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The euro weakened sharply against the dollar on Monday following the unexpected resignation of France’s newly appointed Prime Minister, Sébastien Lecornu.

By 05:38 ET (09:38 GMT), the single currency had fallen about 0.7% to $1.1664, while French equities also tumbled in reaction to the political upheaval.

Lecornu — a close ally of President Emmanuel Macron who had been appointed just last month — stepped down amid widespread criticism from both supporters and opponents over his newly unveiled cabinet.

Although his government lineup was finalized after weeks of negotiations, Lecornu’s ministerial choices sparked backlash from multiple sides. Critics argued that his selections were either too conservative or not sufficiently aligned with Macron’s broader centrist agenda, casting doubt on the government’s stability at a time when France’s parliament remains deeply divided and lacking a clear majority.

In a statement quoted by Reuters, the Elysée Palace confirmed that Lecornu had submitted “the resignation of his Government to the President of the Republic, who has accepted it.”

The departure marks another setback for Macron, who has struggled to maintain political cohesion since calling an early parliamentary election in 2024, an event that further fragmented France’s legislature and ushered in a period of heightened instability. Lecornu was Macron’s fifth prime minister in just two years, underscoring the volatility within his administration.

Yen Plunges on Hopes of Continued Loose Policy Under New LDP Leader

Across Asia, most regional currencies traded quietly as investors remained cautious amid the ongoing U.S. government shutdown, while the Japanese yen posted its steepest drop against the dollar in five months following the victory of Sanae Takaichi in Japan’s ruling party leadership race — a result seen as a win for continued monetary easing.

Takaichi, a conservative lawmaker and long-time supporter of expansionary “Abenomics”-style policies, won the Liberal Democratic Party (LDP) runoff on Saturday with 54.25% of the vote.

She is expected to be formally confirmed as prime minister in mid-October, pending parliamentary approval, which would make her Japan’s first female prime minister.

Takaichi’s victory is expected to pave the way for greater fiscal spending, potentially reducing pressure on the Bank of Japan to tighten policy anytime soon.

The USD/JPY pair surged 2.0% to 150.45, reflecting the yen’s sharp decline.

Japanese government bonds also sold off heavily, with long-term yields rising, as traders anticipated increased bond issuance to finance new stimulus measures.

Meanwhile, the U.S. Dollar Index, which tracks the greenback’s performance against a basket of major currencies, rose 0.7% to 98.41.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Gold prices soared beyond the $3,900-per-ounce threshold for the first time on Monday, setting another record high as investors flocked to the safe-haven asset amid the ongoing U.S. government shutdown, growing expectations for lower interest rates, and persistent global economic uncertainty.

By 08:11 ET (12:11 GMT), spot gold had jumped 1.3% to $3,939.00 per ounce, after briefly touching a new all-time high of $3,949.34 earlier in the session. Gold futures also advanced 1.4% to $3,962.95.

The continued partial shutdown of the U.S. government has delayed key releases of economic data, including the widely watched nonfarm payrolls report. The absence of official figures has pushed traders to rely more heavily on private-sector indicators in recent days.

According to analysts at Vital Knowledge, alternative data tracking private employment and business activity have revealed “darkening storm clouds” and mounting inflationary pressures.

The Federal Reserve’s next interest rate decision, due in October, now looms larger given the lack of economic clarity. Despite the data blackout, CME’s FedWatch Tool shows markets overwhelmingly expect the central bank to continue easing borrowing costs at its next meeting.

“Markets expect a quarter-point rate cut this month, which could further support gold,” analysts at ING said in a note. The metal, which offers no yield, generally benefits in low-interest-rate environments.

Meanwhile, the political standoff in Washington continues, as Republicans and Democrats remain divided over healthcare guarantees. A senior White House official warned Sunday that mass layoffs of federal workers could begin if President Donald Trump concludes that negotiations with congressional Democrats are “absolutely going nowhere.”

So far this year, gold has rallied nearly 50%, supported by its safe-haven appeal, strong central bank purchases, and rising inflows into gold-backed exchange-traded funds (ETFs). Additional buying from retail investors and a weaker U.S. dollar have provided further momentum to the precious metal’s historic climb.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Incanthera plc (AQSE:INC), the specialist company focused on innovative technologies in dermatology and oncology, has announced its audited results for the year ended 31 March 2025.

The company is dedicated to identifying and commercialising novel therapeutic and cosmetic applications that are based upon uniquely targeted delivery technologies.

Post-Balance Sheet Highlights

The company officially launched its Skin+CELL luxury skincare line on 11 August 2025, introducing the brand through a dedicated Direct-to-Consumer (DTC) website — www.skinandcell.com. The rollout was supported by a multi-channel DTC marketing campaign, which began on social media and is now expanding into both digital and traditional media platforms.

The Skin+CELL product range currently includes formulations for face, body, and hands, as well as a face serum and eye cream, each designed to deliver high-performance skincare results.

In scientific testing, the company successfully achieved proof of concept for its proprietary Skin+CELL formulation technology, demonstrating that the product provides protective effects against UV-induced damage in human skin cells — a key milestone validating the brand’s scientific foundation.

Financial Highlights

The company recorded its first revenues from Skin+CELL sales within the initial weeks of launch, marking an encouraging start for the new brand.

In June 2025, the company completed an institutional fundraise of £508,000, providing additional capital to support product rollout and marketing initiatives.

Throughout the period, management maintained tight cost controls through a lean operating model, ensuring efficient use of resources and a disciplined financial structure.

The company also continued to safeguard its valuable intellectual property, securing protection for its patents and trademarks across multiple global territories.

Simon Ward, Chief Executive Officer, commented:

 “I am immensely proud of our Skin+CELL product range, now available to the world-wide market, and achieving sales, following the launch on 11 August via our dedicated DTC website: www.skinandcell.com. There has been immediate positive feedback from users of our Skin+CELL products, extolling the beneficial impact on their skin tone and appearance and confirming that Skin+CELL will be an integral part of their skin and beauty regimen going forward.

“As the DTC campaign has developed, we have seen good engagement and conversion to sales, increasing in recent weeks.  As this gathers further momentum over the next period, we anticipate sales volumes to increase accordingly, and our expectation is to sell the current stock of 100,000 units by 31 March 2026.

“We are also actively exploring additional routes to market to add to the DTC route and are in the active design and development phase of our new range to include SPF concentrations.

“Following on from what has been a truly challenging year, we now look forward with confidence.

“I take this opportunity, on behalf of myself and the team, to thank all our partners, advisors and our very loyal shareholders for their continued unwavering support.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

European equities opened the week on a mixed note Monday, with French markets under significant pressure after newly appointed Prime Minister Sébastien Lecornu resigned only hours after presenting his cabinet.

Lecornu had been tasked with the difficult challenge of securing parliamentary backing for a tough austerity budget in a sharply divided legislature, a mission that quickly proved unsustainable.

Elsewhere, a fresh survey indicated that investor sentiment across the Eurozone improved notably in October 2025, signaling growing optimism about the region’s economic outlook. Investors are also awaiting Eurozone retail sales figures, expected later in the day.

In market action, the CAC 40 in Paris dropped 1.3 percent, while the FTSE 100 in London and the DAX in Frankfurt each edged up 0.2 percent.

Among individual movers, Hannover Re (TG:A30VQR) climbed higher after announcing a new dividend policy that will allocate a larger share of net profits to shareholders.

German wind turbine producer Nordex (BIT:1NXD) also advanced after winning two new orders in Ukraine from Okko Group, totaling 188.8 megawatts of capacity.

In contrast, French automaker Renault (EU:RNO) slumped following reports it plans to cut around 3,000 jobs globally.

Aston Martin (LSE:AML) also tumbled after the British luxury carmaker warned of potential losses and weaker sales ahead.

French banking stocks were among the biggest losers, with BNP Paribas (EU:BNP), Crédit Agricole (EU:ACA), and Société Générale (EU:GLE) all falling sharply amid the country’s deepening political uncertainty.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

U.S. stock futures pointed to a stronger open on Monday, signaling a positive start to the week after markets ended Friday’s session on a mixed note.

Technology shares are expected to lead early gains, with Nasdaq 100 futures rising 0.9 percent in pre-market trading.

Shares of Advanced Micro Devices (NASDAQ:AMD) surged 35.7 percent before the opening bell after the company revealed a 6-gigawatt partnership with OpenAI to power the AI firm’s next-generation infrastructure. The agreement covers several generations of AMD Instinct GPUs. As part of the deal, OpenAI received a warrant to purchase up to 160 million AMD shares, which will vest as performance milestones are met.

Market sentiment also improved amid renewed enthusiasm for mergers and acquisitions. Fifth Third Bancorp (NASDAQ:FITB) announced plans to acquire Comerica (NYSE:CMA) in an all-stock deal valued at $10.9 billion. Comerica’s shares jumped 14.1 percent in pre-market trading. Under the terms, Comerica investors will receive 1.8663 Fifth Third shares per Comerica share, equating to $82.88 per share based on Fifth Third’s Friday closing price.

Investors appear largely unfazed by the ongoing U.S. government shutdown, now in its sixth day, as lawmakers continue to struggle to agree on a temporary funding measure.

Stocks had traded mostly higher last week, though Friday’s session saw a retreat from intraday highs. The Nasdaq slipped 63.54 points (0.3%) to 22,780.51, while the S&P 500 inched up 0.44 points to 6,715.79, and the Dow Jones Industrial Average gained 238.56 points (0.5%) to 46,758.28.

Despite the uneven close, all three indexes posted solid weekly gains — the Nasdaq climbed 1.3 percent, while the Dow and S&P 500 each advanced 1.1 percent. Both the Dow and S&P 500 extended their winning streak to six sessions, finishing at record highs, supported by strength in UnitedHealth (NYSE:UNH), Travelers (NYSE:TRV), and Caterpillar (NYSE:CAT).

Meanwhile, the Nasdaq’s weakness was partly driven by declines in several major tech names. Palantir (NASDAQ:PLTR) plunged 7.5 percent after a Reuters report cited a U.S. Army memo highlighting “fundamental security flaws” in the company’s battlefield communications modernization project.

Tesla (NASDAQ:TSLA) dropped 1.4 percent, and Nvidia (NASDAQ:NVDA) slipped 0.7 percent after reaching a record high on Thursday.

The broader market’s subdued tone reflected the uncertainty caused by the postponement of key economic data due to the shutdown — including the monthly jobs report.

However, private data reinforced expectations that the Federal Reserve may continue cutting interest rates. Earlier in the week, ADP reported a surprise drop in private-sector employment, and the Institute for Supply Management (ISM) released weaker-than-expected data showing its services PMI fell to 50.0 in September from 52.0 in August — the breakeven level between growth and contraction. Economists had forecast a reading of 51.7.

Most market sectors closed Friday with modest moves. Healthcare stocks outperformed, pushing the Dow Jones Health Care Index up 1.1 percent to its highest level in over six months. Telecom, banking, and airline shares also showed resilience, while retail and semiconductor stocks lagged behind.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Markets this week remain focused on the ongoing partial shutdown of the U.S. federal government, which has delayed several critical economic releases ahead of an upcoming Federal Reserve policy meeting. Investors will also digest the minutes from the Fed’s September gathering, alongside earnings from major companies including Constellation Brands (NYSE:STZ) and Delta Air Lines (NYSE:DAL).

U.S. Government Shutdown in Focus

U.S. stock futures rose on Monday as traders monitored the continued federal shutdown in Washington and awaited both a Fed interest rate decision and the start of third-quarter earnings later this month.

The partial government closure has pushed back key economic data releases, notably the highly anticipated nonfarm payrolls report.

“The absence of official data has heightened attention on private economic indicators,” analysts at Vital Knowledge said in a note, noting that trackers of private employment and business activity have signaled “darkening storm clouds” and rising inflation.

With the Fed poised to announce a fresh rate decision in October, the lack of government figures has taken on added significance. Despite the data gap, markets broadly expect additional rate cuts at upcoming policy meetings, according to CME’s FedWatch Tool.

As the shutdown continues, political deadlock persists. A senior White House official warned on Sunday that mass layoffs of federal workers could begin if talks with congressional Democrats to end the shutdown are “absolutely going nowhere.”

FOMC Minutes

Traders will scrutinize the minutes from the Fed’s September meeting on Wednesday. During that session, the central bank cut interest rates for the first time since December, emphasizing support for the labor market over inflation concerns.

Officials also signaled the potential for further cuts at the Fed’s remaining meetings in October and December, though the scope of future reductions in 2026 remains uncertain.

“[A] cut is fully priced for this month, and the same is virtually true of December’s meeting,” ING analysts noted. “The much bigger debate is what happens in 2026. And the government shutdown — and the resulting data void — is unlikely to materially change that.”

OpenAI DevDay

Attention will also be on OpenAI’s developers’ conference this week. CEO Sam Altman teased over the weekend that the event will introduce “some new stuff” designed to help users “build” with artificial intelligence.

Recently valued at $500 billion, OpenAI launched its AI video-generating app Sora in the U.S. and Canada. The tool allows users to create and share AI-generated videos, including those derived from copyrighted content.

Tensions have surfaced, particularly in Hollywood, as OpenAI negotiates with copyright holders. Reports indicate at least one major studio plans to prevent its content from appearing in Sora.

Constellation Brands Earnings

Constellation Brands is set to report its August-quarter results after Monday’s close. The company fell short of both sales and profit estimates last quarter and continues to face the dual pressures of Trump-era aluminum tariffs and broader economic uncertainty, which have constrained consumer spending on beer and wine.

A sweeping crackdown on immigration has also been cited as a factor affecting beer demand, particularly among Hispanic consumers. Analysts warn that these headwinds may intensify an already subdued demand environment.

Delta Air Lines Earnings

Delta Air Lines will release its latest quarterly results on Thursday, following a reaffirmation of its full-year and current-quarter guidance.

In September, Delta revised upward the lower end of its third-quarter revenue forecast to a 2%-4% increase, compared with a prior range of 0%-4%. This reflects a generally more optimistic view of the U.S. travel sector after earlier-year turmoil linked to Trump’s import tariffs.

Industry observers note that travelers took advantage of discounts and promotions during summer, and executives expect resilient demand could allow airlines to raise fares in the latter part of 2025.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Bernstein has published an updated long-term outlook for copper, structured around four key themes that highlight the distinctive dynamics of the metal’s market.

The analysis begins by framing how to think about copper markets, noting that in a free market, price acts as the balancing mechanism between supply and demand. According to Bernstein, “missing supply” essentially translates into “high copper prices.” Their models indicate that a significant supply gap may emerge after 2028, while the market remains roughly balanced today at around $10,000 per tonne.

The firm highlights that copper mines exhibit left-skewed output distributions, meaning that negative events are more likely than positive ones. As a result, disruptions don’t simply average out and are critical for accurately forecasting market balances.

Bernstein describes the copper balance as functioning more like “a mechanical watch rather than a see-saw,” with many small moving parts influencing overall stability. Despite well-documented mine outages at locations such as Grasberg, Kamoa Kakula, and Cobre Panama, the firm expects the copper market to remain reasonably balanced in the near term.

On pricing, Bernstein observes that above-ground stockpiles can distort price signals for balancing supply and demand. Currently, the market is one standard deviation tighter than its long-term average. Their models suggest that a market half a sigma tighter could push copper to $16,000/t, while a half sigma looser could depress prices to $9,000/t.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Natara Global has raised its recommended cash offer for Treatt (LSE:TET) to 290 pence per share, up 12% from its earlier proposal of 260 pence.

The updated bid, described by Natara as final, values Treatt at around £174 million and represents a 29% premium over the company’s unaffected share price of 224 pence.

Under this new valuation, the enterprise value to EBITDA multiple stands at 11.1x, based on projected 2026 EBITDA of £15.7 million.

Natara emphasized that no further increases are planned unless a rival offer emerges or the Takeover Panel grants permission under exceptional circumstances.

The Treatt Board has judged the revised terms to be fair and reasonable and will unanimously recommend that shareholders accept the offer.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

UK construction output continued to shrink in September, though the pace of decline eased to its slowest in three months, according to the latest S&P Global UK Construction Purchasing Managers’ Index (PMI) released Monday.

The headline PMI edged up to 46.2 in September from 45.5 in August, marking its highest reading since June. Despite the improvement, the index remained below the neutral 50.0 mark for the ninth consecutive month, indicating that the sector is still contracting.

Residential construction showed modest improvement with a PMI of 46.8, while civil engineering remained the weakest area at 42.9, though both segments experienced slower declines than in August. Commercial construction was the exception, seeing a slightly faster drop with a reading of 46.4.

New orders continued to fall for the ninth straight month, but the decrease was minimal and the slowest in that period. Construction firms pointed to weak demand, economic uncertainty, and hesitant clients as ongoing obstacles to converting opportunities into contracts. Some companies, however, noted new wins linked to energy projects.

Employment in the sector declined for the ninth consecutive month as firms continued hiring freezes and did not replace departing staff due to lower workloads, although some reported hiring more apprentices.

Supply conditions improved slightly in September, with faster delivery times reflecting reduced pressure on supplier capacity. Purchasing of inputs fell for the tenth consecutive month.

Cost pressures remained notable, with purchasing prices rising sharply during September. While inflation accelerated from August, it was still below the average seen in the first half of 2025. Companies cited higher wages and increased energy, raw material, and transport costs as main drivers.

Business confidence stayed subdued, largely unchanged from August’s 32-month low. Some construction firms expressed optimism that infrastructure investment, energy sector demand, lower interest rates, and planning approvals could provide a boost, but these factors were tempered by concerns over the UK economic outlook, capital expenditure reductions, and client uncertainty ahead of the Autumn Budget.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

U.S. stock futures edged higher Monday as investors monitored an ongoing federal government shutdown that has delayed key economic data ahead of the Federal Reserve’s upcoming interest rate decision. A senior White House official warned that mass layoffs of federal employees could soon begin, as prospects for a deal between Democrats and Republicans to reopen the government remain limited. Meanwhile, Constellation Brands (NYSE:STZ) is set to report its latest quarterly earnings, and Japan’s ruling party selected hardline conservative Sanae Takaichi as its next leader.

Futures Advance

U.S. stock futures rose as traders weighed the impact of the prolonged government shutdown and anticipated the start of the third-quarter earnings season later this month.

By 03:10 ET, Dow futures were up 86 points, or 0.2%, S&P 500 futures gained 20 points, or 0.3%, and Nasdaq 100 futures added 103 points, or 0.4%.

On Friday, the main Wall Street indices were mixed, with the S&P 500 and Dow Jones Industrial Average closing at record highs, while the Nasdaq Composite edged down 0.3%. Applied Materials (NASDAQ:AMAT), which warned of a $600 million hit to its fiscal 2026 revenue, weighed on the tech-heavy Nasdaq.

White House Warns of Federal Layoffs

The partial government shutdown has delayed key economic reports, including the nonfarm payrolls data. Analysts at Vital Knowledge noted that private-sector indicators have shown “darkening storm clouds” and rising inflation pressures.

“The absence of official data has also taken on more importance with the Fed set to unveil a fresh interest rate decision in October,” the analysts added. Last month, the Fed cut rates to support a weakening labor market, risking renewed inflation pressures. Despite missing government data, markets widely expect further rate cuts at the central bank’s next meeting, according to CME’s FedWatch Tool.

A senior White House official cautioned Sunday that mass layoffs could start if President Donald Trump determines that negotiations with congressional Democrats to end the shutdown are “absolutely going nowhere.”

Constellation Brands Earnings

Constellation Brands will release its August-quarter results after Monday’s market close. The company missed sales and profit estimates in the previous quarter, affected by higher tariffs on aluminum under Trump and broader economic uncertainty, which has restrained consumer purchases of beer and wine.

“These trends have threatened to compound a demand environment for the industry that was already tepid,” analysts said, citing immigration policy crackdowns as a potential factor impacting beer consumption among Hispanic consumers.

Japan’s Takaichi Wins LDP Leadership

In Asia, Japanese stocks led gains Monday, with the Nikkei hitting record highs after Sanae Takaichi, a fiscal dove, won the Liberal Democratic Party leadership election over the weekend. Takaichi is set to become Japan’s first female prime minister, with a parliamentary session scheduled for mid-October.

“Takaichi was viewed as the most dovish among the five front-runners for LDP leadership,” analysts noted. She has advocated for increased fiscal spending and tax relief to support Japan’s fragile economy and is expected to discourage the Bank of Japan from further rate hikes.

Oil Rises on Smaller-Than-Expected OPEC+ Output Increase

Oil prices rebounded sharply Monday after last week’s losses, following OPEC+’s announcement of a modest 137,000 bpd production increase for November—matching October’s increment but far below the 500,000 bpd some had expected.

“The decision provided relief to traders who had feared a flood of new barrels would overwhelm fragile demand,” analysts said. OPEC+, which has added over 2.7 million bpd this year, continues to unwind the pandemic-era production cuts gradually.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.