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  • Citi turns bearish on bitcoin and ether as ETF demand fades

    Citi turns bearish on bitcoin and ether as ETF demand fades

    Lower price targets reflect weaker market sentiment

    Citigroup has sharply reduced its 12-month outlook for bitcoin (COIN:BTCUSD) and ether (COIN:ETHUSD), pointing to declining investor demand, persistent ETF outflows and slower-than-expected progress on US cryptocurrency regulation.

    The bank cut its bitcoin price target to $82,000 from $112,000, while lowering its ether forecast to $2,240 from $3,175.

    Crypto prices remain under pressure

    Bitcoin recently traded at $58,864.27, marking its lowest level since September 2024 after retreating roughly 50% from its record high of $126,223.18 reached last October.

    Ether also continued to weaken, falling to $1,585.63, its lowest price since April 2025.

    According to Citi, cryptocurrencies have struggled throughout the year as investors shifted capital elsewhere amid volatile markets, sustained ETF withdrawals and heightened interest in major IPOs.

    Both bitcoin and ether remain below their long-term moving averages, reinforcing the current bearish technical picture.

    ETF flows and regulation cloud the outlook

    Citi’s downside scenario assumes recessionary conditions and continued ETF outflows, leading to projected prices of $53,000 for bitcoin and $1,094 for ether over the next year.

    The brokerage said it has reduced its assumption for net ETF inflows over the next 12 months from $10 billion to zero.

    “ETF flows, an important driver of prices, have turned negative recently,” Citi said, noting that bitcoin ETFs have recorded approximately $3.3 billion in net outflows so far this year.

    The bank added that slow legislative progress in Washington and concerns that digital asset treasury companies could increase bitcoin sales have further weakened sentiment, while investors continue rotating into artificial intelligence-related assets.

  • US futures slip as markets await Warsh speech, manufacturing data and Qatar talks: Dow Jones, S&P, Nasdaq, Wall Street

    US futures slip as markets await Warsh speech, manufacturing data and Qatar talks: Dow Jones, S&P, Nasdaq, Wall Street

    Investors turn cautious at the start of the second half

    US equity futures traded lower on Wednesday as investors prepared for a busy day of economic events, including comments from Federal Reserve Chair Kevin Warsh, fresh manufacturing data and diplomatic developments involving the US and Iran.

    At 03:16 ET, Dow Jones futures were down 202 points, or 0.4%, while S&P 500 futures declined 33 points and Nasdaq 100 futures fell 195 points, representing losses of 0.4% and 0.6%, respectively.

    Wall Street finished Tuesday’s session in positive territory, with technology stocks leading gains after a volatile second quarter. The Philadelphia Semiconductor Index also posted another strong advance, completing its best quarterly performance since its launch in the early 1990s.

    Labour market strength keeps rate hike expectations alive

    Recent US economic data painted a mixed picture.

    Job openings for May exceeded forecasts, while housing and consumer confidence indicators weakened. Combined with hawkish remarks from Cleveland Fed President Beth Hammack, the stronger labour market data reinforced expectations that the Federal Reserve could still raise interest rates as early as July.

    Markets await policy clues from Kevin Warsh

    Attention will centre on Kevin Warsh’s appearance at the ECB Forum on Central Banking in Sintra later today.

    Since taking over from Jerome Powell, Warsh has suggested the Federal Reserve could reduce its reliance on forward guidance and reassess the way it communicates monetary policy.

    Investors will also be listening closely for his assessment of inflation and economic growth, particularly after easing oil prices reduced some concerns over energy-driven inflation following the preliminary US-Iran agreement.

    Geopolitics and manufacturing data remain in focus

    Diplomatic talks involving US and Iranian representatives in Qatar are also being monitored closely, although officials have confirmed that no direct high-level negotiations are currently scheduled.

    Meanwhile, economists expect the ISM Manufacturing PMI to edge down slightly to 53.8 in June from 54.0 in May, while the ADP employment report will provide another snapshot of the US labour market ahead of Thursday’s official payrolls release.

    Nike disappoints despite earnings beat

    Nike (NYSE:NKE) shares declined in premarket trading after the company warned that its turnaround remains in its early stages.

    Although quarterly revenue exceeded expectations, continued weakness in China weighed on overall performance.

    Chief Executive Elliott Hill told investors that results “aren’t there yet,” adding that the company is not “living up to our full potential.”

  • European stocks trade mixed as investors await eurozone inflation and central bank signals: DAX, CAC, FTSE100

    European stocks trade mixed as investors await eurozone inflation and central bank signals: DAX, CAC, FTSE100

    Markets pause ahead of key economic events

    European equity markets opened mixed on Wednesday as investors awaited the release of the eurozone’s latest inflation figures and a closely watched panel discussion featuring some of the world’s leading central bankers, including newly appointed Federal Reserve Chair Kevin Warsh.

    The pan-European STOXX 600 slipped 0.2% in early trading after reaching a record high on Tuesday. Germany’s DAX gained 0.2%, while France’s CAC 40 fell 0.3% and London’s FTSE 100 declined 0.2%. Spain’s IBEX 35 and Italy’s FTSE MIB both traded 0.3% lower.

    Inflation data expected to influence policy outlook

    Markets are focused on the eurozone’s preliminary inflation reading for June, with economists expecting annual headline inflation to slow to 3.0% from 3.2% in May.

    Investors will assess whether price pressures are continuing to ease following the European Central Bank’s recent interest rate increases, introduced in response to the sharp rise in energy prices triggered by the outbreak of the US-Iran conflict.

    Although crude oil prices have largely returned to levels seen before the conflict and shipping traffic through the Strait of Hormuz has improved, geopolitical developments remain a source of uncertainty.

    Reports from the Wall Street Journal suggested that US President Donald Trump recently considered resuming large-scale military action against Iran before deciding to continue diplomatic negotiations. Representatives from both countries are expected to participate in mediated talks in Doha.

    Sintra forum takes centre stage

    Attention will also turn to the ECB Forum on Central Banking in Sintra, Portugal, where senior policymakers from the world’s leading central banks are due to discuss the global economic outlook.

    The event will feature the first international appearance by Federal Reserve Chair Kevin Warsh since succeeding Jerome Powell in May.

    Investors look for clues on future interest rates

    Markets will closely examine Warsh’s remarks for further insight into the direction of US monetary policy.

    Although he was appointed by President Trump, who has repeatedly argued in favour of lower interest rates, Warsh has recently adopted a more hawkish tone, warning about the risk of persistent structural inflation.

    Investors will also analyse comments from European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Canada Governor Tiff Macklem for indications of when major central banks may begin easing monetary policy as the impact of the energy crisis continues to fade.

  • Eurozone bond yields edge higher ahead of inflation data and Lagarde speech

    Eurozone bond yields edge higher ahead of inflation data and Lagarde speech

    Bond markets remain cautious before key economic events

    Eurozone government bond yields moved modestly higher on Wednesday as investors adopted a cautious stance ahead of the release of preliminary June inflation data and a closely watched speech by European Central Bank President Christine Lagarde at the ECB Forum in Sintra.

    Germany’s benchmark 10-year Bund yield rose to 2.9%, reflecting the broader pause across global sovereign debt markets. Benchmark yields in France, Italy and Spain also remained confined to narrow trading ranges as investors refrained from taking significant positions before the day’s key events.

    Inflation data expected to shape ECB expectations

    Attention is centred on the euro area’s preliminary inflation figures for June, with headline consumer price inflation expected to ease to 3.0% year-on-year from 3.2% in May.

    A lower-than-expected reading would likely support bond markets after fixed-income investors endured a sharp sell-off during the previous quarter as the ECB raised interest rates aggressively to counter energy-driven inflation.

    Although oil prices have retreated to levels seen before the recent conflict and shipping through the Strait of Hormuz has largely stabilised, policymakers continue to view underlying inflationary pressures as persistent.

    Markets await guidance from Christine Lagarde

    Investors are now looking to Christine Lagarde’s appearance at the ECB Forum on Central Banking in Sintra for further clues on the future direction of monetary policy.

    Bond markets will closely analyse her comments for any indication that the ECB is moving closer to an interest rate easing cycle or, alternatively, whether restrictive monetary policy may need to remain in place for longer to ensure inflation expectations remain anchored.

    Global events continue to influence bond markets

    Adding to market caution, newly appointed Federal Reserve Chair Kevin Warsh is due to deliver his first international speech later today.

    Following his recent shift towards a more hawkish policy stance, investors will be watching for comments that could influence global bond markets, as tighter US monetary policy often places upward pressure on European sovereign yields.

    Meanwhile, geopolitical developments also remained in focus. Reports that US President Donald Trump has postponed plans for large-scale military action against Iran in favour of continuing diplomatic discussions in Doha helped limit demand for traditional safe-haven government bonds, leaving yields broadly stable during the morning session.

  • Renault shares rise after carmaker reaffirms full-year guidance (RNO)

    Renault shares rise after carmaker reaffirms full-year guidance (RNO)

    Outlook maintained ahead of first-half results

    Renault (EU:RNO) shares moved higher on Wednesday after the French carmaker reaffirmed its full-year financial guidance during a pre-close briefing with investors ahead of its first-half results later this month, offering reassurance after a difficult year for the stock.

    The shares climbed by as much as 3% in early Paris trading before easing to gains of around 1.7%.

    Management remains confident despite market challenges

    Renault reiterated its target of achieving a 5.5% operating margin for the full year and maintained its forecast of €1 billion in free cash flow. The company is continuing to execute its long-term strategy under newly appointed Chief Executive François Provost, with plans to sell more than two million Renault-branded vehicles annually by 2030.

    Jefferies analysts, led by Philippe Houchois, said the pre-close update “defied the odds by confirming a full-year guidance that sits above consensus.” The brokerage left its own forecasts unchanged, projecting full-year EBIT of €2.76 billion, equivalent to a 4.8% operating margin, alongside free cash flow of €986 million.

    Analysts remain cautious on the second half

    Despite the reaffirmed guidance, Jefferies continues to take a cautious view of the second half of the year, noting that Renault’s expectation for stronger margins later in the year leaves “risk to the downside given competitive market conditions.”

    The bank estimates first-half adjusted EBIT of approximately €1.32 billion, representing a 4.6% operating margin, while forecasting free cash flow to remain close to breakeven.

    Renault is scheduled to publish its first-half financial results on 30 July.

    Shares continue to recover from a difficult period

    Renault’s shares have been under pressure since mid-2025, when the company issued a profit warning, highlighted weaker demand across the European automotive market and announced a change in chief executive.

    The group subsequently reported a 15% decline in operating profit for 2025, with its operating margin falling to 6.3% from a record 7.6% a year earlier, before guiding for a further reduction to around 5.5% in 2026.

  • FTSE 100 slips as investors await PMI data and monitor Iran-Qatar talks

    FTSE 100 slips as investors await PMI data and monitor Iran-Qatar talks

    Markets open lower ahead of key economic updates

    The FTSE 100 traded lower on Wednesday as investors adopted a cautious stance at the beginning of the new quarter, awaiting global manufacturing PMI releases, developments in Iran-Qatar negotiations and fresh comments from Bank of England Governor Andrew Bailey on the inflation outlook.

    The FTSE 100 fell 0.29% in early trading. Germany’s DAX eased 0.03%, while France’s CAC 40 declined 0.49%. Sterling also weakened against the US dollar, with GBP/USD falling 0.23% to 1.3232.

    Geopolitics and inflation remain in focus

    Investor sentiment was influenced by renewed diplomatic efforts in Doha, where Qatar’s Prime Minister met US envoys Steve Witkoff and Jared Kushner alongside Iranian negotiators for technical discussions described by Qatar’s foreign ministry as taking place “whether direct or indirect.”

    Meanwhile, Iran’s chief negotiator, Mohammad Bagher Ghalibaf, described the Strait of Hormuz as Tehran’s “greatest instrument of power,” adding that negotiations on a final agreement would not begin until the provisions of the existing memorandum of understanding had been implemented.

    Speaking to CNBC, Bank of England Governor Andrew Bailey said inflation would likely have returned to the central bank’s 2% target around April or May had it not been for the recent conflict.

    “It’s going to take longer,” Bailey said, pointing to a weakening economy and a softer labour market as factors allowing policymakers to remain patient despite some members of the Monetary Policy Committee favouring tighter monetary policy.

    UK inflation currently stands at 2.8% and is expected to rise towards 3.2% later this year as higher energy prices continue to feed through into the economy.

    UK housing market shows mixed picture

    New data from Nationwide showed annual UK house price growth accelerated to 2.2% in June from 1.7% in May, although prices were unchanged on a seasonally adjusted monthly basis. The average UK home is now valued at £277,484.

    Chief Economist Robert Gardner said the housing market had “softened a little in recent months” because of uncertainty surrounding the Middle East, higher energy prices and elevated mortgage rates. However, he noted that the Iran-US memorandum of understanding had helped reduce oil prices from recent highs, potentially easing pressure on interest rates.

    Northern Ireland remained the UK’s strongest-performing housing market with annual price growth of 8.6% during the second quarter, while the Outer South East recorded the weakest performance with growth of just 0.1%.

    Oil rises while gold extends losses

    Brent crude increased 0.25% to $73.13 a barrel, while US West Texas Intermediate crude gained 0.14% to $69.60.

    Gold prices continued to weaken, with gold futures falling 1.43% to $3,981.05 an ounce and spot gold declining 0.97% to $3,969.62.

    UK corporate highlights

    CMC Markets (LSE:CMCX) upgraded its FY2027 net operating income guidance after continued strong expansion in its B2B trading platform business.

    Topps Tiles (LSE:TPT) warned that full-year profit is expected to come in only slightly above £6.5 million as softer consumer demand and recent heatwaves weighed on trading.

    Greggs (LSE:GRG) announced that long-serving Chief Financial Officer Richard Hutton will retire at the end of 2026, with Ben Waldron appointed as his successor.

    Associated British Foods (LSE:ABF) maintained its full-year guidance outside its Sugar division after Primark delivered 3% sales growth during the third quarter.

  • Asos shares climb after Atlanta warehouse sale strengthens balance sheet (ASC)

    Asos shares climb after Atlanta warehouse sale strengthens balance sheet (ASC)

    Disposal supports debt reduction strategy

    Shares in Asos Plc (LSE:ASC) rose more than 8% on Wednesday after the online fashion retailer announced the completion of the sale of its Atlanta fulfilment centre, marking another milestone in its efforts to reduce debt and simplify its balance sheet.

    The transaction, which the company classified as containing inside information, includes the assignment of the warehouse to “a global consumer brand” and the sale of the site’s automation equipment to a separate purchaser.

    Asset sale delivers cash boost and cost savings

    Asos said the transaction generated net proceeds of approximately £48 million, while also reducing annual cash costs by around £6 million at current exchange rates.

    The disposal is expected to result in a one-off pre-tax profit of about £78 million, reflecting adjustments to associated property liabilities. The gain will be recognised in the company’s financial results for the 2026 financial year.

    The Atlanta sale follows several recent initiatives aimed at strengthening Asos’ financial position, including the repayment of its 2026 convertible bonds in April and the earlier disposal of its Lichfield fulfilment centre, which generated net proceeds of £67 million.

    Following the latest transaction, the proceeds will be added to the group’s cash balance of £209.5 million, as reported on 1 March.

    Chief executive Jose Antonio Ramos said: “The disposal of Atlanta is another clear demonstration of us delivering on our commitments – strengthening the balance sheet, simplifying the business and maintaining strict discipline in how we allocate capital.”

    Asos added that the transaction completes its programme of non-core asset disposals, noting that the Atlanta facility had not been operational during previous reporting periods.

  • JD Sports shares slip as Nike warns turnaround will take longer than expected (JD.)

    JD Sports shares slip as Nike warns turnaround will take longer than expected (JD.)

    Nike outlook weighs on sports retail sector

    Shares in JD Sports (LSE:JD.) fell around 2% on Wednesday after sportswear giant Nike (NYSE:NKE) warned that its turnaround remains a work in progress, with further revenue declines expected as weakness in China continues to weigh on performance.

    Nike reported a 1% decline in fiscal fourth-quarter revenue and said sales are likely to fall further during the first half of fiscal 2027 as it continues to navigate intense competition and elevated inventory levels.

    Better-than-expected earnings fail to reassure investors

    Although Nike’s quarterly revenue came in slightly ahead of market expectations, the results did little to convince investors that the recovery strategy introduced by Chief Executive Elliott Hill nearly two years ago is gaining sufficient momentum.

    Nike shares have fallen around 35% since the start of the year and were down a further 3% in pre-market trading on Wednesday following the earnings release.

    China remains the biggest challenge

    Greater China continued to be Nike’s weakest-performing region, with sales declining 17% on a constant currency basis during the quarter, compared with a 10% fall in the previous reporting period.

    While the result was slightly better than Nike’s earlier forecast for a 20% decline, the company continues to lose market share to domestic competitors as consumers respond to stronger local product offerings. Greater China represents roughly 15% of Nike’s annual revenue and remains its third-largest market.

    Elsewhere, North American revenue increased 3%, supported by efforts to rebuild relationships with wholesale partners after the previous management team shifted its strategy towards direct-to-consumer sales.

    Nike also exceeded earnings expectations, reporting adjusted earnings of 20 cents per share, ahead of analysts’ consensus forecast of 13 cents, according to LSEG.

  • Market Open: Primark Profit Warning, Topps Tiles Heatwave Impact

    Market Open: Primark Profit Warning, Topps Tiles Heatwave Impact

    FTSE 100 opens steady as investors monitor PMI data and geopolitics while ABF warns on profits, Topps Tiles flags weaker trading and Brent crude rises.

    Market Overview

    UK markets opened mixed, with the FTSE 100 edging 0.001 per cent higher to 10,497.60, while the Euronext 100 slipped 0.02 per cent to 1,925.91, and the DAX fell 0.04% to 24,986.41. Overnight, the Nasdaq closed higher at 26,213.72 and the S&P 500 gained to 7,499.36 as investors balanced stronger US technology stocks against caution ahead of PMI data, eurozone inflation figures, central bank commentary and developments surrounding Iran-Qatar diplomacy.

    Commodity markets reflected ongoing geopolitical uncertainty. Brent crude firmed as hopes for renewed US-Iran engagement faded, while copper and natural gas weakened and gold also fell. Against sterling, the US dollar strengthened, the euro, Swiss franc and Australian dollar were little changed, while the Japanese yen weakened. Bitcoin traded slightly higher versus sterling.

    Market Numbers

    FTSE 100: Up (+0.00%), 10,497.60
    Euronext 100: Down (-0.02%), 1,925.91
    DAX: Down (-0.04%), 24,986.41
    NASDAQ: Up, 26,213.72
    S&P 500: Up, 7,499.36

    In the Headlines

    Profit warning – Associated British Foods (LSE:ABF)
    Primark owner Associated British Foods warned full-year profits are expected to be lower after higher natural gas prices increased costs at its sugar business. The update highlights continued pressure on energy-intensive operations despite resilient retail trading.

    Retail slowdown – Topps Tiles (LSE:TPT)
    Topps Tiles said prolonged hot weather added to already challenging trading conditions, with the heatwave reducing customer footfall. The update underlines the pressures facing UK discretionary retailers despite broader signs of consumer resilience.

    Currencies (vs GBP)

    USD: Down (-0.02%), $1.3250
    CHF: Up (+0.01%), Fr.1.0716
    EUR: Unchanged (0.00%), €1.1609
    JPY: Down (-0.01%), ¥215.4925
    AUD: Unchanged (0.00%), $1.9169
    Bitcoin (BTC/GBP): Up, £44,310

    Commodities

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

  • MedPal AI Opens Landmark Robotics Hub, Surpassing Major UK Pharmacy Facilities in Scale and Capacity

    MedPal AI Opens Landmark Robotics Hub, Surpassing Major UK Pharmacy Facilities in Scale and Capacity

    MedPal AI plc (LSE:MPAL) has announced the opening of Sarus Court, its largest and most advanced robotic pharmacy dispensing and distribution facility to date, marking a significant expansion in the company’s UK healthcare infrastructure.

    The NHS-approved site in Runcorn represents a major milestone in MedPal AI’s growth strategy, combining large-scale automation, AI-driven workflow systems and high-volume dispensing capability within a single integrated facility.

    A major leap in scale and automation

    Sarus Court spans approximately 23,000 sq ft when fully completed, making it the largest robotic pharmacy facility in MedPal AI’s network. The site is designed to process more than 10,000 prescription items per day at full capacity, scaling from an initial operational level of over 2,000 items per day as commissioning progresses.

    Backed by more than £1 million of investment in robotics, automation and proprietary pharmacy technology, the facility is engineered to deliver high-efficiency dispensing at scale, supporting both NHS and private prescription services through a direct-to-patient model.

    At full output, Sarus Court will be capable of handling more than 300,000 prescription items per month, placing it among the highest-capacity automated pharmacy operations in the UK.

    Positioned among the UK’s most advanced pharmacy hubs

    The company highlighted Sarus Court’s scale and design efficiency in comparison with other major UK pharmacy infrastructure developments.

    As part of its statement, MedPal AI CEO Jason Drummond said:

    “Sarus Court is a major statement of intent for MedPal AI. It is our largest robotic pharmacy distribution facility to date, NHS-approved for the new location, and designed to give us the operational headroom to scale from approximately 2,000 prescription items per day today to more than 10,000 items per day when fully completed.

    “We have invested over £1 million in robotics, automation and our pharmacy technology stack to create a platform that we believe can become one of the most sophisticated and lowest-cost dispensing operations in the UK.

    “The size and capacity of Sarus Court place MedPal AI firmly among the most ambitious technology-led pharmacy operators in the UK. At 23,000 sq ft when fully completed, the facility is larger by footprint than Boots’ recently opened 20,000 sq ft Basingstoke dispensing hub, while its designed item capacity is significantly above the monthly item levels currently reported by leading individual Well and Boots pharmacy entries on PharmData.

    “This facility gives MedPal AI the scale, automation and resilience required to support the next phase of our growth across NHS dispensing, private prescriptions, AI-enabled patient engagement and direct-to-patient pharmacy fulfilment.”

    Strengthening a national digital health platform

    Sarus Court will operate alongside MedPal AI’s existing Swaffham facility and replaces its previous Runcorn distribution site. The phased commissioning approach ensures immediate operational output while enabling a smooth ramp-up to full capacity.

    The facility forms a core part of MedPal AI’s broader digital health ecosystem, which integrates AI-powered wellness tools, clinical services and automated pharmacy fulfilment. Through its MedPal Health OS platform, the company connects user health data from wearable devices and health applications into a unified system designed to support personalised care pathways and efficient medication delivery.

    Building future-ready healthcare infrastructure

    With NHS approval secured and advanced robotic systems now being commissioned, Sarus Court represents a significant expansion of MedPal AI’s operational footprint. The facility strengthens the company’s position in the evolving UK pharmacy landscape, where automation, scale and digital integration are increasingly central to service delivery.

    As commissioning continues, Sarus Court is expected to play a key role in supporting MedPal AI’s long-term growth strategy across NHS dispensing, private prescriptions and AI-enabled healthcare services.

    For more information visit https://medpal.co/