Morocco stocks higher at close of trade; Moroccan All Shares up 0.12%

Investing.com -- Glencore set out lower production targets for 2026 and gave more detail on its longer term copper growth plans at its capital markets day on Tuesday. Analysts say the update has both the co’s ambition to lift output later in the decade while factoring near term slowdown in several commodities.

Shares were up about 5% on London Stock Exchange.

Glencore has eliminated about 1000 roles as part of efforts to streamline its industrial operating structure.

The company kept its 2025 production forecasts unchanged, including copper at 850000 to 875000 tonnes, zinc at 950000 to 975000 tonnes and met coal at 30 to 35 million tonnes.

It said 2026 copper output would fall to 810000 to 870000 tonnes, about 10% below its previous target, and guided to lower volumes for zinc, met coal and nickel next year.

Glencore reiterated its plan to lift copper production back to about 1 million tonnes by 2030, with potential to exceed 2 million tonnes in the mid-2030s through projects including El Pachon, Collahuasi expansion and Agua Rica.

BMO said the updated 2026 guidance is broadly in line with its expectations but marks a step down in several areas, including zinc, where the new 700000 to 740000 tonne outlook is well below prior targets.

The brokerage said the midterm copper path for 2027 and 2028 is unchanged, with a first look at 2029 showing 1.1 million tonnes supported by restarts and district expansions.

It added that thermal coal guidance for the later years is higher than its model, while capex of about $6.5 billion a year for 2026 to 2028 runs above its forecast.

Investing.com -- European infrastructure and construction stocks present compelling investment opportunities for 2026, according to recent analysis from JPMorgan.

The bank has identified several top performers expected to deliver strong results in the coming year, with particular emphasis on companies with pricing power and improving free cash flow profiles.

Ferrovial

JPMorgan’s top infrastructure pick remains Ferrovial, which they’ve placed on their Analyst Focus List.

The company is expected to deliver another year of strong performances at its North American assets, particularly the 407-ETR and US Managed Lanes. These assets benefit from "stellar pricing power" in congested urban areas with growing economies.

Key catalysts in 2026 include Ferrovial’s anticipated admission to the Nasdaq 100, the opening of JFK’s NTO terminal (where Ferrovial holds a 49% stake), and final decisions on the I-285 and I-24 US Managed Lane Projects. JPMorgan has set a December 2027 price target of €65, representing 15% upside potential.

In a recent development, Ferrovial’s 407 ETR motorway in Canada announced a 23% tariff increase per mile for 2026.

Fraport

JPMorgan has upgraded Fraport to Overweight, anticipating a return to positive free cash flow in 2026 and noting upside risk to traffic estimates for 2026/27. After previously taking profits on the stock in August due to rising capital expenditure concerns, analysts now see an "attractive re-entry point" with those disappointments now fully communicated.

Looking into 2026, JPMorgan expects improving traffic momentum, declining capital expenditure, positive free cash flow inflection, decreasing leverage, returning dividends, and retail sales growth from Terminal 3’s opening. Fraport offers the highest 2027 estimated free cash flow yield in the sector.

Fraport reported that its group passenger numbers rose 5.3% year-over-year in September 2025, with Frankfurt Airport seeing a 2.2% increase for the month.

Eiffage

JPMorgan maintains an Overweight rating on Eiffage despite political overhangs related to potential surtax extensions and increases in infrastructure taxes in 2026. The stock has experienced a sell-off since late August but continues to enjoy valuation support.

While few changes to the group’s concession portfolio are expected in 2026, long-term visibility is supported by Eiffage’s strategic stake in Getlink and potential new opportunities in French toll road concessions.

As the sector name most exposed to German contracting activity, Eiffage could benefit from anticipated German fiscal stimulus beginning in Q4 2025. JPMorgan’s December 2027 price target of €137 represents 13% upside.

Eiffage’s toll road operator APRR posted a 2.8% rise in third-quarter revenue, and the company also increased its stake in Getlink to 27.7%, making it the largest shareholder.

Zurich Airport

JPMorgan maintains an Overweight rating on Zurich Airport, citing strong near-term traffic momentum and a favorable longer-term outlook. The company offers among the highest free cash flow yields in the sector with lower risk, as upcoming capital expenditure requirements have been clearly communicated.

While JPMorgan currently prefers Fraport for greater upside potential, they view Zurich Airport as a "well positioned and lower risk play."

The guidance for a mid-single-digit tariff reduction from 2027 has effectively de-risked the tariff issue. The company also has significant growth potential from the opening of Noida Airport. JPMorgan’s December 2027 price target of CHF 275 represents 14% upside.

More recently, Goldman Sachs downgraded Flughafen Zurich’s stock to Neutral from Buy, citing a reassessment of the company’s medium-term growth prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- U.S. stocks edged lower Wednesday as the release of disappointing private payrolls data for the month of November raised concerns over the health of the largest economy in the world.

At 09:35 ET (14:35 GMT), the Dow Jones Industrial Average traded 10 points, or 0.1%, lower, the S&P 500 index slipped 7 points, or 0.1%, and the NASDAQ Composite fell 70 points, or 0.3%.

Weak private payrolls data

U.S. private payrolls unexpectedly declined in November, falling by 32,000 last month after growing by an upwardly-revised 47,000 in October, the ADP National Employment Report showed on Wednesday. Economists had anticipated an increase of 5,000.

“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment. And while November’s slowdown was broad-based, it was led by a pullback among small businesses,” said Nela Richardson, Chief Economist at ADP, in a statement.

This underscoring recent concerns over a slowing labor market in the world’s largest economy, adding to recent expectations for a Federal Reserve interest rate cut later this month.

Odds of that the U.S. central bank will bring down borrowing costs by a quarter of a percentage point at the end of its December 9-10 gathering have climbed to almost 90%, CME FedWatch has shown, reflecting widespread bets that policymakers will feel comfortable providing support to a sputtering labor market despite signs of sticky inflation.

On Friday, the markets will get to see the delayed publication of the Personal Consumption Expenditures Price Index (PCE), the Fed’s preferred gauge of inflation, along with personal income and spending figures.

The PCE print could also influence expectations about the magnitude and timing of rate cuts.

Marvell to buy Celestial AI

Marvell Technology stock surged after the U.S. chipmaker confirmed a multi-billion deal to buy semiconductor startup Celestial AI, as it looks to expand its compute capacity during an ongoing surge in demand driven by the artificial intelligence boom.

Crucially, the $3.25 billion transaction grants Marvell access to Celestial’s work on photonics, a process that harnesses light instead of electrical signals to establish connections between AI and memory chips. Meaningful revenue contributions from the Celestial acquisition are expected to materialize in the second half of Marvell’s fiscal 2028.

Additionally, Tesla (NASDAQ:TSLA) stock rose following reports that the Trump administration is planning to accelerate development of the robotics industry, potentially benefiting companies in the automation sector.

Microsoft (NASDAQ:MSFT) stock fell following a report from The Information that the tech giant has reduced sales quotas for its AI software products as customers show resistance to newer offerings.

Elsewhere, the likes of Pure Storage (NYSE:PSTG), CrowdStrike Holdings (NASDAQ:CRWD) and Okta (NASDAQ:OKTA) were in the spotlight after the companies reported earnings after Tuesday’s close.

Meanwhile, risk assets got a boost from a rebound in cryptocurrency markets. Bitcoin climbed back above the mid-$90,000 range after sharp losses earlier in the week, giving a lift to crypto-linked stocks and improving overall risk appetite among investors.

Crude prices surge

Oil prices rose as an immediate deal to end the war in Ukraine looked unlikely, leaving a persistent threat to supply in play.

Brent futures climbed 1% to $63.06 a barrel, and U.S. West Texas Intermediate crude futures rose 1.1% to $59.31 a barrel.

Russia and the U.S. did not come to an agreement on a possible peace deal for Ukraine after a lengthy meeting between Russia President Vladimir Putin and U.S. envoys Steve Witkoff and Jared Kushner late Tuesday.

Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies that would free up restricted oil supply.

Rising U.S. inventories also added to the concerns about a crude surplus, after the American Petroleum Institute reported on Tuesday that crude stocks rose by 2.48 million barrels in the week ended November 28.

The U.S. Energy Information Administration will release official government stockpile data later on Wednesday.

Ayushman Ojha contributed to this article