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Avacta Group plc (LSE:AVCT) has shared encouraging clinical data from its ongoing Phase 1b trial of AVA6000 (FAP-Dox), reporting a partial tumor response in a patient with metastatic salivary gland cancer. This marks a significant milestone in the study’s dose expansion phase and highlights the potential of AVA6000 as a targeted treatment option for a rare cancer type with limited therapeutic alternatives.

The result is particularly noteworthy given the absence of a widely accepted standard of care for salivary gland cancer, underlining the importance of developing innovative treatments. Avacta plans to release full results from the earlier Phase 1a portion of the trial later in 2025. The company is also expected to provide further updates on its clinical programs and corporate strategy during its upcoming Annual General Meeting.

About Avacta Group plc

Avacta is a clinical-stage biotechnology company advancing a new class of precision oncology therapies. Through its proprietary pre|CISION® platform, the company is developing tumor-targeted drug candidates that activate potent chemotherapy agents within the tumor microenvironment, helping to minimize harm to healthy tissues. Avacta’s pipeline includes both pre|CISION® peptide drug conjugates and Affimer®-based drug conjugates, offering potential advantages over conventional antibody drug approaches in cancer treatment.

ECR Minerals (LSE:ECR) is ramping up its exploration efforts in Queensland, Australia, with new developments at its Blue Mountain and Lolworth gold projects. At Blue Mountain, the company is preparing to deploy a drilling rig alongside a bulk sampling campaign aimed at evaluating gold extraction efficiency and assessing near-term revenue prospects—a key milestone in advancing toward potential production.

Meanwhile, preparations are underway at the Lolworth project for a focused drilling program targeting areas identified for high-grade gold mineralization. ECR has emphasized cost-effective exploration strategies to maximize returns and resource identification while keeping capital expenditure in check.

These initiatives mark a significant step forward in ECR’s broader strategy to scale operations across its Australian assets. The company’s exploration advancements position it well for long-term growth and underscore its commitment to enhancing shareholder value through disciplined resource development.

About ECR Minerals

ECR Minerals is a gold-focused exploration and development company with a portfolio of Australian assets. Operating through subsidiaries ECR Minerals (Australia) Pty Ltd and ECR Minerals (Queensland) Pty Ltd, the company holds interests in key regions including Bailieston, Creswick, and the Lolworth Range. ECR is actively pursuing both exploration and near-term production opportunities, with a long-term vision centered on asset growth and strategic partnerships.

XPS Pensions Group Plc (LSE:XPS) has posted strong financial results for the fiscal year ending March 31, 2025, highlighting substantial growth and strategic progress. Excluding the National Pensions Trust (NPT), group revenue rose by 18%, while adjusted EBITDA surged by 27%, underscoring the company’s operational momentum.

Key segments saw impressive performance: administration revenues increased by 30%, and the actuarial and consulting divisions posted a 14% uptick. Additionally, the recent acquisition of Polaris Actuaries and Consultants Limited has bolstered XPS’s presence in the insurance consulting space, aligning with the firm’s broader strategy to diversify and scale its offerings.

Looking ahead, XPS is optimistic about capitalizing on evolving market dynamics and regulatory reforms. The company aims to expand its potential client base, targeting an addressable market of £4 billion by deepening its footprint in the insurance consultancy sector.

XPS’s performance is further supported by strong financial health, compelling valuation metrics, and favorable technical trends. The firm’s strategic initiatives—ranging from acquisitions to enhanced stakeholder engagement—continue to reinforce its leadership in the pension services space, making it a notable player for investors to watch.

About XPS Pensions Group Plc

XPS Pensions Group is a UK-based consultancy and administration firm specializing in services for pension schemes and insurance companies. Serving over 1,300 pension schemes and advising on £1 billion+ asset portfolios for 86 clients, XPS combines deep sector knowledge with advanced technology solutions. The company also manages pension administration for approximately 1.2 million members across the UK.

Capital Limited (LSE:CAPD) has announced a series of major contract wins that mark a key expansion in its global operations. Among the highlights is a three-year contract to provide borehole drilling services at the Reko Diq copper-gold project, a deal that introduces a new revenue stream and deepens the company’s collaboration with mining giant Barrick.

The company also revealed multiple exploration drilling agreements across several African nations, including Côte d’Ivoire, Mali, and Gabon. These contracts come amid heightened exploration activity, largely fueled by sustained strength in gold prices.

In addition to its drilling operations, Capital’s laboratory division, MSALABS, continues to grow. It recently launched a new facility in Nevada and has secured both contract renewals and fresh agreements in Mauritania and Namibia, reflecting growing demand for its analytical services in key mining regions.

From a financial standpoint, Capital Limited remains on stable footing, with an attractive dividend yield contributing to investor appeal. Technical indicators remain positive, bolstered by the firm’s recent contract momentum. However, challenges remain in improving profitability margins, and recent executive changes may introduce some uncertainty.

About Capital Limited

Capital Limited is a mining services provider focused on drilling and laboratory support for the global mining sector. With a strong presence in emerging markets, the company plays a critical role in enabling exploration and development activities at major mining sites, including the high-profile Reko Diq project.

Asian stock markets dropped sharply on Thursday, with major losses in Japan and Hong Kong, as investors reacted to rising geopolitical tensions. The downturn came after reports suggested the United States was preparing for a potential military strike on Iran.

U.S. stock futures also fell during Asian trading hours, reflecting growing caution ahead of developments in the Israel-Iran conflict.

Investors were also closely watching the Federal Reserve’s latest decision on interest rates and comments from Chair Jerome Powell regarding inflation driven by trade tariffs.

Hong Kong Stocks Drop Over 1% Amid Heightened Conflict Fears

Investor sentiment weakened further following a Bloomberg report that senior U.S. officials were discussing the possibility of a military strike on Iran as early as this weekend, signaling a potential escalation in the conflict.

President Donald Trump added to the uncertainty, stating Wednesday that he had “ideas” but would decide “one second before it’s due,” fueling market volatility. He said the U.S. may or may not take military action.

Tensions escalated further after Iran’s Supreme Leader, Ayatollah Ali Khamenei, rejected Trump’s demands for unconditional surrender and declared that neither peace nor war could be imposed on the country.

At the same time, the Federal Reserve held interest rates steady and Powell warned that inflation caused by trade tariffs could accelerate over the summer, further dampening risk appetite.

Regional Stock Market Performance

• Hong Kong’s Hang Seng Index fell over 1%, extending losses from the previous session.
• Japan’s Nikkei 225 declined 0.7%, and the TOPIX Index slipped 0.6%.
• China’s Shanghai Composite edged down 0.3%, while the CSI 300 dropped 0.2%.
• South Korea’s KOSPI slid 0.5%.
• Singapore’s Straits Times Index dipped 0.2%.
• India’s Nifty 50 futures fell 0.2%.
• Indonesia’s Jakarta Composite Index dropped more than 1%.

Australian Market Flat Despite Weak Jobs Report

Australia’s S&P/ASX 200 was mostly unchanged. New data showed an unexpected decline in employment during May, though the jobless rate held steady. While the labor market remains relatively tight, the figures may give the Reserve Bank of Australia more room to consider future rate cuts.

• Gold attempts to recover from weekly lows near $3,360 in light Thursday trading.
• Renewed safe-haven demand for the US Dollar follows reports of potential US military action against Iran.
• Despite breaking below the key $3,377 support after the Fed’s hawkish pause, Gold’s RSI remains in bullish territory.

Gold prices are attracting fresh buying interest around the weekly low of $3,363 on Thursday, as intensifying geopolitical tensions in the Middle East overshadow the US Federal Reserve’s hawkish policy stance.

Rebound in Progress: Will It Hold?

Risk sentiment took a hit during the Asian session following media reports suggesting the US is considering military strikes on Iran—possibly as soon as this weekend. President Joe Biden is reportedly weighing an attack on Iran’s heavily fortified Fordow nuclear facility, raising fears of a broader regional conflict.

This comes after Iranian Supreme Leader Ayatollah Ali Khamenei warned on Wednesday that any US military intervention would bring “irreparable damage” to America and rejected any prospect of backing down.

These renewed tensions have revived demand for traditional safe-haven assets like gold. However, the US Dollar—also considered a safe-haven—is gaining momentum, limiting gold’s upside potential.

The dollar continues to strengthen, supported by the Fed’s recent policy update. The central bank held interest rates steady at 4.25%-4.5%, in line with expectations, and maintained its forecast for two rate cuts in 2025. However, it scaled back projections for additional cuts in 2026 and 2027, while raising its inflation outlook and cutting growth estimates.

Markets interpreted this as a moderately hawkish stance, which weighed on gold—an asset that does not yield interest.

Key Technical Levels and Outlook

Following the Fed’s decision, gold dropped below the key $3,377 support level and closed beneath it on Wednesday. However, thin liquidity due to the Juneteenth holiday in the US could exaggerate price swings in the short term.

From a technical standpoint, gold retains a bullish bias. The 14-day Relative Strength Index (RSI) remains above the neutral 50 mark, currently around 55. For bulls to regain control, gold needs to reclaim $3,377—a level that also represents the 23.6% Fibonacci retracement of the record April rally.

A sustained move above that level would open the door to $3,400, followed by resistance at $3,440. A breakout beyond that point could test the two-month high near $3,453.

On the downside, if the rebound fails, sellers may step in. Initial support lies at the 21-day Simple Moving Average (SMA) near $3,348, with stronger support at the 50-day SMA around $3,308.

Bottom Line

While geopolitical tensions continue to support gold prices, the strength of the US Dollar and the Fed’s more hawkish outlook are key headwinds. Market focus will remain on developments in the Middle East, as further escalation could drive increased demand for gold as a safe-haven asset.

Stocks of AstraZeneca (LSE:AZN) and GlaxoSmithKline (LSE:GSK) declined on Wednesday following comments from U.S. President Donald Trump about the potential introduction of tariffs on imported pharmaceuticals.

AstraZeneca shares fell by 1.2%, while GlaxoSmithKline saw a similar 1.2% drop during London trading. Other pharmaceutical companies, including Roche, Sanofi (NASDAQ:SNY), as well as Indian firms Sun Pharma and Dr. Reddy’s Laboratories, also experienced downward pressure.

Speaking at a campaign event, Trump emphasized the need to bring pharmaceutical manufacturing back to the United States and warned that “significant” tariffs on drug imports could be imposed shortly.

Earlier in April, similar statements had sparked a notable sell-off in the sector, wiping approximately £14 billion off the market value of UK-listed pharmaceutical companies.

Industry groups such as PhRMA and BIO warned that imposing such tariffs might violate World Trade Organization regulations and could disrupt global supply chains. Additionally, the European Union, China, and South Korea have formally opposed the proposed measures.

GlaxoSmithKline has responded by ramping up its manufacturing investments in the U.S. and expanding AI-based efficiency initiatives, while AstraZeneca said it is closely monitoring ongoing geopolitical developments.

Until now, pharmaceutical products have largely been exempt from major U.S. tariffs. The Office of the U.S. Trade Representative declined to provide any comment on the potential introduction of new duties.

U.S. stock index futures were slightly higher early Wednesday, hinting at a modest rebound following Tuesday’s broad decline. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 each pointed to a positive open as traders attempted to shake off the previous session’s jitters.

The market’s cautious optimism comes even as geopolitical anxieties remain elevated, particularly surrounding the escalating conflict between Israel and Iran. Tensions intensified after Iran’s Supreme Leader, Ayatollah Ali Khamenei, warned of severe consequences if the U.S. intervenes militarily, following former President Donald Trump’s public demand for Iran’s “unconditional surrender.”

Despite these headwinds, trading activity is expected to remain measured ahead of the Federal Reserve’s policy announcement this afternoon. While the Fed is widely anticipated to hold interest rates steady, investors will closely scrutinize Chair Jerome Powell’s comments and the central bank’s updated projections for insights into the future rate path.

Markets fell sharply on Tuesday, reversing Monday’s gains. The Nasdaq Composite dropped 0.9% (−180.12 points) to close at 19,521.09, while the S&P 500 lost 0.8% (−50.39 points) to settle at 5,982.72. The Dow Jones Industrial Average declined 0.7% (−299.29 points), ending the session at 42,215.80.

The sell-off was partly driven by profit-taking after Monday’s rally, which had been supported by speculation of a possible de-escalation in the Middle East. However, Trump’s abrupt departure from the G7 summit and his social media statements sparked renewed concerns over deeper U.S. involvement in the region.

Responding to reports that French President Emmanuel Macron claimed he had left the G7 to work on peace efforts, Trump posted, “He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that.” A follow-up post demanding Iran’s surrender intensified investor fears.

Economic data also contributed to the day’s losses. The U.S. Commerce Department reported a sharper-than-expected decline in retail sales, which fell 0.9% in May, following a revised 0.1% dip in April. Economists had projected a milder 0.6% decline. Excluding vehicle-related sales, retail activity slipped 0.3%, missing forecasts of a slight gain.

Airline stocks, which had rallied earlier in the week, were hit hard, with the NYSE Arca Airline Index tumbling 3.8%. The housing sector also took a hit, as the Philadelphia Housing Sector Index dropped 2.5%.

Broader weakness was seen across several industries, including pharmaceuticals, telecommunications, and healthcare. In contrast, energy stocks advanced alongside rising oil prices, reflecting the market’s sensitivity to developments in the oil-rich Middle East.

With both geopolitical and monetary policy uncertainties looming, markets are expected to remain volatile in the short term.

European stocks are turning in a mixed performance on Wednesday, with Middle East tensions, regional inflation data and central bank decisions in focus.

Amid escalating tensions between Iran and Israel, the Strait of Hormuz, a critical global oil route, has become a focal point of concern. Investors remain worried that disruption of oil flows through this narrow strait could hit global economy hard.

In economic news, U.K. consumer price inflation softened in May largely due to easing transportation cost, data from the Office for National Statistics revealed.

The consumer price index registered an annual increase of 3.4 percent, slightly slower than the 3.5 percent rise seen in April. However, inflation was slightly above forecast of 3.3 percent.

The annual inflation rate in Austria edged down to 3.0 percent in May 2025 from 3.1 percent in the previous month, matching preliminary estimates.

Elsewhere, Sweden’s central bank has cut its key policy rate to 2 percent and said there was a small chance of further easing later this year if economic weakness persists.

Later in the day, the Federal Reserve is widely expected to leave rates unchanged, but investors will scrutinize updated economic projections for clues to future moves.

While the U.K.’s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index is down by 0.1 percent and the German DAX Index is down by 0.3 percent.

BP Plc (LSE:BP.) and Shell (LSE:SHEL) were moving higher as oil prices held near five-month highs amid fears the U.S. may join Israel’s offensive against Iran.

Plane maker Airbus (EU:AIR) rallied over 3 percent after an announcement that it would increase shareholder returns in the coming years.