Cambricon Technologies Corp aims to triple output to replace Nvidia in China

Investing.com -- International Workplace Group Plc (LON:IWG), the world’s largest hybrid workspace platform, on Thursday reiterated its medium-term financial targets and announced plans to extend its share buyback program into 2026 ahead of its Investor Day in New York City.

The company, which operates brands including Regus and Spaces, provided 2026 EBITDA guidance of $585 million to $625 million and projected revenue growth of at least 4% in its company-owned division.

IWG also reaffirmed its medium-term target of achieving at least $1 billion in EBITDA with improved cash flow conversion.

Shares in IWG rose 1.1% following the announcement, reflecting modest investor approval of the company’s outlook and capital return plans.

"The strategy to grow the most extensive coverage and network in a capital-light manner is working, and it has enabled us to return significant capital to shareholders," said Mark Dixon, Founder and Chief Executive Officer. "We expect to continue to deliver both cashflow and growth."

Since its previous Investor Day in December 2023, IWG has returned over $150 million to shareholders through buybacks. The company’s stock has performed strongly this year, gaining 45% YoY according to analyst commentary.

The 2026 guidance appears to align with current market expectations, with RBC estimating adjusted EBITDA of $599 million for FY26, falling within the company’s projected range.

IWG’s management team will provide further details on the continuation of its capital-light strategy and financial targets during today’s investor event in New York.

Investing.com – British stocks slipped on Thursday morning, while the pound held steady against the dollar after strengthening the previous day, and broader European markets traded in the green.

As of 0822 GMT, the blue-chip index FTSE 100 dropped 0.1%, and the British GBP/USD was flat against the dollar at 1.33.

DAX index in Germany rose 0.8%, the CAC 40 in France gained 0.4%. 

UK round up

Rio Tinto PLC (LON:RIO) upgraded its 2025 copper production guidance to 860-875 kt from 780-850 kt while reducing unit cost guidance to 80-100 c/lb from 110-130 c/lb.

The Anglo-Australian miner outlined its restructuring strategy at its 2025 Capital Markets Day, where Chief Executive Simon Trott detailed plans to streamline operations into three core businesses: Iron Ore, Copper, and Aluminium & Lithium.

"We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns," Trott said in the notice to the Australian Securities Exchange and London Stock Exchange.

In other corporate news, AJ Bell PLC (LON:AJBA) reported record annual results with revenue rising 18% to £317.8 million and profit before tax increasing 22% to £137.8 million, slightly ahead of consensus estimates. Earnings per share reached 25.6 pence, while profit before tax margin improved to 43.4% from 42% in the previous year.

Frasers Group PLC (LON:FRAS) maintained its full-year profit guidance of £550 million to £600 million despite a 2.8% decline in half-year adjusted profit to £290.9 million. The British sporting goods retailer saw a £82.3 million surge in impairments and interest costs rising £11.3 million to £48.1 million, though retail profit from trading jumped 12.2% to £411.4 million.

Watches Of Switzerland Group PLC (LON:WOSG) reported stronger first-half earnings with pretax profit rising to £61 million from £41 million a year earlier. Revenue reached £845 million, up 10% at constant currencies, while adjusted EBITDA increased to £91 million from £87 million.

Balfour Beatty PLC (LON:BALF) expects its order book to grow by around 20% in 2025 to approximately £22.1 billion, up from £18.4 billion in FY2024, the infrastructure group said. The substantial expansion is primarily attributed to strong momentum in the UK energy market, which added over £3.5 billion of new orders during the year.

The London-based construction and engineering company also upgraded its 2025 average monthly net cash guidance to the top end of its previously announced range of £1.1 billion to £1.2 billion, compared to £766 million in FY2024.

SSP Group PLC (LON:SSPG) reported a 6% rise in revenue to £3.64 billion for fiscal year 2025, with underlying operating profit increasing 8.4% to £223 million. The food and beverage operator saw like-for-like sales growth of 3.7% and earnings per share rose 19% to 11.9 pence.

Baltic Classifieds Group PLC (LON:BCG) posted a 7% increase in revenue to €44.8 million for the six months ended October 31, 2025, maintaining its strong EBITDA margin at 78%. Profit for the period jumped 22% to €26.4 million, and the company declared an interim dividend of 1.3 € cents per share, up 8% from the previous year.

Morgan Advanced Materials Plc (LON:MGAMM) reset its medium-term financial targets, aiming for EBITA margins of 12% by 2028, slightly below its previous target range of 12.5%-15%.

Britain’s energy regulator Ofgem approved a £28 billion investment to strengthen the country’s energy networks, with funding set to rise to an estimated £90 billion by 2031. The package allocates £17.8 billion to maintain gas networks and £10.3 billion to strengthen the electricity transmission network.

Investing.com - European stocks rose Thursday, continuing the recent positive tone ahead of next week’s expected Federal Reserve rate cut, with eurozone retail sales due for release later in the session.

At 03:05 ET (08:05 GMT), the DAX index in Germany climbed 0.8%, the CAC 40 in France gained 0.% and the FTSE 100 in the U.K. rose 0.1%. 

Fed rate cut widely expected next week  

European equities traded higher Thursday, with market sentiment underpinned by firm expectations that the U.S. central bank will ease monetary policy next week, following weaker-than-expected U.S. economic data. 

The ADP private payrolls report showed a slowdown in hiring, while the ISM services index indicated softer activity in the service sector. The week’s main remaining economic data release will be Friday’s personal consumption expenditures inflation report, which could further influence expectations for Fed policy.

Traders are pricing in roughly a 90% chance of a 25-basis-point cut on Dec. 10, according to CME FedWatch tool.

Eurozone retail sales due  

Back in Europe, construction activity data for the eurozone region is due later in the session, but most eyes will be on the retail sales numbers for October for clues surrounding the health of the consumer.

Retail sales are expected to be flat in October on a monthly basis in the eurozone, a slight improvement from the drop of 0.1% seen the prior month.

The European Central Bank also meets later this month, but, unlike the Fed, is widely expected to keep interest rates unchanged at its final meeting of the year.

ECB President Christine Lagarde stated Wednesday that core inflation indicators are in line with the central bank’s target and that inflation will remain close to the bank’s 2% target in the coming months.

She added that the Eurosystem staff projections, which will be released on Dec. 18, will provide more insight into growth and inflation expectations.

Rio Tinto outlines new restructuring strategy

In the European corporate sector, Rio Tinto (LON:RIO) upgraded its 2025 copper production guidance while slashing unit cost forecasts, as part of its new restructuring strategy announced at the miner’s 2025 Capital Markets Day.

SSP Group (LON:SSPG), a leading operator of food and beverage outlets in travel locations, on Thursday reported a resilient financial performance for fiscal year 2025, with revenue rising 6% and underlying operating profit increasing 8.4%.

Frasers Group (LON:FRAS) maintained its full-year profit guidance of £550 million-£600 million despite a 2.8% decline in half-year adjusted profit, as the British sporting goods and lifestyle retailer’s chief executive Michael Murray warned that "excess inventory continues to weigh on the industry, leading to increased promotional activity.”

Aurubis’s (ETR:NAFG) net cash flow surged nearly 30% in fiscal 2024-25, climbing to the highest level in three years, as the German multimetal producer proposed raising its dividend.

Crude gains on Russian supply concerns

Oil prices rose Thursday after more strikes on Russian oil infrastructure raised threats to global supply, adding to the lack of progress in diplomatic efforts to end the war in Ukraine.

Brent futures climbed 0.4% to $62.92 a barrel, and U.S. West Texas Intermediate crude futures rose 0.6% to $59.29 a barrel.

A Reuters report on Wednesday, citing sources, said that Ukrainian forces struck the Druzhba pipeline in Russia’s central Tambov region, reviving concerns over potential disruptions to Russian oil exports.

At the same time, high-level peace talks between U.S. and Russian officials concluded without any breakthrough earlier this week.

Investing.com -- KKR has completed its acquisition of Spectris after the court-sanctioned scheme of arrangement was delivered to the Registrar of Companies on Thursday.

Spectris CEO Andrew Heath will retire on December 31, with Andrew Williams set to take over as interim CEO starting January 1.

Trading of Spectris shares on the London Stock Exchange’s main market was suspended from 7:30 am on Thursday.

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