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Shares of Eutelsat (EU:ETL) fell more than 6% in Paris on Wednesday after the satellite operator reported first-quarter revenue that came in slightly below market forecasts, with a slump in its video business offsetting solid gains in government services.

Revenue for the quarter totaled €293 million, representing a 2.2% drop on a reported basis and a 0.3% decline at constant currency. Sales from the four core operating segments reached €283 million, down 1.2% like-for-like and 11% lower than the previous quarter, also impacted by a €10 million currency headwind.

This result missed analyst expectations of €295 million, according to company figures.

The video unit, which provides satellite broadcasting services to over a billion viewers and accounts for almost half of Eutelsat’s total revenue, fell 10.5% year-on-year. The company attributed the drop to structural weakness in the video market as well as sanctions affecting Russian channels. French authorities recently instructed Eutelsat to stop broadcasting two Russian networks, a decision the company estimates will cost around €16 million in annual revenue.

“We still see a strong progress of Starlink on the broadband and B2C (business-to-consumer) segments,” said Chief Financial Officer Christophe Caudrelier, noting that “the demand for connectivity by satellite is growing fast.”

Government services continued to be the company’s bright spot, climbing 18.5% to €52.4 million, bolstered by growing demand in Ukraine and other markets.

Eutelsat reaffirmed its full-year and long-term guidance, but analysts remained cautious.

Kepler Cheuvreux analyst Alessandro Cuglietta reiterated a Hold rating on the stock. “We remain cautious,” he said. “The business model is structurally capital-intensive, with sustained negative free cash flow expected through the end of the decade.”

Cuglietta also noted that Eutelsat’s return on invested capital (ROIC) is unlikely to turn positive before fiscal 2030, “and even then, should remain below 10%.”

U.S. equity futures were mostly unchanged early Wednesday as investors looked ahead to another round of corporate earnings and processed mixed geopolitical signals.

At 03:39 ET, Dow futures edged up 38 points or 0.1%, S&P 500 futures gained 10 points or 0.1%, and Nasdaq 100 futures were nearly flat.

U.S. futures tread water ahead of earnings rush

The major averages ended Tuesday with a muted performance as investors grew wary of elevated valuations and questioned whether the recent stock rally can be sustained.

Geopolitical developments remained in focus. President Donald Trump cast doubt on a potential meeting with Chinese President Xi Jinping in South Korea later this month, saying it “may not happen.” However, he also struck a hopeful tone, stating that if it does go ahead, it would be “very successful” and that he expects a “fantastic” and “fair” trade deal.

Meanwhile, hopes for progress on Ukraine were dented after the planned Trump-Putin summit was postponed when Moscow declined to agree to a ceasefire.

Netflix shares sink on margin shortfall

Netflix (NASDAQ:NFLX) fell more than 6% in after-hours trading after its third-quarter operating margin came in at 28%, slightly below expectations.

The miss stemmed largely from tax-related charges in Brazil. The company said that excluding the expense, its margin would have surpassed forecasts.

Netflix also trimmed its full-year margin outlook to 29% from 30%, citing the impact of the Brazil dispute.

Despite the margin pressure, the company posted higher revenue and profits, buoyed by its strongest-ever advertising quarter, new subscribers, and higher prices.

Tesla earnings up next

Tesla (NASDAQ:TSLA) will report its quarterly results after the closing bell, in one of the most closely watched corporate announcements of the week.

Earlier this month, the automaker reported record deliveries for the third quarter, boosted by discounts and marketing efforts ahead of the expiration of a $7,500 EV tax credit in the U.S. Investors are now focused on how the expiration will affect future demand.

According to analysts at Vital Knowledge, “earnings reports for this company are nearly irrelevant as the bulk of the narrative and equity value isn’t related to the core business of manufacturing and selling autos but instead hope and hype for products that won’t impact income statement in a material way for years to come.”

Tesla CEO Elon Musk has repeatedly highlighted projects such as robotaxis and full self-driving technology as central to the company’s future. Tesla shares are up more than 16% year to date, supported in part by a proposed new pay package for Musk and additional stock purchases.

AT&T (NYSE:T), GE Vernova (NYSE:GEV), and Thermo Fisher (NYSE:TMO) are also scheduled to release earnings before U.S. markets open.

Hermes reports “very slight” China improvement

Hermes (EU:RMS) shares traded modestly higher in Paris after the luxury group signaled a slight pickup in demand from China during the third quarter.

CFO Eric de Halgouet said stronger property prices and stock market gains in key cities contributed to the improvement.

Quarterly revenue climbed 9.6% to €3.88 billion, just shy of the 10% growth expected by analysts, according to Visible Alpha estimates. The update aligns with cautious optimism expressed recently by rivals L’Oreal (EU:OR) and LVMH (EU:MC) regarding stabilization in Chinese luxury spending.

Gold steadies after steep drop

Gold prices rebounded in early Wednesday trade after a heavy sell-off in the prior session, as a weaker dollar and bargain-hunting helped steady the market.

Investors also awaited U.S. inflation figures due later this week, which could influence expectations for the Federal Reserve’s next steps. With the government shutdown delaying other data, Friday’s CPI report is expected to be one of the most closely watched indicators.

Spot gold rose 1.1% to $4,153.24 per ounce at 03:32 ET after briefly slipping to around $4,000 earlier in the day. U.S. gold futures were up 1.2% at $4,156.79.

Tuesday’s 5% plunge marked gold’s sharpest one-day fall since 2020, erasing part of its recent rally to record highs driven by geopolitical uncertainty and expectations of easier U.S. monetary policy.

The U.S. dollar inched higher on Wednesday, supported by a sharp pullback in gold prices, while a softer-than-expected U.K. inflation print weighed on the pound.

At 04:20 ET (08:20 GMT), the U.S. Dollar Index — which measures the greenback against six major currencies — rose 0.1% to 98.795, rebounding from last week’s steep losses.

Dollar extends gains ahead of CPI release

The dollar has steadily strengthened this week, as earlier concerns around the health of regional banks have largely faded. Tuesday’s steep gold correction also gave the greenback an extra lift.

That said, “a further USD rally from here will be harder to justify unless markets find reasons to price out one of the three Fed cuts expected by March. The most realistic driver of such hawkish repricing this week would be a hot CPI figure on Friday, which we don’t expect,” said Francesco Pesole, analyst at ING Group.

The September consumer price index will be the first major data release since the U.S. government shutdown began in early October. Headline inflation is forecast to edge up to 3.1% from 2.9% in August, while core CPI is expected to remain at 3.1%.

Pound slips on soft inflation print

In currency markets, GBP/USD fell 0.4% to 1.3323 after data showed that annual U.K. CPI held steady at 3.8% in September, below the widely expected 4%.

“Our call is that this 3.8% marks the peak for headline inflation, and we expect it to be 3.5% for the remaining three months of the year, before falling back from January,” Pesole said.

“All this should not be enough to bring a November rate cut back on the table, but it definitely increases the chances of a December move. For that, the Autumn Budget will play a pivotal role, where a stricter commitment to fiscal rigour can be the trigger for a ‘Christmas cut’.”

The Bank of England left interest rates unchanged at 4% at its September meeting, the lowest level in more than two years, after starting 2025 at 4.75%.

Governor Andrew Bailey warned at the time that the U.K. was “not out of the woods yet” on inflation, adding that any rate cuts would “need to be made gradually and carefully.” The next policy decision is scheduled for November 6.

Euro and yen react to geopolitical developments

EUR/USD slipped 0.1% to 1.1592 after the White House said a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed when Moscow rejected calls for an immediate ceasefire.

“These developments vindicate markets’ extremely cautious treatment of Ukraine truce hopes. We remain of the view that any meaningful market reaction will require tangible progress – rather than mere speculation,” Pesole added.

Meanwhile, USD/JPY dipped 0.1% to 151.83, with the Japanese yen clawing back some losses after falling nearly 0.8% in the previous session, following Sanae Takaichi’s confirmation as Japan’s first female prime minister.

Takaichi is seen as fiscally dovish and expected to push for more government spending and resist further interest rate hikes from the Bank of Japan. Speculation over her leadership had weighed on the yen for weeks after her election as head of the Liberal Democratic Party in September.

Yuan and Aussie dollar little changed

USD/CNY edged up to 7.1244 as markets awaited further developments on U.S.–China trade tensions, though recent U.S. comments fueled optimism that a tariff escalation may be avoided.

AUD/USD added 0.2% to 0.6502.

Gold prices stabilized during Asian trading hours on Wednesday, following a steep sell-off earlier in the session. Easing trade tensions between the U.S. and China, along with renewed optimism over potential progress in global negotiations, continued to weigh on safe-haven demand for the metal.

Profit-taking after gold’s record-setting rally earlier in the month also pressured prices, while investors shifted their attention to key U.S. inflation data due later this week.

Spot gold rose 0.1% to $4,127.95 per ounce as of 00:21 ET (04:21 GMT), rebounding modestly after touching an intraday low of $4,003.39. U.S. gold futures advanced 0.9% to $4,144.51 per ounce.

The metal plunged more than 5% on Tuesday—its sharpest daily decline since 2020—after briefly touching all-time highs above $4,381 per ounce earlier this week, fueled by geopolitical jitters and expectations of monetary easing by the U.S. central bank.

Trade optimism tempers safe-haven appeal

The pullback followed comments from U.S. President Donald Trump, who said an upcoming meeting with Chinese President Xi Jinping could produce a “good deal” on trade, though he acknowledged that the talks “may not happen.”

His remarks boosted risk appetite and dampened demand for traditional hedges such as gold.

Sentiment was further buoyed by reports in India’s Mint (newspaper) that Washington and New Delhi were close to finalizing a trade pact that would lower U.S. tariffs on Indian goods to 15–16% from the current 50%. Such a move could reinforce global trade optimism and risk appetite.

“The catalyst appears to be profit-taking in a market that has been hugely overbought in recent weeks,” analysts at ING Group wrote, adding that “clearly, market participants were getting increasingly nervous over the sustainability of the uptrend.”

Market participants remained cautious ahead of Friday’s U.S. CPI release, which could shape expectations for the Federal Reserve’s interest rate decision next week. Uncertainty stemming from the ongoing U.S. government shutdown has also disrupted parts of the economic data calendar.

Metals trade remains muted after losses

Other precious and industrial metals also came under pressure earlier in the week and were trading in narrow ranges on Wednesday.

Silver inched up 0.4% to $48.93 per ounce after a 7% plunge in the prior session. Silver futures climbed 1.2% to $48.28. Platinum futures slipped 0.3% to $1,533.90.

Benchmark copper on the London Metal Exchange held steady at $10,612.95 per ton, while U.S. copper futures edged up 0.2% to $4.96 per pound.

Oil prices extended gains for a second straight session on Wednesday, rising more than 2% as supply risks tied to sanctions and geopolitical uncertainty outweighed recent demand worries. Optimism around a potential U.S.-China trade breakthrough also added to the positive sentiment.

By 06:45 GMT, Brent crude futures were up $1.24, or 2.0%, at $62.56 a barrel, while U.S. West Texas Intermediate rose $1.20, or 2.1%, to $58.44.

The rally comes after oil hit a five-month low earlier in the week, pressured by increased output and concerns that trade tensions could further erode global demand.

However, renewed geopolitical risks boosted sentiment. News that a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed, coupled with Western pressure on Asian buyers to reduce purchases of Russian crude, revived fears of tighter supply.

“Despite the overall bearish sentiment driven by an oil supply glut and weak demand, the risk of supply disruption in hotspots like Russia, Venezuela, Colombia and the Middle East remains in place and prevents oil prices staying below the $60 handle,” said Mukesh Sahdev, founder and CEO of energy market consultancy XAnalysts.

Market analysts also pointed to short covering activity as another driver behind Wednesday’s gains. “After the sell-off in crypto (currency), regional banks and now gold and silver, I think we are seeing position reductions across markets, which for crude oil means short covering,” said Tony Sycamore, analyst at IG Australia.

Traders also monitored rising tensions between the U.S. and Venezuela. U.S. strikes on Venezuelan vessels in international waters were condemned by independent United Nations experts as “extrajudicial executions.” These operations, ordered by Trump in recent months, targeted at least six ships suspected of smuggling narcotics as part of a campaign against a “narcoterrorist” threat.

Meanwhile, hopes for a trade breakthrough provided additional support. Officials from the U.S. and China are scheduled to meet this week in Malaysia to continue negotiations. Trump said on Monday he expects to reach “a fair trade deal” with Chinese President Xi Jinping, though he added Tuesday that “maybe it won’t happen,” injecting uncertainty into the talks.

Adding to the bullish backdrop, U.S. crude, gasoline, and distillate inventories fell last week, according to figures from the American Petroleum Institute.

The United States Department of Energy also said it plans to purchase 1 million barrels of oil for the Strategic Petroleum Reserve. Analysts at Australia and New Zealand Banking Group noted in a client report that the plan supported prices, with the government taking advantage of lower levels to rebuild stockpiles.

European equities traded mostly in the red on Wednesday as investors reacted to renewed geopolitical tensions surrounding the war in Ukraine, while softer-than-expected inflation data offered some support to the U.K. market.

By 07:05 GMT, Germany’s DAX slipped 0.2%, France’s CAC 40 lost 0.7%, while the U.K.’s FTSE 100 advanced 0.5%, outperforming its continental peers.

Geopolitical tensions dampen sentiment

Investor mood was hit after the White House announced that the planned summit between U.S. President Donald Trump and Russian President Vladimir Putin had been indefinitely postponed. Moscow rejected calls for an immediate ceasefire, casting doubt on any near-term peace deal in Ukraine.

Trump, who last week spoke with Putin by phone and met Ukrainian President Volodymyr Zelenskyy, had hoped a follow-up meeting after August’s unsuccessful Alaska summit would help move negotiations forward. Instead, markets now view the odds of a breakthrough as slim, weighing on global risk appetite.

Corporate earnings in focus

Investors also digested a wave of corporate results as earnings season gathers pace.

• UniCredit (BIT:UCG) reaffirmed its full-year and medium-term targets after posting third-quarter results that exceeded expectations, keeping the bank on track for a record year.
• Barclays (LSE:BARC) raised its full-year guidance and unveiled a £500 million share buyback, even as pretax profit fell 7% year-on-year to £2.1 billion.
• Hermès International S.A. (EU:RMS) reported a 9.6% rise in Q3 sales, highlighting a “slight improvement” in China as wealthy consumers continued to snap up its luxury handbags.
• Heineken N.V. (EU:HEIA) warned that 2025 beer volumes are expected to decline amid worsening macroeconomic headwinds, marking a second downward revision this year.
• Reckitt Benckiser Group (LSE:RKT) beat Q3 sales forecasts and reaffirmed its outlook, supported by strong emerging market demand and recovery in key developed regions.

U.K. inflation steady

Fresh economic data released earlier showed U.K. inflation holding at 3.8% in September, below expectations for a rise to 4.0%. This provides some breathing room for the Bank of England, which kept its benchmark rate unchanged at 4% last month — the lowest level in more than two years after starting 2025 at 4.75%.

Oil climbs on summit cancellation

Crude prices pushed higher after the cancellation of the U.S.-Russia summit raised concerns about longer-lasting disruptions to global energy supply.

Brent futures climbed 1.7% to $62.34 a barrel, while U.S. West Texas Intermediate rose 1.8% to $58.24.

The prolonged conflict is fueling fears of further supply risks, especially as Kyiv steps up strikes on Russian energy infrastructure. Oil prices were also supported by U.S. inventory data showing a drawdown and an announcement by the United States Department of Energy that it plans to buy one million barrels to replenish the Strategic Petroleum Reserve.

Hermès International S.A. (EU:RMS) reported third-quarter sales largely in line with expectations, underscoring steady demand for high-end luxury despite a broader consumer slowdown. But a tepid rebound in China and a slight miss in its key Leather Goods & Saddlery unit weighed on investor sentiment.

Revenue reached €3.88 billion ($4.50 billion) for the quarter ended September 30, representing a 9.6% year-on-year increase at constant exchange rates. That was slightly higher than the 9% growth seen in the previous quarter, though just shy of the €3.90 billion analysts expected, according to Visible Alpha.

The company highlighted a modest improvement in China—its biggest market, accounting for roughly a third of global luxury demand—echoing similar stabilization signals from LVMH Moët Hennessy Louis Vuitton (EU:MC) and L’Oréal S.A. (EU:OR).

“One could note a very slight improvement in the third quarter,” said finance chief Eric de Halgouet, citing firmer property prices in major cities and stronger equity markets.

Hermès shares fell 2.5% in Paris following the update.

In the U.S., the company reported increased store traffic and balanced growth across regions. It plans further investment in the market after opening a new boutique in Nashville.

Jefferies analysts noted that Hermès’ 9.6% Q3 sales growth “will likely generate a debate amongst investors.”

“This at a time when the shares have suffered a major sector relative derating (of over 50% since mid-April), with markets increasingly enthused about a reboot of broader industry demand reinterpreting the consistency of RMS’ share gains as unexciting,” they added.

Hermès reiterated its medium-term revenue growth target at constant exchange rates but warned that macroeconomic, geopolitical, and monetary uncertainty continues to shape the global outlook.

Leather goods—including the iconic Birkin, Kelly, and Constance handbags—rose 13.3% year-on-year in Q3, slightly below the 14% consensus forecast from RBC Capital Markets.

“We believe shares might be under pressure near term, given the slight miss in key Leather Goods division, and elevated buy-side expectations reflecting more positive sentiment in luxury recently,” wrote RBC analyst Piral Dadhania.

Sales in clothing, silk accessories, and jewelry also increased during the quarter, contributing to overall top-line growth.

FTSE 100 rose on Wednesday morning, supported by steady September inflation figures and a flurry of corporate earnings, including results from Barclays and Reckitt Benckiser Group.

By 07:38 GMT, the FTSE 100 was up 0.6%, while the British pound slipped 0.3% to 1.33 against the U.S. dollar. In contrast, Germany’s DAX dipped 0.1%, and France’s CAC 40 declined 0.5%.

UK inflation steady at 3.8%

U.K. inflation remained at 3.8% in September — the same level as in July and August — and below the 4.0% figure expected by economists. The figure is still nearly double the Bank of England’s 2% medium-term target.

In a separate development, a major cyberattack on Jaguar Land Rover was estimated to have caused £1.9 billion in damage to the UK economy, according to the Cyber Monitoring Centre. The late-August attack forced the automaker to shut down IT systems and suspend production at several plants for five weeks.

Corporate earnings highlights

• Barclays PLC (LSE:BARC) shares rose after the bank raised its full-year guidance and announced a new share buyback alongside its third-quarter earnings. It now expects a return on tangible equity (RoTE) above 11% in 2025, up from around 11% previously, after posting a 10.6% RoTE for the quarter.
• Reckitt Benckiser Group PLC (LSE:RKT) reported stronger-than-anticipated Q3 sales, with like-for-like revenue rising 7% — ahead of the 6.4% forecast. Growth was fueled by emerging markets and improving trends in developed economies.
• Halfords Group PLC (LSE:HFD) surged 7.2% after reporting better-than-expected sales for the first half of its fiscal year. Like-for-like sales rose 4.1%, with Retail up 4.0% and Autocentres up 4.3%.
• abrdn plc (LSE:ABDN) said assets under management and administration (AUMA) climbed to £542.4 billion, up 6% year to date, supported by strong growth in its Interactive Investor platform, which gained 20,000 customers through the Jarvis acquisition.
• Fresnillo plc (LSE:FRES) met expectations on Q3 output, with gold production trending toward the upper end of guidance. Silver production fell 6.6% quarter-on-quarter and 19.1% year-on-year.
• Softcat plc (LSE:SCT) posted record annual results with gross profit up 18.3% to £494.3 million and underlying operating profit up 16.9% to £180.1 million.
• Quilter plc (LSE:QLT) reported core net inflows of £2.2 billion in Q3, up 48% year-on-year, lifting total assets under management and administration to £134.8 billion.
• Hochschild Mining plc (LSE:HOC) said attributable production fell to 70,308 gold equivalent ounces from 81,660 ounces in Q2, as its turnaround plan at Brazil’s Mara Rosa mine continues.

The mix of steady inflation data and upbeat earnings from major companies helped lift the FTSE 100 in early trading, though headwinds from global markets capped further gains.

ITV plc (LSE:ITV) fell sharply in Wednesday morning trading, sliding 8.8% after Liberty Global reduced its holding in the British broadcaster by 50% through an accelerated bookbuild.

Liberty Global’s wholly owned subsidiary, Liberty Global Ventures Limited, sold 193,365,540 ordinary shares to institutional investors, equivalent to about 5% of ITV’s issued share capital.

The transaction generated gross proceeds of roughly £135 million for Liberty Global. Following settlement, its stake in ITV will be cut from around 10% to 5%. The seller also agreed to a 60-day lock-up period, during which it will not sell any additional shares in ITV, subject to standard exceptions.

BNP Paribas and Deutsche Bank (Deutsche Numis) acted as joint global coordinators and bookrunners for the offering.

The sizable divestment by a key shareholder added selling pressure to ITV’s stock price, fueling the day’s sharp drop. Liberty Global’s move to halve its position could also prompt speculation about its long-term strategic interest in the British media company.

Hochschild Mining PLC (LSE:HOC) has reported its Q3 2025 production results, confirming steady progress toward meeting its revised annual production goals. The company expects stronger cash flow in Q4 as production ramps up at the Mara Rosa project, supported by favorable metal prices.

Operational improvements and leadership changes — including the appointment of a new COO — are expected to further enhance performance. Despite some short-term setbacks, Hochschild reiterated its commitment to meeting annual guidance, focusing on processing lower-grade material efficiently to maintain strong profit margins.

The company’s outlook is supported by strong technical momentum and solid financial performance, even amid some earnings and cash flow volatility. Valuation remains fair, though the low dividend yield could make the stock less attractive to income-focused investors. The latest earnings call reflected cautious optimism, balancing growth prospects with operational challenges.

More about Hochschild Mining

Hochschild Mining PLC is a leading precious metals producer specializing in the exploration, mining, and sale of gold and silver. The company operates several key mines, including Inmaculada and San Jose, with a focus on sustainable, efficient mining practices and long-term resource development.