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U.S. stock futures were muted early Thursday as investors waited for fresh signals on the strength of the labor market and continued to position for a possible Federal Reserve rate cut later in December. Salesforce (NYSE:CRM) boosted its guidance thanks to strong demand for its artificial intelligence agents, while crude prices gained amid renewed strikes on Russian oil assets.

Futures flatten as traders await new data

U.S. equity futures hovered near unchanged levels, trimming earlier advances as markets prepared for economic releases that could shape expectations for upcoming Fed policy moves.

As of 03:31 ET, Dow futures were essentially flat. S&P 500 futures slipped 5 points, or 0.1%, and Nasdaq 100 futures declined 38 points, or 0.2%.

The major U.S. indices closed higher on Wednesday after data showed weakening private-sector job creation and an ISM services survey pointed to falling employment and easing price pressures. Those readings further solidified expectations that policymakers will opt for a 25-basis-point rate cut at the December 9–10 meeting. CME FedWatch now places the odds at roughly 89%.

Investors also brushed off a report claiming several Microsoft divisions have reduced sales-growth targets for certain AI offerings. Microsoft denied the claims, though its shares still retreated 2.5%.

Jobless claims in the spotlight

The next key indicator arrives Thursday with the Labor Department’s latest tally of initial jobless claims. Economists foresee a small increase to 219,000 from 216,000 the week before.

Last week’s figure marked a seven-month low, suggesting layoffs remain limited even as the demand for new hires cools.

Despite a shortage of comprehensive labor data due to the ongoing federal government shutdown, Fed officials indicated in their September and October discussions that there is enough evidence of a softer labor backdrop to justify easing borrowing costs soon.

Salesforce lifts forecasts on strong AI demand

Salesforce shares advanced more than 2% in after-hours trading after the software giant raised its fiscal 2026 revenue and adjusted profit outlook.

The company sees robust growth in its AI-powered agent platform, particularly among large enterprises adopting automation and decision-support tools. Its AI agents have been widely used by major tech players, including Oracle.

CEO Marc Benioff said in a statement that Agentforce and Data 360 have been “the momentum drivers,” delivering nearly $1.4 billion in annual recurring revenue — an “explosive” 114% increase from the year prior.

Gold softens as traders take profits

Gold prices inched lower, pressured by profit-taking even as rate-cut expectations firmed.

Spot gold fell 0.3% to $4,191.39 an ounce, while February U.S. futures slipped 0.3% to $4,219.40.

Lower interest rates typically strengthen the appeal of non-yielding assets such as bullion. In addition to Thursday’s jobless-claims release, traders are awaiting Friday’s delayed September PCE inflation report — the Fed’s preferred measurement of price trends.

Oil climbs as supply risks resurface

Crude prices moved higher after new Ukrainian strikes on Russian oil facilities amplified concerns about potential supply disruptions. Diplomatic efforts to advance peace talks also showed no progress.

Brent crude gained 0.6% to $63.04 a barrel, while WTI crude rose 0.8% to $59.42 a barrel.

Citing unnamed sources, a Reuters report said Ukrainian forces targeted the Druzhba pipeline in Russia’s Tambov region, raising fresh concerns over export interruptions. High-level U.S.–Russia talks earlier in the week concluded without any breakthrough.

Hamak Strategy Limited (LSE:HAMA) has secured £2.5 million through a convertible loan note and entered into an At-the-Market (ATM) agreement with its broker, AlbR Capital, as it pushes forward with its combined focus on gold exploration and Bitcoin treasury management.

The new funding package gives the company added flexibility to pursue exploration and mining prospects while also reinforcing its balance sheet through targeted purchases of Bitcoin and physical gold. Hamak aims to use this dual-track approach to build shareholder value and drive long-term asset growth.

More about Hamak Gold Limited

Hamak Strategy Limited is a UK-listed company concentrating on gold exploration across Africa. Its business model blends traditional mineral exploration with a Digital Asset Treasury Management strategy. Alongside evaluating new gold acquisition opportunities, Hamak maintains a treasury framework that incorporates both Bitcoin and physical gold as a way to diversify risk and support shareholder returns.

European equities advanced on Thursday, building on recent momentum as investors looked ahead to an anticipated Federal Reserve rate cut next week. Attention in the region is also turning to upcoming eurozone retail sales figures.

By 08:05 GMT, Germany’s DAX was up 0.8%, France’s CAC 40 added 0.4%, and London’s FTSE 100 edged higher by 0.1%.

Markets buoyed by expectations of Fed easing

Stocks across Europe traded higher as confidence firmed that the U.S. central bank will move forward with monetary easing next week, a sentiment fueled by a run of softer U.S. data.

The latest ADP report pointed to slower job creation, while the ISM services reading signaled cooling conditions in the services sector. Investors are now awaiting Friday’s PCE inflation release — the week’s key data point — which could further shape expectations for the Fed.

According to the CME FedWatch tool, markets are currently pricing in close to a 90% probability of a 25-basis-point cut on Dec. 10.

Eurozone retail numbers ahead

In Europe, fresh construction data for the single-currency bloc will be published later in the day, but the spotlight will be on October’s retail sales report for insight into consumer strength.

Economists expect retail sales to be unchanged on the month — a slight improvement after September’s 0.1% decline.

The European Central Bank meets later this month and is widely expected to keep rates unchanged at its final meeting of the year. ECB President Christine Lagarde said Wednesday that core inflation indicators are consistent with the bank’s target and that price pressures should remain close to 2% in the coming months. She added that new staff projections due Dec. 18 will offer more clarity on growth and inflation trends.

Corporate movers: Rio Tinto, SSP Group, Frasers, Aurubis

Rio Tinto (LSE:RIO) raised its 2025 copper output forecast and lowered its cost guidance as it unveiled a revamped operational structure during its 2025 Capital Markets Day.

SSP Group (LSE:SSPG), which operates food and beverage outlets in travel hubs worldwide, reported steady full-year results, with revenue up 6% and underlying operating profit rising 8.4%.

Frasers Group (LSE:FRAS) kept its full-year earnings outlook of £550 million–£600 million intact, despite a 2.8% drop in half-year adjusted profit. CEO Michael Murray cautioned that “excess inventory continues to weigh on the industry, leading to increased promotional activity.”

Aurubis (TG:NDA) said its net cash flow soared nearly 30% in 2024–25, reaching a three-year high, and proposed a higher dividend payout.

Oil prices climb on renewed Russian supply risks

Crude prices rose on Thursday after fresh Ukrainian strikes on Russian energy infrastructure reignited concerns about global supply, compounded by stalled diplomatic efforts to resolve the conflict in Ukraine.

Brent crude was up 0.4% at $62.92 a barrel, while U.S. WTI gained 0.6% to $59.29.

A Reuters report on Wednesday said Ukrainian forces targeted the Druzhba pipeline in Russia’s Tambov region, intensifying worries about disruptions to Russian oil flows. Meanwhile, high-level talks between U.S. and Russian officials ended without progress earlier this week.

British equities edged lower on Thursday morning, even as the pound held its ground against the dollar following gains in the previous session and most major European indices traded higher.

By 0822 GMT, the FTSE 100 was down 0.1%, while the GBP/USD pair was unchanged at 1.33. Over in Europe, Germany’s DAX advanced 0.8%, and France’s CAC 40 added 0.4%.

UK corporate highlights

Rio Tinto PLC (LSE:RIO) lifted its 2025 copper output forecast to 860–875 kt, an increase from its previous outlook of 780–850 kt. The miner also lowered its projected unit costs to 80–100 c/lb, compared with earlier guidance of 110–130 c/lb.

During its 2025 Capital Markets Day, the Anglo-Australian group presented a restructuring blueprint built around three core divisions—Iron Ore, Copper, and Aluminium & Lithium. Chief Executive Simon Trott said in a filing to both the Australian and London stock exchanges: “We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns.”

In earnings news, AJ Bell PLC (LSE:AJB) delivered another year of record performance. Revenue climbed 18% to £317.8 million, while profit before tax rose 22% to £137.8 million, marginally surpassing market expectations. Earnings per share reached 25.6 pence, and the group’s profit before tax margin improved to 43.4%, up from 42% a year earlier.

Frasers Group PLC (LSE:FRAS) reaffirmed its full-year profit outlook of £550 million to £600 million despite posting a 2.8% decline in half-year adjusted profit to £290.9 million. The retailer absorbed an £82.3 million increase in impairments and a rise in interest expenses of £11.3 million to £48.1 million. Still, retail trading profit grew 12.2% to £411.4 million.

Watches of Switzerland Group PLC (LSE:WOSG) reported a strong first half, with pretax profit up to £61 million from £41 million the year before. Revenue reached £845 million, representing 10% growth at constant currency, and adjusted EBITDA edged higher to £91 million from £87 million.

Infrastructure firm Balfour Beatty PLC (LSE:BBY) expects its order book to expand about 20% in 2025, rising to roughly £22.1 billion from £18.4 billion in 2024. The company attributed the increase largely to robust demand in the UK energy sector, which contributed more than £3.5 billion in new commitments. Balfour Beatty also adjusted its 2025 average monthly net cash outlook to the top of its previously stated range, £1.1 billion to £1.2 billion, significantly higher than the £766 million recorded in FY2024.

SSP Group PLC (LSE:SSPG) posted a 6% rise in annual revenue to £3.64 billion, supported by underlying operating profit growth of 8.4% to £223 million. Like-for-like sales improved 3.7%, and earnings per share increased 19% to 11.9 pence.

Baltic Classifieds Group PLC (LSE:BCG) delivered a solid first half, reporting a 7% gain in revenue to €44.8 million for the six months ending October 31, 2025. EBITDA margin held steady at 78%, while profit surged 22% to €26.4 million. The board declared an interim dividend of 1.3 euro cents per share, an 8% increase year on year.

Meanwhile, Morgan Advanced Materials Plc (LSE:MGAM) revised its medium-term targets, now aiming for EBITA margins of 12% by 2028, slightly below its previous ambition of 12.5%–15%.

Elsewhere, Ofgem approved a £28 billion investment programme to strengthen the UK’s energy infrastructure, with total funding expected to rise to an estimated £90 billion by 2031. Within the package, £17.8 billion is earmarked for gas network maintenance and £10.3 billion for upgrades across the electricity transmission grid.

ITM Power (LSE:ITM) has reported first-half 2025 revenue of £18.0 million, the highest in its history, even as the company recorded an adjusted EBITDA loss of £11.9 million. Cash reserves remain strong at £197 million. Demand continues to grow for the company’s NEPTUNE V and ALPHA 50 electrolyser platforms, and ITM has made meaningful progress on large-scale projects, including the 100 MW PEM plant under development for RWE in Lingen. With a healthy sales pipeline and ongoing product innovation, ITM is positioning itself as a dependable partner in Europe’s fast-expanding hydrogen sector, supported by accelerating investment in green-energy infrastructure.

The outlook remains mixed. While revenue momentum and strategic progress highlighted during the earnings call are encouraging, persistent profitability challenges and cash-flow pressures continue to weigh on sentiment. Technical indicators point to a bearish trend, and valuation metrics reflect ongoing concerns over the path to sustainable earnings.

More about ITM Power

Founded in 2000 and listed on AIM in 2004, ITM Power designs and manufactures PEM electrolysers that generate green hydrogen from renewable energy and water. Headquartered in Sheffield, the company plays a key role in the emerging clean-hydrogen economy by supplying technology for industrial decarbonisation and net-zero energy systems.

Future plc (LSE:FUTR) reported a 6% decline in revenue for the year ended September 2025, reflecting ongoing organic softness, adverse currency movements, and the impact of selected business closures. Despite these headwinds, the company maintained a robust adjusted operating margin of 28% and announced both a meaningful dividend increase and a new share buyback programme. Management continues to prioritise strategic initiatives aimed at reigniting growth, including deeper monetisation of creator-led content and enhancing audience engagement. The group remains cautiously optimistic, targeting modest organic revenue growth in FY26 and sustainable expansion over the medium term.

The outlook is supported by steady financial performance and an appealing valuation, though tempered by bearish technical indicators. Strong cash generation and disciplined cost control are notable positives, while slow revenue growth, margin pressure, and subdued market momentum continue to present challenges.

More about Future plc

Future plc is a global content and media platform that produces and distributes specialist, trusted content across roughly 175 brands. Its diversified monetisation mix spans digital advertising, ecommerce affiliate revenue, subscriptions, newsstand sales, and live events. Content is delivered through multiple formats, including websites, newsletters, video, magazines, and in-person experiences, with the company holding leading positions across several niche verticals.

Anglo Asian Mining (LSE:AAZ) has begun commercial copper concentrate sales from its newly developed Demirli mine, completing the shipment of 2,055 wet tonnes to Trafigura Pte Ltd and generating provisional gross revenue of USD 3.6 million. A new logistics hub near Ganja has streamlined transportation and export processes, further strengthening the company’s partnership with Trafigura. In parallel, Anglo Asian achieved record ore extraction volumes at Demirli, marking an important milestone in its strategy to scale production across its asset base.

The outlook for the company remains weighed down by broader financial underperformance. Although technical indicators show pockets of positive momentum, a negative P/E ratio and the absence of a dividend reduce valuation appeal. With no recent earnings-call commentary or corporate updates, these elements have limited influence on forward expectations.

More about Anglo Asian Mining

Anglo Asian Mining plc is a copper and gold producer operating in Azerbaijan, with a portfolio of producing, development, and exploration-stage assets. The company is executing a strategy to become a multi-asset, mid-tier producer by 2030, primarily centred on copper, with targeted annual output of 50,000–55,000 tonnes.

Duke Capital Limited (LSE:DUKE) has reported interim results for the six months to 30 September 2025, demonstrating resilience in the face of challenging economic conditions. Recurring cash revenue rose 3% to £13.2 million, while free cash flow held firm at £5.9 million. The company continued to deploy capital strategically, investing more than £15 million into its existing partner portfolio to support acquisitions and organic growth initiatives. Looking ahead, Duke expects recurring cash revenue to grow by around 5% in Q3 FY26 and highlighted recent investment activity, including the acquisition of Galway Bay FM. Despite headwinds, the business remains committed to long-term value creation through disciplined capital allocation and maintaining a strong balance sheet.

The outlook is shaped by mixed financial signals. Pressures on revenue and profitability weigh on sentiment, and technical indicators show limited momentum. Although the shares trade on a high P/E ratio, the elevated dividend yield provides an element of support. The absence of earnings-call detail and corporate developments constrains further insight.

More about Duke Capital

Duke Capital Limited provides hybrid capital solutions to small and mid-sized businesses across Europe and North America, blending elements of equity and debt in long-term financing structures that avoid refinancing risk. Since 2017, the company has focused on generating attractive, risk-adjusted returns for shareholders. Duke is listed on AIM under the ticker DUKE and is headquartered in Guernsey.

Premier Miton Group plc (LSE:PMI) delivered a stable financial performance for the year ended 30 September 2025, reporting Assets under Management of £10.3 billion, a modest 3% year-on-year decline. The firm generated an adjusted profit before tax of £11.5 million and maintained a healthy cash position of £31.3 million. As part of its long-term strategy, the group is expanding its investment capabilities and assessing inorganic growth opportunities to strengthen shareholder value. The board has also appointed Christopher Williams as Non-Executive Director and Chair Designate, bringing deep corporate-finance and financial-services experience to the company’s leadership.

The outlook reflects a mix of strengths and challenges. Robust cash generation and a solid balance sheet support the investment case, although softer revenue trends and pressured profitability weigh on sentiment. Technical indicators point to a bearish pattern, and a high P/E ratio signals possible overvaluation. Even so, the elevated dividend yield offers an appealing counterbalance.

More about Premier Miton Group plc

Premier Miton Group plc is an AIM-listed asset manager offering a broad suite of actively managed strategies spanning equities, fixed income, multi-asset, and absolute-return products. The group focuses on delivering strong long-term outcomes for UK savers and investors through its diversified investment platform.

Watches of Switzerland Group PLC (LSE:WOSG) has reported a strong first half for FY26, supported by exceptional performance in the United States, which now contributes nearly 60% of overall profitability. Group revenue rose 10% on a constant-currency basis, accompanied by higher adjusted EBIT and a solid improvement in free cash flow. The business also benefitted from reduced U.S. tariffs on Swiss imports and continued to expand both its retail footprint and ecommerce offering. Management maintains a positive view for the second half, with trading tracking expectations and FY26 guidance reaffirmed with confidence.

The company’s financial and technical profile points to ongoing strength, with consistent revenue gains and supportive market momentum. However, the shares appear overbought in the near term, raising the possibility of a short-lived pullback. Valuation remains reasonable, and with an emphasis on growth rather than income, effective debt management and improved profitability will be central to sustaining long-term expansion.

More about Watches of Switzerland Group PLC

Watches of Switzerland Group PLC is a leading luxury retailer specialising in high-end timepieces and jewellery. The company represents many of the world’s premier watch brands and operates an extensive network of showrooms across the UK and the United States, complemented by a growing ecommerce platform and ongoing investment in premium retail environments.