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Talisman Metals PLC has secured a London listing, becoming the first newcomer to join AIM in 2026, following the reverse takeover of Morocco-focused explorer Tadeen International by cash shell Ovoca Bio (LSE:OVB).

The enlarged business, now operating under the Talisman Metals name, entered the market with an estimated market value of about £4.9 million. Admission followed the completion of a £1.16 million fundraising, made up of a £350,000 placing and an £805,000 subscription, both priced at 7.7p per share. Shares slipped to 6.95p in early Wednesday trading.

Talisman is concentrating on copper exploration in Morocco, with assets spanning the Tizert and Argana project areas in the Atlas Mountains. The group reported total cash resources of £2.3 million, which it plans to deploy on exploration work, working capital needs and listing-related costs.

Chief executive Timothy McCutcheon, who has led Ovoca since 2009, said the completion of the transaction “marks an important milestone for Talisman”, adding that the company is “well positioned to move forward with a clear strategic focus, to further develop the potential of our exciting project portfolio.”

Through its subsidiary Tadeen, Talisman controls ten exploration permits across the two Moroccan projects, covering a combined area of 129.8 square kilometres. Early-stage work at the Tizert project has already delivered encouraging copper grades, with near-term efforts set to focus on the Fougnar target.

Beaumont Cornish is acting as the company’s nominated adviser on AIM, while CMC Markets is serving as broker.

U.S. stock futures signalled a stronger open on Wednesday, pointing to a continuation of the rally seen over the past two sessions, with semiconductor shares once again expected to lead the market higher.

Chipmakers and related names were among Tuesday’s standout performers, and early trading indications suggested that momentum would carry into midweek. U.S.-listed shares of ASML (NASDAQ:ASML) climbed about 5% in premarket trading after the Dutch chip-equipment supplier reported robust fourth-quarter results and struck an upbeat tone on its outlook for 2026.

The positive mood extended across global markets, with South Korea’s SK Hynix surging in Asian trading after delivering better-than-expected quarterly results and posting a record full-year profit for 2025.

The sector also drew support from a Reuters report saying Chinese authorities have approved purchases of Nvidia’s (NASDAQ:NVDA) H200 artificial intelligence chips by several of the country’s largest technology groups. Nvidia shares rose roughly 1.6% ahead of the opening bell. According to people familiar with the matter, Alibaba (NYSE:BABA), ByteDance and Tencent have been cleared to buy more than 400,000 H200 chips combined.

Despite the upbeat start, overall trading could remain cautious as investors await the Federal Reserve’s monetary policy decision later in the day. While the central bank is widely expected to leave interest rates unchanged, markets will be watching closely for any signals from policymakers on the future direction of rates.

Attention will also turn to earnings after the close, with heavyweight technology companies Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META) and Tesla (NASDAQ:TSLA) all due to report.

On Tuesday, Wall Street closed mixed. The Nasdaq and S&P 500 extended their gains, while the Dow Jones Industrial Average moved sharply lower. The Nasdaq rose 215.7 points, or 0.9%, to finish near a three-month high, and the S&P 500 added 0.4% to close at a record level. In contrast, the Dow fell nearly 409 points, or 0.8%, despite recovering from steeper losses earlier in the session.

Optimism around upcoming tech earnings helped underpin broader market strength. Shares of Microsoft rose 2.2%, Apple gained 1.1%, and Meta edged modestly higher. Positive results from General Motors (NYSE:GM) and UPS (NYSE:UPS) also lifted sentiment.

By contrast, UnitedHealth (NYSE:UNH) weighed heavily on the Dow, with its shares plunging nearly 20% after the insurer issued disappointing revenue guidance despite slightly beating quarterly earnings expectations. The broader insurance sector was further pressured by a Trump administration proposal that would keep Medicare Advantage reimbursement rates largely flat.

Economic data also drew attention, after the Conference Board reported a sharper-than-expected drop in U.S. consumer confidence in January. The index fell to 84.5 from an upwardly revised 94.2 in December, defying forecasts for an increase and marking its lowest level since May 2014.

Sector performance reflected these crosscurrents. Semiconductor stocks jumped, pushing the Philadelphia Semiconductor Index to a fresh record close. Computer hardware and networking shares also advanced, helping lift the tech-heavy Nasdaq. Outside of technology, oil service stocks rose alongside crude prices, while healthcare, airline and housing stocks faced notable selling pressure.

Oil prices inched higher on Wednesday, building on the previous session’s strong gains as traders continued to factor in supply disruptions in the United States and Kazakhstan, alongside a weaker U.S. dollar and persistent geopolitical risks.

By 09:00 GMT, Brent crude futures were up 23 cents, or 0.3%, at $67.80 a barrel, while U.S. West Texas Intermediate crude gained 32 cents, or 0.5%, to $62.71. Both benchmarks surged by roughly 3% on Tuesday.

The U.S. dollar remained close to four-year lows against a basket of major currencies, a move that typically supports dollar-denominated commodities by making them cheaper for buyers using other currencies.

On the supply front, market participants estimate that U.S. oil producers lost as much as 2 million barrels per day over the weekend—around 15% of national output—after severe winter weather disrupted production and export flows.

Kazakhstan has also contributed to the tightening supply picture, although the OPEC+ member has indicated that output at the giant Tengiz field should begin to recover gradually within about a week. Meanwhile, the Caspian Pipeline Consortium, which transports roughly 80% of Kazakhstan’s crude exports, has restored full loading capacity at its Black Sea terminal following maintenance at one of its three mooring points that had been damaged by drone attacks, according to sources.

Geopolitical concerns in the Middle East continued to provide a risk premium. U.S. officials said an aircraft carrier strike group has arrived in the region, bolstering President Donald Trump’s ability to protect U.S. forces or potentially take military action against Iran. Analysts at ANZ said the deployment raises the possibility that Trump could act on threats to target Iran’s leadership following a violent crackdown on nationwide protests.

Looking ahead, the OPEC+ alliance—comprising the Organization of the Petroleum Exporting Countries, Russia and other partners—is expected to extend its pause on output increases for March when it meets on February 1, according to delegates from the group.

Attention is also turning to U.S. inventory data. An extended Reuters poll suggested that crude and gasoline stockpiles likely rose in the week to January 23, while distillate inventories were expected to fall. However, industry data from the American Petroleum Institute indicated that crude and gasoline stocks declined last week, while distillate inventories increased. Official government figures are due later on Wednesday.

Gold prices surged to fresh all-time highs on Wednesday, pushing above $5,260 an ounce as investors piled into safe-haven assets amid rising geopolitical risks, policy uncertainty and continued weakness in the U.S. dollar.

Spot gold climbed to a record $5,266.38 per ounce, while April gold futures touched an intraday peak of $5,297.86 per ounce. Strength was broad across the precious metals complex, with silver and platinum holding close to recent record levels. Demand for defensive assets was reinforced by caution ahead of the conclusion of the Federal Reserve’s policy meeting later in the day.

Geopolitical tensions added fuel to the rally after U.S. President Donald Trump said a second naval armada was heading toward Iran, while expressing hope that Tehran would accept a deal with Washington. More broadly, uncertainty surrounding U.S. foreign and domestic policy has been a key driver of gold’s advance this year, alongside tensions linked to Venezuela and a diplomatic dispute involving Greenland.

Gold is now up around 20% so far in 2026, extending the strong gains recorded last year as investors seek protection against political and macroeconomic risks.

The move has been amplified by a sharply weaker dollar, which slid to a near four-year low this week. Trump said on Tuesday that he was unconcerned about the dollar’s decline, comments that triggered further selling of the U.S. currency and provided additional support for bullion.

Other precious metals also traded higher. Spot silver jumped 2.8% to $115.2455 per ounce, while spot platinum rose 1.3% to $2,688.23 per ounce. Analysts at ANZ noted that silver has benefited in particular from strong physical demand in China, where investors have relatively limited options for gaining exposure to metals and tend to favour purchases of bars and coins.

The rally across metals comes as the Federal Reserve prepares to wrap up its two-day meeting, with policymakers widely expected to keep interest rates unchanged at 3.75%. Market focus is firmly on comments from Fed Chair Jerome Powell, including whether he addresses recent pressure from Washington for aggressive rate cuts.

Trump said on Tuesday that he is close to naming his pick to succeed Powell as Fed chair and suggested that interest rates would fall under new leadership. Earlier this month, Powell said Washington was attempting to pressure the central bank through a Department of Justice investigation, comments that heightened concerns over the Fed’s independence.

U.S. stock futures edged higher early Wednesday as investors positioned ahead of a pivotal session dominated by the Federal Reserve’s interest-rate decision and a heavy stream of corporate earnings. The Fed is widely expected to hold rates steady, while results from several mega-cap technology companies are due after the U.S. market close. Elsewhere, gold pushed to another record high and reports said China has approved initial purchases of Nvidia’s H200 artificial intelligence chips.

U.S. futures point higher

Futures tied to the main U.S. equity benchmarks traded modestly in the green, reflecting cautious optimism before the day’s catalysts.

At 02:49 ET, Dow futures were up 37 points, or 0.1%, S&P 500 futures rose 28 points, or 0.4%, and Nasdaq 100 futures jumped 249 points, or 1.0%.

Wall Street finished Tuesday’s session mixed as investors weighed a large batch of earnings reports. Shares of UnitedHealth (NYSE:UNH) slid after the insurer flagged lower expected revenue in 2026 following a federal proposal that disappointed expectations for Medicare Advantage premium increases. The weakness spilled over into the broader healthcare sector, with CVS Health (NYSE:CVS) and Humana (NYSE:HUM) posting double-digit declines.

The Dow Jones Industrial Average closed down 0.8%, while relative strength in technology and automotive stocks helped buoy the S&P 500 and Nasdaq Composite.

Beyond earnings, markets also kept an eye on the risk of a partial U.S. government shutdown amid political tensions, as well as renewed tariff threats from President Donald Trump. Adding to concerns, U.S. consumer confidence fell in January to its lowest level in 12 years, according to the Conference Board, underscoring household unease despite a resilient economy.

Fed decision takes center stage

Against this backdrop, the Federal Reserve is expected to leave interest rates unchanged at the conclusion of its meeting later today.

After cutting rates last year to support a cooling labor market—bringing borrowing costs into a 3.5% to 3.75% range—the central bank now appears in wait-and-see mode. With inflation still above the Fed’s 2% target and layoffs remaining limited, policymakers are seen holding steady for now.

Attention will instead turn to Chair Jerome Powell’s comments for clues on the timing of future rate cuts, especially after December’s meeting highlighted deep divisions among officials. Markets currently do not expect the next rate reduction until June.

Investors are also closely watching developments around the Fed’s leadership. Powell’s term as chair ends in May, and President Trump has signaled he will soon name a successor, raising questions about the future direction and independence of U.S. monetary policy.

Earnings season accelerates

The flow of corporate results is set to intensify, with particular focus on major technology names.

After the closing bell, Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and Tesla (NASDAQ:TSLA) are scheduled to report, with their outlooks likely to offer fresh insight into the durability of the artificial intelligence investment boom that has powered equity markets.

Tech giants continue to pour capital into AI infrastructure, boosting demand for advanced semiconductors and data centers. Supporting expectations that this trend could persist into 2026, Europe’s largest listed company, ASML (NASDAQ:ASML), reported stronger-than-expected fourth-quarter bookings and signaled further order growth.

Earlier in the day, investors will also digest earnings from AT&T (NYSE:T), Starbucks (NASDAQ:SBUX) and GE Vernova (NYSE:GEV).

Gold hits fresh highs

Gold prices climbed above $5,200 an ounce to a new all-time high, driven by strong safe-haven demand and continued weakness in the U.S. dollar.

Other precious metals remained elevated, with silver and platinum hovering near recent peaks. Heightened uncertainty ahead of the Fed decision and broader geopolitical tensions have helped sustain demand for defensive assets.

The metal is up around 20% so far in 2026, building on strong gains last year as investors seek protection amid policy and geopolitical risks.

China clears Nvidia H200 chip purchases – reports

China has approved the purchase of an initial batch of Nvidia’s (NASDAQ:NVDA) H200 AI chips, according to media reports.

Authorities have reportedly given the green light to leading technology groups including ByteDance, Alibaba and Tencent to buy more than 400,000 H200 chips in total, as Beijing seeks to advance its position in the global AI race while managing domestic semiconductor priorities.

The first approvals could be worth around $10 billion, with additional companies still awaiting authorization. Nvidia shares rose more than 1% in extended trading following the reports.

LVMH (EU:MC) reported a decline in annual revenue, highlighting how ongoing global economic headwinds and geopolitical tensions continue to weigh on the luxury sector.

The update triggered a market sell-off. LVMH’s ADRs slipped 1.6% on Tuesday, while the group’s shares in Paris fell around 8% shortly after the market opened on Wednesday.

During the analyst call, chairman and chief executive Bernard Arnault struck a cautious tone on the outlook for 2026.

“With the continuing geopolitical crises, with economic uncertainty and the policies of certain states, including ours, to tax us to the maximum and create unemployment – I think there is reason to be a little cautious,” he told analysts.

For 2025, the group reported revenue of €80.8 billion, down 5% year on year, while organic revenue declined by 1%. Trading conditions weakened notably in Europe during the second half of the year. In contrast, the United States returned to growth, supported by stronger domestic demand. Japan fell back from an exceptionally strong prior year boosted by tourism, while performance across the rest of Asia showed clear improvement.

Results in the final quarter pointed to signs of stabilisation. Fourth-quarter organic revenue increased 1% to €22.7 billion, and the second half of the year also delivered 1% organic growth, reflecting improving trends across all business divisions.

Kepler Cheuvreux analyst Charles-Louis Scotti described the figures as “a reassuring set of 2025 results, with unchanged like-for-like (LFL) sales trends in Q4 despite c.400bps tougher YOY comparisons.”

“We continue to see LVMH as a good proxy on the expected sector recovery and reiterate our Buy rating,” he added.

Profit from recurring operations declined 9% to €17.8 billion in 2025, partly due to adverse currency movements. Net profit amounted to €10.9 billion, while operating free cash flow increased 8% to €11.3 billion.

Fashion and Leather Goods, the group’s largest division, posted an 8% fall in reported revenue, although LVMH said underlying local demand remained resilient. Wines and Spirits was affected by softer cognac demand, while Selective Retailing delivered a strong performance.

Arnault said the group demonstrated “solidity” despite a disrupted environment and stressed its continued focus on investing in brand desirability and innovation. While acknowledging uncertainty heading into 2026, LVMH said it remains committed to strengthening its leadership position in global luxury.

Bernstein analyst Luca Solca noted that “the upside from cost and capital controls will be more limited” in 2026, given that “a lot of work has been done already.”

“What would push the business and the share price forward is a global demand recovery and a return to top-line growth. This started in 2H25, albeit incrementally,” he added.

“If so, and if our base case scenario is correct, LVMH can be a compelling investment,” Solca continued.

British Land (LSE:BLND) has announced an agreement to acquire Life Science REIT (LSE:LABS) in a transaction valuing the specialist property trust at £150 million. The offer represents a 21% premium to LABS’ closing share price of 35.4 pence.

Under the terms of the deal, Life Science REIT shareholders will receive 42.8 pence per share, comprising 14.1 pence in cash and 0.07 new British Land shares. The consideration implies a 15% premium to LABS’ three-month volume-weighted average price of 37.3 pence, while also reflecting a 26% discount to its EPRA Net Tangible Assets of 57.7 pence as at 31 December.

The board of Life Science REIT has unanimously recommended the offer, and British Land has already secured irrevocable undertakings from shareholders representing 31.1% of the issued share capital. On completion, LABS investors are expected to hold around 2.4% of the enlarged British Land group and should be eligible to receive British Land’s final dividend for FY26.

Life Science REIT’s property portfolio is valued at £332.6 million and generates annual rent of £26.5 million. The assets are concentrated across five properties, including a £27 million development at Oxford Technology Park that has been affected by delays linked to costly design changes. The scheme is being reconfigured from large-format units into smaller spaces, which have so far seen weaker leasing demand.

In addition, a property at Cambourne is being reclassified to secondary business park status. Both the Oxford Technology Park and Cambourne assets are located roughly 10 miles from the centres of Oxford and Cambridge respectively, factors that have weighed on recent valuations.