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  • Markets Inch Higher as Apple Outlook Boosts Confidence, Oil Stays Elevated: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Markets Inch Higher as Apple Outlook Boosts Confidence, Oil Stays Elevated: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. stock futures moved modestly higher after Wall Street closed at record levels, as investors weighed strong corporate earnings against rising geopolitical tensions and currency swings. A positive outlook from Apple (NASDAQ:AAPL) helped support sentiment, while oil prices held onto weekly gains amid ongoing tensions involving Iran.

    At the same time, weakness in the Japanese yen and a steady stream of earnings reports from major U.S. companies kept attention focused on both macroeconomic trends and corporate performance. Most European markets were closed for the Labor Day holiday.

    Apple Guidance Reinforces Market Momentum

    Equity momentum carried forward, with U.S. futures rising after key indices reached fresh all-time highs. In Asia, Japan’s Nikkei 225 advanced, while several other regional markets remained shut for holidays.

    Apple drew investor attention after issuing a stronger-than-expected revenue forecast, though it warned that higher memory chip costs and Mac supply constraints could persist for “several months.” Meanwhile, Tokyo Electron also contributed to positive sentiment with a better-than-expected outlook for first-half operating income.

    Apple projected solid sales growth for the current quarter and announced a $100 billion share repurchase plan. The company expects fiscal third-quarter revenue growth of 14% to 17%, significantly above market expectations of around 9.5%, driven by demand for the iPhone 17 and MacBook Neo.

    For its fiscal second quarter, Apple reported revenue of $111.18 billion and earnings per share of $2.01, both exceeding analyst forecasts. iPhone revenue totaled $56.99 billion, slightly below estimates due to supply limitations.

    Earnings Season Remains a Key Driver

    Corporate earnings continue to guide market direction, with results expected from Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Estée Lauder (NYSE:EL), and Colgate-Palmolive (NYSE:CL).

    Strategists at Barclays noted that “blended Q1 EPS growth is turning up,” while adding that earnings surprises remain “much stronger in the US than Europe,” highlighting continued divergence between regions.

    Yen Weakness Keeps FX Markets in Focus

    In currency markets, the Japanese yen weakened again, with USD/JPY drifting back toward the 157 level despite recent intervention efforts by Tokyo authorities. Officials signaled readiness to act again, particularly as oil market volatility continues to influence currency movements.

    Tim Baker said he is not convinced the pair “will keep falling or even stay here for long.”

    “The cross may well be high relative to rates, but it’s actually low relative to a simple model that includes rates, equities and oil.”

    Oil Prices Stay Supported by Geopolitical Risks

    Oil prices maintained a second consecutive week of gains as geopolitical tensions intensified. Donald Trump said the United States would continue its naval blockade of Iranian ports, while reports suggested that senior military officials had outlined additional options for action against Iran, reinforcing the risk premium in energy markets.

    Iran warned it would respond with “long and painful strikes” against U.S. positions if Washington resumes attacks, while reiterating its stance over control of the Strait of Hormuz.

    Corporate Updates: OpenAI Addresses Growth Concerns

    In corporate developments, OpenAI dismissed concerns about missing internal targets, with its CFO pointing to strong execution and “a vertical wall of demand.”

    Separately, S&P Dow Jones Indices launched a consultation that could speed up the inclusion of newly listed large-cap companies into its benchmark indices.

  • Oil Prices Advance as Iran Conflict Remains Deadlocked

    Oil Prices Advance as Iran Conflict Remains Deadlocked

    Oil prices pushed higher on Friday as the standoff over the Iran conflict showed no signs of resolution, with Tehran maintaining its blockade of the Strait of Hormuz while U.S. naval forces continue to curb Iranian crude exports.

    Brent crude futures for July rose 89 cents, or 0.8%, to $111.29 a barrel by 08:08 GMT. U.S. West Texas Intermediate futures gained 37 cents, or 0.4%, to $105.44.

    Weekly Rally Driven by Supply Disruptions

    Both benchmarks were heading for solid weekly gains, with Brent set to rise 5.7% and WTI on course for an 11.7% increase. The June Brent contract briefly touched $126.41 a barrel before expiring on Thursday, marking its highest level since March 2022.

    Oil markets have been climbing since late February, when military action by the United States and Israel against Iran led to the closure of the Strait of Hormuz. The disruption has affected roughly 20% of global oil and liquefied natural gas shipments.

    Diplomatic Progress Remains Limited

    Despite a ceasefire technically in place since April 8, there has been little movement toward a lasting resolution. Iranian Foreign Ministry spokesman Esmaeil Baghaei said expectations for rapid progress in talks were misplaced, according to IRNA.

    “Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very realistic,” he said.

    Regional Tensions Continue to Escalate

    Anwar Gargash, a senior adviser to the UAE president, warned in a post on X that unilateral Iranian actions cannot be relied upon to ensure safe passage through the Strait of Hormuz following what he described as “treacherous aggression” against neighbouring countries.

    At the same time, a senior member of Iran’s Revolutionary Guards threatened “long and painful strikes” on U.S. positions if Washington resumes military operations, briefly pushing oil prices higher during the session.

    Washington Weighs Further Military Action

    Reports indicated that Donald Trump was scheduled to receive a briefing on Thursday regarding potential new military strikes aimed at forcing Iran back to the negotiating table, according to a U.S. official.

  • Gold Holds Near Monthly Lows as Iran Risks and Rate Outlook Weigh

    Gold Holds Near Monthly Lows as Iran Risks and Rate Outlook Weigh

    Gold prices moved lower in Asian trading on Friday, staying close to one-month lows as uncertainty surrounding the Iran conflict and its implications for global interest rates continued to pressure the metals complex.

    Spot gold declined 0.5% to $4,600.06 an ounce as of 06:17 GMT, while gold futures slipped 0.4% to $4,611.54 an ounce. Activity remained subdued due to public holidays across much of Asia.

    Central Bank Signals Add to Downward Pressure

    The yellow metal has now posted back-to-back monthly declines, easing around 1% in April after a steep drop of nearly 12% in March. Rising inflation concerns—largely tied to the Iran conflict—have driven investors toward the U.S. dollar instead of traditional safe-haven assets.

    Elevated oil prices have further reduced gold’s appeal, as disruptions to global crude supplies linked to the conflict have intensified inflationary expectations.

    This week, a wave of hawkish commentary from major central banks added to the pressure. The Federal Reserve saw more policymakers warn about energy-led inflation risks, while the European Central Bank, Bank of England, and Bank of Japan all pointed to the possibility of near-term interest rate increases.

    Higher borrowing costs tend to weigh on gold and other non-yielding assets, as they raise the opportunity cost of holding them.

    Mixed Moves Across Precious Metals

    Other precious metals showed a mixed performance on Friday following an uneven April. Spot silver rose 0.3% to $74.240 per ounce, though it remained down about 2% for the month.

    Platinum slipped 0.4% to $1,982.13 per ounce, but still managed to post modest gains over April.

    Iran Standoff Continues to Influence Markets

    Ongoing tensions between the United States and Iran continued to shape market sentiment, with investors largely favouring the dollar over gold.

    Reports earlier in the week indicated that Donald Trump had been briefed on potential additional military options involving Iran, particularly as diplomatic efforts between Washington and Tehran failed to gain traction.

    Iran’s Supreme Leader, Mojtaba Khamenei, issued a rare statement on Thursday, saying the country would retain control of the Strait of Hormuz and safeguard its nuclear and missile capabilities.

    He stated that such control would bring “calm, progress, and economic benefits to all Gulf nations.”

    The remarks followed reports suggesting Trump was dissatisfied with an Iranian proposal to reopen the Strait and bring the conflict to an end.

    The strategic waterway has remained largely blocked since the escalation of tensions involving the U.S., Israel, and Iran earlier this year, making it a central focal point of the crisis.

    Since the conflict began, gold has lagged behind the dollar, as safe-haven demand has been overshadowed by fears of inflation driven by higher energy prices.

  • Wall Street Futures Edge Higher After Record Rally as Earnings Strength Meets Iran Risks: Dow Jones, S&P, Nasdaq

    Wall Street Futures Edge Higher After Record Rally as Earnings Strength Meets Iran Risks: Dow Jones, S&P, Nasdaq

    U.S. equity futures ticked up on Friday after the S&P 500 and Nasdaq Composite closed at fresh all-time highs in the prior session, as investors weighed strong corporate earnings against ongoing geopolitical tensions tied to Iran.

    By 07:25 GMT, S&P 500 futures were up 0.2% at 7,255.0 points, while Nasdaq 100 futures rose 0.1% to 27,617.25 points. Futures on the Dow Jones Industrial Average also gained 0.1% to 49,900.0 points.

    Earnings Momentum Continues to Support Equities

    Markets finished Thursday in positive territory, with the S&P 500 advancing 1% to close above the 7,200 level for the first time. The Nasdaq Composite climbed roughly 0.9% to a record close, while the Dow Jones led gains with a 1.6% jump.

    The rally was underpinned by a steady stream of upbeat earnings, reinforcing confidence in corporate resilience and helping markets look past concerns over inflation and geopolitical instability.

    In after-hours trading, Apple (NASDAQ:AAPL) rose close to 3% after posting quarterly results, supported by robust iPhone demand and continued expansion in its high-margin services division. The company delivered record revenue and earnings per share, with iPhone sales growing more than 20% for a second consecutive quarter.

    Meanwhile, Reddit (NYSE:RDDT) surged more than 13% after the close, following stronger-than-expected quarterly results and higher daily active user figures.

    Investors are also looking ahead to additional earnings reports, with Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), and AutoNation (NYSE:AN) due to release results before Friday’s opening bell.

    Iran Tensions Keep Markets on Edge

    Despite strong earnings support, sentiment remains cautious amid persistent geopolitical risks. Reports indicated that Donald Trump is set to receive a briefing on potential military options involving Iran, heightening fears of further escalation.

    Iran has warned that any renewed U.S. military action would trigger “long and painful strikes” against American positions in the region.

    The Strait of Hormuz remains disrupted, impacting a critical route for global oil shipments and tightening supply expectations. Brent crude briefly surged above $126 per barrel on Thursday—its highest level in four years—before pulling back to around $114 amid profit-taking and currency fluctuations.

  • FTSE 100 Falls as Iran Blockade Continues and Trump Hardens Stance

    FTSE 100 Falls as Iran Blockade Continues and Trump Hardens Stance

    UK equities moved lower on Friday, with the FTSE 100 retreating as geopolitical tensions intensified following Donald Trump’s decision to maintain a naval blockade on Iranian ports. Oil prices remained near multi-year highs, while diplomatic efforts between Washington and Tehran showed little sign of progress.

    As of 07:24 GMT, the FTSE 100 was down 0.36% at 10,341.54. Major European markets, including those in Germany and France, were closed for the May Day public holiday.

    Oil Tensions Persist as Strait of Hormuz Outlook Uncertain

    Trump reaffirmed his commitment to the blockade, amid concerns that the Strait of Hormuz could remain closed for an extended period.

    “Their economy is crashing, the blockade is incredible,” he told reporters at the White House. “Their economy is a disaster. So we’ll see how long they hold out.”

    He also suggested energy prices could fall sharply once hostilities ease. “The gas will go down,” Trump said. “As soon as the war is over, it’ll drop like a rock.”

    According to Axios, Trump received briefings from senior military officials, including Admiral Brad Cooper and General Dan Caine, on potential contingency strike plans aimed at breaking the diplomatic deadlock.

    Escalating Rhetoric from Iran

    Iranian leadership signalled a firm stance, with supreme leader Mojtaba Khamenei vowing to maintain nuclear and missile capabilities. President Masoud Pezeshkian described the blockade as “intolerable.”

    Foreign ministry spokesman Esmaeil Baghaei cautioned that expectations for rapid diplomatic progress were “not very realistic,” while a senior Revolutionary Guards figure warned of “long and painful strikes” against U.S. positions if tensions escalate further.

    Tariff Move on UK Whisky Adds Diplomatic Twist

    In a separate development, Trump announced the removal of tariffs on UK whisky following a state visit by King Charles III.

    “The King and Queen got me to do something nobody else was able to do,” he wrote on Truth Social.

    UK Market Round-Up

    NatWest Group (LSE:NWG) reported a 12% rise in first-quarter profit to £2 billion, beating expectations and upgrading its full-year income outlook toward the upper end of its £17.2–£17.6 billion range.

    Bank of Ireland (LSE:BIRG) reaffirmed its full-year guidance after net loans increased at an annualised 5% to €83.6 billion, while its non-performing exposure ratio improved to 2%.

    Pearson (LSE:PSON) posted a 4% rise in underlying first-quarter sales, supported by strong demand for virtual learning, and said it remains on track to meet full-year targets.

    Data from BDO showed UK discretionary retail sales on a like-for-like basis fell 1.6% in April, marking the weakest performance in a decade outside the pandemic, as higher fuel costs and subdued consumer confidence weighed on spending.

    Meanwhile, Nationwide Building Society reported that UK house prices rose 0.4% in April and were 3% higher year-on-year, although surveyors highlighted softer demand and the broadest monthly decline in prices since January 2024 during March.

  • Diageo Shares Rise as Trump Signals Removal of Whisky Tariffs

    Diageo Shares Rise as Trump Signals Removal of Whisky Tariffs

    Shares in Diageo (LSE:DGE) rose almost 2% on Friday after Donald Trump announced plans to lift tariffs on whisky imports following a White House visit by King Charles III and Queen Camilla.

    “In Honor of the King and Queen of the United Kingdom, who have just left the White House, soon headed back to their wonderful Country, I will be removing the Tariffs and Restrictions on Whiskey having to do with Scotland’s ability to work with the Commonwealth of Kentucky on Whiskey and Bourbon,” Trump wrote on Truth Social.

    He added that the royal visit “got me to do something nobody else was able to do, without hardly even asking.”

    Industry Relief After Prolonged Pressure

    The whisky sector has faced sustained pressure from elevated tariffs and declining alcohol consumption. According to the Scotch Whisky Association, the levies have been costing the industry around £4 million per week.

    Diageo, which owns major brands such as Johnnie Walker, Talisker, and Lagavulin, had previously announced plans to scale back production at certain distilleries to offset softer demand conditions.

    Trade Context and Tariff Background

    A trade agreement between the United States and the United Kingdom reached in 2025 maintained a baseline tariff of 10% on most British goods, including whisky. This was a reduction from the первоначально proposed 27.5% rate outlined by Trump earlier in negotiations.

  • AstraZeneca Shares Weaken After FDA Panel Rejects Camizestrant

    AstraZeneca Shares Weaken After FDA Panel Rejects Camizestrant

    AstraZeneca (LSE:AZN) shares moved lower on Friday after an independent advisory panel to the U.S. Food and Drug Administration voted against backing the risk-benefit profile of its experimental breast cancer therapy, camizestrant.

    The stock declined 1.6% in London by 07:37 GMT.

    Advisory Committee Vote Raises Regulatory Concerns

    The FDA’s Oncologic Drugs Advisory Committee voted 6–3 against the oral treatment, which is being developed as a first-line option for a subtype of breast cancer linked to a specific genetic mutation. The panel determined that the drug did not demonstrate a “meaningful benefit” for patients whose disease had not progressed on existing therapies.

    Although such advisory votes are not legally binding, regulators often align with the panel’s recommendations. A final ruling from the FDA is expected at a later date.

    Analysts Flag Impact on Approval Prospects

    The outcome introduces “regulatory overhang and a dent to investor sentiment,” according to analysts at Morgan Stanley led by Sarita Kapila.

    “We see a decreased likelihood of approval in the SERENA-6 setting following the 6–3 negative ODAC vote, though approval remains possible,” they noted.

    Company Response and Trial Data

    AstraZeneca said it was “disappointed” with the panel’s decision but maintained confidence in both its clinical data and the drug’s potential to benefit patients.

    Trial results showed that camizestrant extended the time before disease progression by more than six months. When used alongside other cancer treatments, patients experienced a median progression-free period of 16 months, compared with 9.2 months under the current standard of care.

  • Shield Therapeutics Turns Profitable in Q1 as ACCRUFeR Sales Climb and CFO Steps Down

    Shield Therapeutics Turns Profitable in Q1 as ACCRUFeR Sales Climb and CFO Steps Down

    Shield Therapeutics (LSE:STX) reported a significant improvement in first-quarter 2026 results, with group net revenues reaching $18 million and EBIT moving into positive territory at approximately $2.5 million. Performance was driven by a $7.9 million milestone payment from its Chinese partner ASK Pharm and a 54% year-on-year increase in U.S. ACCRUFeR sales to $9.9 million. The company cited strong prescription growth, modest pricing gains, and tighter cost and working capital management, which helped lift cash balances to $12.4 million. However, it noted that new prior authorisation requirements under New York Medicaid could impact sales as the business shifts more toward commercially insured patients.

    Regulatory Progress and Leadership Change

    Momentum on the regulatory front continued, with National Medical Products Administration accepting a marketing application for ACCRUFeR in China. In Europe, European Medicines Agency expanded the label for FeRACCRU to include children aged over 12, broadening its potential patient base. Alongside these developments, the company announced that CFO Santosh Shanbhag will step down on 1 June 2026. CEO Anders Lundstrom will assume the role on an interim basis while a permanent replacement is sought, as the company also increases investor engagement through a new digital hub and webinar programme.

    Financial Outlook and Key Considerations

    Despite the return to profitability in the quarter, Shield’s broader outlook remains constrained by weak financial quality indicators, including ongoing losses over longer periods, negative operating and free cash flow, and negative equity. These challenges are partly offset by improving revenues, strengthening margins, and moderately positive price trends. Valuation remains difficult to support given its loss-making status and lack of dividend yield.

    More about Shield Therapeutics

    Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on treating iron deficiency and iron deficiency anaemia. Its lead product, ferric maltol, is marketed as ACCRUFeR in the United States and FeRACCRU in other markets. The company is targeting a large global patient population through its own U.S. commercial operations and a network of regional licensing partners across Europe, Asia-Pacific, and North America.

  • NatWest Delivers Strong Q1 2026 Performance and Lifts Income Guidance

    NatWest Delivers Strong Q1 2026 Performance and Lifts Income Guidance

    NatWest Group (LSE:NWG) reported a strong start to 2026, with total income excluding notable items reaching £4.2 billion and operating profit rising to £2.0 billion, both ahead of the same period last year. Attributable profit came in at £1.4 billion, while earnings per share increased 15.5% to 17.9 pence. Return on Tangible Equity stood at 18.2%, reflecting robust capital generation and contributing to a higher tangible net asset value per share.

    Balance Sheet Growth and Operational Improvements

    The bank recorded broad-based expansion across its balance sheet, with net loans increasing by £7.2 billion and customer deposits rising by £3.1 billion. Growth was driven by mortgage lending and stronger commercial balances, partially offset by weaker market-driven valuations in asset management. Management highlighted over £100 million in additional cost savings and an improved cost-to-income ratio, alongside active management of risk-weighted assets. The CET1 capital ratio strengthened to 14.3%, and the bank upgraded its income guidance to the top end of its previous range, signalling confidence despite ongoing macroeconomic uncertainty.

    Outlook and Market Considerations

    NatWest’s outlook is supported by strong profitability, improved guidance, and ongoing capital returns, combined with an attractive valuation profile. However, these positives are partly offset by volatile cash flow trends, including in the most recent financial year, and softer short-term technical momentum.

    More about NatWest Group

    NatWest Group is one of the UK’s leading banking and financial services providers, serving around 20 million customers. Its operations span retail banking, private banking and wealth management, and commercial and institutional banking. The group offers a wide range of services including lending, deposits, and advisory solutions, with an increasing focus on digital banking and AI-driven capabilities within its core UK market.

  • MJ Gleeson Reports Steady Trading While Advancing Restructuring and Addressing Legacy Costs

    MJ Gleeson Reports Steady Trading While Advancing Restructuring and Addressing Legacy Costs

    MJ Gleeson (LSE:GLE) reported resilient performance at its Gleeson Homes division during the 11 weeks to 24 April 2026, with net reservation rates slightly ahead of the prior year and selling prices largely stable despite modest build cost inflation. The company continues to prioritise margin protection while progressing its efficiency programme, Project Transform, which includes regional restructuring aimed at focusing investment on higher-return land opportunities and improving operational efficiency.

    Regional Restructuring and Cost Implications

    From 1 July, MJ Gleeson will combine its Yorkshire East region with Yorkshire South and West, while reallocating certain sites to the Midlands. The changes are expected to generate around £0.9 million in annual overhead savings but will result in up to £3.1 million in exceptional restructuring and land impairment costs. Additionally, new management has identified legacy issues at previously completed sites, mainly in Yorkshire, leading to remedial cost provisions estimated between £5.2 million and £7.1 million over the next three to four years. These costs are expected to be excluded from adjusted earnings.

    Land Sales Progress and Outlook

    Gleeson Land is advancing the sale of five sites, including one significant development accounting for roughly half of the plots expected to be sold this year. A key technical solution for this site has been approved by the highways authority, with final consent set to determine the timing of completion. Assuming this major transaction proceeds and with improved visibility following the spring selling season, the board expects adjusted profit before tax for the year ending 30 June 2026 to align with market expectations. However, management has adopted a cautious tone, citing geopolitical uncertainty, planning constraints, and cost pressures.

    Financial Performance and Market Signals

    The company’s outlook is weighed down by weak technical indicators, with the share price trading below key moving averages and showing a bearish MACD alongside very low RSI levels. Financially, the picture is mixed: while the balance sheet remains strong and revenue growth is modest, margin pressure and negative recent operating and free cash flow reduce overall confidence. Valuation also appears demanding, with a relatively high price-to-earnings ratio.

    More about MJ Gleeson PLC

    MJ Gleeson plc is a UK-based housebuilder and land promoter operating through its Gleeson Homes and Gleeson Land divisions. Gleeson Homes focuses on delivering affordable housing, primarily in regions such as Yorkshire and the Midlands, while Gleeson Land specialises in promoting residential land with planning potential for sale to other developers.