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Gold prices surged to fresh all-time highs in Asian trading on Thursday, extending their winning streak to a fourth consecutive session. Rising expectations of U.S. Federal Reserve interest rate cuts, heightened U.S.-China trade tensions, and lingering political uncertainty drove investors toward the safe-haven asset.

Spot gold advanced 0.7% to $4,237.87 an ounce at 00:25 ET (04:25 GMT), after briefly touching $4,241.99 earlier in the session. U.S. Gold Futures climbed 1.2% to $4,252.59. So far this week, the metal has rallied more than 5%, continuing a powerful uptrend that began in early October.

Fed Policy Bets and Geopolitical Frictions Lift Gold

Market participants are now almost fully pricing in a 25 basis-point rate cut from the Fed in October, with another expected in December, following a more dovish tone from Chair Jerome Powell earlier this week.

The Federal Reserve’s Beige Book, released Wednesday, signaled that “U.S. economic activity was little changed in recent weeks,” with many firms citing weaker demand and persistent cost pressures. It also pointed to “early signs of cooling” in the labor market.

This more muted outlook reinforced expectations of a Fed pivot to support growth, which typically boosts gold’s appeal as yields retreat.

Rising trade tensions between Washington and Beijing also supported demand, after the U.S. threatened new tariffs on Chinese-made goods and China responded with expanded export controls on rare earth materials. This renewed friction raised concerns about a wider trade conflict, prompting a flight to safe-haven assets.

Meanwhile, the prolonged U.S. government shutdown—now entering its third week—has added to investor anxiety, delaying key economic data and amplifying fiscal concerns.

ANZ Sees Prices Reaching $4,400 by Year-End

Analysts at ANZ said gold’s upward momentum could continue in the coming months, supported by ongoing geopolitical risks and monetary easing by the Fed.

“While comparisons are being made to the 1980’s price peak, the current price rise is underpinned by structural drivers, indicating that elevated prices will likely sustain,” analysts wrote.

They forecast that gold could climb to $4,400 an ounce by the end of 2025 and reach a peak of around $4,600 by mid-2026 before easing in the latter half of that year.

Other Metals Trade in Tight Ranges

Elsewhere, movements in other precious and base metals were muted despite a weaker U.S. dollar.

Silver rose 0.3% to $53.13 per ounce, just below this week’s record highs of $53.6, while Silver Futures gained more than 1%. “The factors driving gold are also supporting silver’s momentum. Investors who missed the rally in gold prices are now turning their attention to the white metal for exposure,” ANZ analysts added.

Platinum Futures were steady at $1,698.00 per ounce.

On the base metals side, Benchmark Copper Futures on the London Metal Exchange held flat at $10,616.20 a ton, while U.S. Copper Futures rose 0.2% to $4.98 a 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.

Oil prices advanced on Thursday, climbing around 1%, after U.S. President Donald Trump said that Indian Prime Minister Narendra Modi had pledged to stop buying oil from Russia — a move that could tighten supplies in other markets.

Brent crude futures rose 56 cents, or 0.9%, to $62.47 a barrel by 06:55 GMT, while U.S. West Texas Intermediate (WTI) futures increased 58 cents, or 1%, to $58.85.

Market Background and Geopolitics

Both oil benchmarks had touched their lowest levels since early May in the previous session, weighed down by renewed U.S.-China trade tensions and a warning from the International Energy Agency (IEA) about a potential supply glut in 2026 as OPEC+ and its competitors increase output amid weakening demand.

Trump said on Wednesday that India — which relies on Russia for about one-third of its oil imports — would halt purchases from Moscow. He added that the U.S. would next aim to convince China to do the same, as Washington steps up its efforts to choke off Russia’s energy revenues and push for a negotiated peace agreement in Ukraine.

India’s Response and Supply Implications

India’s foreign ministry responded Thursday, emphasizing that the country’s “two main goals were to ensure stable energy prices and secure supply,” but made no reference to Trump’s comments.

According to three sources cited by Reuters, some Indian refiners are already preparing to reduce imports of Russian crude gradually.

U.S. Treasury Secretary Scott Bessent also said Wednesday that he had told Japanese Finance Minister Katsunobu Kato the Trump administration expects Japan to follow suit and stop importing Russian energy.

India and China remain the two largest buyers of Russian seaborne crude, which has been sanctioned by the U.S. and EU. Modi has for months pushed back against U.S. pressure, arguing that Russian oil imports are essential for India’s energy security.

“At the margin, this is a positive development for the crude oil price as it would remove a big buyer (India) of Russian oil,” said Tony Sycamore, market analyst at IG Group.

Sanctions and Inventory Data in Focus

The U.K. government also unveiled a fresh round of sanctions targeting Rosneft and Lukoil, two of Russia’s largest energy producers. The measures affect four oil terminals, Chinese private refiner Shandong Yulong Petrochemical, 44 “shadow fleet” tankers carrying Russian oil, and Nayara Energy Limited, a Russian-owned refinery in India.

Later in the day, markets will turn their attention to U.S. stockpile figures from the U.S. Energy Information Administration (EIA), following mixed data earlier this week from the American Petroleum Institute (API).

API data showed U.S. crude inventories rising by 7.36 million barrels in the week ending October 10, gasoline stocks up by 2.99 million barrels, and distillate inventories down by 4.79 million barrels. While falling distillate stocks hint at stronger diesel demand, the increase in crude and gasoline supplies points to continued weakness in overall U.S. fuel consumption.

Analysts currently expect U.S. crude inventories to have increased by roughly 0.3 million barrels last week.

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.

U.S. equity futures moved slightly higher early Thursday, as strong corporate results and renewed geopolitical tensions shaped sentiment across global markets. Chipmaking giant Taiwan Semiconductor Manufacturing Company (NYSE:TSM) delivered a record-breaking third quarter on booming AI demand, while Oracle Corporation (NYSE:ORCL) prepared to give updated guidance at its closely watched analyst meeting. Meanwhile, gold climbed to another all-time high.

Futures Edge Higher

By 02:51 ET, Dow futures were up 58 points (0.1%), S&P 500 futures gained 12 points (0.2%), and Nasdaq 100 futures added 88 points (0.4%).

On Wednesday, the S&P 500 and the Nasdaq Composite advanced, while the Dow Jones Industrial Average slipped slightly, as early gains softened throughout the session. Markets were digesting upbeat earnings from ASML Holding N.V., Bank of America, and Morgan Stanley.

Geopolitical tensions also remained in the spotlight. A report in the The Wall Street Journal suggested Beijing is “willing to hold a firmer line” in negotiations with Washington, expecting that sustained uncertainty could pressure markets and push President Donald Trump toward a deal.

U.S. Treasury Secretary Scott Bessent said that “equity volatility would not alter the Trump administration’s stance” but emphasized that the White House does not seek to escalate tensions further. He added that Trump remains open to meeting President Xi Jinping in South Korea later this month.

TSMC Posts Record Q3 Profit

Taiwan Semiconductor Manufacturing Company reported its highest-ever third-quarter profit, powered by surging demand for AI chips.

The chipmaker — which counts Nvidia Corporation (NASDAQ:NVDA) and Apple Inc. (NASDAQ:AAPL) among its key clients — posted a net profit of T$452.30 billion ($14.75 billion) for the three months ended September 30, surpassing the T$417.7 billion estimate from Reuters/LSEG.

Revenue rose 30% year-on-year to T$989.92 billion ($32.30 billion), while gross margin reached 59.5%. TSMC forecast that AI-driven demand would accelerate further, projecting current-quarter revenue growth of up to 24%. It also reaffirmed its capital spending outlook of up to $42 billion in 2025, despite potential tariff and currency risks.

Oracle Analyst Meeting in Spotlight

Oracle Corporation will meet with analysts Thursday during the final day of its AI conference in Las Vegas.

Analysts at Vital Knowledge said they expect the company to issue fresh financial guidance, noting that “the real focus will be on margins and cash flow.” Oracle’s dual CEOs recently reaffirmed their commitment to massive data center investments, telling the Wall Street Journal that these are crucial to “bolster the computing capacity needed to make AI models more useful for businesses.”

Earlier this week, Oracle announced that its cloud services would be powered by Advanced Micro Devices’ (NASDAQ:AMD) upcoming MI450 AI chips. Last month, the company’s shares jumped after revealing an additional $317 billion in future contract revenue, much of it linked to its deal with OpenAI.

Philly Fed Data Ahead

Investors will also be watching Thursday’s release of the Federal Reserve Bank of Philadelphia manufacturing index, expected to come in at 8.6 in October, down from 23.2 in September. A positive reading still signals expansion.

The prolonged U.S. government shutdown has delayed the publication of key economic reports, pushing policymakers to rely on alternative indicators. On Wednesday, the Fed’s “Beige Book” showed little change in economic activity and stable employment, but highlighted signs of “increased layoffs and a pullback in spending by lower- and middle-class households.”

Gold Hits Another Record

Gold prices extended their rally to fresh record highs, lifted by rising expectations of rate cuts from the Federal Reserve System and escalating U.S.-China tensions.

Spot gold gained 0.5% to $4,230.48 per ounce by 03:48 ET, after touching $4,241.99 earlier in the session. U.S. gold futures climbed 1.0% to $4,244.71. The metal has surged more than 6% over the past week.

Markets are pricing in a near-certain 25 basis-point cut in October, followed by another in December, after Fed Chair Jerome Powell adopted a more dovish tone this week. Lower interest rates typically boost demand for non-yielding assets like gold.

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 shares slipped on Thursday, extending a volatile week as investors digested escalating political tensions in France and fresh U.K. economic data.

At 07:15 GMT, Germany’s DAX fell 0.4%, France’s CAC 40 dipped 0.1%, and the U.K.’s FTSE 100 eased 0.1%. The moves followed a week marked by sharp swings, with European indexes hitting a two-week low on Tuesday before bouncing back on Wednesday.

French Political Uncertainty in Focus

Confidence in French markets improved midweek after Prime Minister Sébastien Lecornu announced plans to suspend a landmark pension reform until after the 2027 election. This decision aimed to ease one of the country’s most severe political crises in decades and bolster the government’s chances of surviving no-confidence votes scheduled for Thursday.

The CAC 40 rallied 2% on Wednesday — its best performance since early May — helped by strong gains from luxury giant LVMH (EU:MC).

U.K. Economy Returns to Growth

The latest economic data showed that the U.K. economy grew 0.1% month-on-month in August, according to official figures published Thursday. The International Monetary Fund (IMF) expects Britain to post the second-fastest growth rate among the G7 economies in 2025, behind the U.S.

However, the 1.3% annual growth pace remains modest, with Chancellor Rachel Reeves expected to introduce substantial tax increases in next month’s budget.

Corporate Highlights

• Nordea Bank (BIT:1NDA) reported Q3 net profit of €1.23 billion, supported by strong pre-provision income and lower-than-expected impairments.
• Pernod Ricard (EU:RI) posted a 7.6% decline in first-quarter organic sales, citing weakness in the U.S. and Chinese markets.
• Travis Perkins (LSE:TPK) recorded a return to growth in Q3 as its Merchanting strategy gained traction.
• Fastned (EU:FAST) reported record charging revenue, supported by a 32% surge in energy sales across 1.7 million charging sessions.

Oil Prices Rise on India Supply Developments

Crude oil prices climbed as expectations of tighter supply grew. Brent futures rose 0.9% to $66.34 per barrel, while U.S. West Texas Intermediate futures gained 0.8% to $58.77.

The rally followed remarks from U.S. President Donald Trump, who said he received assurances from Indian Prime Minister Narendra Modi that India would “soon” scale back purchases of Russian oil. A shift by one of the world’s largest oil importers is expected to tighten global supply in the coming months.

Both benchmarks had touched their lowest levels since early May in the prior session, weighed down by U.S.-China trade tensions and warnings from the International Energy Agency (IEA) about a potential surplus 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.

Pernod Ricard (EU:RI) reported a 7.6% year-on-year decline in organic sales for the first quarter of fiscal 2026, reflecting weaker-than-expected performance in key markets such as the United States, China, and India. Despite the soft start, the company reaffirmed its full-year guidance.

Quarterly revenue came in at €2.38 billion, broadly in line with consensus expectations but below Jefferies’ €2.47 billion estimate. The drop was driven primarily by inventory destocking in the U.S., weak consumer demand in China, and policy-driven headwinds in India.

Regional Performance

• Asia and Rest of the World: Sales declined 7%, better than the consensus forecast of -9.3% and Jefferies’ -11% estimate.
• Americas: Fell 12%, missing both consensus (-9%) and Jefferies’ (-9.5%) expectations.
• Europe: Declined 4%, compared to consensus at -2.3% and Jefferies’ forecast of -3.7%.

The company maintained its fiscal 2026 guidance, pointing to improving trends in the second half of the year. A rebound in Global Travel Retail is expected from Q2, supported by the resumption of Martell Cognac shipments to China. Pernod Ricard is also targeting €1 billion in efficiency gains through fiscal 2029, with investments capped at €900 million in 2026. Cash conversion is expected to exceed 80%, although tariffs and currency fluctuations remain key risks.

Strategic Outlook

Pernod Ricard reiterated its medium-term guidance for 3–6% average annual organic net sales growth between fiscal 2027 and 2029, alongside steady operating margin expansion. Advertising and promotion spending is set to stay near 16% of net sales, with flexibility by brand and market. Strategic investments are expected to normalize at around €1 billion starting in fiscal 2026.

Market Dynamics

The ready-to-drink segment grew 10%, supported by continued marketing investment. Stronger sell-out trends in the U.S. compared to the wider market and growth in Canada, Turkey, Japan, and South Africa helped offset some weakness. India also showed strength outside the Maharashtra region.

However, the U.S. and China remained major drags, with sales down 16% and 27% respectively, impacted by macroeconomic softness and inventory adjustments. In India, a sharp 50% excise tax hike in Maharashtra weighed heavily on results. Global Travel Retail fell 15%, largely due to delayed Cognac sales to China’s duty-free channel, though a recovery is expected later in the year.

Ahead of the results, Pernod Ricard shares had already been under pressure. Jefferies said the update was “broadly in line” with expectations but predicted a modest reduction in earnings estimates due to lower revenue and profit, as well as higher financing and FX costs.

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.

Canal+ (LSE:CAN) has posted nine-month revenue of €4.6 billion ($5.4 billion), excluding contributions from MultiChoice, which became part of the group just 11 days before the quarter’s close. On an organic basis, revenue grew by 1.2% compared to the same period last year.

European operations contributed €3.4 billion in revenue, while the Asia and Africa division generated €783 million. MultiChoice added an additional €78 million following the completion of Canal+’s $2 billion acquisition in September. The company has reaffirmed its 2025 guidance.

Spun off from Vivendi and listed in London at the end of 2024, Canal+ aims to accelerate its transformation into a global content platform with a strengthened presence in Asia and Africa.

In a strategic move to expand its entertainment portfolio, the company also acquired a 34% stake in French cinema chain and production group UGC. The agreement includes an option to purchase the remaining shares after 2028. UGC operates 55 cinemas in France and Belgium and owns a well-known film catalogue that includes Amélie.

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.

Videndum plc (LSE:VID) has issued a trading update for the third quarter ending September 30, 2025, showing early signs of recovery after a subdued summer. Order intake improved significantly, with the order book up roughly 40% year-on-year as of the end of September. Monthly orders for September rose 6% compared with the same month in 2024, marking the strongest level in over a year.

Third-quarter revenue was 8% lower year-on-year, excluding the impact of the 2024 Paris Olympics, an improvement from the 25% decline recorded in the first half. Q3 EBITDA came in 50% higher than in the first half, supported by the delivery of £19 million in previously announced cost-saving measures.

The company continues to make “constructive progress” with its lending banks on a deleveraging plan and confirmed it met its September EBITDA covenant. Net debt stood at £139 million at the end of the quarter, including £27 million of finance leases. Lenders have requested a trailing last-twelve-month October EBITDA covenant of £10 million, which the company described as a “stretching” target. Videndum expects sufficient progress on its deleveraging plan to allow for covenant waivers or deferrals if trading falls short.

The company also completed the sale of its consumer-focused JOBY business to VIJIM, generating gross proceeds of approximately £5 million. It has received 80% of the cash upfront, with the remainder held in escrow and expected to be released within six months.

Videndum’s board maintained its expectations for FY 2026, noting that tight inventory levels across its markets should enable any increase in demand to rapidly convert into revenue growth.

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.

Workspace Group PLC (LSE:WKP), London’s flexible workspace specialist, has reported a 2.3% like-for-like decline in occupancy to 80.0% for the second quarter ending September 30, 2025. The drop was primarily driven by large tenants vacating The Centro Buildings in Camden.

The company completed 326 new lettings during the period, representing a total annual rental value of £7.3 million. Like-for-like rent per square foot edged up 0.1% to £47.55, but the like-for-like rent roll fell 3.2% to £107.1 million. A significant factor behind the occupancy decrease was Win Technologies leaving 43,000 square feet at The Centro Buildings, which alone accounted for 1.7% of the drop.

“This has been a busy quarter of solid progress in our strategy to Fix, Accelerate and Scale our business and embed operational excellence,” said Lawrence Hutchings, Chief Executive Officer. “Our efforts to stabilise and rebuild occupancy by improving customer retention and conversion to lettings are starting to bear fruit, with 326 lettings completed in the quarter.”

The company advanced its disposal program, completing or exchanging on £52.4 million worth of low-conviction assets toward its £200 million target. These sales were finalized at 1.6% below March 2025 book value and at a blended net initial yield of 3.5%.

Workspace also achieved £2 million in annualized cost savings through central cost base efficiencies and is progressing plans to offer specialized workspace solutions for high-growth industries in priority locations. The company ended the quarter with a solid financial position, holding £167 million in cash and undrawn facilities, and a pro forma loan-to-value ratio of 35% based on March 2025 valuations.

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.

Sabre Insurance Group PLC (LSE:SBRE), a major UK motor insurance underwriter, has reaffirmed its full-year profit expectations even as gross written premiums fell 18.7% year-on-year in the first nine months of 2025.

The insurer reported total gross written premiums of £151.7 million for the period ending September 30, down from £186.5 million in the same period a year earlier. While revenue declined, Sabre emphasized its commitment to underwriting at target margins of 18%–22%, a strategy it believes will keep profit levels broadly aligned with 2024.

The drop in premiums reflects the company’s deliberate choice to prioritize profitability over top-line growth amid what it described as “subdued” market pricing conditions. Sabre also noted that claims inflation has eased to mid-single-digit levels and that price declines across the market appear to be stabilizing after a weak first half of the year.

“I continue to be pleased with our performance at the Q3 stage of 2025,” said Geoff Carter, Chief Executive Officer of Sabre. “Our long-term focus on margins over volume means we are confident of delivering a strong full-year result with profits in-line with 2024 with a very robust capital position, despite market-wide motor premium pricing weakness for large parts of 2025.”

During the period, the company completed a £5 million share buyback and reiterated its confidence in making an “attractive capital distribution” to shareholders at year-end, supported by its strong capital generation.

Looking ahead, Sabre expects pricing in the motor insurance market to rise in late 2025 or early 2026 as the sector adjusts to protect profitability. The company also reported “good progress” on its Ambition 2030 program, stating that strategic initiatives remain on track despite current market headwinds.

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.

Volex plc (LSE:VLX) has delivered a strong half-year trading update, with revenues expected to surpass $575 million. Growth was underpinned by strong demand in the Electric Vehicles and Complex Industrial Technology segments, offsetting softer performance in the Medical and Consumer Electricals markets. Despite regional cost pressures, the company maintained a resilient operating profit margin, reflecting disciplined cost control and targeted investment in growth.

Volex remains well-positioned for strategic acquisitions thanks to its robust balance sheet and diversified customer base. Management anticipates stable trading for the remainder of the year, supported by continued demand in key end markets.

The outlook is supported by strong financial performance and encouraging earnings call commentary, underscoring effective strategic execution. While technical indicators point to short-term bearish sentiment, longer-term trends remain positive, and the company’s valuation is viewed as reasonable, offering a balanced investment profile.

About Volex

Volex is a global manufacturing leader specializing in power and data connectivity solutions for mission-critical applications. It serves major international blue-chip clients across five core markets: Electric Vehicles, Consumer Electricals, Medical, Complex Industrial Technology, and Off-Highway. Headquartered in the UK, the company operates 25 advanced manufacturing sites globally and employs more than 13,000 people across 25 countries.

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.