Upstream Share Discussion Threads

[pangrati] 12/6/2025 08:36:06

ALTONA RARE EARTHS PLC / LSE:REE



STRATEGIC ENGAGEMENT AND INCREASING MARKET INTEREST
IN MONTE MUAMBE CRITICAL METALS PROJECTS

Altona Rare Earths PLC (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, is pleased to provide an update on potential strategic investment for the Monte Muambe rare earths, gallium and fluorspar projects.

Highlights

· Non-Disclosure Agreement ("NDA") signed with a leading international critical metals mining industry group for potential strategic investment in the Monte Muambe rare earths and gallium project.
· Momentum in Monte Muambe's fluorspar project attracts increasing attention from the European fluorspar sector - additional signed NDA to explore project-level collaboration and funding opportunities.
· Ongoing critical raw materials shortages and supply chain disruptions in Europe, Asia and the United States underscore the growing strategic relevance of Monte Muambe's rare earths, gallium, and fluorspar resources.

Strategic Engagements Advance Across Rare Earths and Fluorspar Streams

As part of its stated strategy to secure long-term partnerships across the critical raw materials value chain for Monte Muambe, Altona is pleased to report material progress in its engagement with prospective strategic partners.

The Company has signed an NDA with a leading international critical metals industry group for potential strategic investment in the Monte Muambe rare earths and gallium project, marking a significant step forward. Representative ore samples have been sent to the potential partner for independent analysis, as part of a technical review of project data.

Simultaneously, continued progress on the Monte Muambe fluorspar project, combined with the recent expansion of its scope, has catalysed strong interest from established participants in the European fluorspar market, and in Mozambique. Altona has now entered into an NDA, and is expecting to enter into another NDA shortly, with European entities operating in the fluorspar sector. These agreements create a framework to assess potential collaboration across extraction, offtake, and staged project-level funding.

Constructive and fast-moving exchanges of information are underway under these NDAs, and the Company looks forward to updating the market as these discussions advance towards potential commercial agreements.

Favourable Geopolitical Dynamics Reinforce Strategic Value

The strategic importance of critical raw materials, and the vulnerability of global supply chains, have gained prominence over the past years, amid increasing manufacturers exposure to geopolitical risks. To address this situation, policies have been created, and updated, across Western jurisdictions.

What were previously regarded as theoretical risks have recently materialised in the form of trade wars revolving around US tariffs policies, as well as critical raw materials export bans by China, which have now translated into real-world impacts, with significant disruptions of industrial outputs and defence readiness.

Recent commentary from the European Association of Automotive Suppliers (CLEPA) highlighted that export restrictions on key raw materials have already led to production halts across several European automotive plants, with similar disruptions reported in the United States and Japan(1). Concurrently, availability issues and resulting price pressure have emerged across rare earth magnets and gallium-based electronic components supply chains(2), underlining the urgent need for diversified, reliable supply sources.

CEO Comments

Cedric Simonet, CEO of Altona, commented:

"We are seeing a marked shift from high-level policy reflections on critical material risks to immediate and tangible impacts on critical high-technology and defence industries. This evolution is amplifying strategic interest in Monte Muambe, which is uniquely positioned with multiple critical raw materials in development.

"Our technical milestones - combined with a supportive geopolitical backdrop - are opening up compelling opportunities to partner with experienced players in the rare earths and fluorspar sectors. We are encouraged by the level of engagement from potential strategic investors and look forward to updating shareholders as these discussions evolve."

[master rsi] 12/6/2025 08:24:42

LONDON BRIEFING: Tesco backs outlook; Halma hails record earnings
(Alliance News) - London's FTSE 100 is called to open lower on Thursday, with Middle East tensions and tariff worries keeping enthusiasm at bay.

US President Donald Trump said he will send letters to trading partners soon on tariff rates.

"We're going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is," he said to reporters.

"At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it."

Trump said US personnel were being moved from the potentially "dangerous" Middle East on Wednesday as nuclear talks with Iran faltered and fears grew of a regional conflict. Trump also reiterated that he would not allow Iran to have a nuclear weapon, amid mounting speculation that Israel could strike Tehran's facilities.

The pound, meanwhile, surrendered some progress after a softer than expected reading of the UK economy. It had been on the cusp of USD1.36 mark before the data was released.

Here is what you need to know at the London market open:

MARKETS

FTSE 100: called down 0.4% at 8,827.85

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Hang Seng: down 0.9% at 24,138.12

Nikkei 225: down 0.6% at 38,182.47

S&P/ASX 200: down 0.3% at 8,565.10

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DJIA: closed down 1.10 points at 42,865.77

S&P 500: closed down 16.57 points, 0.3%, to 6,022.24

Nasdaq Composite: closed down 99.11 points, 0.5%, at 19,615.88

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US 10-year Treasury yield: 4.41% (4.44%)

US 30-year Treasury yield: 4.91% (4.93%)

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EUR: higher at USD1.1518 (USD1.1486)

GBP: higher at USD1.3559 (USD1.3545)

USD: lower at JPY143.74 (JPY144.63)

GOLD: higher at USD3,371.96 per ounce (USD3,338.63)

(Brent): higher at USD69.21 a barrel (USD68.23)

(changes since previous London equities close)

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ECONOMICS

Thursday's key economic events still to come:

11:00 BST Ireland CPI

13:30 BST US PPI

13:30 BST US initial jobless claims

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The UK economy fell at a faster pace than expected in April, numbers showed, as services output slumped. According to the Office for National Statistics, the UK economy fell 0.3% in April from March. It had expanded 0.2% in March from February. The reading for April fell short of expectations, as a smaller decline of 0.1% was expected, according to consensus cited by FXStreet. "Monthly services output fell by 0.4% in April 2025, following growth of 0.4% in March 2025, and was the largest contributor to the fall in GDP in the month," the ONS said. "Production output fell by 0.6% in April 2025, following a fall of 0.7% in March 2025." In the three months to April, the UK economy grew 0.7% compared with the three months to January. The ONS said there were signs "that some activity may have been brought forward from April to earlier in the year". "There was growth in all three main sectors in the three months to April 2025, with a rise of 0.6% in services sector output the main contributor to the increase in GDP, while production and construction output grew by 1.1% and 0.5%, respectively," the ONS added.

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Property professionals' expectations for future sales are becoming more upbeat, although the UK housing market remains subdued, according to surveyors. Looking ahead, a net balance of 25% of professionals expect the number of house sales to increase over the next year, marking the strongest reading since February, the Royal Institution of Chartered Surveyors said. But its May survey also found that 26% of professionals reported seeing new buyer inquiries falling rather than rising, marking the fifth month in a row of decreases. The figure is slightly less downbeat than seen in March and April, Rics said. A net balance of 28% of professionals reported seeing the number of sales agreed falling. Sales volumes are generally expected to flatten out rather than fall in the three months ahead, the survey indicated. House prices also appeared to be broadly flat, with a net balance of 8% of professionals reporting seeing prices fall rather than rise in May, which was slightly more than the balance of 3% who reported seeing this in April. Over the next year, a balance of 34% of property professionals expect house prices to increase.

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Some GBP6 billion will be spent on speeding up testing and treatment in the National Health Service, Rachel Reeves has announced, after she placed the health service at the heart of UK government spending plans. The UK chancellor unveiled the investment, which includes new scanners, ambulances and urgent treatment centres aimed at providing an extra four million appointments in England over the next five years, after Wednesday's spending review. The funding is aimed at reducing waiting lists and reaching Labour's "milestone" of ensuring the health service carries out 92% of routine operations within 18 weeks. In the review, Reeves set out day-to-day spending across government for the next three years, as well as plans for capital investment over the next four years. The NHS and defence were seen as the winners from the settlement, as both will see higher than average rises in public spending. This comes at cost of squeezing the budgets of other Whitehall departments and experts have warned tax rises may be needed later this year.

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The UK has reached a deal with the EU over Gibraltar's border with Spain that will allow travellers to cross by land without checks. The agreement on a "fluid border" clears the way to finalise a post-Brexit deal on the territory with the EU. But those flying into Gibraltar from the UK will face one check from Gibraltarian officials and another by the Spanish on behalf of the EU. This is because the land border will allow those arriving by air access to the European Schengen free travel area unchecked once they are in Gibraltar. The UK and Gibraltar insisted the changes would not affect the British overseas territory's sovereignty.

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BROKER RATING CHANGES

Barclays cuts Lancashire price target to 660 (700) pence - 'equal weight'

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COMPANIES - FTSE 100

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Grocer Tesco left its annual outlook unchanged, after it kicked off the financial year with first-quarter sales growth. Sales in the 13 weeks to May 24 amounted to GBP16.38 billion, rising 5.3% on-year, or 5.5% at constant currency. Like-for-like sales were 4.6% higher annually. "We are pleased with our performance across the first quarter. Our continued commitment to delivering great value, quality and service for our customers has contributed to like-for-like sales growth across all parts of the group," Chief Executive Officer Ken Murphy said. Like-for-like sales in the UK alone grew 5.1%, while in Ireland, they rose 5.5%. Booker like-for-like sales were 2.0% higher and Central Europe like-for-like sales rose 4.1%. Murphy added: "In the UK we have continued to see market share gains and increased customer satisfaction across a wide range of measures, a reflection of our powerful value proposition, strong availability and focus on product quality and innovation." The CEO said the grocery market "remains intensely competitive". Tesco still expects adjusted operating profit of between GBP2.7 billion and GBP3.0 billion for the year, at best a 4.1% decline from GBP3.13 billion the prior year. It still predicts free cash flow within its medium-term guidance range of GBP1.4 billion and GBP1.8 billion.

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Halma's reported annual profit growth amid "varied market conditions and a challenging economic

and geopolitical backdrop". The life-saving equipment maker posted pretax profit of GBP384.3 million for the year ended March 31, up 13% from GBP340.3 million. Revenue rose 11% to GBP2.25 billion from GBP2.03 billion. Halma upped its final dividend by 7.0% to 14.12 pence per share from 13.20p a year earlier. Its total dividend was also 7.0% higher at 23.12p from 21.61p. CEO Marc Ronchetti said: "This has been another successful year for Halma, reflecting the contributions and commitment of everyone in the group. We delivered record revenue and profit, with strong margins and cash generation, and increased returns on capital. We achieved our 22nd consecutive year of profit growth, and delivered our 46th consecutive year of dividend growth of 5% or more." The CEO continued: "Achieving such a strong performance amidst varied market conditions and a challenging economic and geopolitical backdrop is a testament to the fundamental strengths of our sustainable growth model." Halma said it has made a "positive start" to the new financial. It expects upper single digit organic constant currency revenue growth for the year. Its adjusted earnings before interest and tax margin is tipped to land "modestly above" the middle of its 19%-23% target range. The adjusted Ebit margin in the year just gone expanded to 21.6% from 20.8%.

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COMPANIES - FTSE 250

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Housebuilder Crest Nicholson said it is on track to meet expectations after a first half that went in line with expectations. It reported pretax profit of GBP9.4 million for the six months to April 30, swinging from a loss of GBP30.9 million a year prior. In the prior financial year, its bottom line was hurt by exceptional costs, including those to remediate buildings with possible fire safety defects, and site costs related to "certain build defects". Revenue in the half-year just ended fell 3.1% annually to GBP249.5 million from GBP257.5 million. "I am pleased to report that Crest Nicholson has delivered trading in line with expectations in the first half and is on track to meet its FY25 guidance," CEO Martyn Clark said. "The housing market continues to show signs of stabilisation with an incrementally easing planning system, improving affordability and strong support from lenders. Customer appetite for the mid premium segment of the market, which is characterised by high-quality, well-designed homes in sought-after locations, and which is our focus segment remains robust. This places Crest Nicholson in a strong position to navigate the market with confidence and clarity of purpose." For the full-year, it still expects adjusted pretax profit between GBP28 million and GBP38 million,

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OTHER COMPANIES

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Electric vehicle charge services provider Pod Point Group agreed to a GBP10.6 million takeover from its majority shareholder. EDF Energy will pay 6.5p in cash for each Pod Point share it does not already own, a deal which values the London listing at GBP10.6 million on a fully diluted basis. The sum is a 24% premium to its 5.24p closing price on April 23, the day prior to EDF making a GBP10.1 million takeover proposal. EDF owns around 53% of Pod Point. "An independent Pod Point would require substantial third party financing, which would be highly challenging to obtain given current market conditions. Absent such further financing, Pod Point faces liquidity pressures and it is therefore clear that Pod Point requires a sustainable long term solution that eliminates the risk of financial distress," a statement on Thursday said. "EDF believes that Pod Point will be better positioned to pursue its long-term strategic goals as a wholly-owned subsidiary, free from the short-term demands of public equity markets and able to benefit from long-term funding commitments and EDF capabilities in Flex, Public Charging and home energy management." The offer has the support of just over 18% of Pod Point shares, in addition to EDF's own shares. Pod Point also released annual results on Thursday. Revenue in 2024 fell 17% to GBP52.9 million from GBP63.8 million, while its pretax loss widened to GBP84.5 million from GBP83.2 million. "2024 has been a year of challenges, change and progress for Pod. The number of EV cars sold in the UK was up 20% on 2023 and there remains a clear trajectory to the electrification of the UK economy given successive government policies," it said.

[master rsi] 12/6/2025 08:14:49

FTSE

Up and down, but now level with yesterday's close

British shares were mostly flat at the open on Thursday after official data showed that the country’s gross domestic product shrank by 0.3% in April

[master rsi] 11/6/2025 23:45:50

EEE 19p =

After the breakout and positive RNS the share price went berserk on the spike UP, till eventually the profit taking retracement up to 50% took place late yesterday and then this morning, with a bounce back later to finish unchanged by the UT

[master rsi] 11/6/2025 23:29:55

US close: Stocks mostly lower following CPI reading, trade headlines

(Sharecast News) - Major indices were mostly lower on Wednesday as market participants thumbed over a closely watched inflation report and digested US-China trade headlines.

At the close, the Dow Jones Industrial Average was flat at 42,865.77, while the S&P 500 lost 0.27% to 6,022.24 and the Nasdaq Composite saw out the session 0.50% weaker at 19,615.88.

The Dow closed just 1.10 points lower on Wednesday after US and Chinese officials were said to have reached a "framework" trade agreement in London.

Donald Trump said the deal with China was "done, subject to final approval with President Xi and me". He added that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%."

[master rsi] 11/6/2025 22:03:23

DOW

Managed to finished 1 point higher

[master rsi] 11/6/2025 17:29:11

MARKET REPORT
LONDON MARKET CLOSE: Stocks close higher as US-China deal digested

(Alliance News) - Stock prices in London ended higher on Wednesday after US and China negotiators announced a 'framework' agreement, while UK Chancellor Rachel Reeves unveiled a 'watershed' spending review and the US consumer inflation print was softer than expected.

"Our deal with China is done," US President Donald Trump wrote on Truth Social on Wednesday, adding that the agreement was still "subject to final approval with President Xi [Jinping] and me."

He further stated that China will supply "full magnets, and any necessary rare earths... up front", and that Washington will allow Chinese students to remain at US colleges.

The FTSE 100 index closed up 11.27 points, 0.1%, at 8,864.35. The FTSE 250 ended up 39.08 points, 0.2%, at 21,428.54, and the AIM All-Share closed up 2.51 points, 0.3%, at 768.83.

The Cboe UK 100 was up 0.1% at 884.13, the Cboe UK 250 was up 0.2% at 18,945.73, and the Cboe Small Companies was up 0.5% at 16,999.19.

Most notably in UK news, UK Chancellor Rachel Reeves set out the government's spending review in the House of Commons.

The chancellor said total departmental budgets would grow by 2.3% a year in real terms and promised a "record cash investment" in the NHS, amounting to an extra GBP29 billion a year. She also claimed the government's tax hikes and looser borrowing rules allowed her to spend GBP190 billion more on the day-to-day running of public services and GBP113 billion on investment.

The review marks a watershed moment for the government, almost a year after Labour's election landslide, PA reports.

The chancellor said her "driving purpose" was "to make working people, in all parts of our country, better off" as she promised cash to rebuild schools and hospitals, confirmed funding for nuclear power schemes and major transport projects across the country.

"We are renewing Britain," she said. "But I know that too many people in too many parts of our country are yet to feel it."

Nonetheless, XTB analyst Kathleen Brooks commented that "a debate is now raging about how [Reeves] can fulfil her spending commitments without causing the national debt to swell, and UK borrowing levels to surge".

Adding that Reeves "was saved by US inflation" (the latest figures for which were released on Wednesday afternoon - see below), Brooks said: "Overall, this budget is squeezing day-to-day public spending and is focusing on capital investment. Even the NHS's budget increase is linked to big tech projects rather than day to day spending on the public's health. Thus, there could be a focus on limiting public sector pay going forward, due to the inflationary impact and the fact that the money is not available.

"As always, it is worth interrogating any government promises and this is where the numbers announced by the Chancellor today may not stand up to scrutiny.

"For example, most of Reeves' spending pledges encompass the period from 2023/24 to 2028/29, the full parliamentary period," Brooks continued. "We are already one year into Labour's term, so some of the spending 'increases', that she has announced, have already been spent."

On the FTSE 100, BT was up 2.5%, following the Telegraph's report on Tuesday that it is in the "early stages" of mulling a bid for broadband provider TalkTalk.

Weir Group was up 1.5%.

The Glasgow, Scotland-based engineering company has been awarded a GBP40 million sustainable tailings solution contract in Chile. It will supply its tailings transport solution for Codelco, the world's largest copper producer, at the Talabre tailings dam expansion project in the Atacama region.

On the FTSE 250, Ibstock dropped 15% after a "disappointing" update.

The Leicestershire, England-based building products supplier said it expects adjusted Ebitda for 2025 to be between GBP77 million and GBP82 million. The upper estimate, Peel Hunt noted, would be below consensus of GBP92 million.

"This update is disappointing, especially on pricing, but the group remains well placed to rebound when the wider building market starts picking up," Peel analysts said.

Among small caps, Ricardo surged 26%.

The Shoreham-by-Sea, England-based environmental and engineering consultancy has agreed to a GBP281 million all-cash buyout from Canadian consultancy WSP Global Inc, the two companies announced.

The 430 pence per share offer is at a 28% premium to Ricardo's 335p closing price on Tuesday.

The offer also has the backing of Ricardo shareholder Science Group, which has a 21.8% total stake and has agreed to sell 12.4 million shares to WSP at the offer price.

In European equities on Wednesday, the CAC 40 in Paris closed down 0.4%, while the DAX 40 in Frankfurt ended down 11.45 points.

The pound was quoted higher at USD1.3545 at the time of the London equities close on Wednesday, compared to USD1.3509 on Tuesday. The euro stood at USD1.1486, against USD1.1418. Against the yen, the dollar was trading at JPY144.63, down compared to JPY144.93.

Stocks in New York were higher. The Dow Jones Industrial Average was up 0.4%, while the S&P 500 index and the Nasdaq Composite were up 0.2%.

Regarding this week's trade policy discussions, US Treasury Secretary Scott Bessent has said it is possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations".

"If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways & Means Committee.

Also in the US, consumer price inflation cooled modestly in May, as falling energy prices offset continued increases in housing and food costs, data from the Bureau of Labor Statistics showed.

The consumer price index for all urban consumers rose 0.1% month-on-month in May, following a 0.2% rise in April. On an annual basis, prices rose 2.4%, up slightly from 2.3% in April and below the FXStreet-cited consensus of 2.5%.

Shelter was the main driver of the monthly increase, rising 0.3% for the third consecutive month. Food prices also increased 0.3%, with gains in both groceries and dining out.

The yield on the US 10-year Treasury was quoted at 4.44%, narrowing from 4.48%. The yield on the US 30-year Treasury was quoted at 4.93%, narrowing from 4.95%.

Brent oil was quoted higher at USD68.23 a barrel at the time of the London equities close on Wednesday from USD67.82 late Tuesday.

Gold was quoted higher at USD3,338.63 an ounce against USD3,325.36.

The biggest risers on the FTSE 100 were Fresnillo, up 48.00p at 1,388.00p, Prudential, up 23.00p at 898.80p, BT, up 4.50p at 180.80p, British American Tobacco, up 71.00p at 3,571.00p, and Games Workshop, up 270.00p at 16,420.00p.

The biggest fallers on the FTSE 100 were Antofagasta, down 48.00p at 1,836.50p, JD Sports Fashion, down 1.62p at 80.32.00p, Marks & Spencer, down 6.00p at 367.40p, Unite Group, down 11.77p at 842.23p, and easyJet, down 6.80p at 581.00p.

On Thursday's economic calendar, look out for US producer price inflation and jobless claims. Meanwhile, the UK has GDP, trade balance, industrial production and other data.

On Thursday's UK corporate calendar, Crest Nicholson publishes half-year results and Halma, PayPoint and others release full-year results.

[master rsi] 11/6/2025 17:09:05

BOOM 402.50p +22.50p

It looks like I missed the rise this afternoon, blame someone's birthday celebrations at lunchtime.

In a way, I was expecting that after seeing what they were bidding on the Platform this morning.

[master rsi] 11/6/2025 16:53:53

DOW

160 points higher after 2 hour of trading

[master rsi] 11/6/2025 12:16:20

How the UPS are performing during last month

[master rsi] 11/6/2025 12:09:23

How the UPS are performing today

[master rsi] 11/6/2025 11:48:21

THG 26p +2.40p

Plenty of ups and downs lately, but today is well up on 5.55m volume

[master rsi] 11/6/2025 11:32:53

Record subsidiary agrees funding for Kore Potash's Kola Project

(Sharecast News) - Record announced on Wednesday that its Record Asset Management subsidiary, through joint venture OWI-RAMS with One World Impact Partners, has signed non-binding term sheets to provide the full $2.2bn funding required for the development of the Kola Potash Project in the Republic of Congo.

The London-listed firm said the agreement with AIM-traded Kore Potash, which holds a 97% stake in the Kola and Dougou Extension Potash Projects, was a significant step toward unlocking one of the world's largest undeveloped potash deposits.

It said the funding package was expected to support the project's construction and contribute to global food security while driving economic growth in the region.

OWI-RAMS targets investments that support food system resilience and the energy transition.

Its mandate includes providing capital across the risk spectrum, from equity and structured financing to senior and whole-loan facilities.

The Kola project, located in the Sintoukola Basin, was seen as strategically important in enhancing potash supply amid increasing global demand for agricultural inputs. The signed term sheets remain non-binding, with further steps to follow before financial close.

At 1038 BST, shares in Record were up 0.36% at 55p.

[master rsi] 11/6/2025 11:00:54

BOOM

STRANGE BUT TRUE
Market Makers are playing games today; they want the stock, yet they keep a 25p spread.

The price quoted at the moment on the platform

Spread 365 v 390p
You can sell 5,000 shares at 375.10p
Buying at 388p

[master rsi] 11/6/2025 10:32:35

Heathrow sees busiest May on record

(Sharecast News) - More than 7m passengers travelled through Heathrow in May, the UK airport said on Wednesday, boosted by a bumper bank holiday and an all-English Europa League final.

A record 7.2m people used the west London airport - Europe's busiest - last month, a 0.4% uptick and the strongest ever May.

Heathrow said it had benefited from a "strong" late bank holiday as well as Manchester United and Tottenham Hotspur playing in the Europa League final in Bilbao.

It said 22 May, the day after the final, had been a record. A total of 16 flights operated across the two days, double the norm.

In the year to May, 84m people used the hub, a 3.1% increase.

However, Heathrow also called for an "honest conversation" about increasing capacity.

It said: "As these record numbers become the norm, it's time to start an honest conversation about the challenges this presents for an already space-constrained yet highly efficient hub.

"Heathrow continues to deliver excellent service, but to sustain this performance and meet future demand, expanding capacity will be essential."

Earlier this year, chancellor Rachel Reeves said the government would support an expansion of Heathrow, despite long-standing opposition from local and environmental groups. Heathrow has since announced plans for a "phased" expansion, which will start with upgrades to existing sites, including reconfiguring the layout of the airfield and expanding terminals 2 and 5.

It is then expected to apply for permission to build a controversial third runway later this summer.

While Reeves has made it clear the government is minded to approve a third runway, however, London mayor Sadiq Khan and transport committee chair Ruth Cadbury have already been vocal in their criticism.

[master rsi] 11/6/2025 09:36:40

MARKET REPORT
LONDON MARKET OPEN: Stocks up before US data, UK spending review

(Alliance News) - European equities opened in a solid fashion on Wednesday, with news of a US and China "framework" after talks in London lifting the mood.

The FTSE 100 index opened up 11.84 points, 0.1%, at 8,864.92. The FTSE 250 was up 44.46 points, 0.2%, at 21,433.92, and the AIM All-Share was up 0.90 of a point, 0.1%, at 767.22.

The Cboe UK 100 was flat at 883.44, the Cboe UK 250 added 0.2% at 18,932.86, and the Cboe Small Companies was down 0.1% at 16,898.58.

In European equities on Wednesday, the CAC 40 in Paris was up 0.3% and the DAX 40 in Frankfurt added 0.2%.

Top officials from the US and China said Tuesday they had agreed on a "framework" to move forward on trade, after two days of high-level talks in London to resolve tensions.

US Commerce Secretary Howard Lutnick expressed optimism that concerns surrounding rare earth minerals and magnets "will be resolved" as the deal is implemented.

But the framework will need to be approved by leaders in Washington and Beijing, officials said after a full day of talks at the UK capital's historic Lancaster House.

In Tokyo on Wednesday, the Nikkei 225 ended 0.6% higher. In China, the Shanghai Composite rose 0.5%, while the Hang Seng Index in Hong Kong traded 0.8% higher. In Sydney, the S&P/ASX 200 ended up 0.1%.

In New York on Tuesday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 and Nasdaq Composite each rose 0.6%.

Sterling fell to USD1.3474 early Wednesday, from USD1.3509 at the time of the London equities close on Tuesday. The euro traded at USD1.1412, down from USD1.1418. Against the yen, the dollar advanced to JPY145.16 from JPY144.93.

ING analysts commented: "This week hasn't shown a clear direction for the dollar so far. Uncertainty around how far-reaching the US-China trade talks in London will be has left room for domestic factors to shape relative performance across G10 currencies.

"From a market sentiment standpoint, this feels like a positive step toward de-escalation, but not a major breakthrough. China's refusal to commit to reducing its trade deficit still leaves plenty of ammo for trade hawks in Washington to resist any structural easing."

ING analysts continued: "A soft 3-year Treasury auction reversed some recent gains in US government bonds, which now face a dual test today with the highly watched 10-year auction and CPI data."

The yield on the US 10-year Treasury was at 4.49% early Wednesday, widening from 4.48% at the London equities close on Tuesday. The 30-year yield stretched to 4.96% from 4.95%.

Wednesday's global economic calendar has the US inflation reading at 1330 BST. According to consensus cited by FXStreet, the pace of consumer price inflation is expected to have accelerated to 2.5% in May from 2.3% in April.

Also on Wednesday, UK Chancellor Rachel Reeves will set out government spending plans. The announcement will be around 1230 BST.

The review, which will set out day-to-day spending plans for the next three years and capital spending plans for the next four, is expected to see boosts for the NHS, defence and schools.

XTB analyst Kathleen Brooks commented: "This much-hyped event will see the chancellor allocate GBP600 billion of public funding later today, which is one quarter of the UK economy.

"While we know where the vast amount of money will be allocated ahead of this speech, what we don't know is where the savings will come from? The spending review has been touted as one of the biggest ever Treasury exercises, going line by line through government departments budgets to look for inefficiencies and elimination of waste. If the chancellor cannot convince the market that she is serious about getting the UK's finances on a good footing, then the UK Gilt market may give back some of Tuesday's gains, and bond yields could rise, which may weigh on sterling."

Brooks added: "From a stock market perspective, we think that this spending review will reinforce defence firms, which have been the top performers in the FTSE 100 so far this year. The FTSE 250 has been driven by banks and home builders so far this year. The government is expected to release more funds for homebuilding. This could also keep the homebuilders buoyant, while the short-term outcome for banks could depend on how bond markets react to the review. Considering the chancellor has left little room for surprises, the UK bond market could absorb the spending review well, in our view."

Ahead of the spending review, BAE was down 0.4% in early trade, though Rolls-Royce traded 0.8% higher.

Among FTSE 250s, housebuilder Bellway was up 2.3%, extending gains after a 7.9% advance on Tuesday.

Ibstock slumped 14%. The building products supplier said a "more competitive market backdrop" has meant it has struggled to pass on the impact of cost inflation to customers.

Ibstock said "average selling prices have been adversely impacted by sales mix".

"This, combined with a more competitive market backdrop, has made passing on the full impact of cost inflation more challenging. Overall, based on both sales mix and absolute pricing levels, we expect sales prices in both clay and concrete in the first half of 2025 to be broadly in line with the comparative period," it said.

It now expects its 2025 adjusted earnings before interest, tax, depreciation and amortisation to be in the range of GBP77 million to GBP82 million, between a 2.5% fall and a 3.8% rise from GBP79 million in 2024.

Ibstock expects first half sales volumes in its core business "to be materially above the prior year level".

Chief Executive Officer Joe Hudson said: "Despite ongoing uncertainty, we are encouraged by signs of recovery in the UK housing market. As such, we remain committed to taking steps to ensure we are well placed to support customers and benefit from the recovery as it gathers pace. Notwithstanding the margin headwinds encountered in 2025, we remain confident that our recent actions alongside our strategic investments leave us well positioned as activity levels continue to pick up."

Elsewhere, there was a slew of M&A updates for investors to take stock of.

Assura advanced 2.0% as it backed a GBP1.70 billion offer from a KKR-led private equity consortium. Fellow London listing Primary Health Properties had been in pole position to acquire the healthcare facilities investor. Primary Health shares were up 1.6%.

Ricardo jumped 25% as it agreed to a GBP281 million cash buyout from consultancy firm WSP Global. Science Group, an investor in Ricardo which has recently pushed for changes at the environmental and engineering consultancy, shot up 13%.

On the decline, analytics company GlobalData fell 15%, while software solutions provider Craneware added 0.8%. Both their respective suitors decided against making bids.

A barrel of Brent fell to USD66.96 on Wednesday morning, from USD67.82 at the time of the closing bell on the London Stock Exchange on Tuesday. Gold fetched USD3,338.42 an ounce, up from USD3,325.36.

[master rsi] 11/6/2025 08:48:06

EEE 16.30 -2.70p

It takes two to tango, and the MMs had their book empty due to the huge demand lately, so they marked them down and refilled them ( the p.i. panic and they are selling ) since yesterday afternoon.