09 Dec, 2025 By Thomas Johnson
The procurement for an engineering partner to construct the UK’s Spherical Tokamak for Energy Production (Step) fusion power plant will resume “in a year or two” after a failed first attempt, but the choice of a construction partner is imminent.
UK Industrial Fusion Solutions (UKIFS), a subsidiary of the UK Atomic Energy Authority (UKAEA), is leading a public-private partnership to design, build and operate the Step plant. The plant is slated for construction at a West Burton site in Nottinghamshire, chosen for its existing infrastructure (being an ex-coal fired power station) and support from the community for renewed energy generation opportunities.
The government launched a competition to select engineering and construction partners for the prototype fusion energy plant in Nottinghamshire in May last year, with the contracts rumoured to be worth close to £10bn. Then in January, the shortlist for both partners was revealed.
The shortlisted organisations for Step’s engineering partner were:
Engineering procurement hits the wall
Despite announcing the two-consortia shortlist, the project recently divulged that the process of selecting the engineering partner had broken down, with the approach being taken as being deemed “not suitable”.
A statement said: “In the case of the construction partner bidders, the base requirements were understood and UKIFS had confidence that one or more of the bidders’ could meet those requirements. The construction partner procurement will continue to be delivered and is intended to be awarded in line with the expected timescales.
“However, in the case of the engineering partner bidder, it was concluded that the proposed approach was not suitable to take forward at this time.
“The engineering partner element of this procurement process will therefore not proceed to a call for final tenders, and instead UKIFS will procure this capability through other means, primarily through direct engagement with the market.”
Speaking at the Nuclear Industry Association (NIA) annual conference on 4 December, UKIFS chief executive Paul Methven stated procurement for the engineering partner would resume “in a year or two”.
“We’re nearing the final stages of selecting our construction partner in what I have to say has been a really excellent competition,” he said. He said that despite the failed first attempt at procurement, UKIFS will “return to that in a year or two because large scale integration capability is essential for this”.
“In the near term we’re focusing on securing specific support on detailed systems and we’ll have a pipeline of packages coming to market,” he continued. “We’ll be rolling out a pipeline of engineering packages with, hopefully, a significant announcement in March.”
Construction moves ahead
Despite the stumble in procuring an engineering partner, procurement for a construction partner on an equally lucrative deal is on track for decision in the coming months.
The shortlisted organisations for the construction partner are:
The chosen partner is expected to be selected sometime early next year before work on site begins in April.
Methven said: “West Burton operations will move forward really significantly from April, so when our construction partner arrives, we have to be on contract by then to get stuck in into early works.”
Other upcoming movement for the proposed construction of a prototype fusion plant include the launch of Step’s non-statutory public consultation which is due in January and also the Department for Energy Security and Net Zero (DESNZ) is due to update its fusion strategy in March.
Construction of the prototype plant is projected to be completed by 2040.
New York — Just a few weeks ago, the stock market stumbled over fears that artificial intelligence stocks might be in a bubble. Now stocks are back within reach of a record high.
Thank the Federal Reserve.
The market has rebounded from a dip in early November as investors have leaned into bets that the Fed will cut interest rates this week at its last policy meeting of the year.
Interest-rate cuts can boost stocks by lowering savings rates and borrowing costs for individuals and businesses, in turn encouraging spending and investing, spurring business activity and increasing corporate earnings.
Fed rate cuts can also lower the yield on short-term government bonds and cash equivalents like money market funds, making higher-yielding assets like stocks more attractive to investors.
All told, interest-rate cuts can create a strong tailwind for stocks.
Holiday decorations outside the New York Stock Exchange (NYSE) in New York on December 8, 2025. Michael Nagle/Bloomberg/Getty Images
Jonathan Krinsky, chief market technician at BTIG, said in a Monday note that the stock market’s recent rise has coincided with increasing odds for a Fed rate cut in December.
Traders on Monday were pricing in an 89% chance the Fed cuts rates, according to CME FedWatch.
“Markets have essentially seen a complete reversal of November’s weakness,” Krinsky said. “This has coincided almost in lock-step with rate-cut odds for the upcoming December (Fed) meeting.”
Lower rates can boost stocks
The Fed is cutting rates in response to concerns about a weakening labor market. But for investors, lower rates can provide fuel for stocks to rally.
The Fed’s benchmark interest rate influences a range of interest rates across the economy. A Fed rate cut can lead to lower financing costs for a broad range of companies.
The Russell 2000, a market index of smaller companies that are more rate-sensitive, hit a record high on December 4.
“When you look at the firms that are more vulnerable and are smaller, like those in the Russell 2000, when you have lower rates, their interest expenses drop heavily, and that widens their profit margins,” said José Torres, senior economist at Interactive Brokers. “That’s really why areas like real estate, manufacturing and small businesses benefit a lot more from lower rates.”
To be sure, while investors have embraced hopes for a rate cut this week, Wall Street is always forward-looking, and there is less certainty about the path of rate cuts in January.
The Fed on Wednesday will release its quarterly summary of economic projections, which lays out — anonymously — officials’ expectations for the course of interest rates across the coming months.
“As the (Fed) considers additional rate cuts at its meeting this week and into 2026, reaccelerating inflation would likely force a slower, more cautious path,” Jayson Pride, chief of investment strategy and research at Glenmede, said in a note.
https://www.cnn.com/2025/12/09/business/us-stock-market-federal-reserve-rate-decision
By Li Jing
Nation seeking to strengthen long-term innovation capacity, modernization
China is expected to step up the efficiency of its proactive fiscal policy next year, sharpening its focus on expanding domestic demand and strengthening long-term innovation capacity — priorities experts say will anchor China's economic strategy for the 15th Five-Year Plan (2026-30).
In a recent signed article published in People's Daily, Finance Minister Lan Fo'an said fiscal authorities will "comprehensively expand domestic demand" and "support high-level technological self-reliance and self-strengthening", adding that active fiscal policy must be carried out "with greater strength and higher efficiency" to underpin the next stage of Chinese modernization.
Analysts said Lan's piece offers one of the clearest signals of the priorities likely to be set during the upcoming annual Central Economic Work Conference.
Lan wrote that fiscal measures will play a central role in unlocking consumption potential and increasing household income through tax, social security and transfer-payment measures, while cultivating new areas of consumer demand. He called for broader use of fiscal subsidies and interest-rate incentives to build new consumption scenarios, alongside special-purpose bonds and ultra-long term special treasury bonds for long-term structural investment.
The minister underscored that public finance must remain "people-centered" and that more resources should be invested "in people and for people" by combining physical and social infrastructure to sustain long-term demand.
This shift represents "a profound adjustment", said Qiao Baoyun, a professor at the China Academy of Public Finance and Policy at the Central University of Finance and Economics. "The article highlights a greater tilt of fiscal resources toward people and social welfare. It stresses that people are the goal and materials are the means."
Experts expect the upcoming conference to outline more concrete steps to stabilize consumption and investment. Tian Lihui, university chair professor of finance at Nankai University, said domestic demand expansion and technological self-reliance will form "two wings of the same logic chain", supported by a more proactive fiscal stance and moderately accommodative monetary policy.
"The policy approach combines 'more active fiscal policy' with 'moderately accommodative monetary policy', while introducing a consistency assessment across macro policies, bringing economic and noneconomic policies into a unified framework to enhance the foresight, precision and effectiveness of countercyclical measures. It forms a policy 'combo punch' that helps hedge against external uncertainties and strengthens institutional support for improving total factor productivity," Tian said.
He added that coordinated measures, from income boosting for middle- and low-income groups to diversified consumption scenarios and equipment-upgrade initiatives, will help generate tangible progress and attract more private capital.
Lan also called for stronger fiscal support for basic and applied research, national strategic science and technology tasks, and breakthroughs in key core technologies. Tools such as tax incentives, government procurement and investment funds will help upgrade traditional industries, nurture emerging and future industries, and promote deeper integration of technological and industrial innovation.
Tian said the innovation push will evolve toward ecosystem building, with mechanisms such as "open competition for selecting leading teams" and "horse racing "parallel competition initiatives playing a larger role in frontier fields including artificial intelligence and biomedicine.
One example is the recent financing by METiS TechBio, an AI-driven nanodelivery company, which secured funds from Beijing-based healthcare investment institutions to support platform building and technology translation, illustrating how fiscal and industrial policies jointly strengthen innovation capacity.
International observers also expect China to maintain a supportive fiscal environment while managing risks. Alex Muscatelli, director of sovereign economics at Fitch Ratings, said China's fiscal stimulus was ramped up in the first half, not only through consumer-support measures such as trade-in programs, but also through infrastructure spending.
Russian foreign minister Sergei Lavrov is speaking at the Federation Council this morning.
According to state news agency TASS, he praised Donald Trump for being the "only Western leader" showing an understanding of Moscow's position on Ukraine.
Lavrov also took aim at the UK and EU, saying both were in "hopeless political blindness" and were deluding themselves with the illusion of overcoming Russia.
TASS further reported Lavrov said Moscow has no intention of going to war with Europe.
Instead, Russia remains ready to respond if troops are deployed in Ukraine.
Lavrov spoke on his peace plan discussions with US envoy Steve Witkoff in Moscow last week, saying Trump's top negotiator talked about the need to ensure the rights of national minorities in Ukraine.
Prices for Russian crude shipments from its Black Sea and Pacific ports have fallen to their lowest levels since the full-scale invasion of Ukraine in February 2022, Bloomberg reported Tuesday, citing data from Argus Media.
Urals crude, Russia’s main export grade, sold for an average of $38.28 per barrel in Novorossiysk during the week ending Dec. 7, down $2.80 from the previous week. In the Baltic ports, prices dropped $2.40 to $41.16 per barrel.
ESPO crude, which is exported from Pacific ports to China, fell $1.60 over the week to $52.36 per barrel.
The average discount on Urals relative to Brent crude reached $25.80 per barrel, approaching historical records. Bloomberg noted that the discount is more than twice what it was before the introduction of new U.S. sanctions on Rosneft and Lukoil.
Although refineries in India and China, which account for 90% of Russia’s oil exports, have started rejecting some Russian cargoes, shipments from ports continue.
Exports even rose in the first week of December from 3.94 million to 4.24 million barrels per day.
However, an additional 20 million barrels have been stored in tankers converted into floating storage over the past two weeks. The total volume of Russian oil at sea has now reached a record 180 million barrels.
The Trump administration's sanctions could cause Russia to lose 1.2-1.4 million barrels per day of oil exports in the coming months, according to Kpler analyst Johannes Raubal.
More than half of this volume (800,000 bpd) comes from India, 300,000-400,000 bpd from China and 180,000 bpd from Turkey.
Raubal expects volumes to eventually recover once new supply routes and payment channels are established and Russian producers build a network of intermediaries to mitigate sanction risks.
Nevertheless, discounts on Russian oil of more than $20 per barrel are likely to persist or even widen in the near term.
The price drop threatens a significant shortfall in Russia’s oil and gas budget revenues, a key source of funding for its war effort, economist Yegor Susin warned.
Over the first 11 months of the year, the treasury has already missed out on one in five rubles of resource taxes, with November seeing a 34% year-on-year decline. The shortfall is expected to accelerate in January due to continued discounts.
Glenfarne Alaska LNG, LLC and POSCO International Corp. have signed definitive agreements finalising the formation of a strategic partnership for the development of the Alaska LNG project, the only federally authorised LNG export project on the US Pacific Coast.
Glenfarne CEO and Founder, Brendan Duval, and POSCO International Corp. CEO, KyeIn Lee, commemorated the agreement in a ceremony attended by Secretary of the Interior and National Energy Dominance Council Chairman, Doug Burgum, and Secretary of Energy and National Energy Dominance Council Vice Chairman, Chris Wright, at the Department of Energy in Washington, D.C. on 1 December 2025. The strategic partnership includes:
Duval said: “POSCO Group is one of the world’s leading steel and energy companies, and their commitment to Alaska LNG reflects the high degree of support in Asia and across the Pacific for unlocking this valuable source of abundant, competitive LNG. Our partnership represents an important milestone in Glenfarne’s progress developing this project, backed by strong industry support and engagement.”
Glenfarne is developing Alaska LNG in two financially independent phases to accelerate project execution. Phase One consists of the in-state pipeline infrastructure to deliver natural gas from Alaska’s North Slope to help meet Alaska’s domestic energy needs. Phase Two of the project will add the LNG terminal and related infrastructure to export 20 million tpy of LNG.
Dec. 09, 2025 11:23 AM ET Sigma Lithium Corporation (SGML) Stock, SGML:CA Stock
Summary
Lithium's Wild Rise And Fall
To preface my discussion of Sigma Lithium Corporation (SGML), a lithium exploration and development company in Brazil, I want to discuss how lithium has experienced wild swings in the last couple of years. Pre 2000s it was a niche commodity, with a global production of less than 20,000 tons, used mainly in industrial and small-scale battery applications. This changed during 2015-2020, when the rapid growth in electric vehicles (EVs) pushed demand higher, creating a historical supply shortage.
Spodumene prices, which are the benchmark used for Sigma, rose from $700 USD to $6,100 in under a year. The lithium market went red-hot, and it’s easy to see why miners and investors rushed to fund new projects, assuming those prices would stick. Unfortunately, for them, a few quarters went by and prices collapsed 80%, mainly because supply doubled in two years from 84,000 tons to 158,000 tons, leading to catastrophic losses.
Annual Lithium World Production in tonnes (Our World In data)
Market psychology explains what happened next. After suffering huge losses, seeing mining and refiners with negative margins, investors deemed lithium nearly uninvestable.
The Turnaround
Despite low market sentiment and many investors abandoning lithium miners to their own fate, the fundamentals for the lithium market are starting to look better.
On the supply side, China controls about 60% of global refining capacity and has begun to take action and stabilize prices. The most important story was the shutdown of a major CATL-linked operation that supplied roughly 6% of global lithium and stopped producing when its license expired in August. Seven other mines in Yinchum (Chinas lithium capital) face similar scrutiny. The lithium ore found in Yinchum, known as lepidolite, is among the lowest grade globally. It contains less than 0.8% lithium oxide, compared to 5-6% range of Latin America and Australia mines, which means large waste production and other inefficiencies and environmental problems. Alongside permit reviews, Chinese authorities are also tightening environmental controls and increasing mine inspections. This basically means that production at these low-quality deposits are capped at current prices.
On the demand side, EV sales held up: IEA estimates worldwide total EV sales will exceed 20 million in 2025 (23% growth YoY). Most long‑term forecasts, including the IEA’s Global EV Outlook, imply that global EV sales will grow at roughly high‑teens to high‑20s annual rates through 2030, taking EVs to around 40% or more of new car sales by the end of the decade (currently EV share is around 20%).
China, which account for more than 30% of light vehicle global sales, is the main driver of EV growth. According to the IEA report, China's EV share of sales reached more than 50% in 2024 and could rise to 80% by the end of the decade, backed by continuing policy support and progress on affordability.
Personally, I also believe that technology advancements could bring higher EV adoption in US and Europe, where EV growth has stalled recently. The most promising technology are solid-state batteries, like the ones being developed by QuantumScape Corporation (QS). Although mass production is not currently feasible, they have higher energy density and safety profile, which might entice EV skeptics to make the switch in the future.
This year, the improvement in fundamentals started to show up in market prices, with spodumene prices up 38% YTD. If China sticks with its current supply discipline and EV demand does not roll over, prices could rally further.
A Brief Overview Of Sigma Lithium And Its Peers
Sigma Lithium was founded in 2012 to explore the Grota do Cirilo deposit in Minas Gerais, Brazil. It is a hard rock deposit, so the company mines and processes solid orebodies instead of the evaporation-based process that is typical for other Latin American companies.
Recently, the stock has started to move, gaining 100% in a couple of weeks, but it is still massively underperforming its peers. I believe the main factor behind this is Sigma’s fragile liquidity position. Consider the latest financial statement release in Q325: the company had $161 million of loans outstanding, only $6 million in cash and negative cash flow from operations for the year. Moreover, management made some questionable decisions in the past, such as withholding inventory during volatile price moments and some production problems.
Lithium stocks YTD Returns (%) (Bloomberg)
The table below shows how Sigma is undervalued compared to its peers. Some of the key findings include: The company is expected to have a 2026 EBITDA similar to PLS, despite being worth ⅛ of the Canadian miner EV. LAC, which is a pre operating company, has a higher EV than SGML.
Lithium Peer Analysis (Bloomberg, Author estimates for SGML)
Note that Albemarle Corp (ALB) does not disclose production volumes. Albemarle, along with Sociedad Química y Minera de Chile S.A. (SQM) and Mineral Resources Limited (MALRF) are not pure lithium plays and have other relevant revenue streams. All revenue and volume projections are from Bloomberg, except those for Sigma, which are my projections.
Operations Overview
Sigma has a very high-quality deposit, its AISC is one of the lowest in the world, around $550.
Lithium Miners AISC (S&P Global, Elevra/house research, SGML)
Sigma started construction and commissioning of its facilities in 2022 and production began in 2023. Management plans to expand production in three main phases.
Phase 1 focused on Grota do Cirilio and Xuxa deposits. Commission began in 2022 and production initiated in Q323. Currently, it is fully operational with an annual run-rate of 300kt of lithium oxide concentrate. Total CapEx for the project was $123 million.
Phase 2 focuses on doubling production capacity to 550kt by adding new plant modules and expanding mining at satellite deposits. Total CapEx is projected at $100 million.
In Phase 3, management is still reviewing the project, and is more focused on the sustainability of Phase 1 and Phase 2 operations. It could potentially add an additional 400kt to lithium oxide concentrate production.
Sigma's current developments on the production side have been reassuring. With the stabilization of lithium prices, management has made significant improvements in waste stripping and has renovated mine facilities. The Phase 1 mine, which faced production problems in 2025, is now on track to produce 300kt in 2026.
Management has greenlighted Phase 2, and equipment purchases will begin in early 2026, funded by loans from BNDES (Brazil's development bank) at subsidized interest rates. With these positive developments, I presume SIGMAs production guidance of 300kt in 2026 and 550kt in 2027 is very credible.
Quarterly Lithium Production Forecast (kt) (Author Estimates)
Market concerns aside, there is also reason to believe Sigma can substantially improve its balance sheet in the next quarters. Despite the current low levels of cash in the Q3 balance sheet, in Q425 there will be significant additions coming from lithium mined in Q3 (+$28 million) and sales of dry staked material in the stockpile (+$33 million). The company is also repaying its debt, and I expect it to cut total loans outstanding from $161 million to around $120 million.
Base Case (+150% Upside By 2027)
I believe Sigma will outperform the market even with conservative assumptions.
The company is on track to reach an estimated EBITDA of ~$253 million by 2027 if Spodumene Prices maintain the current level of $1,100 USD/t and the ramp-up of Phase 2 is successful, reaching a run-rate of 135kt by the begging of 2027. I also assume current unit economics will continue: realized prices 10% below benchmark and an CIF costs of 460 USD/t.
Applying a 12x EV/EBITDA multiple to the forecast EBITDA of $253 million, we reach an enterprise value of $3,036 million, 153% above the current value of $1,197 million.
Bull Case (+600% Upside Longer-Term)
By nature, I consider myself an optimist. It is hard to calculate an exact probability, but I feel there is a possibility that Sigma will deliver above the conservative estimates, bringing significant gains to investors.
Lithium prices could rally further in 2026 given favorable market dynamics described above to at least $1,500. Combined with the successful ramp-up of Phase 2, Sigma could reach an EBITDA of ~$705 million in 2027.
Applying the conservative EV/EBITDA multiple of 12x, Enterprise Value can reach $8,460 million, 607% above current values. While optimistic, this is aggressive. It assumes lithium prices are somewhere close to $1,500/t as previously noted (which is not unheard of for lithium, but the top end of historical volatility peaks, and a 50% increase from today's levels). This is above many estimates, which put it at $1,100 by 2030. Production would also have to be above 300kt. Both of these are distinct possibilities given the rate of lithium demand momentum and likely upswing, and success in Phase 2. Any additional projects that could come down the pike are not factored in, but could also support this case. This also necessitates near perfect operational execution by Sigma.
Catalysts To Watch
News catalysts that could move the needle on Sigma include a rally in Spodumene prices in 2026 with more EV demand and production along with additional uses for lithium (like battery storage) continue to rise.
Improvement in the company's liquidity, position which should show up in Q4 financial statements, could also boost the stock price next quarter.
Sigma reaching its full Phase 1 run-rate of 300kt in early 2026 could spur a stock price upswing, continuing on with the success of Phase 2 expansion, with management maintaining 550kt production guidance for 2027.
Risks To My View
One risk is technology disruptions, which could create alternatives to lithium-ion battery manufacturing. Currently, the most notable example is Sodium-ion batteries. They have a cheaper cost, but have lower energy density and larger size. However, market participants agree that lithium-ion batteries will remain the dominant chemistry at least through the 2030s.
The highest risk in my view is a rapid supply response if prices rally further. In my understanding, China's policy and supply discipline will be maintained in the long term. Nevertheless, if Chinese politicians wake up in a bad mood and change course, market participants note that lepidolite operations in Yinchum could resume full production in a matter of weeks.
Conclusion
All in all, the risks I see are unlikely to materialize and there are numerous avenues for lithium upside from here. Some EV demand projections are about 30% next year, and projections for lithium battery storage indicate a similar growth. Sigma is well positioned to capitalize on this trend, and so I rate it a Buy.
The Government of India is implementing the National Green Hydrogen Mission (NGHM), with an objective to make India a global hub of production, usage and export of green hydrogen and its derivatives.
The following initiatives have been undertaken under the Mission:
MNRE has also advised states to incorporate provisions related to green hydrogen in their policies. Several states have taken proactive steps in this regard, details of which are as follows:
A faster coffee harvest in Vietnam and upcoming Brazilian shipments are pressuring prices, while sugar and cocoa markets face mixed moves on trade and supply shifts.
What’s going on here?
Robusta coffee prices slid to a two-and-a-half-month low, down 1.8% to $4,104 per metric ton, as Vietnam’s harvest rebounded from earlier weather setbacks. Meanwhile, cocoa and sugar markets are each taking their own direction as traders respond to evolving supply and trade dynamics.
What does this mean?
Vietnam’s rapid turnaround in coffee harvesting—after storms and flooding held things up—has sent a wave of robusta beans into the market, putting downward pressure on prices. Brazil is also getting in on the action, with growers focusing on better bean quality as the industry faces price swings and climate uncertainty. Arabica coffee prices slipped 1.75% to $3.6830 per pound, with analysts expecting more declines as shipments from Brazil hit the market. Recent US tariff removals on Brazilian coffee could speed up this supply shift and help rebuild ICE-certified stocks, according to BMI. Over in cocoa, London prices rose 1.8% to £4,131 per ton, helped partly by currency moves, while New York cocoa barely budged. Sugar’s story is mixed: raw prices inched up 0.3% to 14.84 cents per pound as more investors bet on falling prices, but white sugar dipped 0.5%.
Why should I care?
For markets: Supply bumps and policy moves set the tone.
The flood of new coffee supply from Vietnam and Brazil is pushing both robusta and arabica prices lower, and investors are keeping a close watch on ICE coffee stockpiles as US tariffs are dropped. In the sugar market, funds ramped up their bets against price rises, but raw sugar’s resilience hints at ongoing tension between supply optimism and steady demand.
The bigger picture: Weather and policy are rewriting the commodity playbook.
Commodity markets are feeling the impact of shifting weather patterns and policy changes, with ripple effects for global food costs. For cocoa, strong arrivals at Ivory Coast ports suggest a healthy supply now, but there’s mounting concern about slower deliveries in the months ahead. As exporters, growers, and speculators adjust their strategies, the mix of climate uncertainty, regulatory changes, and global demand is reshaping the landscape for coffee, cocoa, and sugar.
https://finimize.com/content/coffee-prices-slip-as-vietnam-speeds-up-harvesting
Standard Chartered also revised its price targets for the crypto through 2029
As bitcoin edged higher Tuesday, Standard Chartered said it now expects the cryptocurrency to end the year higher at $100,000. That’s still a halving of its previous year-end target of $200,000, which was issued in June 2024.
The bank also halved its bitcoin forecast for year-end 2026 to $150,000, from $300,000, and lowered its year-end projections through 2029. But it still expects bitcoin
BTCUSD can reach $500,000 in 2030, according to a Tuesday note by Geoff Kendrick, global head of digital-assets research at Standard Chartered.
Until recently, Standard Chartered was one of the only major banks acting as a custodian of cryptocurrencies for its institutional clients. Unlike stocks, price targets for bitcoin can be few and far between on the Wall Street.
The downward revisions also come as bitcoin has been treading water for the past few days and was trading slightly above $93,000 on Tuesday, almost 26% off its record high of $126,273 reached on Oct. 6. “Price action has forced us to recalibrate our bitcoin price forecasts,” Kendrick wrote.
Of note, Kendrick also said: “We think buying by bitcoin digital-asset-treasury companies (DATs) is likely over.”
Digital-asset-treasury companies are businesses that have adopted a strategy of piling up their balance sheets with crypto — even if historically many of these companies had little or nothing to do with crypto. A fear in markets has been that if these companies start selling crypto, one of the year’s most popular trades could implode.
IBIT, the largest and highest-profile bitcoin-treasury company, defied expectations that it may face difficulties in fundraising by disclosing it had purchased roughly another $1 billion worth of bitcoin last week, its biggest single acquisition since July.
Strategy has been trading below the value of its bitcoin holdings since November, reversing the steep premium it once enjoyed, according to data provider BitcoinTreasuries.net. As of Tuesday, its shares traded at an 11% discount compared with a premium that reached as high as 700% in 2020.
Buying from both digital-asset-treasury companies and bitcoin exchange-traded funds has been one of the main forces driving bitcoin’s price since 2024, according to Kendrick.
But one leg of that demand appears to be weakening. Like Strategy, many other crypto-treasury companies have seen their share prices fall below the value of the crypto assets they hold. That makes additional buying harder to justify and less financially supported as they struggle to raise new financing, according to Kendrick. As a result, he expects buying from this group to stall.
The chart below shows that the aggregate market net asset value of bitcoin-treasury companies — or the aggregate market capitalization of such companies divided by the value of bitcoin they held — has fallen sharply from earlier this year.
PHOTO: THE BLOCK, BLOOMBERG AND STANDARD CHARTERED RESEARCH
Still, Kendrick noted that it remains unlikely Strategy will sell any of its bitcoin.
For smaller digital-asset-treasury companies, Kendrick said the most probable outcome is stabilization rather than selling. These firms are more likely to pause or maintain their current holdings rather than unwind them, he added.
Looking ahead, Kendrick expects bitcoin’s price action to be driven mostly by ETF flows. He expected to see continued ETF inflows over the next several years, supported by broader institutional adoption of bitcoin.
However, near-term flows have been mixed. BlackRock’s iShares Bitcoin Trust
IBIT +2.58%, the largest bitcoin ETF, has logged six consecutive weeks of outflows as of last week — its longest streak of weekly outflows since its debut in January 2024, according to data from CFRA Research. It has still accumulated $25.4 billion in net inflows year to date.
Anglo American (OTCMKTS:NGLOY) has received a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $20.00.
NGLOY has been the topic of several research analyst reports. Citigroup reissued a “neutral” rating on shares of Anglo American in a research note on Friday, September 26th. DZ Bank cut shares of Anglo American from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 11th. Finally, Berenberg Bank set a $20.00 target price on Anglo American in a report on Wednesday, October 8th.
Anglo American Stock Down 1.7%
Shares of NGLOY opened at $19.55 on Tuesday. Anglo American has a one year low of $12.70 and a one year high of $20.46. The stock’s fifty day moving average is $18.96 and its 200-day moving average is $16.53. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.11 and a quick ratio of 1.65.
Anglo American Company Profile
Anglo American plc operates as a mining company in the United Kingdom and internationally. It explores for rough and polished diamonds, copper, platinum group metals and nickel, steelmaking coal, and iron ore; and nickel, polyhalite, and manganese ores. Anglo American plc was founded in 1917 and is headquartered in London, the United Kingdom.
German manufacturer Thyssenkrupp saw its share price slide on Tuesday as it predicted a heavy loss for the current financial year.
As of around 1.30pm Frankfurt, shares had dropped 8.85%, paring more dramatic losses seen earlier in the day.
The steelmaker and engineering firm said it expects negative free cash flow between €300mn and €600mn in its fiscal year that ends on 30 September 2026. That’s before mergers and acquisitions.
Thyssenkrupp also said it expects to make a loss of between €400mn and €800mn in the current fiscal year.
“Our forecast takes account of the persistently challenging market conditions and of the efficiency and restructuring measures in our segments,” said Dr. Axel Hamann, chief financial officer of Thyssenkrupp.
“The determined implementation of our efficiency and cost-cutting programs in all segments is crucial for our earnings development.”
Hamann added that the company had met its financial targets for the year just ended, despite challenging market conditions.
Thyssenkrupp generated positive free cash flow of €363mn during this period, significantly above the prior year’s loss of €110mn. Sales came to €32.8bn, in line with expectations but marking a 6% year-on-year drop.
In the year ahead, Thyssenkrupp predicts restructuring costs at €350mn as it seeks to boost its long-term profitability.
Last week, Thyssenkrupp’s steel unit said it would start implementing job cuts after agreeing a long-awaited deal with unions. Under the terms of the agreement, the firm will eliminate 11,000 posts at its steel plants, amounting to 40% of the workforce there. Steel production will be cut by as much as 2.8 mn tonnes, a roughly 25% drop.
Thyssenkrupp has become a symbol of Germany’s ailing manufacturing industry, hit by Europe’s energy price spike and competition from cheaper Asian competitors. Lacklustre market demand, linked to weak post-pandemic growth in Europe, has also shrunk margins — with carmakers notably reducing their purchases of steel and automotive parts.
Once a powerhouse with divisions spanning from engineering to elevators and defence, Thyssenkrupp is now looking to spin off its flailing arms into separate businesses.
Indian group Jindal Steel is currently mulling a takeover of Thyssenkrupp’s steel unit, replacing contender Daniel Křetínský — a Czech billionaire who stepped back from a potential deal earlier this year. Křetínský returned the 20% stake in the steel unit he had already bought and abandoned plans to raise the holding to 50%. One key priority for the steel unit is decarbonisation, with Thyssenkrupp already investing in low-carbon manufacturing methods.
Thyssenkrupp also managed to offload its marine division TKMS earlier this year, listing it on the Frankfurt Stock Exchange.
India and Sweden announced seven joint projects to reduce carbon emissions in the steel and cement sectors, with funding from India’s Department of Science and Technology and the Swedish Energy Agency.
The initiatives under the LeadIT industry transition partnership involve major Indian companies, including Tata Steel, JK Cement, Ambuja Cements, Jindal Steel and Power and Prism Johnson, working alongside Swedish technology firms Cemvision, Kanthal and Swerim. Leading Indian institutes such as IIT Bombay, IIT-ISM Dhanbad, IIT Bhubaneswar and IIT Hyderabad are also participating.
The projects will conduct pre-pilot feasibility studies on technologies, including hydrogen use in steel rotary kilns, recycling steel slag for green cement production, and AI-based optimisation of concrete mix designs. One project will explore converting blast furnace carbon dioxide into carbon monoxide for reuse, while another will assess electric heating methods for steel production.
India’s steel sector contributes 10-12 per cent of national carbon emissions, while cement accounts for nearly 6 per cent. Heavy industry globally represents about one-quarter of greenhouse gas emissions and uses one-third of world energy.
The partnerships aim to develop scalable low-carbon technologies supporting India’s net-zero target by 2070. Tata Steel and Cemvision will examine converting steel slag into construction materials, creating what they describe as a circular value chain for industrial byproducts.
Published on December 9, 2025