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Futura Medical (LSE:FUM) has overhauled its U.S. commercial strategy for Eroxon by ending its distribution agreement with Haleon and appointing a new partner to support future growth. The company will receive a $1.9 million early termination payment, while regaining U.S. commercial rights, marketing assets and finished product inventory. Futura said the move increases its strategic flexibility in its largest target market and extends its working capital runway into October 2026 as it continues to assess additional funding opportunities.

To drive the next phase of Eroxon’s U.S. rollout, Futura has appointed Market Performance Group (MPG), a leading omnichannel commerce agency specialising in the health and wellness sector. Under the new hybrid agreement, which begins on 1 September 2026, MPG will oversee product distribution and promotional activities, while Futura will retain responsibility for manufacturing and discretionary advertising. The company believes the revised structure will improve unit economics, strengthen cash flow and ensure continuity with existing retail partners as it takes a more hands-on approach to commercial execution.

Despite the strategic reset, Futura’s investment outlook continues to reflect financial challenges. The company experienced a sharp decline in revenue during 2025, remains loss-making and continues to generate negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD reading. Valuation metrics provide little support given the negative earnings profile and the absence of a dividend yield.

More about Futura Medical

Futura Medical is a UK-based consumer healthcare company focused on developing and commercialising innovative sexual health products. Its flagship product, Eroxon, is a clinically proven topical gel for the treatment of erectile dysfunction. The company is dedicated to the research, development and global commercialisation of consumer-focused healthcare products for the growing sexual wellness market.

Arcontech Group PLC (LSE:ARC) has been awarded a three-year contract valued at approximately £800,000 to supply its CityVision real-time market data platform to a major European bank. The agreement follows a competitive tender process and will see the platform deployed across multiple areas of the bank’s trading infrastructure. Revenue from the contract is expected to begin being recognised during the third quarter of 2026, with additional opportunities for the rollout to expand into other parts of the client’s market data environment.

The company said CityVision’s vendor-neutral architecture continues to differentiate the platform by enabling customers to integrate data from multiple providers while reducing dependence on a single vendor. This flexibility offers financial institutions a cost-effective alternative to conventional market data systems. Arcontech also confirmed that revenue and profit for the financial year ending 30 June 2026 remain in line with market expectations, reflecting steady operational performance alongside continued contract wins.

Arcontech’s investment outlook remains supported by solid financial performance, an attractive valuation and positive corporate developments. However, weaker technical indicators and ongoing cash flow pressures continue to present risks. Even so, the company’s focus on strengthening its position in core financial markets, together with its increased dividend, provides a positive backdrop for future growth.

More about Arcontech

Arcontech Group PLC is a UK-based software company specialising in real-time financial market data solutions for major global and European banks. Its flagship CityVision platform is a vendor-agnostic market data system that enables clients to combine multiple data feeds across a wide range of applications while avoiding reliance on a single data provider.

Creo Medical (LSE:CREO) has increased its revenue growth expectations for FY26 after a strong start to the financial year, with first-quarter revenue rising by around 60% compared with the same period last year. The company said continued commercial momentum, driven by higher procedural volumes and growing clinical adoption of its technologies, has prompted it to tighten its full-year guidance to the upper end of its previous forecast, with revenue now expected to increase by 50% to 60% versus FY25.

The company reported broader uptake of its core product portfolio, including Speedboat, SpydrBlade Flex and MicroBlate Fine, reflecting increasing engagement from clinicians across its target markets. Alongside expanding sales, Creo is implementing measures to strengthen its financial position by outsourcing manufacturing, a move expected to reduce annual operating costs by more than £1 million. The group has also raised £5.5 million through a share placing and secured a further £2 million in convertible loan funding, providing additional resources to support inventory, commercial expansion and progress towards sustainable cash generation and profitability.

While operational momentum continues to improve, Creo’s investment outlook remains constrained by ongoing operating losses and negative operating and free cash flow. The company nevertheless benefits from a relatively modest debt position, and technical indicators remain supportive, with the shares trading above several key moving averages. Combined with an undemanding valuation based on earnings expectations, these factors contribute to a more constructive overall assessment despite the business remaining in an investment phase.

More about Creo Medical

Creo Medical Group is a UK-based medical technology company focused on developing minimally invasive electrosurgical devices for endoscopic procedures, particularly in the treatment of pre-cancerous conditions and cancer. Its CROMA platform, powered by Kamaptive adaptive energy technology, combines bipolar radiofrequency and microwave energy to enable precise cutting, coagulation and tissue ablation, with the aim of improving clinical outcomes while reducing the complexity, invasiveness and cost of surgical procedures.

Gunsynd (LSE:GUN) has announced high-grade gold assay results from the first phase of exploration at its Barb Gold Project in Manitoba, Canada. Fieldwork carried out by contractor Critical Discoveries at the Lotus and Betty Shaft prospects produced 59 grab samples, with gold grades ranging from 0.008 g/t to a high of 489 g/t. Of the samples collected, 35 returned more than 1 g/t gold, while 23 exceeded 5 g/t, highlighting the project’s strong high-grade exploration potential.

The Lotus prospect produced the strongest results, with visible gold identified in 12 samples, including several assays exceeding 80 g/t and a top result of 489 g/t. At the nearby Betty prospect, assays reached up to 27.2 g/t gold alongside polymetallic mineralisation containing tetrahedrite and chalcopyrite. The company said the findings are consistent with its geological model, which links mineralisation to the Wanipigow Shear Zone, strengthening confidence in the area’s structural controls and supporting further exploration aimed at expanding the project’s potential within Gunsynd’s portfolio.

Despite the encouraging exploration results, Gunsynd’s broader investment outlook continues to reflect its early-stage status. The company remains loss-making and is generating negative operating and free cash flow, suggesting that its turnaround is still in progress. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD signal. However, the balance sheet remains debt free with positive shareholder equity, although valuation measures are constrained by negative earnings and the lack of dividend data.

More about Gunsynd

Gunsynd Plc is an AIM-listed investment company focused on natural resource opportunities, with a strategy centred on early-stage mining and exploration assets. Among its investments is the Barb Gold Project in Manitoba, Canada, where exploration is targeting structurally controlled gold mineralisation associated with the Wanipigow Shear Zone.

Savannah Resources (LSE:SAV), the developer of the Barroso Lithium Project in northern Portugal, has received approval to resume fieldwork after Portuguese authorities lifted the suspension of a temporary land easement. The project is intended to provide a long-term domestic source of lithium for Europe’s battery industry, with expected production of sufficient spodumene concentrate to supply around 500,000 electric vehicle battery packs each year.

The Portuguese State issued a Reasoned Resolution that immediately removed the suspension, enabling Savannah to restart essential pre-construction activities and continue work on the project’s definitive feasibility study. In reaching its decision, the authorities cited Barroso’s strategic importance to both Portugal and the European Union, as well as its expected contribution to regional employment, economic growth and the security of critical raw material supplies. The resolution also recognised Savannah’s previous compliance with regulatory requirements during earlier fieldwork.

According to the State, any further delays could undermine wider public interests associated with the EU’s energy transition and efforts to strengthen Europe’s supply of critical minerals. By confirming the project’s strategic significance and acknowledging Savannah’s responsible conduct, the ruling provides greater regulatory certainty for the company as it advances one of Europe’s most important lithium developments.

Despite this positive regulatory milestone, Savannah’s investment case continues to be weighed down by its financial profile. The company remains pre-revenue, is generating ongoing losses and continues to consume cash, although it benefits from minimal debt and a solid equity position. While technical indicators continue to point towards an upward trend, overbought conditions suggest the potential for short-term volatility. Valuation also remains challenged by negative earnings and the absence of a dividend.

More about Savannah Resources

Savannah Resources is a mineral development company and the sole owner of the Barroso Lithium Project in northern Portugal, home to Europe’s largest known battery-grade spodumene lithium resource. Listed on London’s AIM market, Barroso has been designated a Strategic Project under the EU Critical Raw Materials Act and is backed by a Portuguese state development grant worth up to €110 million to support Europe’s battery materials supply chain.

Tertiary Minerals (LSE:TYM) is entering an exciting new phase at its flagship silver project, with drilling underway on one of its most promising exploration targets and a clear pathway towards delivering a maiden mineral resource estimate.

Speaking to The Watch List, Managing Director Richard Belcher highlighted the significant potential of Target A1, where the company has already defined an exploration target containing up to 58 million ounces of silver equivalent. While exploration targets are common among junior mining companies, few have advanced projects of this scale before commencing a major drill programme.

According to Belcher, Target A1 could become a transformational asset within Tertiary Minerals’ growing portfolio.

“The target has the potential to be very significant for the company,” he said. “Fifty-eight million ounces of silver equivalent equates to a multi-billion-pound in-situ value.”

Strong Fundamentals for Future Development

Beyond the impressive exploration target, Belcher pointed to several geological characteristics that could enhance the project’s long-term economic potential.

Mineralisation begins just a few metres below surface, making it highly accessible for exploration and potential future development. The deposit also displays a simple, flat-lying tabular geometry and is hosted within the oxide zone, features often associated with lower-cost open pit mining opportunities.

Importantly, the known mineralisation remains open, providing scope for further expansion through continued drilling. In addition to increasing the oxide resource, the company also intends to test the potential for deeper sulphide mineralisation, offering another avenue for future growth.

Drilling Programme Already Underway

Tertiary Minerals has already commenced drilling designed to support its objective of delivering a maiden mineral resource estimate before the end of the year.

Achieving this milestone would represent a major step forward for the company, converting exploration success into a defined mineral resource that could significantly enhance the project’s value.

Alongside drilling, the company is carrying out metallurgical studies to assess processing characteristics and the recoverability of both silver and copper. These technical programmes will help build a more comprehensive understanding of the project’s development potential.

Steady Flow of News Expected

Investors can look forward to a steady stream of exploration and technical updates over the coming months as multiple work programmes progress simultaneously.

Belcher believes these developments have the potential to act as important catalysts for the business, culminating in the delivery of a maiden mineral resource estimate, an achievement that could represent a significant re-rating opportunity for the company.

With drilling now underway, favourable geology, expansion potential, and a clearly defined development roadmap, Tertiary Minerals appears well positioned to build momentum through the remainder of the year as it advances one of its most compelling silver assets.

For more information visit https://www.tertiaryminerals.com/

Consumer Sectors Have Been the Missing Piece of This Year’s Rally

JPMorgan believes some of the market’s weakest consumer-related sectors may offer attractive opportunities as investors look ahead to the second half of 2026.

Strategist Mislav Matejka noted that while financials, industrials and technology stocks have all benefited from supportive macroeconomic themes, consumer cyclicals have largely been left behind.

As a result, many consumer stocks are now trading at depressed relative levels after years of underperformance following the post-pandemic recovery.

Low Valuations and Weak Sentiment Often Mark Turning Points

The bank argued that current market conditions resemble previous periods that have preceded strong recoveries in consumer-focused equities.

Many stocks in the sector are trading at relatively low valuations, while consumer confidence surveys in numerous markets remain near historic lows.

Historically, JPMorgan noted, consumer stocks have often begun outperforming when sentiment is weakest and expectations are already heavily discounted.

Lower Oil Prices Could Help Consumers

One of the most important potential catalysts identified by the bank is the decline in energy prices.

Brent crude has fallen roughly 25% from the previous quarter, which could help boost household purchasing power while easing inflation pressures.

JPMorgan believes lower energy costs could also give central banks more flexibility, creating a more supportive backdrop for consumer spending.

Additional positives include lower tariffs and the possibility of consumer-focused policy initiatives ahead of U.S. midterm elections.

Travel, Luxury and Retail Stand Out

Among consumer sectors, JPMorgan sees the greatest opportunity in luxury goods, airlines, hotels, travel and leisure businesses, and retail companies.

The bank believes these areas could respond particularly well if confidence and spending trends improve during the second half of the year.

Caution Remains Around Automakers

The automotive sector remains JPMorgan’s least-favored consumer industry due to ongoing structural challenges.

Even so, the bank acknowledged that recent weakness has become increasingly extreme, suggesting the group may eventually attract value-oriented investors if sentiment begins to stabilize.

Gold Pullback Creates Value Opportunity

Bank of America believes gold mining shares offer attractive value despite recent weakness in bullion prices, arguing that equity valuations are implying a much lower gold price environment than currently exists.

The precious metal has fallen roughly 17% since tensions with Iran escalated, ending last week near $4,156 per ounce after a short-lived recovery tied to diplomatic developments between Washington and Tehran.

Gold has also come under pressure from the Federal Reserve’s decision to keep rates at 3.50%-3.75% while maintaining a hawkish stance that has strengthened both the U.S. dollar and Treasury yields.

While BofA acknowledges that “the shift away from inflationary cuts toward tighter policy is a headwind for gold,” it believes broader macro trends, including ongoing fiscal imbalances and reserve diversification away from the dollar, remain supportive.

Mining Stocks Reflect Lower Gold Assumptions

The bank’s analysis suggests that investors are valuing many gold producers as though bullion were trading substantially below current market levels.

Based on price-to-net-asset-value calculations, the average implied gold price across BofA’s coverage universe is $3,354 per ounce, nearly 20% below spot prices.

Under an EV/EBITDA framework, the implied gold price rises to $4,016 per ounce, though it still remains below prevailing market levels.

Wheaton Precious Metals carries the most optimistic implied gold assumption at $4,395 per ounce, while Franco-Nevada reflects the most conservative estimate at $2,416 per ounce.

Central Bank Demand Remains a Key Driver

BofA also highlighted continued demand from central banks as an important support for gold prices.

According to the World Gold Council’s latest survey, 89% of responding central banks expect global gold reserves to increase over the next year, while 45% intend to expand their own holdings.

Emerging-market central banks remain particularly active buyers, reinforcing the long-term demand outlook.

“The survey’s results support our constructive view on gold, and we expect CB purchases to continue to support gold prices in the near term,” the analysts said.

Alamos Gold Remains a Preferred Name

Although BofA reduced its target price for Alamos Gold (NYSE:AGI) following a production guidance cut tied to seismic disruptions at the Young-Davidson mine, it maintained its Buy rating.

The bank argued that the stock’s 18.4% decline was disproportionate to the impact on overall asset value and highlighted future growth opportunities from the company’s Island Gold and Lynn Lake developments.

As a result, BofA continues to see attractive upside potential despite the near-term operational setback.

Goldman Sachs expects U.S. inflation to stay above target through 2026 before moving closer to the Federal Reserve’s objective in 2027, helped by easing energy costs and a reduction in AI-related pricing distortions.

According to analyst Manuel Abecasis, core PCE inflation is projected to reach 3.2% year-over-year by December 2026 before falling to 2.2% a year later “as the AI and energy effects wane.”

The bank also expects core CPI inflation, which it says is “less affected by AI measurement issues and stock market swings,” to slow from 2.6% at the end of 2026 to 2.2% by December 2027.

U.S.-Iran Deal Supports Lower Oil Outlook

Goldman said recent diplomatic progress between Washington and Tehran has reduced near-term inflation pressures by improving the outlook for energy markets.

The bank lowered its forecast for average oil prices to $80 per barrel in the fourth quarter of 2026 and $75 per barrel in 2027. Those revisions are expected to reduce upward pressure on both headline and core PCE inflation relative to previous assumptions.

For June, Goldman’s preliminary estimates point to a 0.13% monthly decline in headline CPI and a 0.07% increase in headline PCE.

AI-Related Inflation Impact Expected to Moderate

The bank highlighted memory-chip pricing as an overlooked contributor to recent inflation data, particularly through its impact on software and computer-related categories.

Goldman believes these effects should gradually diminish, with monthly inflation in software and accessories slowing from roughly 4%–5% recently to about 0.6% by late 2026.

Housing and Wage Trends Offer Additional Relief

Goldman remains constructive on broader inflation dynamics, expecting rent inflation to cool below pre-pandemic trends while slower wage growth helps reduce inflation in core services outside housing.

However, the bank cautioned that upside risks remain.

Goldman said inflation risks remain “skewed to the upside on net, particularly if the situation in the Middle East deteriorates.”

Barclays has lifted its year-end target for the S&P 500 to 7,800 from 7,650 and unveiled an initial 2027 forecast of 8,800, citing stronger earnings expectations despite a market environment marked by persistent uncertainty.

The bank acknowledged that investors continue to face several challenges. “Equities remain choppy as peace talks stop and start, and questions linger around AI spend, funding and monetization, higher for longer rates, and consumer strength,” strategists led by Venu Krishna wrote.

Barclays believes the broader backdrop remains supportive for equities. Labour market conditions remain healthy enough to keep recession fears contained, although that strength could also postpone future interest-rate cuts. Rising input costs are another factor to monitor, but analysts said they are not yet severe enough to disrupt economic growth.

As a result, “the balance of risks still leans constructive.”

The bank increased its 2026 S&P 500 earnings-per-share forecast to $337 from $321, implying approximately 21% growth from its estimated $279 in 2025. While still slightly below the consensus forecast of $341, Barclays said the revision reflects stronger first-quarter results, ongoing support from reflationary trends and continued industrial resilience.

Barclays also introduced a preliminary 2027 EPS estimate of $389.

The stronger earnings outlook drove the higher index target, although the bank slightly reduced valuation assumptions. It now assigns a 26x earnings multiple to major technology stocks, down from 27.5x previously, reflecting uncertainty surrounding AI investment levels, financing needs and future monetization.

For the broader market, Barclays applies a blended valuation multiple of 23x projected 2026 earnings.

“The equity bull case remains intact, but earnings and AI capex visibility must do more of the work as Fed support fades and positioning is less able to absorb disappointment,” the strategists wrote.

Among the key risks for the second half are renewed inflationary pressures, a more restrictive Federal Reserve path and signs that consumer spending could weaken.

Barclays remains optimistic about AI-related investment, forecasting hyperscaler capital expenditures will exceed $1.1 trillion by 2028. However, analysts warned that “a growing mismatch between internally generated cash flow and projected capital requirements” could become a concern.

On sector allocation, the bank downgraded Financials to Neutral, while upgrading Healthcare to Neutral. It continues to favour TMT, Industrials and Utilities, while maintaining a Negative stance on Consumer stocks, where it expects higher inflation and slower income growth to create “lagged pressure in 2H.”