Category: Market News

Oil prices ticked lower on Friday, on track to post a weekly decline of nearly 3%, as investors weighed the impact of a potential summit between Donald Trump and Vladimir Putin aimed at ending the war in Ukraine, alongside concerns over rising global supply.

Brent crude futures fell 16 cents, or 0.26%, to $60.90 a barrel at 06:45 GMT, while U.S. West Texas Intermediate (WTI) futures slipped 15 cents, also down 0.26%, to $57.31.

Geopolitical developments weigh on sentiment

The losses come after the two leaders agreed on Thursday to hold another summit in Hungary, potentially within the next two weeks. The unexpected announcement followed mounting concerns in Moscow over new U.S. military support for Kyiv.

The news coincided with Volodymyr Zelenskiy’s visit to the White House, where the Ukrainian president was set to lobby for additional U.S. aid, including long-range Tomahawk missiles. At the same time, Washington has been pressuring India and China to scale back Russian oil purchases.

“Concerns of tighter supplies were eased after it was announced that Trump would be meeting with Putin to discuss ending the war in Ukraine,” said Daniel Hynes, an analyst at ANZ, in a note.

Supply concerns intensify

The downward pressure on oil prices was amplified by supply data from the U.S. Energy Information Administration, which reported a 3.5 million barrel increase in U.S. crude inventories last week, bringing the total to 423.8 million barrels. That build was well above analyst expectations of a 288,000-barrel rise, according to a Reuters poll.

The surprise increase was attributed to lower refinery activity as facilities undergo seasonal autumn maintenance. Meanwhile, U.S. crude production rose to a record 13.636 million barrels per day, further reinforcing concerns about oversupply.

Earlier this week, the International Energy Agency warned of a growing global supply glut in 2026, adding another bearish factor for the market.

On Thursday, Brent closed 1.37% lower and WTI slipped 1.39%, both benchmarks hitting their weakest levels since May 5.

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Gold surged to new all-time highs during Friday’s Asian session, moving closer to the $4,400 per ounce threshold as growing expectations of a rate cut by the Federal Reserve and escalating U.S.-China trade frictions intensified demand for safe-haven assets.

Spot gold climbed 0.9% to $4,362.63 an ounce at 01:49 ET (05:49 GMT), after briefly reaching a fresh peak of $4,379.29 earlier in the session. U.S. gold futures for December delivery rose 1.7% to $4,376.91.

The precious metal is up nearly 10% this week and has now advanced for nine consecutive weeks, marking its fifth straight session of record-breaking gains.

Investors pile into gold as Fed signals dovish tilt

Market participants are increasingly betting on a rate cut in October as U.S. economic indicators continue to show cooling inflation and slowing growth.

Fed Chair Jerome Powell struck a more dovish note earlier this week, pointing to downside risks in the labor market and emphasizing that monetary policy will remain data-driven and progress “meeting-by-meeting.”

Support for policy easing is also gaining traction within the central bank. Governor Christopher Waller on Thursday endorsed a 25 basis-point cut in October, citing ongoing softness in employment figures. Meanwhile, newly appointed Governor Stephen Miran has advocated for a more aggressive path toward easing.

Beyond interest rate expectations, gold is also benefiting from strong demand drivers: central bank purchases, rising inflows into gold-backed ETFs, and robust buying in Asian markets. In India, seasonal festival demand has further strengthened physical gold consumption.

The safe-haven appeal of gold has been amplified by renewed trade tensions. Washington recently threatened to impose 100% tariffs on selected Chinese products, prompting Beijing to vow retaliation. Concerns over the potential economic fallout have spurred investors to seek shelter in gold.

In parallel, U.S. President Donald Trump and Russian President Vladimir Putin agreed on Thursday to hold another summit to discuss the war in Ukraine — adding a geopolitical layer to market uncertainty.

Other metals trade lower

While gold extended its gains, other precious and base metals were under pressure.

Silver futures edged 0.2% lower to $53.17 an ounce, while platinum futures slipped 1.2% to $1,732.60 per ounce.

On the industrial side, benchmark copper futures on the London Metal Exchange declined 1% to $10,545.20 per ton, and U.S. copper futures fell 0.7% to $4.95 per pound.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

The U.S. dollar continued to weaken on Friday, on track for a substantial weekly loss as renewed concerns over regional banks fueled expectations of additional interest rate cuts by the Federal Reserve later this year.

At 04:10 ET (08:10 GMT), the U.S. Dollar Index — which measures the greenback against a basket of six major currencies — slipped 0.1% to 97.975, putting it on pace for a 0.7% decline this week, its steepest five-day drop since late July.

Banking worries drag on the greenback

The dollar’s decline deepened as investor focus shifted back to the stability of U.S. regional banks. Zions Bancorporation and Western Alliance Bancorporation both reported loan issues tied to fraud, reigniting concerns about the health of the sector as U.S. economic momentum shows signs of slowing.

“The contagion to other risk assets shows not only that markets are still sensitive to regional bank concerns (a legacy of SVB’s 2023 collapse), but potentially to the broader credit market, which has been operating on exceptionally tight spreads over the past few months,” said analysts at ING Group in a note.

This renewed banking stress, combined with trade tensions and signs of softening growth, has reinforced expectations that the Fed may deliver additional rate cuts in the months ahead.

“In such a volatile environment, it’s hard to pick a bottom for USD. DXY [the dollar index] might need to slip back all the way to 97.50 before finding strong support, unless some encouraging domestic U.S. news comes to the rescue today,” ING added.

Euro edges higher after French vote

The euro gained ground, with EUR/USD up 0.2% at 1.1713, supported by political developments in France after Prime Minister Sébastien Lecornu survived two no-confidence votes on Thursday by agreeing to delay pension reform.

“That is … enough for the euro to price out a good portion of the French risk premium, and barring a new government collapse before year-end, this should allow EUR/USD to refocus on canonical market drivers (rates and equities),” said ING.

The single currency also drew some support from news that U.S. President Donald Trump and Russian President Vladimir Putin plan to meet within the next two weeks to discuss a possible end to the war in Ukraine.

Meanwhile, GBP/USD slipped 0.1% to 1.3424, giving back part of the previous session’s gains after U.K. data showed a return to modest economic growth in August.

Yen rallies on BOJ signals

USD/JPY fell 0.6% to 149.60 as the yen strengthened following remarks from Kazuo Ueda, Governor of the Bank of Japan.

Ueda said the central bank would continue to raise rates if confidence in meeting its economic targets improves. Although he provided no specific timeline or scale for future moves, his comments lent support to the yen just ahead of the BOJ’s late-October policy meeting.

Other majors mixed

USD/CNY edged up 0.1% to 7.1269, with the yuan trading in a narrow range this week as firm midpoint fixes were offset by weak inflation data and escalating U.S.-China trade tensions.

AUD/USD fell 0.5% to 0.6449, with the Australian dollar posting weekly losses after disappointing labor market figures increased expectations of further rate cuts from the Reserve Bank of Australia.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

European equities tumbled on Friday, echoing overnight declines on Wall Street as concerns over the financial health of U.S. regional banks rippled through global markets. Investors are also bracing for the release of key eurozone inflation figures.

At 07:10 GMT, the DAX in Germany was down 2%, the CAC 40 in France dropped 1.1%, and the FTSE 100 in the U.K. fell 1.5%.

U.S. markets closed lower on Thursday, dragged down by a sharp selloff in financial stocks late in the session. The Dow Jones Industrial Average lost more than 300 points, or 0.7%, while the S&P 500 and NASDAQ Composite ended the day down 0.6% and 0.5%, respectively.

Banking Sector Under Pressure

The European banking sector came under renewed scrutiny after U.S. lenders Zions Bancorporation (NASDAQ:ZION), Jefferies Financial Group (NYSE:JEF), and Western Alliance Bancorporation (NYSE:WAL) revealed a string of problematic loans on Thursday, heightening concerns over credit risk.

The U.S. regional banking system has experienced several high-profile failures since 2023, and the latest developments have once again raised questions about the resilience of the sector. More regional banks, including Comerica (NYSE:CMA) and Fifth Third Bancorp (NASDAQ:FITB), are scheduled to report earnings later today.

In Europe, Norion Bank posted a 10% year-on-year rise in third-quarter net profit and announced plans for a new share buyback program.

Eurozone Inflation in the Spotlight

Investors are also awaiting confirmation of September’s consumer price inflation data for the eurozone, which is expected to come in at 2.2% annually, in line with the flash estimate and just above the European Central Bank’s 2% medium-term target.

The ECB has lowered rates by two percentage points between 2023 and June 2025 but has since held steady, arguing that inflation is now close to target. Markets widely expect the central bank to keep rates unchanged at its upcoming policy meeting at the end of the month.

Political Tensions in France

French politics remain tense after Prime Minister Sébastien Lecornu survived two no-confidence votes on Thursday, easing the risk of snap elections but weakening the government of President Emmanuel Macron. To maintain stability, Macron was forced to delay his flagship economic reform until after the 2027 presidential election.

Auditors warned that pushing back the reform could leave a €13 billion annual shortfall in public finances by 2035 if no changes are made after 2027.

Corporate News

In company updates, Pearson PLC (LSE:PSON) posted a 4% rise in third-quarter sales, bringing year-to-date growth to 2%. The education company expects stronger performance in the fourth quarter, driven by favorable unit dynamics and its expanding digital offerings.

Volvo Group (BIT:1VOLC) reported third-quarter operating earnings in line with expectations, though weaker demand in the Americas weighed on results.

Hermès (EU:RMS) confirmed the departure of Véronique Nichanian, its menswear artistic director, after 37 years with the brand. Meanwhile, German newspaper Bild reported that the supervisory board of Porsche AG (TG:PAH3) has agreed on a successor to CEO Oliver Blume.

Oil Prices Ease as Peace Talks Loom

Crude prices slipped on Friday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet to discuss a potential resolution to the war in Ukraine.

Brent Crude futures were down 0.8% at $60.60 a barrel, while West Texas Intermediate futures also dropped 0.8% to $57.01. Both benchmarks were down nearly 3% for the week, touching their lowest levels since early May, as the planned peace summit in Budapest added to downward pressure.

Concerns over weakening demand, a potential oversupply, and rising U.S. crude inventories have also weighed on oil markets.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

EssilorLuxottica (EU:EL), the maker of Ray-Ban eyewear, saw its shares soar to a record high on Friday, climbing more than 10% after reporting a blowout third quarter. Strong demand for its Ray-Ban Meta smart glasses helped the company beat sales forecasts and deliver its best quarterly results ever.

The Franco-Italian group posted third-quarter revenue of €6.9 billion ($8.1 billion), up 11.7% year-on-year and well above market expectations. According to Chief Financial Officer Stefano Grassi, the AI-powered glasses contributed more than four percentage points to the company’s overall sales growth. He added that demand has been so strong that EssilorLuxottica is bringing forward its production capacity expansion plans.

By 07:54 GMT, the company’s stock had jumped 11.7% to €308, on track for its biggest single-day gain in over eight years—adding nearly €15 billion to its €126.1 billion market capitalization.

In a note to clients, J.P. Morgan analysts said the smart glasses had become a “material growth driver,” while the company’s traditional eyewear business remained solid. The latest Ray-Ban Meta models, priced between $379 and $799 for the flagship version with a built-in display, are currently available in select stores, with expansion to Canada, France, Italy, and the U.K. planned for early 2026.

Barclays analysts described smart glasses as potentially “the most disruptive innovation since mobile phones,” predicting global sales could reach 60 million units by 2035.

Meanwhile, Equita analysts raised their wearable revenue forecast, now expecting the product line to add around €1 billion to group sales this year.

“The acceleration in third-quarter revenues and the level of confidence expressed on fourth-quarter and mid-term prospects are an important indicator of the success of the group’s strategic drivers,” they wrote.

EssilorLuxottica shares have climbed 17% since the start of the year.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

Hermès (EU:RMS) has confirmed that Véronique Nichanian, its longtime artistic director for menswear, will be leaving the company after an impressive 37-year career.

Nichanian, 71, joined Hermès in 1988 and has shaped the brand’s men’s collections for over three decades. Her final runway show for the house is scheduled for January, marking the end of an era for the storied French luxury label.

News of her departure first appeared in the French newspaper Le Figaro before Hermès issued its official statement.

Over the course of her distinguished tenure, Nichanian became one of the longest-serving artistic directors in the high-end fashion world, leaving a lasting influence on modern menswear.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

European markets fell sharply on Friday, with banking shares dragging down the region’s main indices and setting them on course for their steepest single-day drop in six weeks. Investors moved toward traditional safe-haven assets such as gold, which remains at record highs.

In Milan, the FTSE MIB dropped more than 2% after the first hour of trading, while the FTSE Italia Banche banking index slid 2.6%. Among the biggest decliners were Bper Banca (BIT:BPE) (-3%), Banca Mediolanum (BIT:BMED) (-2.90%), Banca Popolare di Sondrio (BIT:BPSO) (-2.80%), Unipol (BIT:UNI) (-2.90%), Banca Monte dei Paschi di Siena (BIT:BMPS) (-2.80%), UniCredit (BIT:UCG) (-2.80%), Mediobanca (BIT:MB) (-2.40%), Banco BPM (BIT:BAMI) (-2.20%), and Intesa Sanpaolo (BIT:ISP) (-2.10%).

Losses were widespread across the continent. Deutsche Bank (TG:DBK) fell 5%, Société Générale (EU:GLE) 4.7%, Banco Santander (LSE:BNC) 4.2%, BNP Paribas (EU:BNP) 3.7%, Commerzbank (TG:CBK) 3.1%, Caixabank (USOTC:CIXPF) 3%, UBS Group AG (NYSE:UBS) 2.9%, Bankinter (TG:A19VVH) 2.6%, and HSBC Holdings plc (LSE:HSBA) 2%. Banco Sabadell (BIT:1SAB) plunged 6.5%, while BBVA (NYSE:BBVA) dropped 5% after the failure of its takeover bid.

The selloff was triggered by a sharp drop in U.S. regional bank stocks amid growing concerns over rising risks and weakening credit quality.

The KBW Regional Banking Index fell more than 6% after Zions Bancorporation (NASDAQ:ZION) — down 13% on Thursday — reported a $50 million third-quarter loss tied to two loans made by its California unit. At the same time, Western Alliance Bancorporation (NYSE:WAL) — down 11% yesterday — filed a fraud lawsuit against Cantor Group V, LLC.

This latest turmoil follows the recent collapses of First Brands and Tricolor, which exposed gaps in banks’ risk controls and in the opaque credit market, where complex loan structures have made it harder to assess borrowers’ exposure. Those failures forced many debt investors to cut exposure to sectors tied to consumer and auto lending.

Some analysts, however, argue that these problems are unlikely to pose systemic risks, even if they weigh on sentiment in the near term.

“While substantial, the scale of NPLs is unlikely to in itself pose a risk to the system as a whole,” said Kyle Rodda, senior financial analyst at Capital.com, who attributed the issues to “lax lending standards and fraud, which have fueled fears that such behavior is endemic and could lead to further defaults.”

“This is an area where investors, especially new ones, tend to ‘sell now and ask questions later,’” wrote JPMorgan Chase & Co. in a note.

Analysts Anthony Elian and Michael Pietrini also questioned “why all these ‘isolated’ credit episodes seem to be occurring in such a short period.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

Wishbone Gold Plc (LSE:WSBN) has provided an update on its Red Setter Gold Dome Project in Western Australia, located near the Telfer gold mine. The company has completed diamond drilling on a 950-meter hole and is set to begin reverse circulation drilling on October 21. With the arrival of a new drill rig, exploration activity will be accelerated, targeting shallower copper-gold intercepts. This expansion of drilling efforts is expected to strengthen Wishbone’s exploration capacity and enhance its strategic positioning within the gold mining sector.

More about Wishbone Gold

Wishbone Gold Plc is a mining company focused on gold exploration and development. Its core asset is the Red Setter Gold Dome Project in Western Australia, where it is advancing exploration to uncover new mineral resources and expand its project pipeline.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

Tower Resources plc (LSE:TRP) has secured £550,000 through a subscription of 1,964,285,714 ordinary shares issued at a discounted price. The proceeds will be used to fund working capital and commitments related to the company’s exploration licenses, including data acquisition activities in Namibia. The capital raise will increase Tower’s share capital base and supports its preparations for upcoming drilling operations in Cameroon while continuing its work program in Namibia. This initiative aligns with the company’s strategy to maintain operational momentum and project readiness across its African portfolio.

More about Tower Resources

Tower Resources plc is an AIM-listed energy company focused on developing a balanced portfolio of oil and gas opportunities in Africa. Its primary activities include short-cycle development and production projects in Cameroon, along with seismic data acquisition programs in Namibia and South Africa aimed at de-risking exploration assets in emerging hydrocarbon provinces.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.

Jubilee Metals Group (LSE:JLP) has reported significant progress in the sale of its South African Chrome and PGM operations, having already secured shareholder approval and received the first tranche of $15 million. The company is now working to meet the remaining conditions for completion, including clearance from the South African Competition Commission and submission of audited accounts. Although chrome and PGM output declined due to the end of a supply contract, increased production from other sites has helped offset the impact. In addition, Jubilee reported a notable reduction in its Lost Time Frequency Injury Rate, reflecting stronger safety performance.

The company’s outlook is supported by growth potential from its Zambian copper strategy and improved operational efficiency. However, narrowing profit margins and rising leverage pose financial challenges. While recent strategic developments are positive, technical indicators suggest a cautious near-term market stance.

More about Jubilee Metals Group

Jubilee Metals Group PLC is engaged in copper production in Zambia and operates chrome and platinum group metals (PGM) projects in South Africa. Its portfolio includes the production of chrome concentrate and PGMs such as platinum, palladium, rhodium, ruthenium, iridium, and gold, positioning the company as a diversified metals producer with exposure to key industrial and precious metal markets.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.