer-dated euro-denominated debt, AstraZeneca is reinforcing its financial flexibility as it continues to invest in research and development, product launches and commercial operations across its global markets.

The company’s broader outlook remains supported by solid underlying profitability, reiterated guidance and continued momentum across its drug development pipeline. These strengths are partly offset by less favourable technical signals, with the shares trading below several major moving averages, as well as mixed cash conversion and an increase in net debt during the first half.

Valuation also remains relatively demanding compared with more discounted areas of the market, reflecting expectations for continued earnings and pipeline growth rather than a deep-value investment case.

About AstraZeneca

AstraZeneca is a global, science-led biopharmaceutical company headquartered in Cambridge, UK. The group focuses on the discovery, development and commercialisation of prescription medicines across several major therapeutic areas.

Its portfolio includes treatments in Oncology, Rare Disease and BioPharmaceuticals, with the latter covering Cardiovascular, Renal & Metabolism and Respiratory & Immunology. AstraZeneca’s medicines are sold in more than 125 countries and reach millions of patients worldwide.

Its broad international footprint, established commercial platform and extensive research pipeline support the company’s ability to access global capital markets when funding long-term strategic, operational and investment requirements.

The Smarter Web Company PLC (LSE:SWC) has confirmed that Jesse Myers will leave the business with effect from 1 September 2026, while stressing that the departure will not result in any change to its existing Bitcoin Treasury Policy.

Chief executive Andrew Webley said the company remains committed to delivering its stated strategy and longer-term ambitions. Oversight of the Bitcoin treasury approach will continue to sit with the board, providing continuity in the company’s strategic direction following Myers’ exit.

The Smarter Web Company reiterated that a significant proportion of its treasury reserves and surplus cash is held in Bitcoin. While management sees potential strategic advantages from this approach, the company has also highlighted the substantial risks associated with holding cryptoassets, including sharp price volatility and the relatively limited regulatory framework surrounding the sector.

The company has emphasised that purchasing its shares should not be regarded as either a direct investment or a proxy investment in Bitcoin. However, its exposure to the cryptocurrency means movements in the Bitcoin price could have a material impact on its financial position.

Other risks include possible restrictions affecting cryptocurrency trading, wider market volatility and security-related threats associated with digital assets. The company has advised prospective investors to consider these factors carefully when assessing an investment in the business.

From a financial perspective, the outlook continues to be constrained by persistent negative operating and free cash flow, together with uneven underlying operating performance, despite improvements to the balance sheet. Technical indicators have been more constructive, with the share price trading above important moving averages and the MACD remaining positive. A low price-to-earnings ratio also suggests a relatively modest valuation, although these factors are balanced by continued cash consumption and operational uncertainty.

About The Smarter Web Company PLC

The Smarter Web Company PLC provides web design, website development and digital marketing services. Its business model typically generates revenue through upfront development fees, annual hosting charges and optional recurring monthly marketing services.

The company is pursuing a combination of organic expansion and acquisitions as it seeks to grow its customer base and increase recurring revenues. Bitcoin also forms part of its wider corporate strategy, with the business accepting the cryptocurrency as a payment method and holding Bitcoin under its dedicated treasury policy.

Solvonis Therapeutics (LSE:SVNS) has conditionally secured £1.3 million through a share placing as the biopharmaceutical company looks to fund further development of its central nervous system pipeline. The fundraising also introduces a new UK institutional investor to the shareholder register, while Turner Pope Investments has been appointed as the company’s corporate broker.

The placing comprises 1,083,333,333 new shares issued at a discount. Admission of the placing shares and associated fee shares to trading on the Main Market is expected on or around 28 August, after which Solvonis will have an enlarged issued share capital of approximately 7.9 billion shares.

Proceeds from the fundraising are earmarked for several clinical and development milestones. These include the potential expansion of the Phase 3 trial of SVN-001, Solvonis’ treatment candidate for alcohol use disorder, to selected clinical sites in the European Union.

Funding will also support IND-enabling activities and preparations for a Phase 2b programme in the United States for SVN-002, the company’s oral esketamine candidate. In addition, Solvonis plans to advance programme development for SVN-015, its NIDA-backed candidate targeting stimulant use disorders.

Part of the proceeds will be allocated to general working capital requirements. The fundraising is intended to provide additional financial resources as Solvonis progresses its clinical programmes while also strengthening its engagement with UK institutional investors.

The company continues to face financial challenges, including recurring losses, declining revenue in recent annual periods and ongoing cash consumption. These pressures are partly mitigated by relatively low levels of debt. From a technical perspective, the shares remain below major moving averages, while conventional valuation measures offer limited support given the negative price-to-earnings ratio and absence of dividend yield data.

About Solvonis Therapeutics

Solvonis Therapeutics plc is a late clinical-stage biopharmaceutical company developing novel small-molecule therapies for central nervous system conditions with significant unmet medical needs, with a particular emphasis on substance use disorders.

Its principal programmes include SVN-001 for severe alcohol use disorder and SVN-002, an oral esketamine candidate targeting moderate-to-severe alcohol use disorder in the United States. The company is also developing SVN-015, a discovery-stage programme focused on potential treatments for stimulant use disorders.

Talon Resources (LSE:TAR) is moving ahead with its first diamond drilling campaign at the Eagle Lake gold project in Ontario, using artificial intelligence-assisted targeting to help guide exploration. The North America-focused gold explorer is combining conventional geological work with machine learning technology as it seeks to sharpen drill targets and improve the efficiency of potential discoveries.

The company has completed planning and site preparations for an 11-hole drilling programme covering approximately 1,375 metres across four priority areas at Eagle Lake. The campaign was brought forward and expanded following encouraging results from the first phase of channel sampling.

MINML’s PRISM platform has ranked the Eagle Lake licence within the top percentile for gold prospectivity in Canada. Talon’s fully funded and permitted drilling programme will now test several of the highest-ranked areas, with the results expected to contribute to the company’s evolving geological model and inform its wider AI-supported exploration approach.

Drilling will focus on East Fornieri Bay, West Fornieri Bay, Cedar Trench and Moss Knoll. These areas have either produced high-grade gold results from channel sampling, contain notable historical drill intercepts or have received strong rankings from PRISM’s property-scale modelling.

The programme will include the twinning of selected historical drill holes alongside testing of newly identified zones. Through this work, Talon aims to verify earlier exploration results, reduce geological uncertainty and assess whether Eagle Lake has characteristics comparable with established gold-producing areas elsewhere in Canada.

About Talon Resources plc

Talon Resources plc is an AIM-listed gold exploration company targeting high-impact discovery opportunities across North America. Its principal asset is the Eagle Lake gold project in Ontario’s Wabigoon Subprovince, where the company holds a 90% interest in a land package containing multiple high-grade gold targets and further exploration potential.

The company is working with technology specialist MINML to incorporate machine learning-based prospectivity mapping into its exploration activities across the Wabigoon Subprovince. These tools are also being used to identify additional regional targets while Talon continues to assess other prospective gold opportunities across North America.

Talon’s exploration model combines established geological techniques with data-led targeting technology. By bringing together geoscientific information and advanced modelling, the company is seeking to improve targeting accuracy, make exploration more efficient and increase the potential for successful discoveries within its project portfolio.

Over thirty times U.S. officials have claimed the standoff with Iran is about to end, and the Strait of Hormuz will reopen, but the weeks keep passing, and the rhetoric only gets worse, keeping oil prices high. 

In the latest move, Trump announced a “devastating economic operation” against Iran, which he described as economic war and unprecedented isolation, after Tehran rejected the U.S. proposal. Iran says it is ready to respond, for example, by threatening fines and the seizure of 45 tankers. 

One relief is that the U.S.-organized corridor off Oman is reportedly moving around 10 million barrels of oil a day, with more than 660 million barrels passing through since May, thus limiting the impact on the global oil market. Still, if things worsen, with the Houthis trying to close the Bab el-Mandeb Strait or Iran disrupting the route through Oman, oil could rise again and push inflation higher. 

It’s worth noting in this sense that supply disruptions and the Strait of Hormuz blockade have cut global crude inventories by around 519 million barrels between February and August 2026, or roughly 3 million barrels a day. If the decline continues, Citi expects OECD inventories could fall to around 70 days of demand by the end of 2027.

As for the forecast that oil stocks would hit critical levels in August, that didn’t account for tankers using shadow routes through the strait. Still, even with oil below $100, higher prices are feeding into the economy through inflation.

We may get a sense of how central banks plan to deal with that in Jackson Hole, Wyoming, where the Fed will hold its annual symposium from August 27, and Kevin Warsh will speak on Friday. 

It will also be worth hearing what he says about U.S. debt above $40 trillion and rising Treasury yields, which raise financing costs and make bonds more attractive than stocks, especially growth stocks.

Global crude steel production edged lower in July as declining output in China outweighed continued expansion across several other major steel-producing economies, according to Morgan Stanley.

Worldwide production decreased 0.3% year-over-year during July, leaving cumulative output 0.6% below the previous year’s level.

China was responsible for the overall contraction, with production falling 3.6% from July last year and 3.1% year-to-date. Excluding China, the picture was considerably stronger, with global output increasing 3.4% year-over-year and 2.4% since the beginning of the year.

US, India and Turkey Lead Growth Outside China

Production trends remained positive across a number of important steel markets.

India increased crude steel output by 1.9% year-over-year in July, taking year-to-date growth to 6.1%. US production climbed 4.4% from a year earlier and was 6.0% higher for the year so far.

Turkey delivered one of the strongest performances, with output rising 7.0% year-over-year and 7.9% year-to-date. South Korea also recorded solid growth of 6.4% and 2.7%, respectively.

Russia’s production recovered 3.3% compared with July last year, although output remained down 6.1% year-to-date. Japan recorded a modest 0.4% annual increase, while Brazil’s production was virtually unchanged with growth of just 0.1%.

Further Chinese Production Decline Indicated in August

China’s steel industry appears to have remained under pressure into August.

The China Iron and Steel Association’s month-to-date survey points to a 4.9% year-over-year reduction in output from Chinese mills, extending the weakness seen during July.

Despite lower domestic production, Chinese exports remain substantial. As of July, steel shipments from the country were running at an annualised pace of approximately 116 million tonnes.

The combination of weaker Chinese production and elevated export volumes remains an important factor for international steel markets and pricing.

European Steelmakers Report Improving Output

European production strengthened in July, with crude steel output across the EU27 increasing 3.8% year-over-year and moving 0.4% higher on a year-to-date basis.

Including the UK, European production advanced 3.5% from July last year, although cumulative output was unchanged.

Germany recorded growth of 3.0% year-over-year and a stronger 8.1% increase year-to-date. Italy’s production rose 4.2% annually and 3.6% for the year so far.

Elsewhere, Finland increased output by 13.0% from a year earlier, Sweden by 10.1% and Austria by 3.3%. France delivered a 12.5% year-over-year rebound, although its cumulative production remained 1.3% lower.

Several markets continued to struggle. Year-to-date steel output was down 13.8% in Spain, 5.3% in the Netherlands, 6.1% in Poland and 18.0% in the UK.

EU Hot-Rolled Coil Spreads Move Well Above Historical Average

Improving conditions in parts of the European steel industry have been accompanied by stronger hot-rolled coil spreads.

EU HRC spreads have climbed to $464 per tonne, significantly above their long-term average of approximately $320 per tonne.

The increase provides a more supportive margin backdrop for European steelmakers, even as the global production picture remains divided between falling Chinese output and stronger activity across many markets outside China.

Gold extended its rally on Monday, climbing beyond $4,650 an ounce as concerns surrounding U.S. government finances and Treasury efforts to influence longer-term borrowing costs continued to encourage demand for bullion.

At 02:42 ET (06:42 GMT), XAU/USD gained 1% to $4,650.63 an ounce, while Gold Futures advanced 0.6% to $4,706.89. XAG/USD edged 0.2% higher to $69.15 an ounce and XPT/USD rose 0.6% to $1,892.51. The US Dollar Index was also up 0.2% at 98.88.

Treasury Measures Strengthen the “debasement trade”

Gold entered the week with considerable momentum after gaining more than 5% last week, marking its third consecutive weekly advance. Monday’s move followed a 1.9% increase on Friday and kept bullion close to its strongest level in three months.

The latest phase of the rally has been linked closely to the U.S. Treasury’s unexpected decision to increase purchases of longer-maturity government securities. The intervention initially pushed bond yields and the dollar lower, strengthening demand for tangible assets as investors reassessed the longer-term purchasing power of traditional currencies.

Treasury Secretary Scott Bessent has indicated that the government could expand its buyback programme further. He also said the administration intends to introduce a fiscal initiative aimed at tackling elevated government borrowing costs.

For markets, the issue extends beyond the immediate impact on yields. Greater Treasury intervention has prompted questions over whether policymakers could increasingly seek to influence borrowing costs rather than allowing bond-market forces to determine them independently.

U.S. Fiscal Position Adds to Gold’s Appeal

ANZ analysts said Treasury intervention has intensified investor concerns about the sustainability of the U.S. fiscal position.

They noted that gold’s advance beyond $4,500 has been supported by expectations that the government will continue trying to contain longer-term yields. At the same time, pressure on the dollar has encouraged investors to increase allocations to bullion.

The fiscal backdrop has attracted greater attention after U.S. government debt exceeded $40 trillion for the first time, while the dollar recently fell to its weakest level in more than three months.

These developments have reinforced the appeal of assets perceived as alternatives to conventional currencies and government securities.

ETF Inflows Signal Broader Investor Demand

Institutional and investment demand for gold has strengthened alongside the price rally.

According to ANZ analysts, gold-backed ETFs recorded their largest single-day inflow since September 2025 and have now attracted net inflows for five consecutive weeks.

The technical backdrop has also improved. Gold has moved above its 200-day moving average around $4,513, an indicator commonly followed by traders when assessing longer-term market direction.

If the upward momentum persists, the $4,700-an-ounce region represents the next significant technical level.

Central Banks and Geopolitical Risks Add Support

Gold’s recovery is also benefiting from persistent geopolitical uncertainty, which continues to encourage demand for assets regarded as stores of value.

Bullion has moved comfortably above the $4,000 level that provided an important support zone during the previous correction. Continued central-bank purchases and renewed ETF demand have helped reinforce the move higher.

ANZ said investor positioning increasingly points towards diversification as confidence in U.S. assets is challenged by elevated government debt, fiscal uncertainty and questions surrounding the future direction of economic policy.

The World Gold Council has similarly highlighted central-bank purchases as an important pillar of gold demand while inflationary and geopolitical risks remain elevated.