Justin Emerson

AO's Second Act

AO World, the British online electricals retailer, has given investors a cleaner profit story and cash coming back. In the year to March 2026, the company's statutory pre-tax profit more than doubled to £50.5m, from £20.6m. It also plans to return £20m to shareholders, split between a £10m special dividend and a £10m share buyback. For a business once better known for ambition than dependable profits, that marks a notable shift. Even so, this wasn't enough to convince the market: the shares were down about 3% after the announcement.

June 17, 2026 at 09:29 am

Currencies: Support for the Dollar Is Fraying

The markets have probably just navigated a pivotal week. After several weeks that were dominated by anxieties over the Strait of Hormuz, surging energy prices, and the return of inflation, investors have now glimpsed a way out. However, the situation is still fragile: even so, the economy remains robust, inflation is accelerating and central banks are preparing to adopt a significantly less accommodative tone.

June 15, 2026 at 08:37 am

Could This Finally Be the One?

Investors are once again weighing the prospects of a long-awaited peace agreement between the United States and Iran. While the latest reports suggest genuine progress, the market has seen this script play out before. Regardless of the outcome, European markets closed the session with solid gains.

June 12, 2026 at 06:52 pm

Berenberg remains cautious on Bayer amid ongoing US litigation

Bayer shares saw a modest uptick in Frankfurt trading, rising 0.47% to EUR35.96. Berenberg has revisited the company's US legal challenges, maintaining its hold rating while marginally raising its target price from EUR40 to EUR40.50.

June 12, 2026 at 03:27 pm

After Euphoria, a Traffic Jam on the Multi-Billion Dollar Kilo-Highway

While obesity treatments have existed for decades with varying degrees of success, such as the amphetamines of the 1940s and 1950s, the first true revolution arrived in 2021 with Novo Nordisk's Wegovy, followed two years later by Eli Lilly's Zepbound. Today, these two laboratories form a near-duopoly, capturing almost 90% of a market estimated between $35bn and $45bn this year, or between $87bn and $101bn when including diabetes treatments.

June 12, 2026 at 10:23 am

Speculative Fever Grips the Nigerian Stock Market

The Nigerian stock market is on track for its best year since 2007, with its main index up nearly 60%. However, behind this spectacular performance, the rally is being driven by a surge in small-cap stocks that are often decoupled from economic reality.

June 12, 2026 at 08:49 am

OHB: The Discreet European Space Champion Riding the Defense Wave

A German satellite specialist, OHB has become a key player in European space sovereignty. Yet, despite a record order book and a surging stock price, its profitability remains fragile, while its valuation is particularly demanding.

June 11, 2026 at 01:00 pm

Market Odds and Ends: Wall Street vs. the Rest of the World

Fifteen years of American outperformance is a long enough streak to turn a bet into a certainty. Buying American has paid off so handsomely that the rest of the developed world has nearly disappeared from the radar. However, in the meantime, vulnerabilities were quietly forming elsewhere: in Bitcoin flows and in a Korean market that is saturated with margin debt.

June 11, 2026 at 12:12 pm

Pennon's leaky recovery

For Pennon, the owner of South West Water, the good news is that the numbers have finally stopped bleeding. The harder question is whether the company can stop the leaks in public confidence.

June 10, 2026 at 09:58 am

GSK's Cancer Bet

For GSK, buying Nuvalent is a $10.6bn wager that precision oncology can supply what big pharma prizes most: growth before the patent cliff bites, credibility in a field it once retreated from, and a pipeline that looks unusually close to market.

June 09, 2026 at 09:17 am

Explainer: What are the world's largest stock exchanges?

Understanding the major stock exchanges provides a better grasp of where securities are traded, in which currency, with which liquidity level, as well as during which trading hours. It is also a way to interpret global economic balances, such as the Nasdaq for technology or Hong Kong for access to China.

June 09, 2026 at 08:57 am

UBS upgrades Porsche AG to Buy

Porsche AG is outperforming in Frankfurt, up 3% to about EUR48.3 euros, bolstered by a rating upgrade and a target price hike from UBS.

June 08, 2026 at 11:18 am

Currencies: The Dollar Regains Momentum

The market is entering a more delicate phase. Since its late-March lows, the S&P 500 has rallied nearly 20%, driven by a rare combination of exceptional earnings growth, artificial intelligence enthusiasm, and expectations of geopolitical de-escalation. However, several signals now suggest that the risk/reward ratio is becoming less favorable in the near term.

June 08, 2026 at 09:46 am

Gold retreats as markets brace for a more hawkish Fed

Gold prices continued to fall on Friday, heading for a weekly drop of approximately 4% as the market is once again dominated by rising yields and the unexpected resilience of the US economy.

June 05, 2026 at 05:15 pm

Private credit funds: why some investors can't withdraw their money at will

Private credit funds promise attractive yields in exchange for taking on higher risk than that of public markets. However, when the environment becomes less favorable, they can face a surge in redemption requests that is difficult to manage without triggering a capping clause. This situation generally creates market tension. Here's why.

June 05, 2026 at 02:47 pm

US tax withholdings defy

Federal tax withholdings accelerated in May in the United States, providing a rather reassuring leading signal for wages, employment, and domestic demand.

June 05, 2026 at 09:22 am

PVH hammered as Middle East tensions cloud European outlook

The American parent company of Calvin Klein and Tommy Hilfiger plummeted about 22% on Wall Street following its quarterly earnings release. PVH Corp reported revenue of $2bn, up 2% on a reported basis, with adjusted EPS of $2.01, exceeding both internal guidance and analysts' expectations.

June 04, 2026 at 09:09 pm

Costco confirms resilience of US consumer in May

Following an already robust April, Costco's US comparable sales accelerated further in May, confirming steady demand for everyday essentials.

June 04, 2026 at 07:42 pm

UnitedHealth rallies on BofA upgrade

In a research note, Bank of America has upgraded UnitedHealth from Neutral to Buy, while raising its target price from $420 to $450. Its shares are currently up 5.71% at $398.54 on Wall Street.

June 04, 2026 at 04:33 pm

Puma goes all-out on the Chinese market

Relegated to the second tier, will the German sportswear brand capitalize on the momentum generated by the World Cup?

June 04, 2026 at 11:17 am

OTC Markets Group: Valuation Trading at 10-year Lows

The first component is a financial market platform possessing all the industry's economic hallmarks: a competitive moat driven by network effects, structural profitability… and more.

June 03, 2026 at 09:38 am