Markets dip as Middle East hostilities push up oil price, and US growth is revised down – business live

Johnson Matthey is betting up to £340m on Cormetech in a move to capture demand tied to the AI data-centre buildout, with management saying gas-turbine demand is running well ahead of supply. The company says the opportunity is particularly relevant to its platinum group metals-linked emissions-control franchise, which has already benefited from stronger generator demand, though the immediate link is more indirect than a pure PGM demand story. The piece also notes that Johnson Matthey’s legacy catalytic-converter business is still benefiting from slower-than-expected EV transition, with the unit lifting profit margins by 2.7 percentage points to 14.5% before one-offs and targeting 16%-18% by 2027/28. Separate macro comments in the live blog flag US PCE inflation at a three-year high and weak household savings, which is broadly supportive for hard assets, but the precious-metals takeaway here is mainly about incremental industrial demand support for platinum group metals rather than a direct bullion catalyst.