Upstream Share Discussion Threads

[master rsi] 10/6/2025 22:49:31

Broker tips: Aberdeen, Greatland Gold (GGP)
(Sharecast News) - JPMorgan Cazenove upgraded Aberdeen on Tuesday to 'overweight' from 'neutral' and placed the stock on 'positive catalyst watch' ahead of results, sending shares in the asset manager surging.

The bank said its analysis suggests that flows in the Adviser vector might soon turn positive thanks to a new competitive pricing structure and improving customer satisfaction.

"Furthermore, we expect that the strong momentum recorded by interactive investor (ii) in recent quarters will accelerate further, and that the platform will continue to win market share thanks to its best-in-class pricing and compelling offering," JPM said.

It said that stronger customer growth and growing SIPP penetration could also increase cash balances on the platform and drive an increase in treasury income and earnings per share.

"Our analysis suggests that these tailwinds are imminent, and we place the stock on positive catalyst watch ahead of the 1H results (30th July)," it said.

JPM said it was 2%/9% above Bloomberg EPS consensus for FY26/27 and it also sees scope for an expansion in multiple as these tailwinds unfold.

Analysts at Canaccord Genuity slightly raised their target price on gold and copper producer Greatland Gold from 25.0p to 29.0p on Tuesday following its Telfer-Havieron site visit.

Canaccord Genuity said it had returned from Telfer-Havieron with "a more positive view" on the near and medium-term outlook for the company.

In the near term, Canaccord noted that Greatland was performing well in the current quarter, while it also said there were "a range of likely life extension options" for Telfer in the medium term via the Central and Southern extensions, the Main Dome Underground, and West Dome Deeps. Long-term, Canaccord said Havieron was likely to be "significantly bigger, at a modest additional cost".

In its time at the site, Canaccord also attempted to identify key risks to the development plan and the critical path focus. In its view, water management at Havieron will be the key focus, in addition to managing the tailings facilities.

"We have adjusted our numbers for the production assumptions detailed above. This has resulted in minimal changes over the near-term, but we see a 29p net asset value/shr as a result of the Telfer life extension and the Havieron expansion being brought into our base case," said the Canadian bank, which reiterated its 'buy' rating on the stock.

[master rsi] 10/6/2025 22:31:09

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 lifted by housebuilders, US-China hope

(Alliance News) - Stocks in London ended higher on Tuesday, led by gains in housebuilders and amid signs of progress in US-China trade talks.

The FTSE 100 index rose 20.80 points, 0.2%, to 8,853.08. It had earlier risen as high as 8,886.06.

The FTSE 250 ended up 103.55 points, 0.5%, at 21,389.46, and the AIM All-Share climbed 2.43 points, 0.3%, to 766.32.

The Cboe UK 100 ended up 0.5% at 883.55 and the Cboe UK 250 added 0.6% at 18,903.26, but the Cboe Small Companies eased 0.1% to 16,921.09.

In Paris, the CAC 40 rose 0.2%, while Frankfurt's DAX 40 ended 0.8% lower.

In the UK, figures showed the unemployment rate rose slightly in the three months to April, as expected, while pay growth was more moderate than forecast.

The Office for National Statistics said the rate increased to 4.6% in the period from February to April, in line with FXStreet-cited consensus, from 4.5% in the first three months of 2025. The last time the jobless rate was higher was in the period from April to June 2021, at 4.7%, according to the ONS.

The ONS also said annual growth in average earnings was 5.2% for regular earnings, which exclude bonuses, and 5.3% for total earnings, which factor in bonuses.

However, regular earnings growth of 5.4% was expected, and total earnings growth of 5.5% was predicted, according to FXStreet.

Regular earnings growth eased from 5.5% in the three months to March, and total earnings growth ebbed from 5.6%.

"Today's data was soft across the board. Wage growth slowed in April and was revised lower in March. Unemployment rose while vacancies fell. Tax data for May suggests further easing to come.

"This doesn't change our June [Bank of England] call for a hold, but solidifies the case for easing," analysts at Barclays said.

Barclays added that the data "gives us increased confidence in our forecast that the [Monetary Policy Committee] will cut in August".

Rate cut optimism was reflected in a weaker pound. Sterling was quoted at USD1.3509 late on Tuesday afternoon in London, lower compared to USD1.3556 at the equities close on Monday. The euro stood at USD1.1418, little changed against USD1.1419. Against the yen, the dollar rose to JPY144.93 compared to JPY144.42.

The data also gave a lift to rate-sensitive housebuilders, who took further encouragement from an upbeat trading statement from Bellway and a rumoured government announcement.

Bellway, up 7.9%, said it is on track for "strong growth in volume output and profits" in its financial year, and it predicted average selling prices will be above previous guidance.

The housebuilder said it saw "robust" trading through the spring selling period.

"Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in FY26," Chief Executive Jason Honeyman said.

Volume output for the year to July 31 is now expected between 8,600 and 8,700 homes, a rise from 7,654 home in the prior financial year. In its March interim results, it predicted output of at least 8,500 homes.

The overall average selling price is now expected to be around GBP315,000, up from its previous guidance of GBP310,000 and a rise from GBP307,909 last year. It put the guidance hike to "changes in product mix".

"Bellway's update should be well-received as there was a degree of caution in the market around slower trading after the stamp duty changes," analysts at Stifel commented.

The statement supported the housebuilding sector. On the FTSE 100, Persimmon rose 6.0%, Barratt Redrow climbed 5.6% and Taylor Wimpey advanced 4.6%.

In addition, the Financial Times reported that Chancellor Rachel Reeves has drawn up plans for a housing bank, to be announced as early as Wednesday's spending review, alongside a potential long-term funding settlement for affordable homes of up to GBP25 billion.

The plans would enable Homes England, the government's housing agency, to more easily deliver cheaper financing to housebuilders by redesignating it as a public financial institution, according to FT sources.

Analysts at RBC Capital Markets said this would provide "a welcome lift to the sector".

In New York, the Dow Jones Industrial Average was up 0.1%, the S&P 500 was 0.3% higher, and the Nasdaq Composite 0.2% to the good at the time of the closing bell in London.

The yield on the US 10-year Treasury was quoted at 4.48%, narrowing from 4.49% on Monday. The yield on the US 30-year Treasury was quoted at 4.95%, narrowing from 4.96%.

Negotiations between US and Chinese officials in London stretched into a second day, with Washington sending positive signals that the two superpowers might resolve a bitter trade war dragging on the global economy.

The talks were "going well," US Commerce Secretary Howard Lutnick told Bloomberg Television, adding he expected Tuesday's discussions to last "all day".

US President Donald Trump told reporters at the White House on Monday: "We are doing well with China. China's not easy."

He added: "I'm only getting good reports."

Back in London, Marks & Spencer rose 3.8% after it reopened its website to shoppers, having been forced to halt internet orders in April following a damaging cyber attack.

The retail giant said shoppers are now able to buy a selection of its best-selling fashion ranges and new products for home delivery to England, Scotland and Wales.

Rival Next, a perceived beneficiary from the outage at M&S, fell back 2.7%.

On the FTSE 250, Hochschild Mining plunged 23% after the London-based gold and silver miner in Argentina, Brazil and Peru said it expects to significantly reduce production guidance at its Mara Rose site in Brazil amid ongoing delays to the project.

Hochschild Mining said it has suffered "contractor performance issues", alongside unexpectedly heavy rainfall in the past few months. According to Hochschild, filtering problems and limited access to metal ore have exacerbated the impact of delayed waste removal, an issue which was carried over from previous years.

Hochschild is planning to suspend operations at Mara Rose's processing plant for about six weeks in order to carry out repairs, but it insists that mining "will continue as planned".

The biggest risers on the FTSE 100 were Persimmon, up 77.50 pence at 1,380.00p, Barratt Redrow, up 25.30p at 475.30p, Taylor Wimpey, up 5.35p at 121.70p, Marks & Spencer, up 13.60p at 373.40p and Shell, up 90.50p, at 2,595.50p.

The biggest fallers on the FTSE 100 were Standard Chartered, down 34.00p at 1,148.00p, Barclays, down 9.10p at 323.35p, Next, down 345.00p at 12,495.00p, BAE Systems, down 50.50p at 1,872.00p, and Fresnillo, down 34.00p at 1,340.00p.

Brent oil rose to USD67.82 a barrel late in London on Tuesday afternoon, from USD66.88 late Monday. Gold was quoted lower at USD3,325.36 an ounce against USD3,329.84 on Monday.

Wednesday's global economic calendar sees a US inflation reading.

The UK corporate calendar on Wednesday has full-year results from pub operator Fuller, Smith & Turner.

[master rsi] 10/6/2025 22:15:07

DOW

Finished 105 points higher

[master rsi] 10/6/2025 17:01:53

How the UPS are performing during last month

[master rsi] 10/6/2025 16:37:38

How the UPS are performing today

[master rsi] 10/6/2025 15:30:31

DOW

UP 16 points after opening lower

[master rsi] 10/6/2025 13:23:38

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 nears record high as housebuilders rise

(Alliance News) - Blue-chips stocks in Europe were mixed on Tuesday, though housebuilders and property stocks supported the FTSE 100, as focus remains on US-China trade talks.

The FTSE 100 index traded up 37.05 points, 0.4%, at 8,869.33. The FTSE 100 is within touching distance of its all-time high of 8,908.82 points, a height it hit in March. Its best-ever closing level is 8,871.31, also achieved in March.

The FTSE 250 was up 142.19 points, 0.7%, at 21,428.10, and the AIM All-Share was up 3.15 points, 0.4%, at 767.04.

The Cboe UK 100 was up 0.5% at 883.31, the Cboe UK 250 added 0.7% at 18,921.78, and the Cboe Small Companies was flat at 16,942.62.

In European equities on Tuesday, the CAC 40 in Paris fell 0.1% and the DAX 40 in Frankfurt was 0.6% lower.

The pound fell to USD1.3503 early Tuesday afternoon from USD1.3556 at the time of the London equities close on Monday, while the euro was largely flat at USD1.1421 from USD1.1419. Versus the yen, the dollar rose to JPY144.61 from JPY144.42.

The UK unemployment rate rose slightly in the three months to April, as expected, while pay growth was more moderate than forecast, according to numbers on Tuesday.

The Office for National Statistics said the UK unemployment rate increased to 4.6% in the period from February to April, from 4.5% in the first three months of 2025. The last time the jobless rate was higher was in the period from April to June 2021, at 4.7%, according to the ONS.

The jobless rate was in line with FXStreet-cited consensus.

The ONS said annual growth in average earnings was 5.2% for regular earnings, which exclude bonuses, and 5.3% for total earnings, which factor in bonuses.

However, regular earnings growth of 5.4% was expected, and total earnings growth of 5.5% was predicted, according to FXStreet.

Regular earnings growth eased from 5.5% in the three months to March, and total earnings growth ebbed from 5.6%.

Lloyds Bank analysts commented: "That is helpful for the BoE when it comes to assessing price risks, but the flip side of that is it appears to be being generated by a slowing labour market – the flip side of those regulated pay and NI tax changes."

Interest rate sensitive stocks in London rose. Industrial property investor Segro added 2.7%, while commercial property investor Land Securities climbed 1.6%.

Housebuilders rose in London, with Bellway's 6.7% rise leading the charge. Bellway said it is on track for "strong growth in volume output and profits" in its financial year, and it predicted average selling prices will be above previous guidance.

The housebuilder said it saw "robust" trading through the spring selling period.

"Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in FY26," Chief Executive Jason Honeyman said.

Volume output for the year to July 31 is now expected between 8,600 and 8,700 homes, a rise from 7,654 home in the prior financial year. In its March interim results, it predicted output of at least 8,500 homes.

The overall average selling price is now expected to be around GBP315,000, up from its previous guidance of GBP310,000 and a rise from GBP307,909 last year. It put the guidance hike to "changes in product mix".

"The group is now fully sold for the current financial year and if market conditions remain stable, Bellway remains well-positioned to deliver cumulative volume growth of 20% in the two years to 31 July 2026," it added

Rolls-Royce added 2.4%. Great British Nuclear said it has chosen a consortium led by Rolls-Royce as the preferred bidder to partner in the development of small modular reactors in the UK.

Rolls-Royce Chief Executive Tufan Erginbilgic called it a "very significant milestone for our business and Rolls-Royce SMR".

Hochschild slumped 19%. The gold and silver miner expects to significantly reduce production guidance at its Mara Rose site in Brazil amid ongoing delays to the project.

Hochschild said it has suffered "contractor performance issues", alongside unexpectedly heavy rainfall in the past few months. According to Hochschild, filtering problems and limited access to metal ore have exacerbated the impact of delayed waste removal, an issue which was carried over from previous years.

It is planning to suspend operations at Mara Rose's processing plant for about six weeks in order to carry out repairs, but it insists that mining "will continue as planned".

In New York, the Dow Jones Industrial Average is called down 0.1%, but the S&P 500 and Nasdaq Composite up 0.1%.

Negotiations between US and Chinese officials in London will stretch into a second day, a source told AFP on Monday.

Chinese Vice Premier He Lifeng was again heading the team in London, which included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer are leading the US delegation.

On Monday, Treasury Secretary Bessent said they had a "good meeting" and Commerce Secretary Lutnick called the talks "fruitful".

A barrel of Brent oil rose to USD67.37 early Tuesday afternoon from USD66.88 late Monday. Gold traded at USD3,335.19 an ounce, rising from USD3,329.84.

[master rsi] 10/6/2025 13:06:09

How the UPS are performing during last month

[master rsi] 10/6/2025 12:04:22

How the UPS are performing today

[master rsi] 10/6/2025 10:51:05

ENQ 12.46p (0.32 / 2.64%) - EnQuest shares rise after Petronas recognition

(Sharecast News) - EnQuest shares were rising on Tuesday morning, after the company was named Petroleum Arrangement Contractor of the Year at the Petronas Emerald Awards in Kuala Lumpur, marking the second consecutive year it received the top honour.

It was also the first time in the history of the awards that a company had retained the title.

The London-listed firm's Malaysian operations also received the Abandonment Excellence award, with Malaysia's national energy company Petronas recognising EnQuest's performance across operational, governance, and regulatory benchmarks, as well as its collaboration with industry stakeholders throughout 2024.

EnQuest said the awards affirmed its decade-long presence in Malaysia and underscored its growing reputation in the south east Asian upstream sector.

The company said it had recently advanced a series of growth initiatives in the region, including the award of the DEWA PSC, a gas agreement at Seligi 1b, the acquisition of Harbour Energy's Vietnam business, and new PSC awards at Gaea and Gaea II in Indonesia.

EnQuest said it was targeting production of more than 35,000 barrels of oil equivalent per day in south east Asia by the end of the decade through a combination of optimisation, organic investment, acquisitions and regional expansion.

"To receive this recognition once is a great honour; to receive it twice, back-to-back, is a powerful testament to the consistency, capability, and commitment of the EnQuest team, both onshore and offshore," said south east Asia general manager Radzif Ahmed

Ahmed said 2024 was "a significant year" for EnQuest Malaysia, noting that it celebrated our 10 years in Malaysia, the DEWA PSC awards, and enhanced Seligi gas development, alongside zero lost time injuries.

[master rsi] 10/6/2025 10:33:55

Filtronic secures largest contract award to date with SpaceX

(Sharecast News) - Advanced RF solutions business Filtronic said on Tuesday that it has secured its largest contract award to date with SpaceX.

Filtronic said it had been awarded a follow-on order from SpaceX for the supply of its market-leading E-band Cerus 32 Solid State Power Amplifier, with the irrevocable order worth $32.5m expected to be materially fulfilled in FY26.

The AIM-listed group said the award "reflects the strength and continued success" of its strategic partnership with SpaceX.

As a result, Filtronic said it was now confident that it will exceed current revenue expectations for FY26.

Chief executive Nat Edington said: "We are delighted to have secured our largest order to date with SpaceX, reinforcing Filtronic's growing reputation for delivering high-performance RF solutions to the high-growth space market. This milestone builds on the momentum of recent contract awards and highlights the progress we are making as we expand in key strategic markets."

As of 1000 BST, Filtronic shares were up 8.46% at 141.0p.

[master rsi] 10/6/2025 10:04:07

GBG 246.50p (-24.50 / -9.04%) - GB Group swings to profit and lifts dividend amid turnaround progress

(Alliance News) - GB Group PLC on Tuesday reported a return to profit and increased its dividend, as the firm posted improved margins and a reduction in net debt for its recently ended financial year.

The Chester, England-based software company specialising in fraud prevention and identity verification said pretax profit for the year ended March 31 was GBP15.7 million, swinging from a GBP50.4 million loss the year before.

Adjusted operating profit rose 9.5% to GBP67.0 million, as the adjusted operating margin improved to around 24% from 22%.

Revenue was GBP282.7 million, edging up 1.9% from GBP277.3 million. Identity and location services grew modestly, offsetting declines in fraud and compliance.

GB Group declared a final dividend of 4.40 pence per share, up 4.8% from 4.20p, and said it plans to return over GBP21 million to shareholders in financial 2026. Net debt fell 40% to GBP48.5 million from GBP80.9 million.

The firm launched its new global platform, GBG GO, and said it is exploring a move from AIM to the London Main Market.

The company said it expects financial 2026 results to be in line with current market expectations.

[master rsi] 10/6/2025 09:39:34

BOOM 382.50p +7.50p

Stuart Last CEO
Very pleased to partner with ⁦@GumballFM297; to bring Adaptive Ads to our Showcase marketplace. It’s a very cool ad product that expands revenue options for our creators through AI.
---------------
Shoutout to our @Audioboom's tech team and our Senior Developer, Dominic Chalcraft for rolling out some awesome tech updates lately. They've been on a mission to make #podcast advertising as efficient and effective as possible!

[master rsi] 10/6/2025 09:14:49

MARKET REPORT
LONDON MARKET OPEN: Housebuilders boost FTSE 100; UK data hurts pound

(Alliance News) - The FTSE 100 outperformed as European stocks opened mixed on Tuesday, while the pound struggled in the wake of a softer UK labour market report.

The FTSE 100 index opened up 37.88 points, 0.4%, at 8,870.16. The FTSE 250 was up 63.76 points, 0.3%, at 21,349.67, and the AIM All-Share was down 0.76 of a point, 0.1%, at 763.13.

The Cboe UK 100 was up 0.5% at 883.36, the Cboe UK 250 added 0.4% at 18,860.56, and the Cboe Small Companies was flat at 16,945.55.

In European equities on Tuesday, both the CAC 40 in Paris and the DAX 40 in Frankfurt were 0.1% lower.

The pound fell to USD1.3463 early Tuesday, from USD1.3556 at the time of the London equities close on Monday, while the euro was lower at USD1.1393 from USD1.1419. Versus the yen, the dollar rose to JPY144.76 from JPY144.42.

The UK unemployment rate rose slightly in the three months to April, as expected, while pay growth was more moderate than forecast, according to numbers on Tuesday.

The Office for National Statistics said the UK unemployment rate increased to 4.6% in the period from February to April, from 4.5% in the first three months of 2025. The last time the jobless rate was higher was in the period from April to June 2021, at 4.7%, according to the ONS.

The jobless rate was in line with FXStreet-cited consensus.

The ONS said annual growth in average earnings was 5.2% for regular earnings, which exclude bonuses, and 5.3% for total earnings, which factor in bonuses.

However, regular earnings growth of 5.4% was expected, and total earnings growth of 5.5% was predicted, according to FXStreet.

Regular earnings growth eased from 5.5% in the three months to March, and total earnings growth ebbed from 5.6%.

XTB analyst Kathleen Brooks commented: "The latest UK labour-market update showed a softening in the job market last month and a drop in wage growth, most notably for private-sector workers. The unemployment rate rose a notch and the ONS reported that firms may not be recruiting new workers or replacing workers who have left. Overall, this is a grim labour market survey and if this trend continues, it could spell worrying times for the UK economy."

The yield on the US 10-year Treasury was quoted at 4.45% early Tuesday UK time, narrowing from 4.49% at the time of the closing bell on the London Stock Exchange on Monday. The 30-year yield narrowed to 4.92% from 4.96%.

Key trade talks between US and Chinese officials in London will stretch into a second day, a source told AFP Monday, with both sides seeking to shore up a shaky tariff truce further strained by export curbs.

The gathering of key officials from the world's two biggest economies began Monday in the historic Lancaster House, run by the UK Foreign Office, following a first round of talks in Geneva last month.

Chinese Vice Premier He Lifeng was again heading the team in London, which included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation.

In New York on Monday, the Dow Jones Industrial Average ended slightly lower. The S&P 500 edged up 0.1%, while the Nasdaq Composite climbed 0.3%.

In Tokyo on Tuesday, the Nikkei 225 was 0.3% higher. In China, the Shanghai Composite was down 0.74%, falling into the red in afternoon trade despite spending the morning in the green. It was a similar story for the Hang Seng in Hong Kong which was down 0.3%. Financial markets in Sydney re-opened on Tuesday after a holiday on Monday. The S&P/ASX 200 ended 0.8% higher.

A barrel of Brent oil rose to USD66.98 early Tuesday from USD66.88 late Monday. Gold traded at USD3,328.79 an ounce, declining slightly from USD3,329.84.

In London, housebuilders were among the stand out performers. Bellway rose 4.9%. Bellway said it is on track for "strong growth in volume output and profits" in its financial year, and it predicted average selling prices will be above previous guidance.

The housebuilder said it saw "robust" trading through the spring selling period.

"Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in FY26," Chief Executive Jason Honeyman said.

Volume output for the year to July 31 is now expected between 8,600 and 8,700 homes, a rise from 7,654 home in the prior financial year. In its March interim results, it predicted output of at least 8,500 homes.

The overall average selling price is now expected to be around GBP315,000, up from its previous guidance of GBP310,000 and a rise from GBP307,909 last year. It put the guidance hike to "changes in product mix".

"The group is now fully sold for the current financial year and if market conditions remain stable, Bellway remains well-positioned to deliver cumulative volume growth of 20% in the two years to 31 July 2026," it added.

On the FTSE 100, Persimmon and Barratt rose 3.5% and 3.0% in a positive read-across, the best large-cap performers.

Aberdeen added 7.1% after JPMorgan lifted the stock to 'overweight' and placed it on 'positive catalyst watch'.

Hochschild slumped 19%. It expects a "significant reduction" to guidance for its Mara Rosa mine in Brazil.

"The company has previously disclosed that operations at Mara Rosa have been adversely affected by heavier-than-usual seasonal rainfall over the past few months as well as contractor performance issues. These conditions have limited access to ore, particularly the higher-grade zones within the pit, and have further compounded ongoing challenges with the filtering processes. As a result, efforts to recover from delays in mine waste removal carried over from the previous year have been further prolonged," the gold miner said.

Elsewhere, Revolution Beauty added 5.9%. Frasers Group confirmed its interest in Revolution Beauty, and the Sports Direct owner said that any offer it makes for the cosmetics product retailer will be all cash. Frasers, however, said there is no certainty that a bid will be made.

Revolution Beauty confirmed Monday that Sports Direct owner Frasers Group is one of a number of parties eyeing a bid for the company. It said Frasers is "one of a number of parties conducting due diligence" as part of the formal sale process announced in May.

[master rsi] 10/6/2025 08:49:39

BOOM 377.5p ( 375 v 380p )+2.50p

There was a 5K buy earlier and now another one paying 4p premium 384p

08:43:36 384 5,000

[master rsi] 10/6/2025 08:08:16

FTSE

On the up with 31 points at opening

[master rsi] 09/6/2025 23:40:12

Spending review is 'settled', says Downing Street
(Alliance News) - The spending review is "settled", Downing Street has said, after the Home Office was the last department locked in budget negotiations.

Chancellor Rachel Reeves is expected to announce funding increases for the NHS, schools and defence along with a number of infrastructure projects on Wednesday, as she shares out some GBP113 billion freed up by looser borrowing rules.

But other areas could face cuts as she seeks to balance manifesto commitments with more recent pledges, such as a hike in defence spending, while meeting her fiscal rules that promise to match day-to-day spending with revenues.

On Monday morning, Home Secretary Yvette Cooper was the last minister still to reach a deal with the Treasury, with reports suggesting greater police spending would mean a squeeze on other areas of her department's budget.

Speaking to reporters on Monday afternoon, the Prime Minister's official spokesman said: "The spending review is settled, we will be focused on investing in Britain's renewal so that all working people are better off.

"The first job of the Government was to stabilise the British economy and the public finances, and now we move into a new chapter to deliver the promise and change."

The Government has committed to spend 2.5% of gross domestic product on defence from April 2027, with a goal of increasing that to 3% over the next parliament – a timetable which could stretch to 2034.

Reeves' plans will also include an GBP86 billion package for science and technology research and development.

Last week the Chancellor admitted that she had been forced to turn down requests for funding for projects she would have wanted to back, amid the Whitehall spending wrangling.

Mayor of London Sadiq Khan's office is concerned that Wednesday's announcement will include no new funding or projects for London.

The mayor had been looking to secure extensions to the Docklands Light Railway and Bakerloo line on the Underground, along with the power to introduce a tourist levy and a substantial increase in funding for the Metropolitan Police.

A source close to the mayor said on Monday that ministers "must not return to the damaging, anti-London approach of the last government", adding this would harm both London's public services and "jobs and growth across the country".

They said: "Sadiq will always stand up for London and has been clear it would be unacceptable if there are no major infrastructure projects for London announced in the spending review and the Met doesn't get the funding it needs.

"We need backing for London as a global city that's pro-business, safe and well-connected."