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Helical PLC (LSE:HLCL) released its half-year update, pointing to a busy development pipeline and meaningful strategic progress across central London. The company remains upbeat on the capital’s office market, citing sustained appetite for high-quality workspace and a shortage of Grade A supply—conditions it believes will continue to support rising rents.

Flagship schemes, including 10 King William Street and Brettenham House, are expected to push rental levels higher once completed. Alongside its core office activity, Helical is expanding into student accommodation and continues to favour joint-venture and capital-light models to enhance returns. Although the value of its investment properties dipped modestly, the uplift in its development portfolio reflects a deliberate emphasis on locations with the strongest demand.

From a market perspective, Helical trades on an attractive valuation supported by a low P/E ratio and a moderate dividend yield. Even so, concerns linger around its heavy leverage and uneven cash generation. Technical indicators paint a neutral picture, showing no clear directional trend.

More about Helical

Helical PLC is a London-focused real estate developer specialising in premium office buildings in well-connected, supply-constrained districts. The company concentrates on sectors such as technology and AI and is increasingly exploring opportunities in the student accommodation market.

European equities advanced on Tuesday, rebounding from the uneven performance seen at the start of the week.

By midday, the U.K.’s FTSE 100 Index was up 0.4%, while France’s CAC 40 Index and Germany’s DAX Index each climbed 0.7%.

Fresh data from Destatis showed the German economy flatlined in the third quarter, as a small rise in investment was offset by continued weakness in exports. The statistical office confirmed that GDP was unchanged from the previous quarter, following a 0.2% contraction in Q2.

“Economic activity was hampered in the third quarter by weak exports, while investments increased slightly,” said Ruth Brand, President of the Federal Statistical Office.

Among individual movers, ABN AMRO (EU:ABN) surged after announcing plans to eliminate 5,200 full-time roles by 2028 as newly appointed CEO Marguerite Berard aims to lift long-term profitability.

Kingfisher (LSE:KGF) also jumped after the home improvement chain raised its profit guidance.

Skanska (BIT:1SKAB) traded higher as well after securing a contract to build a new data center in the United States.

On the other end of the market, British airline easyJet (LSE:EZJ) slipped despite delivering stronger-than-expected full-year operating profit.

Thyssenkrupp Nucera (BIT:1TKA) shares tumbled in Frankfurt after the electrolyser manufacturer projected a sharp fall in 2026 sales.

U.S. stock futures hovered near unchanged levels on Tuesday, pointing to a quiet start as markets pause to digest Monday’s powerful rebound.

After several sessions marked by sharp swings, traders appear inclined to reassess near-term risks. Monday’s rally built on Friday’s turnaround, helping erase much of last week’s steep selloff.

Fresh data released Tuesday — delayed by the government shutdown — showed softer-than-expected retail sales and producer prices in line with forecasts, but futures barely reacted.

Retail sales rose 0.2% in September, half the expected pace, while producer prices climbed 0.3%, matching estimates. ADP also reported a worsening pace of private-sector job losses.

Tech stocks were the standout performers on Monday. The Nasdaq surged 2.7%, the S&P 500 gained 1.6%, and the Dow posted a smaller but solid advance. Still, all three indexes ended last week with significant declines.

Geopolitical and monetary policy developments have added to the improving sentiment. Secretary of State Marco Rubio said there had been “tremendous progress” in peace talks over the Russia–Ukraine conflict, while Fed officials continued to signal support for a December rate cut — with CME data now pricing in nearly an 85% chance.

Semiconductors, hardware, networking, gold miners, airlines, and biotechnology stocks all posted meaningful gains as most sectors joined the rebound.

Intertek Group (LSE:ITRK) dropped more than 4% on Tuesday after the UK-based testing and inspection firm reported third-quarter organic revenue growth that slightly lagged market forecasts, even as the company reaffirmed its full-year guidance.

For the July–October period, Intertek delivered 4.1% organic growth. That matched Morgan Stanley’s 4.2% estimate but fell short of the 4.5% Visible Alpha consensus, which the brokerage noted included “several stale estimates.”

The latest figure compares with 4.5% organic growth in the first half of 2025 and came in below the 6.3% and 6.0% posted by rivals Bureau Veritas and SGS, respectively, for their July–September quarters. Reported revenue rose 2.2%, held back by a -1.8% foreign-exchange impact.

Morgan Stanley characterized the update as “a decent print, but growth print and guide below peers; margins remain robust.”

Divisional performance varied. Consumer Products grew 5.4% in the quarter, consistent with full-year guidance calling for high-single-digit gains. Corporate Assurance advanced 6.6%, also in line with its high-single-digit target.

World of Energy was flat, with the note pointing to softness in transportation technologies, “(autos programmes being scaled back).”

Outlook for the division was revised to “Stable” from a prior expectation of low-single-digit growth. Industry & Infrastructure expanded 6%, prompting an upgrade of its full-year view to mid-single-digit growth, supported by stronger minerals demand. Health and Safety rose 0.8%, with guidance unchanged at low-single-digit growth.

Intertek maintained its full-year forecast for mid-single-digit organic revenue growth at constant currency, along with margin improvement and solid cash generation.

According to company-compiled consensus cited in the note, the market expects revenue of £3.43 billion, organic growth of 4.6%, EBIT of £611 million with a 17.8% margin, adjusted pretax profit of £564 million, and adjusted earnings per share of 250.5p.

Morgan Stanley said it anticipates organic growth projections to “trim slightly to c. 4.3%,” partially offset by a higher expected contribution from acquisitions of around 0.5%, versus the 0.2% reflected in current estimates.

The bank added that, with currency assumptions already set at a 3% decline for the year, it does not foresee changes to headline profit or earnings forecasts.

Many were hoping that a strong earnings report from Nvidia would help turn sentiment around. The company’s numbers for Q3 FY2026 indeed didn’t disappoint, yet the S&P 500 index is still on track for its worst November since 2008.

So what’s going on?

First, let’s talk about Nvidia’s results. Revenue hit $57 billion, up 22% from last quarter and 62% from a year ago. But most importantly, the company expects around $65 billion in revenue next quarter.

Furthermore, Nvidia CEO Jensen Huang argued that AI demand is real: companies are moving to GPUs, new AI applications are emerging, and “agentic AI” will need even more computing power. 

The takeaway, thus, is that Nvidia stock price growth is driven by structural shifts in AI, not hype.

So why didn’t the indexes soar?

Because uncertainty remains.

In particular, there’s still no clarity on how long Nvidia can sustain this kind of explosive growth. Infrastructure constraints and a heavy reliance on a few major customers raise concerns, especially at a time when consumer sentiment is deteriorating.

On top of that, the broader fear of an AI bubble hasn’t gone away. Investors see companies boosting their CAPEX just to stay competitive, in some cases relying on debt to do so — for example, Oracle. Finally, there is a worry that weakness in just one key player could ripple across the entire sector, and let’s not forget about still-high valuations.

As a result, investors have been trimming their exposure to riskier assets, including Bitcoin, which last week dropped to nearly $80,000.

And then there’s the rapid deterioration of U.S. liquidity. Repo rates are climbing, reverse repo balances are plunging, and funding costs for banks and hedge funds are spiking. If leveraged investors are forced to unwind positions, it could lead to waves of forced selling, creating a domino effect across the market.

Whether this will lead to an already long-forecasted market crash depends, of course, on how circumstances unfold. One of the factors to watch will be macro data in the U.S. and Fed rhetoric, especially regarding liquidity issues.

Investor positioning in major U.S. indices moved lower again last week, with the S&P 500 attracting a new wave of short positions, according to strategists at Citigroup.

Chris Montagu’s team said the Nasdaq 100 stands apart from the broader retreat, supported by a combination of new long entries and ongoing short covering—lifting overall net exposure to the index.

In the U.K., FTSE 100 positioning has stayed mostly flat as traders hold their fire ahead of the government’s upcoming budget announcement.

Meanwhile, the Euro Stoxx 50 has been drifting lower for more than a month, though strategists note it still sits comfortably in bullish territory.

Flows in the European banking sector are dominated by long unwinding, indicating that investors are locking in profits after extended accumulation.

Crude prices drifted lower on Tuesday, pressured by expectations that global supply will outpace demand in 2026—an outlook that overshadowed ongoing uncertainty surrounding Russia’s sanctioned oil flows amid stalled Ukraine peace talks.

Brent was down 0.5% at $63.04 a barrel by mid-morning GMT, while WTI slipped to $58.56, also a 0.5% decline.

Both benchmarks rallied the previous session after renewed skepticism that a diplomatic breakthrough between Ukraine and Russia was anywhere near, reducing the likelihood of restricted Russian oil returning freely to markets.

But analysts increasingly warn that next year’s fundamentals point to a looser market regardless of geopolitics. Forecasts consistently show that production growth is set to outstrip consumption.

Priyanka Sachdeva of Phillip Nova cautioned that “in the short-term, the key risk is oversupply and current price levels seem vulnerable.”

Tighter sanctions on Rosneft and Lukoil, along with restrictions on refined products derived from Russian crude, have already caused some Indian refiners—including Reliance—to scale back purchases.
With buyers limited, Russia has shifted its attention toward China. Deputy Prime Minister Alexander Novak said in Beijing that the two nations are exploring ways to expand oil trade.

Deutsche Bank echoed the bearish trend, projecting a surplus of at least 2 million barrels per day in 2026 with little indication of deficits returning before 2027. Analyst Michael Hsueh noted that “the path forward into 2026 remains a bearish one.”

While stalled peace negotiations would ordinarily support prices due to the persistence of sanctions, the market appears more concerned with the possibility of oversupply.

Hopes for a U.S. rate cut in December are offering some relief. With multiple Federal Reserve officials signaling openness to easing policy, traders are betting that lower borrowing costs could help bolster demand.

As Sachdeva summed it up: “The oil market is in a tug-of-war between a caution-driven supply overhang and demand hopes predicated on easier monetary policy.”

Gold extended its gains in Tuesday’s Asian session, supported by growing conviction that the Federal Reserve is preparing to cut interest rates again next month.

Investors also shifted toward safe-haven assets ahead of several influential U.S. economic releases, helping gold rise even as the dollar held firm.

Spot gold was up 0.3% at $4,145.57 per ounce, while February futures gained 0.2% to $4,180.0/oz.

Dovish Fed commentary fuels momentum

Rate-cut speculation has surged after two Fed officials suggested they would back another reduction in December. Market pricing now reflects a strong likelihood of a 25-basis-point move, according to the CME FedWatch tool.

Lower borrowing costs tend to support gold by making yield-bearing assets less attractive. The metal has already logged several record highs this year after the Fed cut rates at consecutive meetings.

Geopolitical tensions—particularly between China and Japan—and worries about rising fiscal deficits across advanced economies have also lifted demand for safe stores of value.

Platinum, silver, and copper all moved higher, with copper futures on the LME climbing 1.2% to $10,887 per tonne.

Traders await final data set before December Fed meeting

Metal markets saw subdued price action as traders waited for a series of U.S. data releases that will shape expectations heading into the Fed’s final meeting of the year.

Although the numbers reflect September activity, they will likely be the newest data available to Fed officials.
Tuesday brings PPI and retail sales reports, followed by Wednesday’s PCE inflation reading.

With the prolonged government shutdown preventing the publication of October payroll and inflation figures, the Fed will effectively head into December with limited visibility—one reason markets had previously expected a potential pause.

The U.S. dollar was broadly stable early Tuesday, with currency markets pausing as investors waited for a large batch of delayed economic reports that could help clarify whether the Federal Reserve will move forward with an interest rate cut next month.

At 04:15 ET (09:15 GMT), the Dollar Index — which measures the greenback against six major peers — hovered around 100.072, showing little change.

Dollar Pauses Ahead of Key Data

Fed Governor Christopher Waller said Monday that the labor market has weakened enough to justify another quarter-point rate cut in December, echoing remarks from New York Fed chief John Williams late last week.
The dovish tone pushed rate-cut expectations sharply higher, with CME’s FedWatch tool placing the odds of a December cut at 81%, up from 42% just one week ago.

However, minutes from the Fed’s most recent meeting underscored ongoing disagreement among policymakers, making the incoming wave of data—delayed by the lengthy government shutdown—particularly important.

Figures on September producer prices and retail sales will be released later today, while the Fed’s preferred inflation measure, the PCE price index, is due Wednesday.
These reports will be the last major data points the Fed receives before its December meeting, as officials signaled that October’s inflation and jobs figures will likely never be published due to the shutdown.

“Markets are back to pricing in 19bp of easing for December, but the dollar has remained resilient,” analysts at ING wrote. “Some year-end rebalancing flows before Thanksgiving may be getting in the way, but unless markets have a hawkish rethink, the dollar looks too strong relative to short-term rate differentials at these levels, and we see some material downside risks.”

ING: Euro Undervalued Against the Dollar

In Europe, EUR/USD edged 0.1% higher to 1.1529 after modest overnight gains.

Fresh data confirmed that Germany’s economy was flat in the third quarter of 2025 — in line with the initial estimate — and followed Monday’s Ifo survey showing German businesses turning more cautious, pointing to a difficult end to the year.

“The EUR is yet to see any real benefit from the Ukraine peace talks, and is trading at a wide 2% undervaluation vs USD as of this morning,” ING noted.

GBP/USD also ticked up 0.1% to 1.3114, with nerves building ahead of Wednesday’s U.K. budget.
Finance minister Rachel Reeves is expected to resort to tax increases to hit fiscal goals but may be reluctant to further slow an already fragile economy.

Yen Remains in Intervention Territory

In Asia, USD/JPY slipped 0.1% to 156.62, keeping the yen at levels that have previously prompted direct action from Japanese authorities.

Tokyo officials have issued repeated warnings about further yen weakness, though no actual intervention has yet been observed.

“Thinner liquidity around Thanksgiving could present good conditions for the BoJ to intervene in USD/JPY, ideally after a market-driven correction in the pair,” said ING. “U.S. data might potentially offer the trigger for that correction, but not today in our view.”

USD/CNY dipped 0.1% to 7.0949 as the yuan firmed slightly, helped by hopes of improved ties between Washington and Beijing. U.S. President Donald Trump announced plans to visit China in April.

Elsewhere, AUD/USD slipped 0.1% to 0.6455, and NZD/USD fell 0.2% to 0.5599 ahead of the Reserve Bank of New Zealand’s latest policy decision later in the session.

U.S. equity futures were slightly lower early Tuesday as traders prepared for a heavy round of delayed economic reports. Retail sales and producer price numbers will offer long-awaited clarity on the state of the economy, while Federal Reserve officials continue to disagree over whether interest rates should be cut again in December. At the same time, Google is reportedly escalating its challenge to Nvidia in AI semiconductors, and Dell is set to deliver quarterly earnings after the closing bell.

Cautious Tone Across Futures

Wall Street futures signaled a softer open, reflecting investor caution as markets gear up for an important week.

By 02:35 ET, Dow futures were down 42 points, S&P 500 futures dipped modestly, and Nasdaq futures saw slightly deeper losses.
This comes after stocks rallied Monday, starting off a holiday-shortened week on stronger footing.

Fed officials helped fuel optimism for a potential December rate cut, easing fears tied to AI market frothiness and the boom in debt-financed infrastructure spending.

But analysts at Vital Knowledge noted that the mood appears to be settling, saying the recent negative narrative is “stabilizing.” They added that capital is rotating rather than leaving the sector entirely: “Money isn’t exiting AI but instead shifting,” particularly toward Google and Broadcom.

Backlogged Economic Data Returns

A long list of U.S. macro reports is due Tuesday, marking the return of a fully functional data calendar after the record-breaking federal shutdown.

The delays left policymakers with sizable information gaps, adding uncertainty to economic forecasting and rate planning.

Retail sales and PPI figures for September are among the most closely watched releases. With consumer spending accounting for most U.S. output and inflation proving stubborn, analysts warn the data may already be outdated thanks to the shutdown.

A Divided Fed Faces a Tough Decision

The Fed is wrestling with whether to cut rates once more or keep them unchanged at 3.75%–4%.

Mary Daly and Christopher Waller appeared to lean toward another reduction, emphasizing support for a cooling labor market.
But others want to wait for newer data before making a move, and concerns persist about policy beyond December.

Ultimately, according to The Wall Street Journal, Chair Jerome Powell is expected to make the final call.

Google and Meta Explore a Major TPU Partnership

Google is pushing harder into AI hardware, and Meta may become one of its most important customers, according to reporting from The Information.

The company is now pitching its TPUs for installation inside customers’ own facilities — a significant departure from its typical cloud-only model.

Meta is reportedly considering multi-billion-dollar spending to adopt TPUs beginning in 2027, while also planning to rent TPU capacity from Google Cloud next year.

Alphabet shares were higher premarket, while Nvidia slipped more than 2%.

Dell Takes Center Stage in Earnings

Dell Technologies will report after the close, rounding out a busy earnings season.

The company recently doubled its long-term profit-growth outlook on expectations of rising demand for AI-focused servers, projecting at least 15% annual EPS growth and 7%–9% annual revenue expansion.

Though Dell is benefiting from the AI boom, analysts remain cautious about margin pressure from intensifying competition and production costs.

Alibaba and Analog Devices will also post results before the open.