Futura Medical PLC (AIM:FUM, OTC:FAMDF, FRA:GYX) has secured a US notice of allowance for a continuation patent for Eroxon, extending protection to 2040. If granted by Q2 2026, it triggers a $2.5 million Haleon payment and strengthens its US competitive position. Rome Resources Plc (AIM:RMR) says drilling at Kalayi continues to support high-grade tin mineralisation at depth within its Bisie North project in the DRC. The company plans to move drilling to Mont Agoma soon, with further results expected. IXICO ...

Economic Developments - Japan's government approved a JPY 21.3 trillion ($135.5 billion) economic stimulus package, marking the largest since the COVID pandemic, with JPY 17.7 trillion in new spending [28][53] - Japan's inflation rate increased to 3% in October, aligning with market expectations, and has remained above the Bank of Japan's 2% target for 43 consecutive months [52][54] - The U.K. government is facing a borrowing overshoot in October, leading to plans for tax increases and spending cuts in the upcoming budget [5] Currency and Trade - The Indian rupee fell to a record low against the dollar amid uncertainty regarding a potential U.S. trade deal [3] - The U.S. is considering lifting tariffs on EU goods, including beef and other foods, to help maintain affordable grocery prices [4] - Trump's administration lifted a 40% tariff on certain Brazilian agricultural products, including coffee and beef, to help reduce domestic food prices [6] Corporate News - Netflix, Comcast, and Paramount Skydance submitted bids for Warner Bros. Discovery by the November 20 deadline [5] - OpenAI is partnering with Hon Hai to design and manufacture hardware for data centers, with Hon Hai planning to invest up to $5 billion in U.S. manufacturing [5] - AnaptysBio shares fell 15% after GSK initiated litigation against the company [4] Market Performance - The S&P 500 experienced its sharpest intraday reversal since April, with a decline of 1.56% after initially rising [42][50] - Bitcoin is on track for its worst monthly performance since the June 2022 crypto crash, down 35% from its October highs [10][43] - Gap Inc. shares rose 4.5% after reporting stronger-than-expected sales, indicating effective marketing strategies [11] Central Bank Insights - The Fed's Anna Paulson expressed caution ahead of the December meeting, indicating that each rate cut raises the bar for the next [7][13] - JPMorgan and Morgan Stanley's economists no longer expect a rate cut in December, citing a rebound in payrolls [13][27] - The Congressional Budget Office revised its estimate of Trump's tariffs' impact on deficits to approximately $3 trillion over the next 10 years, down from $4 trillion [9]

Core Insights - ITM Power reported record annual revenue and nearly doubled order backlog as the UK electrolyzer manufacturer aims to pivot towards profitable green hydrogen projects [3] - The company expects a 50% year-over-year revenue growth for FY2025, reaching £26 million ($35.3 million), more than quadrupling over the past two years and within upgraded guidance [3] - ITM's year-end contract order backlog amounted to £145.1 million ($197 million), up from £79.7 million ($108.5 million), with 60% of the backlog consisting of profitable contracts, contrasting with the previous year which included many loss-making legacy projects [3] Financial Performance - Despite revenue growth, losses have also widened, with adjusted EBITDA loss increasing to £33 million ($44.8 million) from £30.4 million ($41.3 million) in 2024, and pre-tax loss rising to £45.4 million ($61.6 million) from £27.1 million ($36.8 million) in 2024 [3] - Total losses increased from £16.7 million ($22.8 million) to £23.7 million ($32.2 million), attributed to a £13.2 million ($17.9 million) inventory write-down and £9.6 million ($13 million) in fixed plant costs that have not yet resulted in output [4] - The company anticipates a slight narrowing of EBITDA losses in FY2026 to between £27 million and £29 million ($36.7 million to $39.4 million), while maintaining capital expenditures between £10 million and £15 million ($13.6 million to $20.4 million) [4] Strategic Initiatives - ITM announced a hydrogen business cash position guidance of £207 million ($281.1 million) at year-end, exceeding its initial guidance of £160 million to £175 million ($217.3 million to $237.6 million) [4] - The company recently launched its subsidiary Hydropulse, which will utilize ITM technology to build, own, and operate decentralized green hydrogen plants, providing services to industrial customers under long-term purchase agreements [5] - ITM reported significant improvements in operational quality metrics, with factory acceptance test pass rates rising from below 50% to 99% [5] - The CEO described recent global political reforms as a "healthy maturation process," which has hindered many hydrogen ambitions, emphasizing the evolving customer landscape, supply chains, and technology that are phasing out weaker projects and paving the way for a more resilient and commercially viable hydrogen market [5]