Upstream Share Discussion Threads

[master rsi] 21/11/2024 00:04

Joint statement of the Foreign Ministers of Spain, Germany, France, Italy, Poland and the United Kingdom of 19 November
- Tuesday, November 19, 2024

We, the Foreign Ministers of France, Germany, Italy, Poland, Spain and the United Kingdom, have met today, aware that our common security is facing the greatest challenges we have ever seen in our lifetimes.

Russia is systematically attacking the European security architecture.

Over the past 1,000 days, in its war of aggression against Ukraine, Russia has killed many thousands of people and repeatedly violated international law.

Russia's reckless revisionism and continued refusal to stop aggression and engage in meaningful talks pose a challenge to peace, freedom and prosperity on the European continent and in the transatlantic space.

Russia is increasingly dependent on partners such as Iran and North Korea to sustain its illegal war.

Moscow's escalation of hybrid activities against NATO and EU countries is also unprecedented in its variety and scale, creating significant security risks.

To meet this unprecedented challenge, we are determined to stand together with our European and transatlantic partners to think and act big on European security. European countries must play an even greater role in ensuring our own security, acting alongside our transatlantic and global partners.

Therefore, today we consider it imperative:

- reaffirm the enduring role of a strong and united NATO as the cornerstone of European defence and security, based on a strong transatlantic bond and a strong commitment to mutual defence and equitable burden-sharing;

- strengthen NATO by increasing our spending on security and defence, in line with our previous commitments, while reaffirming that in many cases spending in excess of 2% of GDP will be necessary to address growing security threats and meet deterrence and defence objectives across the Euro-Atlantic area;

- strengthen Europe's security and defence, using all the tools at our disposal, including the economic and financial power of the European Union and by reinforcing Europe's industrial base. To do this, we will build on work within NATO, the European Union, among groups of Allies and with like-minded countries, discuss innovative financing and remove barriers to trade and defence investment;

- investing in our critical military capabilities, including air defence, precision strikes, drones and integrated logistics, as well as critical infrastructure and cyber defence, while also investing in research and development and the use of new technologies;

- enhance resilience to cognitive warfare and hybrid threats in Europe, including through relevant EU mechanisms, and promote the resilience of our societies;

- further step up our military, economic and financial support to Ukraine, while welcoming the $50 billion loan from the G7 to ensure that Ukraine has sufficient resources for the coming year;

- remain firm in our support for a just and lasting peace for Ukraine, based on the UN Charter, reaffirming that peace can only be negotiated with Ukraine, with European, American and G7 partners at its side, and ensuring that the aggressor will bear the consequences, including financial ones, of its illegal acts that violate the norms set out in the UN Charter;

- ​continue to deter Russia by frustrating Putin's ability to sustain his war of aggression and limiting the buildup of Russian military capabilities, including through restrictive measures.

We underline our firm commitment to a European security architecture based on the principles of the UN Charter and the OSCE, which Russia has seriously violated in recent years.

We believe that now is the time to act to ensure that our citizens live in peace, freedom and prosperity. Key to this will be greater integration between EU Member States, closer cooperation between the EU and the United Kingdom, and greater collaboration between NATO and the European Union. We also see a unique opportunity to strengthen the pillars of our transatlantic relationship with the United States of America by strengthening NATO and ensuring equitable burden-sharing within the Alliance.

[master rsi] 20/11/2024 23:27

SFOR 33.66p ( 33.50 v 33.98p )

Looking good

[master rsi] 20/11/2024 22:08

US close: Stocks mixed amid geopolitical tensions, Nvidia earnings

(Sharecast News) - US stocks turned in a mixed performance on Wednesday as investors eyed third-quarter results from AI-darling Nvidia and monitored geopolitical tensions with Russia.

At the close, the Dow Jones Industrial Average was up 0.32% at 43,408.47, while the S&P 500 was flat at 5,917.11 and the Nasdaq Composite saw out the session 0.11% weaker at 18,966.14.

Geopolitical risk continued to dampen market sentiment after Vladimir Putin warned the US that the threshold for the use of nuclear weapons had now been lowered following Joe Biden's decision to allow Ukraine to use US weapons to strike inside Russia. Under the new doctrine, Russia will consider using nuclear weaponry if it, or its allies, were met with the use of "conventional weapons that created a critical threat to their sovereignty and (or) their territorial integrity".

Also in focus, Nvidia, the world's largest company, reported Q3 earnings that came in ahead of expectations on both the top and bottom lines, with revenue up 94% year-on-year. It also issued some stronger-than-expected Q4 guidance.

[master rsi] 20/11/2024 21:46

DOW

Finished 129 points higher

[master rsi] 20/11/2024 17:08

MARKET REPORT
LONDON MARKET CLOSE: Ukraine nerves send Europe lower ahead of Nvidia

(Alliance News) - European stocks closed lower on Thursday as geopolitcal concerns weighed alongside stronger-than-expected domestic inflation data.

The FTSE 100 index ended down 13.95 points, 0.2%, at 8,085.07. The FTSE 250 tumbled 182.86 points, 0.9%, at 20,244.76, and the AIM All-Share faded 1.89 points, 0.3%, at 722.34.

The Cboe UK 100 ended down 0.2% at 812.76, the Cboe UK 250 fell 1.0% to 17,742.44, and the Cboe Small Companies ended down 0.6% at 15,641.62.

In Europe, the CAC 40 in Paris fell 0.4% while the DAX 40 in Frankfurt lost 0.3%.

Ukraine has fired UK-made Storm Shadow missiles into Russia for the first time since the beginning of the conflict, the Guardian reported, citing multiple sources.

The decision to approve the strikes was made in response to the deployment of more than 10,000 North Korean troops on Russia’s border with Ukraine in what UK and US officials have warned was a major escalation of the nearly three-year-old conflict.

The strike came one day after Ukraine used US-supplied missiles to strike targets in the Bryansk region.

The gloomy news followed an upturn in UK consumer inflation which economists think rules out an interest rate cut in December.

According to the Office for National Statistics, the rate of annual consumer price inflation picked up to 2.3% in October, back above the Bank of England's target, from 1.7% in September.

The latest reading topped the FXStreet cited consensus of 2.2%.

Excluding food and energy, the annual core inflation rate accelerated slightly to 3.3% last month from 3.2% in September.

The services inflation rate, one closely-watched by BoE policymakers for signs of domestic price pressure, edged up to 5.0% in October from 4.9% in September.

Analysts at ING commented: "We, like the BoE, expect services inflation to bounce around 5% for the next four months or so before turning more noticeably lower in the second quarter."

"At the same time, headline inflation could get pretty close to 3% in January, albeit mainly because of energy. All of that means the [BoE] will most likely continue its 'gradual' rate-cutting path for now, which is widely taken to mean one cut per quarter. We expect a pause at next month's meeting."

The news weighed on rate-sensitive housebuilders. Vistry fell 6.0%, Persimmon dipped 3.2%, Berkeley Group slid 2.6% and Barratt Redrow declined 2.0%.

Against the yen, the dollar was trading at JPY155.36 late on Wednesday afternoon, up compared to JPY154.21 at the same time on Tuesday.

The pound was quoted at USD1.2634, lower compared to USD1.2676 at the equities close on Tuesday. The euro stood at USD1.0515, down against USD1.0590.

In New York stocks were weaker. The Dow Jones Industrial Average was down 0.3%, the S&P 500 shed 0.7% and the Nasdaq Composite lost 0.8%.

Nvidia reports third quarter earnings after the closing bell in New York.

Kathleen Brooks, at XTB said: "It is rare that a single stock dominates the global financial space, however, tonight’s earnings report from Nvidia seems like a pivotal moment for global financial markets."

"A stunning earnings report could reenergize the AI trade and the entire US stock market rally, however, a disappointing report could trigger risk off sentiment. Nvidia stock tends to experience huge moves around earnings releases. The implied 1-day move after an earnings report, based on the past 8 quarters, is 7.75% in both directions, which is the equivalent of USD300 billion in market cap. After the last Nvidia earnings report in August, the stock price fell 15% over a few days."

For the three months to the end of October, it is expected to report revenue of USD32.95 billion, non-GAAP EPS of USD0.74 and a non-GAAP gross margin of 74.9%.

Nvidia bull Dan Ives at Wedbush Securities expects a "drop the mic performance".

He described Nvidia's GPUs as the "new oil and gold in this world" and predicts a USD2 billion beat and USD2 billion bump to guidance.

In London, the star performer came in the less glamorous world of accountancy software as Sage reported better-than-expected results which helped to counter fears of further revenue deceleration.

The Newcastle-upon-Tyne, England-based accounting software firm said pretax profit in the year to September 30 climbed 51% to GBP426 million from GBP282 million.

Underlying operating profit rose 21% to GBP529 million from GBP438 million. The operating profit margin improved to 22.7% from 20.5%.

In addition, Sage announced a buyback of up to GBP400 million. The programme kicks off Wednesday and will end by June 3.

Citi said it was a "solid" update with revenue growth broadly in-line and operating profit 3% ahead of expectations.

"We expect consensus operating profit view for 2025 to move up by low to mid single digit percentage. Investor positioning in Sage has seen some improvement over the last month (after staying muted since May) but there has been persistent fear of further growth deceleration, and we see the steady growth dynamics and solid operating execution to be seen favourably," the broker commented.

Shares in Sage closed 18% to the good.

Elsewhere, Severn Trent rose 1.4% as the water utility said half-year profit doubled. It also announced a chunkier dividend and pledged a record year for capital investment.

Shares in United Utilities rose 1.7% in a positive read across. Deutsche Bank upgraded the stock to 'buy' from 'hold' providing additional support.

Elsewhere in London, model train maker Hornby declined 15%. Half-year revenue increased but its loss stretched ahead of the key Christmas trading period.

Its pretax loss in the six months to September 30 widened to GBP5.1 million from GBP4.9 million a year prior, despite revenue rises 10% on-year to GBP25.0 million from GBP22.7 million.

"For now, our order book is looking strong as we approach peak trading, and we have a whole host of new initiatives and activities in place for the run up to Black Friday and through the all-important festive period," Hornby said.

Brent oil was quoted higher at USD73.20 a barrel late on Wednesday afternoon in London, firming from USD72.93 late Tuesday. Gold rose to USD2,648.58 an ounce against USD2,628.26 late Tuesday.

The global economic calendar on Thursday sees eurozone consumer confidence figures, UK public sector borrowing data and US weekly jobless claims numbers.

The local corporate calendar sees a trading statement from sports retailer JD Sports Fashion and half-year results from safety equipment manufacturer Halma.

[master rsi] 20/11/2024 16:40

How the UPS are performing during last month

[master rsi] 20/11/2024 16:21

How the UPS are performing today

[master rsi] 20/11/2024 16:07

SFOR 33p +0.46p

As the day moves to the close is bouncing back

[master rsi] 20/11/2024 15:09

Knights shares rise as expects profit surge amid focus on cost base

(Alliance News) - Knights Group Holdings PLC on Wednesday said it is well-positioned to deal with costs arising from an increase in national insurance costs as it anticipates a profit surge amid a momentum in recruitment.

The London-based professional services company expects underlying pretax profit to have jumped 26% to GBP14.6 million in the six months to October 31, from GBP11.6 million a year ago.

This reflected an increase in the pretax profit margin to 18.4% from 15.4%.
Revenue is anticipated 5.4% higher at GBP79.4 million, compared to GBP75.3 million.

Knights noted an ongoing momentum in recruitment, as 23 senior professionals joined the company in the first financial half, up 15% from 20 a year ago.

Further, it highlighted "a good pipeline of further hires for the second half, driven by increased brand awareness and a growing reputation across the UK legal services market".

The increase in national insurance contributions is expected to have an annualised cost impact of GBP2 million in financial year 2026, with financial 2025 set to be impacted in just one month.

The company will release half-year results on January 14.
Knights shares rose 2.3% to 110.00 pence each on Wednesday afternoon in London.

[master rsi] 20/11/2024 14:56

DOW

On the way down by 25 points

[master rsi] 20/11/2024 14:30

Hornby shares plummet as pretax loss widens due to rising costs

(Alliance News) - Hornby PLC on Wednesday said it remains optimistic for the festive season despite a weak performance in the first half.

Hornby is a model railway maker and retailer based in Margate, England.

Pretax loss widened to GBP5.1 million for the six months ended September 30, down from GBP4.9 million a year before.

Revenue rose by 10% to GBP25.0 million for the same period, up from GBP22.7 million a year prior. Hornby attributed this discrepancy to rising costs across the firm, despite an improved sales performance.

Finance costs rose by 39% to GBP1.0 million from GBP719,000 a year prior. Admin costs rose by 2.7% to GBP3.8 million for the half, up from GBP3.7 million a year before.

Hornby did not declare an interim dividend, unchanged year-on-year.

Hornby shares were down 19% at 21.00 pence each in London on Wednesday afternoon.

Looking ahead, Hornby remained optimistic, pointing to a strong order book and activities in place for the run-up to Black Friday and the festive period.

Chief Executive Olly Raeburn commented: "Revenue performance versus last year has been solid, and we exit the half year with a clear, and aggressive, plan for maintaining that momentum through the critical Black Friday and Christmas trading periods.

[master rsi] 20/11/2024 13:35

KEEP an EYE

SFOR 32.48p( 32.30 v 32.66p )

The last couple of days have managed to slowly climb from the lows lately, after forming a floor at 30p
----------------- Intraday ------------------------------------------ 2 months ------------------------------- 1 year -------------------
INDICATORS

[master rsi] 20/11/2024 13:17

James Cropper shares slump on swing to loss and revenue decline
(Alliance News) - James Cropper PLC on Wednesday said it swung to a loss in the first half of its financial year, due to subdued demand and increased costs.

James Cropper is a Kendal, England-based manufacturer of creative papers and luxury packaging.

The pretax loss was GBP606,000 in the six months that ended September 30, a swing from a profit of GBP2.4 million a year before.

Revenue was 12% down year-on-year to GBP49.9 million from GBP56.5 million. The company noted an improvement of 6.5% from the previous six month's revenue of GBP46.5 million in a "challenging" second half of the prior financial year.

James Cropper shares were down 9.4% to 226.50 pence in London on Wednesday afternoon.

No interim dividend was proposed. Last year, James Cropper paid an interim dividend of 3.0p per share.

The company said "challenging conditions" remain in the paper and packaging business "due to the ongoing fragility in the luxury packaging sector".

Due to this weakness, James Cropper now expects full-year results to be below prior forecasts. It said financial 2025 revenue and adjusted pretax profit before tax are now expected to be in line with financial 2024, when they were GBP103.0 million and GBP758,000, respectively.

Outgoing Chief Executive Officer Steve Adams said: "Although trading was challenging in the first half of the financial year, the group was able to achieve sequential growth in revenue and profit with clear signs of recovery across most segments of the business.

"The fact that our direct customer base remains stable and intact, and that we are seeing positive trends in various end markets, gives us confidence that the group is positioned for growth once end market conditions stabilise and improve," he added.

Adams will retire in early 2025 and be replaced by David Stirling, the former CEO of Zotefoams PLC.

[master rsi] 20/11/2024 12:57

INDICES
Tck and AIM are the only ones on the way UP

FTSE 100 8,089.79 -9.23 -0.11%FTSE 250 20,339.58 -88.04 -0.43%FTSE 350 4,462.53 -6.99 -0.16%FTSE All Share 4,420.03 -7.03 -0.16%FTSE techMARK 6,509.31 +97.89 +1.53%FTSE Small Cap 6,758.59 -19.07 -0.28%FTSE AIM 100 3,517.56 +14.12 +0.40%

[master rsi] 20/11/2024 12:28

How the UPS are performing during last month

[master rsi] 20/11/2024 12:12

How the UPS are performing today

[master rsi] 20/11/2024 11:55

Tracsis shares slip as pretax profit plummets on UK election timing
(Alliance News) - Tracsis PLC on Wednesday reported a profit dive due to the timing of the UK pre-general election restrictions in a "disappointing overall result".

Tracsis is a Leeds, England-based provider of services and analytics for the rail, traffic data and transport scheduling industries.

Pretax profit fell to GBP1.0 million in the financial year to the end of July, down 86% year-on-year from GBP7.1 million.

Revenue was also down 1.2% to GBP81.0 million from GBP82.0 million.

Shares in Tracsis fell 7.2% to 617.00 pence in London on late Wednesday morning.

Tracsis cited pre-election activity restrictions that limited the company's trading in the final two months of the financial year by impacting central government, local authority and train operating company decision making and spending.

Profit was also impacted by GBP3.0 million of "exceptional costs" related to changes to the company's operating model including headcount reductions and technology investment.

The company has recommended a final dividend of 1.3 pence per share, bringing the total dividend for the year to 2.4p per share, up 9.1% from 2.2p last year.

Tracsis said they are "well positioned to deliver long-term scalable growth" and have secured contract renewals for next year. The company said some variability in UK customer activity has persisted in the first quarter of the new year and anticipates this continuing in the first half.

Chief Executive Officer Chris Barnes said: "Despite our financial results for FY24 being impacted by the timing of the UK general election and lower yard automation conversion in North America, we have made significant progress over the past 12 months in transforming our operating model and laying the foundations for our future growth.

[master rsi] 20/11/2024 11:28

Greencoat Renewables sells Kokkoneva wind farm for 6pc premium

(Sharecast News) - Greencoat Renewables announced on Wednesday that it has finalised the sale of its 43.2 MW Kokkoneva wind farm in Finland to Aneo, a Norwegian renewable energy company and one of the largest onshore wind asset owners in Norway.

The AIM-traded firm said the sale, which was originally acquired under a forward sale arrangement in 2022, achieved a 6% premium to the asset's net asset value (NAV), making it accretive to shareholders.

It said the transaction aligned with its strategy of focusing on more contracted cash flows while enhancing flexibility in capital allocation.

Proceeds from the sale would be directed toward reducing the company's debt, lowering overall gearing by about 1% based on the latest financials dated 30 September.

That would support the company's broader goals of optimising its balance sheet and maintaining a disciplined approach to portfolio management.

At 1028 GMT, shares in Greencoat Renewables were up 0.24% at 0.84p.

[master rsi] 20/11/2024 11:07

AIM WINNERS & LOSERS: Made Tech and Silver Bullet jump on strong trade
AIM - WINNERS

Made Tech Group PLC, up 18% at 21.74 pence, 12-month range 8.00p-22.00p. The provider of digital, data and technology services to the UK public sector says it is trading ahead of expectations, so far in its half-year to November 30. "I am pleased to report to shareholders that the business has maintained this strong performance into Q2, achieving sales bookings in the year to date of GBP37.5 million which is already ahead of the GBP36.0 million bookings achieved for the whole of the prior year," Chair Joanne Lake is to say at the firm's annual general meeting. "The board now anticipates that, as a result of these encouraging sales bookings and ongoing delivery momentum, group revenue for FY25 will be ahead of market expectations set at the start of the financial year." Revenue consensus stands at GBP35.2 million, which would represent a decline from GBP38.6 million in the year to May 31.

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Silver Bullet Data Services Group PLC, up 13% at 55.70p, 12-month range 30.50p-200.00p. The London-based provider of artificial intelligence-driven digital transformation services and products hails new contract wins, worth a total of GBP1.5 million. It began the fourth-quarter with positive trading earnings before interest, tax, depreciation and amortisation. This has "been further strengthened by new brand partnerships". "October was the best performing month on record for the group and included a significant proportion of new bookings relating to 4D AI higher-margin data revenues with global blue chip clients including BMW and Visa," it adds.

AIM - LOSERS

Proton Motor Power Systems PLC, down 65% at 0.15p, 12-month range 0.13p-6.00p. Fuel cells and fuel cell electric hybrid systems developer Proton Motor now believes the best course of action is a wind down of the business, as the funding it needs to continue beyond the end of this year is unlikely to materialise. "The company had been in advanced discussions with a German based potential industrial partner regarding a possible funding solution which would have enabled the company to continue to trade beyond the end of 2024. Regrettably, these discussions have now terminated," Proton explains. It intends to cancel its AIM listing. "As at 30 June 2024, the company had unaudited total liabilities of approximately of GBP143.1 million and net liabilities of approximately GBP116 million. There can therefore be no guarantee that the company will be capable of a solvent winding up, nor of the possible returns to shareholders, if any, in that circumstance," it cautions.

[master rsi] 20/11/2024 10:35

COA 94.50p -0.10p - Coats Group confirms full-year outlook as revenue rises

Coats Group PLC - London-based manufacturer of industrial thread and footwear components - Total revenue rises 8% year-on-year at constant exchange rate in the six months the ended October 31. Apparel revenue is up 14% and footwear revenue up 7%.

Performance materials revenue falls by 3%, however. Looking ahead, full-year outlook is unchanged and remains in line with market expectations, Coats says.

"We are confident in the group's ability to sustain this momentum through the final quarter and consequently in delivering a full year performance in line with market expectations," says Chief Executive David Paja.

[master rsi] 20/11/2024 10:26

SBTX 15.875p +0.25p

New Cavendish note out today Target Price 56.0p

Investment thesis. SkinBioTherapeutics is well positioned within the nascent skin biome market opportunity.

The company is progressing the development of the AxisBiotix pillar to enhance the value of this technology to prospective multinational partners, while the commercial agreement with Croda is progressing positively, such that first revenues are expected by the end of 2024.

Following the recent acquisitions, SkinBioTherapeutics is also delivering on its previously stated M&A strategy.

[master rsi] 20/11/2024 10:11

Rotork order intake up 8pc

(Sharecast News) - Industrial flow control equipment manufacturer Rotork said on Wednesday that order levels in the four months ended 27 October had been higher than at the same time a year earlier.

Rotork said its performance over the period was in line with internal expectations, with group order intake up 8% year-on-year on an organic constant currency basis as all three divisions traded ahead, led by water & power and oil & gas.

The FTSE 250-listed group kept full-year expectations unchanged and said it continues to anticipate that 2024 will be "another year of progress" on an OCC basis.

Rotork also highlighted that it remains "highly cash generative" and retains "a strong balance sheet", with net cash including lease liabilities of £106.0m.

As of 0900 GMT, Rotork shares were up 2.29% at 321.80p.

[master rsi] 20/11/2024 09:40

MARKET REPORT
LONDON MARKET OPEN: Stocks up despite geopolitical woe as Sage jumps

(Alliance News) - London's FTSE 100 traded higher early Wednesday, recovering some of Tuesday's lost ground, despite geopolitical tensions and UK inflation worries remaining in focus.

The FTSE 100 index climbed 23.61 points, 0.3%, at 8,122.63. The FTSE 250 edged up 22.23 points, 0.1%, at 20,449.85, and the AIM All-Share was up 2.56 points, 0.4%, at 726.79.

The Cboe UK 100 was up 0.3% at 816.79, the Cboe UK 250 was up 0.2% at 17,954.89, and the Cboe Small Companies was up 0.1% at 15,746.99.

The pound rose to USD1.2687 early Wednesday in London, from USD1.2676 at the time of the London equities close on Tuesday.

UK consumer price inflation accelerated at a faster pace than expected last month, spurred on by electricity and gas prices, numbers on Wednesday showed.

According to the Office for National Statistics, the rate of annual consumer price inflation picked up to 2.3% in October, back above the Bank of England's target, from 1.7% in September.

The latest reading topped the FXStreet cited consensus of 2.2%.

The ONS said the largest contributor to the inflation rate stemmed from "housing and household services, mainly because of electricity and gas prices".

Consumer prices rose 0.6% in October from September, beating expectations of a 0.5% rise. In September, prices were flat from August.

Excluding food and energy, the annual core inflation rate accelerated slightly to 3.3% last month from 3.2% in September.

The services inflation rate, one closely-watched by BoE policymakers, edged up to 5.0% in October from 4.9% in September.

"This suggests at least some of the news at the core level is attributable to volatile items which we know the BoE strips out in some cases, especially if they are services. Nevertheless, the already remote prospect of a December rate cut seems even less likely in the absence of shock downside inflation news today," analyst at Lloyds Bank commented.

In European equities on Wednesday, the CAC 40 in Paris was 0.5% higher, while the DAX 40 in Frankfurt added 0.6%.

European markets recovered some ground after losing out on Tuesday due to geopolitical worries.

Russia's "irresponsible rhetoric" on nuclear weapons will not deter UK support for Ukraine, Prime Minister Keir Starmer has said.

Vladimir Putin has lowered the threshold for nuclear weapons, a day after the US gave the war-torn nation permission to use its long-range weaponry to fire into Russia.

Speaking at the G20 summit in Brazil, the prime minister also noted Putin's absence and described him as the "author of his own exile" from the gathering.

Asked at a press conference in Rio de Janeiro whether Britons should prepare for nuclear war, the prime minister said: "This is irresponsible rhetoric coming from Russia and that is not going to deter our support for Ukraine."

Versus the dollar, the euro fell to USD1.0573 early Wednesday, from USD1.0590 late Tuesday afternoon. Against the yen, the dollar rose to JPY155.61 from JPY154.21.

Brent rose to USD73.19 a barrel from USD72.93. Gold traded at USD2,623.21 an ounce, down from USD2,628.26.

Geopolitical fears lent support to the yen, but that boost has since been unwound, Dutch bank ING said.

"The escalation in the Russia-Ukraine conflict had only a short-lived impact on FX, and safe-haven demand has rapidly faded. The balance of risks is shifting more to the upside for the dollar, also considering some positioning re-adjustment may have happened," ING analysts added.

In China on Wednesday, the Shanghai Composite added 0.7%. The Hang Seng Index in Hong Kong rose 0.2%. In Tokyo, the Nikkei 225 lost 0.2% and Sydney's S&P/ASX 200 fell 0.6%.

In New York, the Dow Jones Industrial Average closed down 0.3% on Tuesday. The S&P 500 added 0.4%, however, and the Nasdaq Composite surged 1.0%.

The assembly of Donald Trump's administration remains in focus, with eyes on the key Treasury secretary position.

SPI Asset Management analyst Stephen Innes commented: "All eyes are on President-elect Donald Trump as traders eagerly anticipate his crucial cabinet picks for Treasury Secretary and Trade Representative. These decisions could serve as pivotal signals for the dollar's near-term trajectory, particularly as upcoming macroeconomic data remain clouded by the hurricane effect and strike distortions."

On the corporate front, chipmaker Nvidia, at the heart of an AI boom in markets, reports earnings after the closing bell in New York.

Innes added: "This week is Nvidia's stage. The AI chip titan has been unstoppable, its stock skyrocketing more than ninefold since the end of 2022, earning it a seat in the prestigious Dow Jones Industrial Average and the title of the world's most valuable public company. With Wednesday's quarterly earnings report, Nvidia has the chance to solidify its dominance further or spark a market reappraisal that could ripple across the tech sector and beyond.

"Nvidia isn't just a stock; it's a bellwether for the AI revolution. Its influence extends beyond Silicon Valley, reshaping expectations and rewriting records across the global markets. As investors hold their breath for Wednesday's report, Nvidia's performance will set the tone for tech's trajectory and market sentiment heading into 2025. Whatever happens, one thing is clear: the stakes couldn't be higher."

In London, Sage shares jumped 19% as the enterprise software firm announced improved annual earnings and a GBP400 million share buyback.

Severn Trent rose 2.6% as the water utility said half-year profit doubled. It also announced a chunkier dividend and pledged a record year for capital investment.

Shares in United Utilities rose 1.8% in a positive read across.

Eyes are now on the final announcement of a UK regulatory framework for the sector

Severn Trent added: "As we head into the final few months of the AMP7 regulatory period, the business is stronger than ever and we are looking forward to a successful AMP8. The draft determination we received in July provided significant clarity to AMP8, confirming at least 28% real RCV growth, base costs broadly in line with our business plan, and new protection mechanisms on energy costs and business rates."

The final determination is due to be received on December 19.

Elsewhere in London, SSP Group fell 3.9%, as the Upper Crust owner was cut by JPMorgan to 'neutral' from 'overweight'.

Fuel cells and fuel cell electric hybrid systems developer Proton Motor Power plunged 52% on AIM. It now believes the best course of action is a wind down of the business, as the funding it needs to continue beyond the end of this year is unlikely to materialise.

"The company had been in advanced discussions with a German based potential industrial partner regarding a possible funding solution which would have enabled the company to continue to trade beyond the end of 2024. Regrettably, these discussions have now terminated," Proton explained.

It intends to cancel its AIM listing.

"As at 30 June 2024, the company had unaudited total liabilities of approximately of GBP143.1 million and net liabilities of approximately GBP116 million. There can therefore be no guarantee that the company will be capable of a solvent winding up, nor of the possible returns to shareholders, if any, in that circumstance," it cautioned.