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  • Gold advances as markets await crucial U.S. payrolls report

    Gold advances as markets await crucial U.S. payrolls report

    Investors position ahead of employment figures

    Gold prices traded higher on Thursday as market participants prepared for the release of the U.S. non-farm payrolls report, a key economic indicator that could influence the Federal Reserve’s interest rate outlook.

    By 10:37 GMT, spot gold had gained 0.8% to $4,065.05 per ounce, while gold futures edged 0.1% lower to $4,077.42 per ounce.

    Strong jobs data could reinforce Fed expectations

    Economists expect the U.S. economy to have added 114,000 jobs in June, down from 172,000 in May, with the unemployment rate forecast to remain unchanged at 4.3%.

    The labour market has consistently surprised to the upside in recent months, with non-farm payrolls exceeding forecasts for three consecutive reports and lifting the three-month average to 188,000 jobs.

    “Our forecast suggests a solid job market, reconfirming that the labor market has reaccelerated from its last year’s soft patch,” Morgan Stanley analysts said.

    Rate outlook remains the key driver

    A resilient labour market could give the Federal Reserve additional scope to raise interest rates if inflationary pressures persist.

    Although oil prices have eased since the framework peace agreement between the United States and Iran, policymakers continue to monitor whether earlier energy price increases will have a lasting impact on inflation.

    Deutsche Bank said a “hawkish repricing” of Federal Reserve expectations has developed in recent weeks, with CME FedWatch indicating investors now see the possibility of another rate increase as early as September.

    Those expectations eased somewhat after weaker-than-anticipated private payrolls data and comments from Federal Reserve Chair Kevin Warsh suggesting inflation risks have moderated.

    Dollar remains supportive despite modest pullback

    The outlook for monetary policy continues to influence the gold market because higher interest rates reduce the appeal of non-yielding assets.

    While the U.S. dollar index weakened slightly on Thursday, it remained well above pre-conflict levels, limiting upside for bullion.

    “The firmer currency backdrop […] is prompting investors to reassess positioning after a volatile few weeks,” said Neil Welsh, Head of Metals at Britannia Global Markets.

  • Equity Metals Gains Attention Following Optimo Research Coverage Highlighting Silver Queen Upside

    Equity Metals Gains Attention Following Optimo Research Coverage Highlighting Silver Queen Upside

    As investor interest continues to intensify across the silver exploration sector, Equity Metals Corporation (TSXV:EQTY) (USOTC:EQMEF)(FSE:EGSD) is emerging as a closely watched name following a recent bullish initiation from Optimo Research, which assigns a $0.93 price target based on the company’s growth potential at its flagship Silver Queen project in British Columbia.

    The research coverage underscores growing market recognition of Silver Queen’s scale potential, drawing comparisons with peer projects such as Tonopah West and highlighting the opportunity for both resource expansion and further discovery upside.

    Optimo Research Highlights Strong Upside Case

    The Optimo Research note frames Equity Metals as a company transitioning from early-stage resource definition toward a more advanced exploration and development profile. The $0.93 target price reflects expectations that continued drilling success and de-risking work could materially enhance project valuation over time.

    A key theme of the report is the optionality embedded in Silver Queen, where ongoing drilling success and geological continuity may support meaningful resource growth. The analysis points to the project’s evolving scale potential as a central driver of future value creation.

    View the full research note here

    Steady Resource Growth Supported by Extensive Drilling

    Management has advanced a disciplined and systematic exploration strategy in recent years, completing more than 90,000 metres of drilling since 2020. This work has focused on upgrading historically defined mineralization and integrating legacy drill data into a modern resource model.

    According to Vice President of Exploration Robert McDonald, the primary objective has been to confirm the presence, continuity, and quality of mineralized vein systems while building a stronger, more reliable resource base.

    This sustained drilling effort has laid the groundwork for the company’s next phase of development, where emphasis is increasingly shifting toward de-risking and technical evaluation.

    Transitioning Toward Development and De-Risking

    A key development highlighted in both company commentary and investor analysis is the gradual transition from pure exploration toward de-risking and early engineering work.

    This includes evaluating the mineability of key vein systems and progressing technical studies that could support future production decisions. Such a shift is often viewed positively in the mining lifecycle, as it signals increasing maturity and potential for long-term development.

    Exploration Expansion and New Discovery Potential

    Alongside its resource-focused work on the Number 3 Vein, Equity Metals is also actively advancing multiple greenfield targets. These include Camp West, Senson South, and additional recently drilled zones from its spring program, which included 2,500 metres of drilling across five holes.

    These targets represent important exploration upside beyond the existing resource base, reinforcing the company’s dual-track strategy of both expanding known mineralization and pursuing new discoveries.

    A Strengthening Silver Growth Story

    With silver markets drawing renewed attention and investor sentiment increasingly focused on high-quality exploration leverage, the Optimo Research initiation adds another layer of visibility to Equity Metals’ development story.

    The combination of ongoing resource expansion, emerging discovery potential, and a clear progression toward de-risking work positions Equity Metals as an increasingly relevant name within the junior silver exploration space.

    As exploration and development work continues at Silver Queen, the project remains firmly on the radar of analysts and investors tracking the next generation of silver growth opportunities.

    Visit Equity Metals Corporation for more information

  • Airbus selected to build Aeolus-2 weather satellite for ESA (AIR)

    Airbus selected to build Aeolus-2 weather satellite for ESA (AIR)

    Airbus secures next-generation Earth observation contract

    Airbus Defence and Space (EU:AIR) has been awarded a contract by the European Space Agency (ESA) to develop and manufacture the Aeolus-2 wind observation satellite.

    The agreement was signed during a ceremony at ESA’s UK centre, ECSAT, in Harwell, marking the start of the follow-on mission to the original Aeolus satellite, which Airbus built and successfully launched in 2018.

    The first Aeolus mission provided high-resolution vertical wind measurements from space, helping improve numerical weather forecasting by around 4% before its operations concluded in 2023.

    Aeolus-2 to enhance global weather forecasting

    The new satellite will carry an advanced Doppler wind lidar equipped with ultraviolet lasers capable of measuring atmospheric winds from ground level up to an altitude of 30 kilometres.

    Taking readings every 0.01 seconds, the instrument will survey the entire planet every seven days. In addition to wind observations, Aeolus-2 will feature a new detector designed to monitor atmospheric aerosols.

    Simonetta Cheli, ESA’s Director of Earth Observation Programmes, said, “Aeolus exceeded expectations and demonstrated the transformative impact that space-based wind observations can have on weather forecasting. Aeolus-2 represents the natural evolution of that achievement – from pioneering research to an operational service that will benefit citizens and businesses worldwide.”

    UK to play a leading role in the mission

    UK Space Minister Liz Lloyd said Airbus Defence and Space’s UK operations will have a central role in delivering the programme.

    “Aeolus-2 will deliver real benefits for people across the UK, from more accurate weather forecasts that protect lives and communities, to the highly skilled jobs that come from being a key partner in Europe’s most ambitious space science programmes,” Lloyd stated.

    Mission designed for operational forecasting

    The satellite will determine wind speed and direction by analysing the Doppler shift of laser light reflected from atmospheric particles such as dust, ice crystals and water droplets.

    Operating from an altitude of approximately 450 kilometres, Aeolus-2 will orbit Earth around 15 times each day and deliver weather data to users within 120 minutes of the earliest measurement collected during each orbit.

    ESA is developing the mission in partnership with EUMETSAT, with organisations including the UK Met Office and the European Centre for Medium-Range Weather Forecasts among the expected users.

    The satellite has an operational design life of 5.5 years.

  • Oil slips as improving U.S.-Iran dialogue eases supply concerns

    Oil slips as improving U.S.-Iran dialogue eases supply concerns

    Oil prices traded lower on Thursday as optimism surrounding indirect negotiations between the United States and Iran improved the outlook for global crude supplies, offsetting ongoing geopolitical risks in the Middle East.

    At 08:20 GMT, Brent crude futures fell 0.7% to $71.10 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 0.7% to $68.12 per barrel.

    Iran negotiations remain in focus

    Investors continued to monitor the latest round of indirect talks between Washington and Tehran in Doha.

    Although negotiators concluded two days of technical discussions without reaching a comprehensive agreement, Qatari officials said the meetings had delivered positive progress and confirmed that both sides had agreed to continue negotiations.

    The discussions focused largely on maritime security in the Strait of Hormuz and additional confidence-building measures, keeping hopes alive that diplomatic efforts could reduce regional tensions.

    Hormuz flows support confidence

    Despite continued geopolitical uncertainty, crude exports through the Strait of Hormuz remained robust.

    Daily shipments exceeded 10 million barrels, reinforcing confidence that the region’s key export route continues to operate normally despite recent instability.

    Nevertheless, traders remain alert to any developments that could disrupt oil flows through one of the world’s most important shipping corridors.

    Record U.S. production weighs on prices

    On the supply side, fresh figures from the U.S. Energy Information Administration showed domestic crude production reached a record 13.93 million barrels per day in April.

    The data reinforced expectations of plentiful global supplies, limiting the upside for oil prices.

    ANZ said easing geopolitical tensions have reduced supply concerns, although uncertainty in the Middle East continues to provide some support to the market.

    The bank also highlighted a 0.5% increase in its China Commodity Index, including a similar rise in its energy component, suggesting underlying demand remains resilient.

    OPEC+ and inventories could drive the next move

    Investors are now awaiting additional catalysts, including a possible production increase by OPEC+ in August, fresh U.S. crude inventory figures and further developments in U.S.-Iran negotiations.

    These factors are expected to determine the near-term direction of oil markets.

  • U.S. payrolls in focus as futures slip, oil eases and chip stocks extend losses: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. payrolls in focus as futures slip, oil eases and chip stocks extend losses: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. stock futures traded lower on Thursday as investors awaited the release of the June non-farm payrolls report, a key economic indicator that could shape expectations for Federal Reserve policy. Falling oil prices and renewed weakness in semiconductor shares also weighed on market sentiment during the final trading session of the holiday-shortened week.

    Wall Street futures retreat ahead of key data

    As of 07:13 GMT, Dow Jones futures were down 95 points, or 0.2%, while S&P 500 futures fell 22 points, or 0.3%. Nasdaq 100 futures underperformed, dropping 250 points, or 0.8%.

    The previous session saw U.S. markets finish lower after semiconductor stocks came under renewed pressure. Reports that Meta Platforms is exploring ways to commercialise excess AI computing capacity added to concerns that demand for new chips could moderate.

    Federal Reserve Chair Kevin Warsh acknowledged that inflation risks have eased but maintained that it was too early to provide guidance on future interest rate decisions. Softer-than-expected private employment and manufacturing figures also prompted investors to reduce expectations of a near-term rate increase.

    Labour market figures could reshape Fed expectations

    The June non-farm payrolls report is expected to show that the U.S. economy added 114,000 jobs, down from 172,000 in May, while the unemployment rate is forecast to remain at 4.3%.

    Recent payroll reports have consistently exceeded expectations, reinforcing confidence in the labour market. However, weaker private-sector employment data released earlier this week has raised doubts about whether the Federal Reserve will need to tighten monetary policy further this year.

    Crude prices decline as diplomacy continues

    Oil prices continued to move lower after officials reported constructive progress in indirect negotiations between the United States and Iran.

    Although no agreement has yet been reached, comments from Qatar, President Donald Trump and Vice President JD Vance suggested discussions remain active, easing concerns over supply disruptions through the Strait of Hormuz.

    According to Deutsche Bank, “[T]he newsflow helped to bring oil prices down and ease investor concern about inflation.”

    Semiconductor sector under renewed pressure

    Technology shares across Asia weakened after reports suggested OpenAI had significantly improved the efficiency of its AI models, reducing demand for graphics processors, while Meta is evaluating a cloud platform offering spare AI computing capacity.

    The developments weighed on major chipmakers including Samsung Electronics, SK Hynix, Advantest, Tokyo Electron and Taiwan Semiconductor Manufacturing Co.

    U.S. set to introduce voluntary AI standards

    The Financial Times reported that the Trump administration may unveil voluntary guidelines for advanced artificial intelligence models as early as next week.

    The proposed framework would establish common benchmarks for evaluating frontier AI systems before launch, replacing the current case-by-case regulatory approach.

  • European stocks trade cautiously as central bank signals temper optimism: DAX, CAC, FTSE100

    European stocks trade cautiously as central bank signals temper optimism: DAX, CAC, FTSE100

    European equity markets were little changed on Thursday as investors weighed cautious comments from leading central bankers against regional economic data while awaiting the release of a closely watched U.S. employment report.

    The pan-European STOXX 600 hovered around 638.66 points in early trading after ending the previous session at its third-highest closing level on record. The benchmark gained more than 10% over the previous quarter.

    Trading across the region was subdued. Germany’s DAX slipped 0.2%, France’s CAC 40 added 0.3%, London’s FTSE 100 eased 0.1%, while Italy’s FTSE MIB traded broadly flat.

    Europe avoids technology-led sell-off

    Although technology stocks came under renewed pressure across Asian markets overnight, European equities proved relatively resilient.

    The region’s lower exposure to the world’s largest technology companies compared with U.S. and Asian markets helped cushion European indices from the latest weakness in the sector.

    However, that defensive positioning also meant European markets captured less of the powerful artificial intelligence-driven rally that propelled global equities to record highs during the previous quarter.

    Sintra comments reinforce cautious rate outlook

    Investor sentiment remained restrained following comments from policymakers attending the European Central Bank’s annual forum in Sintra, Portugal.

    Federal Reserve officials and ECB President Christine Lagarde indicated that while inflation risks are becoming more balanced, it remains too early to expect a rapid shift towards more accommodative monetary policy.

    Lloyds Bank analysts said, “The ECB has retained a cautious approach as fears of ‘second-round’ effects linger.”

    They added, “The market is pricing for another 25-basis-point hike by September, then an extended hold through to the middle of next year, pushing back against a more inflationary scenario.”

    U.S. jobs report remains the key focus

    Attention has now turned to the U.S. non-farm payrolls report, which is expected to provide fresh direction for global financial markets.

    Economists forecast that around 100,000 jobs were created in June. Investors will scrutinise the figures for clues about the Federal Reserve’s next policy moves and whether expectations for up to two interest rate cuts by the end of the year remain justified.

    Sodexo leads gainers

    Among individual stocks, Sodexo (EU:SW) climbed more than 7% after reporting stronger-than-expected third-quarter revenue and raising its full-year sales guidance.

  • Euro zone bond yields edge higher as Sintra comments temper rate-cut expectations

    Euro zone bond yields edge higher as Sintra comments temper rate-cut expectations

    Euro zone government bond yields moved modestly higher on Thursday as investors reassessed expectations for interest rate cuts following firm policy signals from senior central bankers at the European Central Bank’s annual forum in Sintra, Portugal.

    The remarks reduced expectations that major central banks would begin easing monetary policy aggressively in the near term.

    German Bund yields rebound

    Germany’s benchmark 10-year Bund yield rose to 2.95%, reversing part of the recent decline that had pushed yields to multi-month lows. Bond yields move inversely to prices.

    Government bond markets came under pressure after policymakers from the Federal Reserve and European Central Bank President Christine Lagarde indicated that, although inflation risks are becoming more balanced, it is still too early to declare victory over inflation.

    Federal Reserve Chair Kevin Warsh also warned that investors expecting a rapid shift towards looser monetary policy were likely to be disappointed, reinforcing the “higher-for-longer” interest rate narrative that has dominated recent policy cycles.

    Karim Henide, rates strategist at Lloyds Bank, said, “With the Fed retaining a justified hawkishness, there looks scope for rate differentials to drag on the euro over the summer.”

    Falling oil prices had previously supported bonds

    European government bonds had rallied during the previous month as crude oil prices retreated to pre-war levels and global shipping routes gradually normalised, easing concerns over supply-driven inflation.

    Germany’s two-year government bond yield, which is closely linked to expectations for ECB interest rates, also increased to 2.53%.

    Improved risk appetite weighs on government debt

    While easing inflation concerns initially supported fixed-income markets, they also encouraged investors to rotate away from traditional safe-haven assets.

    As broader economic risks diminished, capital increasingly flowed into higher-risk investments, limiting gains in government bonds and pushing yields modestly higher even before the Sintra conference began.

  • Market Open: Currys Profits, Wizz Air Passenger Growth

    Market Open: Currys Profits, Wizz Air Passenger Growth

    FTSE 100 opens little changed as Currys posts stronger profits and Wizz Air reports passenger growth while Brent crude prices ease.

    Market Overview

    UK markets opened little changed, with the FTSE 100 edging 0.01 per cent lower to 10,477.76, while the Euronext 100 also slipped 0.01 per cent. Germany’s DAX outperformed, rising 0.25 per cent to 25,102.51. Overnight, the Nasdaq closed lower at 26,040.03 and the S&P 500 finished at 7,483.23. Investors weighed dovish interest rate signals against cautious European sentiment, while lower oil prices reflected improving US-Iran talks and expectations of ample crude supply.

    Against sterling, the US dollar, euro and Australian dollar strengthened slightly, while the Swiss franc and Japanese yen weakened. Bitcoin advanced slightly. In commodities, copper and gold traded lower, Brent crude declined as easing geopolitical concerns weighed on prices, and natural gas also moved lower.

    Market Numbers

    FTSE 100: Down (-0.01%), 10,477.76
    Euronext 100: Down (-0.01%), 1,906.08
    DAX: Up (+0.25%), 25,102.51
    NASDAQ: Down, 26,040.03
    S&P 500: Down, 7,483.23

    In the Headlines

    Profit Growth – Currys (LSE:CURY)
    Currys reported higher annual profits and increased shareholder returns, supported by a strong performance from its Nordic operations. The results underline improving operational momentum and provide a positive signal for investors following a period of restructuring.

    Traffic Growth – Wizz Air (LSE:WIZZ)
    Wizz Air reported 27 per cent growth in June passenger numbers and confirmed the rollout of Starlink in-flight Wi-Fi across its fleet. The update highlights continued demand strength alongside investment in customer experience.

    Currencies (vs GBP)

    USD: Up (+0.01%), $1.3278
    CHF: Down (-0.03%), Fr.1.0745
    EUR: Up (+0.01%), €1.1671
    JPY: Down (-0.02%), ¥215.8345
    AUD: Up (+0.01%), $1.9270
    Bitcoin (BTC/GBP): Up, £45,086.66

    Commodities

    Copper: Down
    Gold: Down
    Brent Crude: Down
    Natural Gas: Down

  • FTSE 100 rises as central bank optimism offsets weaker oil prices

    FTSE 100 rises as central bank optimism offsets weaker oil prices

    The FTSE 100 moved higher on Thursday after early losses faded, with investor sentiment supported by dovish comments from leading central bankers at the ECB Forum on Central Banking in Sintra. The more supportive monetary policy outlook helped offset pressure from falling oil prices as optimism grew over progress in talks between the United States and Iran.

    By 07:23 GMT, the FTSE 100 was up 0.14%, while Germany’s DAX gained 0.09% and France’s CAC 40 advanced 0.50%. Sterling strengthened 0.28% against the U.S. dollar to 1.3314.

    Central bank comments lift market sentiment

    Comments from policymakers helped improve investor confidence after senior officials signalled that interest rates may remain on hold.

    Federal Reserve Governor Kevin Warsh, European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey all adopted a more accommodative tone during a panel discussion in Sintra. Jefferies strategist Mohit Kumar described Bailey as “probably the most clear,” arguing the UK is experiencing a “soft patch” where higher mortgage rates have “effectively tightened” monetary policy without the need for further interest rate increases.

    Lagarde also pointed to the sharp fall in energy prices, noting oil “was at $120 a few weeks ago and is now close to $70.”

    Jefferies said the discussion “supports our view of no (further) hikes this year from the Fed, ECB or BoE.”

    Oil prices fall as Iran talks make progress

    Energy markets remained under pressure after fresh signs of diplomatic progress between Washington and Tehran.

    Iran’s Deputy Foreign Minister Kazem Gharibabadi criticised a U.S.-led regional security summit in Bahrain, writing on X that “Hormuz is defined under Iran’s command, not CENTCOM” and that a military summit “cannot establish legal order and security for the Persian Gulf.”

    Meanwhile, Qatar and Pakistan said in a joint statement that “positive progress was made” during indirect talks in Doha between U.S. and Iranian officials, with further negotiations expected after the funeral processions for Iran’s former Supreme Leader.

    U.S. President Donald Trump told reporters that “the denuclearization of Iran is moving along well” and described the Doha discussions as “very good.” Vice President JD Vance also said “talks are going well,” while noting that negotiations over Iran’s nuclear programme were still at an early stage.

    Brent crude declined 1.23% to $70.69 a barrel, while WTI crude fell 1.3% to $67.69. Gold futures slipped 0.20% to $4,074.67 an ounce, although spot gold rose 0.76% to $4,062.08.

    Chip stocks pressured by Meta AI plans

    Jefferies also noted that semiconductor shares came under pressure after reports that Meta plans to monetise excess artificial intelligence computing capacity through a cloud offering.

    The development weighed on Asian technology stocks overnight, with South Korea’s KOSPI among the weakest-performing major indices.

    Currys gains after strong annual results

    Among UK-listed companies, Currys (LSE:CURY) traded higher after reporting an 18% increase in annual profit and saying trading had started strongly in the new financial year, supported by sales growth across both its UK and Nordic businesses.

  • PPHE Hotel Group shares fall after company ends strategic review (PPH)

    PPHE Hotel Group shares fall after company ends strategic review (PPH)

    Shares in PPHE Hotel Group Ltd (LSE:PPH) fell sharply on Monday after the company confirmed it had ended its strategic review and was no longer engaged in discussions over a potential sale of the business.

    The stock dropped 8.2% after PPHE said it had not received any takeover proposal from prospective buyers and had concluded the review process that had included assessing potential sale opportunities.

    Strategic review concludes without a transaction

    The company’s announcement brought an end to a process during which it had explored a range of strategic alternatives, including the possibility of a sale.

    With no agreement reached and no active approach from any interested party, PPHE has formally closed the review. The outcome disappointed investors who had anticipated the possibility of a takeover that could have delivered a premium valuation for shareholders.

    Market reacts to absence of takeover premium

    The decline in PPHE’s share price reflects the market’s reassessment following confirmation that no transaction will proceed.

    Without the prospect of an acquisition, investors shifted their focus back to the company’s underlying operating performance and long-term strategy rather than the potential for a takeover premium.

    More about PPHE Hotel Group

    PPHE Hotel Group Ltd is an international hospitality company that owns, develops and operates hotels, resorts and hospitality real estate across Europe. Its portfolio includes properties under the art’otel and Park Plaza brands, serving both leisure and business travellers in major city and resort destinations.

    The group combines hotel ownership with management and development activities, focusing on expanding its portfolio while enhancing the value of its hospitality assets through long-term investment and operational improvements.