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Oil prices fell for a second straight session on Tuesday, pressured by mounting concerns over excess supply and weakening demand linked to the ongoing trade dispute between the U.S. and China — the world’s two largest oil consumers.

Brent Crude futures slipped 30 cents, or 0.49%, to $60.71 a barrel as of 07:46 GMT. The expiring November contract for West Texas Intermediate (WTI) lost 29 cents, or 0.5%, to $57.23, while the more active December contract fell 31 cents, or 0.54%, to $56.71.

Oversupply fears push market into contango

Monday’s losses drove prices to their lowest levels since early May, as fears grew that escalating U.S.–China trade tensions could slow global economic growth and weigh on demand.

Both WTI and Brent are now trading in a contango structure — when near-term prices are lower than later-dated contracts — a pattern often seen when supply is ample and demand softens.

Supply concerns have intensified as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, press on with plans to add more barrels to the market. Analysts now expect a crude surplus this year and next, with the International Energy Agency projecting an oversupply of nearly 4 million barrels per day in 2026.

“The continued weakening of Brent’s monthly spread structure indicates that the pressure from oversupply in the crude oil market is gradually materializing,” analysts from China’s Haitong Securities said in a note on Tuesday. “This will dampen market expectations and curb investors’ willingness to chase gains, limiting the potential for oil prices to rebound.”

Bearish sentiment builds

The bearish mood has prompted some banks to revise their price forecasts lower. Analysts at Goldman Sachs said Tuesday they expect Brent to fall to $52 per barrel by the fourth quarter of 2026, citing data pointing to a widening global glut.

The team attributed the past week’s price slump to signs that “the long-anticipated global surplus has started to show” in satellite tracking of global inventories as well as reports from the IEA and the U.S. Energy Information Administration.

Still, some upside potential remains if trade negotiations make progress. A meeting between Donald Trump and Xi Jinping next week in South Korea has raised hopes that any agreement could help stabilize prices, though disputes over tariffs, technology, and market access persist.

“As long as there’s no new bearish news, oil prices have a natural need to rebound from oversold levels. At present, if there are expectations of improvement in China–U.S. economic and trade talks, the probability of a rebound increases,” said Yang An, analyst at Haitong Securities.

Focus on U.S. inventories

Market participants are closely watching inventory data for further clues on supply-demand dynamics. A preliminary Reuters poll indicated that U.S. crude stockpiles likely rose last week, ahead of official reports from the American Petroleum Institute and the EIA later this week.

The U.S. dollar gained modestly on Tuesday, rebounding from recent declines tied to banking concerns as hopes of progress in upcoming U.S.–China trade talks improved market sentiment.

At 04:25 ET (08:25 GMT), the U.S. Dollar Index — which measures the greenback against six major currencies — was up 0.2% at 98.570, following its sharpest five-day decline since late July.

Dollar finds footing after banking worries ease

With U.S. equities extending their rebound, investor focus in FX markets has shifted away from fears about the health of the banking sector.

“Zions Bank’s earnings report was solid outside of the losses linked to fraud, even though scrutiny remains high on any other signs of credit stress in the system,” said ING analyst Francesco Pesole.

The dollar also drew support from weakness in the Japanese yen and from optimism that Donald Trump may reach a trade agreement with Xi Jinping during their scheduled meeting next week in South Korea.

Trade frictions between the world’s two largest economies have long weighed on global confidence, with disputes over tariffs, technology, and market access still unresolved.

Adding to the upbeat tone, White House economic adviser Kevin Hassett said the 20-day U.S. federal government shutdown could end this week.

“Not much is moving on U.S.-China trade tensions ahead of the end-of-month scheduled meeting between Trump and Xi,” added Pesole, “with the approach seemingly being a wait-and-see one mixed with some cautious optimism that Trump will get a deal out of China.”

Pound weakens on record borrowing figures

In currency markets, EUR/USD traded 0.2% lower at 1.1622, little helped by receding political risks in France.

“EUR/USD remains almost entirely driven by U.S. credit/equity sentiment: here, further stabilisation could take EUR/USD all the way to 1.160. Levels below that will be harder to justify unless the U.S. CPI on Friday comes in hotter than expected,” said Pesole.

GBP/USD also slipped 0.2% to 1.3383 after data showed that U.K. government borrowing in the first half of the fiscal year reached its second-highest level on record, surpassed only by the pandemic period.

Borrowing totaled £99.8 billion in the first six months, 13% higher than a year earlier and £7.2 billion above the forecast from Britain’s budget watchdog. Finance Minister Rachel Reeves is expected to outline new tax measures to balance the budget in November’s fiscal statement.

Yen softens as Takaichi wins leadership vote

USD/JPY climbed 0.3% to 151.14 after Sanae Takaichi, head of the Liberal Democratic Party (Japan), secured enough votes to become Japan’s next prime minister.

Takaichi, widely seen as fiscally accommodative, is expected to expand government spending and push for looser fiscal policies. She is also likely to oppose additional interest rate hikes by the Bank of Japan, which is set to meet next week.

Yuan holds firm, Aussie slides

USD/CNY dipped slightly to 7.1178, with the yuan supported by a series of stronger-than-expected midpoint fixes from the People’s Bank of China. Markets remain focused on further dialogue between Beijing and Washington after Trump struck a more conciliatory tone on trade.

Meanwhile, AUD/USD fell 0.4% to 0.6489, with the Australian dollar sliding even after Canberra signed a major critical minerals agreement with Washington.

European equities traded largely unchanged on Monday, holding on to their early-week momentum as investors focused on easing geopolitical tensions and a busy earnings calendar.

As of 07:10 GMT, Germany’s DAX slipped 0.1%, France’s CAC 40 edged down 0.1%, while the U.K.’s FTSE 100 gained 0.3%.

Optimism on U.S.–China Relations

Market sentiment has improved in recent days on hopes that tensions between the U.S. and China may ease. This was reinforced by comments on Monday from Donald Trump, who expressed optimism about reaching a fair trade deal with Xi Jinping during their upcoming meeting at an economic conference in South Korea next week.

Trade frictions between the two largest economies have weighed heavily on global markets, with disputes over tariffs, technology, and market access still largely unresolved.

Takaichi to Take Office as Japan’s First Female PM

In Asia, Sanae Takaichi, leader of the Liberal Democratic Party (Japan), is expected to be sworn in later today as Japan’s 104th prime minister, becoming the first woman to hold the office.

She succeeds Shigeru Ishiba, who stepped down in September after the party’s electoral defeat. Known for her fiscally accommodative stance, Takaichi is anticipated to ramp up public spending on infrastructure, industrial policy, and defense.

Corporate Earnings Under the Microscope

With a quiet European macroeconomic calendar, investors are turning their attention to quarterly earnings.

• Assa Abloy (BIT:1ASSA) posted third-quarter operating profit slightly above expectations, despite persistent weakness in the North American housing market.
• Husqvarna (BIT:1HUSQ) missed forecasts, as soft North American demand and uneven global trends weighed on results.
• Unilever (LSE:ULVR) announced it will revise the timeline for the planned spinoff of The Magnum Ice Cream Company N.V. due to the ongoing U.S. federal government shutdown.
• L’Oréal (EU:OR) is set to release its earnings later today, following its €4 billion acquisition of Kering’s beauty division.

Investors are also eyeing upcoming U.S. earnings, with reports from Netflix (NASDAQ:NFLX) and The Coca-Cola Company (NYSE:KO) scheduled for Tuesday.

Oil Prices Weaken Further

Crude prices extended losses Tuesday, hovering near five-month lows as concerns over a looming oversupply and softening demand weighed on sentiment.

Brent Crude futures slipped 0.5% to $60.72 a barrel, while West Texas Intermediate fell 0.5% to $56.73. Prices dropped to their lowest level since early May during Monday’s session amid worries that prolonged U.S.–China trade tensions could dampen economic growth, coupled with the International Energy Agency’s outlook for a supply glut in 2026.

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.

Euro zone lenders may come under pressure if access to U.S. dollar funding tightens, potentially forcing them to scale back lending to businesses and households, Philip Lane, Chief Economist of the European Central Bank, cautioned on Tuesday.

Lane highlighted that the combination of sizeable off-balance sheet exposures in U.S. dollars and unstable funding channels leaves banks exposed to shifts in market conditions.

“The combined presence of substantial USD-denominated off-balance sheet exposures and volatile funding means that sudden changes in these net exposures cannot be ruled out,” Lane said.

He further warned that if the probability of such a scenario increased, it would “generate pressures on both sides of banks’ balance sheets and potentially downward pressure on on-balance sheet exposures like loans to the real economy.”

The remarks underscore growing concerns about financial stability in the euro area in the event of a U.S. dollar funding squeeze, which could ripple through credit markets and weigh on economic activity.

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.

Interparfums (EU:ITP) posted third-quarter revenue of €254 million, down 1.6% on a reported basis but up 1.6% at constant exchange rates. The fragrance group managed to deliver slight growth despite headwinds from a softer U.S. dollar, newly imposed U.S. tariffs, and a tough comparison base. Following the announcement, shares rose 1.5%.

For the first nine months of 2025, revenue reached €700 million, representing a 3% increase in reported terms and 4.4% at constant exchange rates.

Jimmy Choo continued to lead the portfolio, with sales climbing 10% in the third quarter and approximately 15% at constant exchange rates. Coach, the second-largest brand, saw momentum ease—after 24% growth in the first half, revenue declined 1% in Q3, though it managed a 3% increase at constant exchange rates. Montblanc experienced an 8% decline, while Lacoste was essentially flat after a strong first-half surge of 42%. Sales from Lanvin dropped 21%, as the lack of new launches weighed on performance.

North America remained the company’s key growth engine, with revenue up 2% in reported terms and more than 10% at constant exchange rates in Q3. For the first nine months, the region posted 16% constant-currency growth. To counter tariff effects, the company implemented about 6% price increases in the U.S. since August.

In contrast, Western and Eastern Europe reported a 9% revenue decline for the quarter, while France delivered 23% growth, fueled by Lacoste’s strong performance. Asian revenue fell 10%, despite ongoing progress in China.

Interparfums reaffirmed its full-year 2025 revenue target of approximately €900 million. With €700 million already booked through September, this implies fourth-quarter revenue of around €200 million—roughly flat on a reported basis but slightly higher at constant exchange rates.

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.

XP Power (LSE:XPP) reported a notable improvement in profitability during the third quarter, according to its trading update released on Tuesday.

Revenue for the quarter came in at £57.6 million, flat year over year on a constant currency basis but up 3% sequentially. This marks a clear turnaround from the first half of 2025, when organic revenue fell 11% compared to the prior year.

Order intake totaled £55.3 million, reflecting an 18% increase year over year at constant exchange rates and a 2% rise quarter over quarter. The recovery was fueled by stronger demand in the Industrial Technology and Healthcare segments as customer destocking began to ease. The order book ended the quarter at £119.4 million, down 15% year on year, with a book-to-bill ratio of 0.96x, compared to 1.02x in H1 2025.

Net debt rose by £2.8 million from the first half, reaching £60.7 million, largely due to currency fluctuations and planned capital investments in the company’s new Malaysian production facility. However, leverage improved slightly to 1.7x from 1.8x in the first half.

The company also provided an update on its ongoing legal proceedings, noting that the appeal in the Comet case was heard on September 19, 2025, by the Ninth Circuit of the U.S. Court of Appeals, with the ruling currently under consideration.

XP Power reaffirmed that its full-year guidance remains aligned with market expectations, which project FY25 EBITA of £17.4 million. It expects the “material” increase in Q3 EBITA compared with the first half to carry through the rest 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.

BHP (LSE:BHP) reported first-quarter copper equivalent production in line with market expectations and reiterated its full-year volume and unit cost guidance across all business divisions.

The first quarter is typically a softer period for the company due to scheduled maintenance. Copper equivalent output fell 7% quarter-on-quarter and 1% year-on-year, with sequential declines across all operations except Samarco.

Copper production outperformed expectations by 2% and now sits 3% above the midpoint of FY26 guidance, supported by record mill throughput at Escondida. Metallurgical coal production beat consensus by 6% and is 2% above forecast midpoints. In addition, Western Australia Iron Ore (WAIO) achieved realized prices equal to 91.7% of the benchmark, driven by higher lump ore volumes.

However, iron ore output came in 2% below consensus and 4% under Q1 guidance, reflecting car dumper maintenance. The Spence concentrator posted its weakest recovery rates since Q2 2022, resulting in a 10% volume shortfall. South American copper also lagged expectations by 10% due to maintenance at Olympic Dam, while thermal coal production was down 7% following scrubber maintenance.

In its market commentary, BHP noted that overall macroeconomic indicators for commodity demand remain firm, with global growth forecasts continuing to improve. While the company anticipates some moderation in economic activity during the second half of 2025, it still expects Chinese GDP growth of around 5% for the year. For copper specifically, supply disruptions at competing mines have tightened market fundamentals, supporting the company’s outlook.

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.

GSK plc (LSE:GSK) announced on Tuesday that its Shingrix vaccine has received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) for a new pre-filled syringe format.

This updated presentation is designed to simplify the vaccination process for healthcare professionals by removing the need to manually mix separate vials before injection. At present, Shingrix requires the combination of a lyophilized antigen powder and a liquid adjuvant prior to use.

According to GSK, approval from the European Commission is anticipated in December 2025.

“At GSK, we are dedicated to driving innovation to continuously improve our world-class vaccines,” said Tony Wood, GSK’s Chief Scientific Officer. “The CHMP’s positive opinion on our new Shingrix presentation reflects our commitment to supporting the healthcare community by making it easier for healthcare professionals to provide protection against shingles.”

Shingrix has been authorized in the European Union for the prevention of herpes zoster and postherpetic neuralgia in adults aged 50 and over since 2018, and in adults 18 and older at increased risk since 2020. The vaccine enhances immune protection against the varicella-zoster virus in individuals with weakened or declining immune systems.

The CHMP recommendation is backed by data confirming the technical comparability of the pre-filled syringe and the existing version.

Shingles impacts approximately 1.7 million people across Europe annually. The disease results from the reactivation of the varicella-zoster virus—the same virus responsible for chickenpox. Globally, up to one in three individuals may develop shingles during their lifetime, with over 90% of adults carrying the virus in a dormant state.

Symptoms typically appear as a painful, blistering rash on the chest, abdomen, or face. Roughly 30% of patients experience postherpetic neuralgia, a nerve pain that can persist for weeks, months, or even years after the rash subsides.

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.

Vast Resources plc (LSE:VAST) has announced that a rough stone tender for more than 120,000 carats will take place with Trans Atlantic Gems Dubai during the week of November 17, 2025. The timing follows a seasonal dip in demand linked to the Diwali holiday period.

The company emphasized its commitment to creating value for shareholders by maintaining involvement across the full mining value chain. Further announcements are expected as the tender progresses, potentially providing a boost to near-term operational momentum.

Vast Resources’ outlook remains constrained by ongoing financial pressures, including operational losses and negative equity. However, positive corporate developments and certain technical indicators point to an opportunity for strategic improvement and a stronger market presence. Profitability challenges continue to weigh on valuation metrics.

Company Overview

Vast Resources plc is a UK-based mining company listed on AIM, with operations in Romania, Tajikistan, and Zimbabwe. Its portfolio includes the Baita Plai and Manaila polymetallic mines in Romania, along with joint ventures and management agreements in Tajikistan. The company’s strategy focuses on enhancing shareholder returns through integrated participation in the entire mining value chain.

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.

Watkin Jones plc (LSE:WJG) has reported a solid performance in the second half of FY25, with expected revenue of around £280 million and adjusted operating profit in line with market forecasts. The company highlighted its disciplined approach to cash management and operational execution, successfully completing several key developments and maintaining a healthy pipeline for future projects.

Despite a challenging macroeconomic environment, Watkin Jones remains optimistic about FY26, supported by a structural shortage of rental and student housing and strong investor appetite.

The company’s outlook reflects a mix of strengths and challenges. While stable capital structure, improved cash flow, and bullish technical indicators support a positive trend, pressures on revenue and profitability, alongside weak valuation metrics—including a negative P/E ratio and lack of dividend yield—temper expectations.

Company Overview

Watkin Jones plc is a UK-based real estate developer specializing in student accommodation and residential property projects. Known for its development partnerships and joint ventures, the company focuses on addressing structural supply gaps in the rental and student housing 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.