While macro headlines around the war in Iran have been coming thick and fast, markets have been handed a moment of relief this morning, with the US and Iran agreeing a two-week ceasefire that will reopen the Strait of Hormuz and ease immediate pressure on global energy markets. Oil prices have responded sharply lower, offering a short-term boost to sentiment, although with negotiations only just beginning, the situation remains fluid and far from resolved. Against that backdrop, stock specific newsflow has remained relatively quiet, with this week’s updates focused more on company-level developments than broader shifts in the macro picture.

AstraZeneca delivers in the clinic while macro clouds gather

AstraZeneca (AZN) has had a productive couple of weeks on the clinical front, with multiple late-stage trial wins reinforcing the depth of its pipeline. The standout came from tozorakimab, which met its primary endpoint in COPD, showing a meaningful reduction in flare ups, while a separate oncology update saw Imfinzi combinations improve progression-free survival in liver cancer.

However, the macro backdrop is becoming more complex. The prospect of US drug pricing pressure and potential tariffs introduces an additional layer of uncertainty. AstraZeneca appears relatively well positioned given existing agreements, but it is a reminder that even high-quality pharma names are not immune to political risk.

What we are watching next: pipeline delivery translating into revenue growth and any impact from US pricing policy.

Themes: Clinical trials | Pipeline strength

Leadership exit knocks sentiment at Currys despite steady trading

Currys (CURY) saw a sharp share price reaction following the announcement that CEO Alex Baldock will step down. The market’s response tells its own story, with the shares falling double digits despite no change to underlying guidance.

Importantly, trading itself remains stable. The group reiterated its profit guidance and continues to expect a net cash position, which underlines that the operational story has not changed. For now, this looks like a sentiment-driven move rather than a deterioration in fundamentals, but leadership transitions always take time to digest.

What we are watching next: successor appointment and whether operational momentum holds through the transition.

Themes: Management change | Trading update

Strong numbers fail to excite as expectations reset at 3i Group

3i Group (III) delivered another solid update from its key asset, Action, with double-digit sales growth and continued expansion across Europe. The early part of 2026 has also started well, with revenues tracking comfortably ahead of last year.

There is still a compelling long-term story here. Action continues to scale, white space remains significant and a potential US expansion adds another layer of optionality. However, when a stock has been priced for near perfection, even good news can struggle to move the dial.

What we are watching next: like-for-like sales trajectory and margin stability within Action.

Themes: Portfolio update | Capital markets

Playtech reshapes the story as Americas momentum builds

Playtech (PTEC) delivered a set of results that highlight a business in transition. Revenues declined year-on-year, largely reflecting changes to the Caliente agreement, but this masks a more interesting shift under the surface.

The balance sheet has also been transformed following the Snaitech sale, with net cash restored and significant capital returned to shareholders. With trading in early 2026 ahead of expectations, the group is guiding towards EBITDA growth despite regulatory headwinds.

This is no longer the same Playtech the market was used to. The story is becoming cleaner, more focused and increasingly tied to structural growth in regulated online gaming markets, particularly in North America.

What we are watching next: sustainability of Americas growth and progression towards medium-term EBITDA targets.

Themes: Full year | Strategic shift