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BP (LSE:BP.) said on Tuesday it expects third-quarter upstream production to increase from the previous quarter, supported by stronger performance in both its oil production and gas and low-carbon businesses. A significant boost in gas volumes from its U.S. shale arm, bpx energy, was highlighted as a key driver.

This marks a shift from BP’s earlier guidance, which had pointed to slightly lower output than the 2.3 million barrels of oil equivalent per day reported in Q2.

The company also cautioned that its oil trading performance for the period has been weak. Brent crude averaged $69.13 a barrel in the third quarter, up from $67.88 in the prior three months.

In its gas and low-carbon division, BP noted that weaker natural gas benchmarks outside Henry Hub will reduce realizations by about $100 million, while gas marketing and trading delivered what it described as an “average” result.

BP also expects to record roughly $0.1 billion in additional exploration write-offs compared with Q2. Realizations in oil production and operations are expected to remain broadly unchanged, with the company pointing to timing effects related to barrels from the Gulf of Mexico and the UAE.

The company flagged post-tax asset impairment charges between $200 million and $500 million across various business segments, which will be recorded as adjusting items outside underlying earnings.

The customers and products segment is projected to benefit from stronger seasonal demand in retail, although fuels margins are expected to remain stable.

Refining margins should contribute between $300 million and $400 million, supported by lower turnaround activity that will help offset seasonal compliance costs and weather-related disruptions at the Whiting refinery in the U.S.

BP anticipates net debt to remain near $26 billion, reflecting the planned redemption of $1.2 billion in hybrid bonds and approximately $1 billion in higher tax payments, partly offset by a working capital release.

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Ericsson (NASDAQ:ERIC) and Vodafone Group Plc (LSE:VOD) have entered into a new five-year strategic agreement aimed at transforming Vodafone’s network infrastructure across several key European markets.

As part of the deal, Ericsson will serve as Vodafone’s exclusive radio access network (RAN) supplier in Ireland, the Netherlands, and Portugal, while continuing as a major vendor in Germany, Romania, and Egypt.

The partnership is designed to enhance Vodafone’s leadership in network quality and user experience by deploying Ericsson’s latest 5G hardware and software, enabling advanced 5G Standalone capabilities to support a wide range of connectivity requirements.

Vodafone will integrate Ericsson’s next-generation, Open RAN-ready Massive MIMO radios and RAN Compute systems, alongside 5G Advanced RAN software features, to boost performance and flexibility across its networks.

The agreement also covers the rollout of the Ericsson Intelligent Automation Platform and AI-driven applications to optimize RAN performance, improve energy efficiency, and support the management of multi-vendor networks.

Germany will be the first country to implement the platform and rApps for both Ericsson and multi-vendor RAN operations, with deployment scheduled to start in the fourth quarter of 2025.

This new collaboration builds on Vodafone’s previous SEK 12.5 billion, eight-year agreement signed in September with Ericsson to power most of its next-generation mobile network in the UK.

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.
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The U.S. dollar recorded its highest level of investor demand this year, according to new data from Bank of America released on Monday.

The surge was fueled by hedge funds and asset managers increasing their dollar exposure, with heightened concerns surrounding Japan and France amplifying caution toward short dollar positions, the bank noted.

Hedge funds were particularly active in buying the greenback against the Japanese yen, Australian dollar, and various emerging market currencies. Asset managers, meanwhile, concentrated their purchases on dollar positions versus the euro, the report showed.

The strong appetite was also evident in the options market, where investors reinforced their dollar exposure primarily against the euro and emerging market currencies — highlighting the broad scope of demand.

Analysts at Bank of America added that the dollar’s rally could have been even stronger if not for offsetting supply from corporates and official institutions, which helped temper the upward momentum during the 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.

Gold prices steadied in Asian trading on Tuesday after briefly surging to a fresh record above $4,100 per ounce, as escalating frictions between Washington and Beijing triggered renewed demand for safe-haven assets. Silver also hit new highs before retreating.

Spot gold was up 0.4% at $4,125.35 per ounce by 03:41 ET (07:41 GMT), while U.S. gold futures edged 0.1% higher to $4,138.40 per ounce.

The spike came in the wake of threats from U.S. President Donald Trump to impose 100% tariffs on Chinese imports, responding to Beijing’s new export restrictions on key minerals used in electronics and defense industries.

Trump later softened his tone, writing on social media: “Don’t worry about China” and emphasizing that the U.S. was not seeking to harm Beijing.

U.S. Treasury Secretary Scott Bessent told Fox Business Network that a meeting between Trump and Chinese President Xi Jinping remains on the agenda for later this month in South Korea, raising hopes for some form of dialogue.

Meanwhile, China’s Ministry of Commerce confirmed on Tuesday that working-level discussions with the U.S. were ongoing this week, while vowing to “fight till the end” against U.S. actions.

The back-and-forth has added to market uncertainty, pushing investors toward gold. A slightly weaker U.S. dollar further supported the rally.

Silver Retreats After Record Peak; Metals Lose Momentum

Silver pulled back 1.7% to $49.565 per ounce after reaching a record high above $53. Platinum also dipped 1.2% to $1,658.45.

Benchmark copper futures on the London Metal Exchange fell 2.8% to $10,519.05 per ton, while U.S. copper futures slid 3.4% to $4.96 per pound amid renewed worries over Chinese demand.

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.
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Oil prices turned lower on Tuesday after briefly rising earlier in the session, as growing uncertainty over escalating trade frictions between the U.S. and China — the world’s two largest economies — rekindled concerns about global fuel demand.

Brent crude futures fell 28 cents, or 0.4%, to $63.04 a barrel by 06:30 GMT, while U.S. West Texas Intermediate dropped 23 cents, or 0.4%, to $59.26. In the previous session, Brent gained 0.9% and WTI rose 1%.

“While working-level talks between two sides continue, the Chinese side has vowed a ’fight to the end’, if there’s a fight. Oil markets will be sensitive to such rhetoric emanating from either camp, though we expect the price movements to remain rather rangebound in the near term,” said Suvro Sarkar, energy sector team lead at DBS Bank.

U.S. Treasury Secretary Scott Bessent reiterated on Monday that President Donald Trump still intends to meet Chinese President Xi Jinping in South Korea later this month, as both sides work to ease trade tensions triggered by tariff threats and export restrictions.

But sentiment remains fragile after Beijing expanded export controls on rare earths last week and Trump threatened 100% tariffs along with software export curbs starting November 1.

Adding to the friction, China on Tuesday imposed sanctions on five U.S.-linked subsidiaries of South Korean shipbuilder Hanwha Ocean Co., Ltd.. At the same time, both Washington and Beijing are set to levy new port fees on shipping companies transporting a wide range of goods — from consumer products to crude oil.

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 slipped on Tuesday as investors braced for a wave of earnings reports from major Wall Street banks and awaited remarks from Federal Reserve Chair Jerome Powell. The pullback comes as renewed U.S.–China trade tensions weigh on sentiment, gold hits another record high, and oil retreats.

Futures Decline as Markets Turn Cautious

U.S. stock futures traded lower early Tuesday, with investors preparing for a fresh round of bank earnings and Powell’s upcoming comments. By 03:01 ET, S&P 500 futures had dropped 47 points (−0.7%), Nasdaq 100 futures were down 230 points (−0.9%), and Dow futures slipped 197 points (−0.4%).

The move follows a rebound on Monday, when equities recovered much of their prior losses after President Donald Trump struck a more conciliatory tone on trade. His earlier threat to impose 100% tariffs on Chinese goods over rare earth export controls had triggered Friday’s sell-off, though he later moderated his stance.

U.S. Treasury Secretary Scott Bessent also confirmed that the much-anticipated meeting between Trump and Chinese President Xi Jinping in South Korea later this month “remains on track,” fueling hopes of easing trade tensions between the world’s two largest economies.

One of the most notable movers in early trading was Broadcom Inc. (NASDAQ:AVGO), which surged more than 9% after OpenAI announced a major commitment to purchase up to 10 gigawatts of AI processors from the chipmaker — a development that reignited enthusiasm around the AI sector.

Bank Earnings in Focus

Investor attention is now turning to quarterly results from some of the biggest U.S. lenders, traditionally marking the unofficial start of earnings season.

Before the opening bell, JPMorgan Chase & Co. (NYSE:JPM) — the country’s largest bank — will report results, alongside Wells Fargo & Company (NYSE:WFC), Goldman Sachs Group, Inc. (NYSE:GS) and Citigroup Inc. (NYSE:C). Bank of America Corporation (NYSE:BAC) and Morgan Stanley (NYSE:MS) will follow on Wednesday.

The sector is expected to post solid earnings supported by a resilient U.S. economy, which has underpinned loan demand across consumer and commercial segments. M&A activity has also gained traction after earlier tariff-related uncertainty, helped by easing regulations and expectations for lower interest rates.

Still, markets will be listening closely to executives’ forward guidance. JPMorgan CEO Jamie Dimon has previously warned of a possible market correction “within the next six months to two years,” pointing to geopolitical instability, fiscal uncertainty, and rising defense spending as key risks.

Powell to Address Economic Outlook

Fed Chair Jerome Powell is set to speak Tuesday at the annual meeting of the National Association for Business Economics.

Powell is expected to “lament” the lack of crucial economic data during the ongoing U.S. government shutdown, analysts at Vital Knowledge said. The shutdown has delayed the release of several key indicators used by the Fed to guide monetary policy. While furloughed staff have reportedly been recalled to deliver September’s CPI data, the timeline for other reports remains uncertain.

Markets currently anticipate a 25-basis-point rate cut at the Fed’s next meeting on October 28–29, according to CME FedWatch Tool. Last month, the central bank made a similar move, restarting an easing cycle aimed partly at supporting the labor market.

The shutdown, however, shows no sign of ending soon, even as the Senate reconvenes later on Tuesday.

Gold Hits All-Time High

Gold prices surged to a new record above $4,100 per ounce as investors sought safety amid rising trade risks and expectations of lower U.S. interest rates. Spot gold was up 0.4% at $4,125.35 per ounce by 03:41 ET, while U.S. gold futures rose 0.1% to $4,138.40.

The metal has soared more than 50% so far this year, surpassing $4,100 for the first time on Monday. Strong central bank buying, ETF inflows, rate-cut bets, and geopolitical uncertainty have all contributed to the rally.

Oil Retreats as Trade Tensions Weigh

Oil prices fell as renewed trade concerns fueled worries about global demand. Brent crude slipped 1.8% to $62.21 a barrel by 03:47 ET, while West Texas Intermediate lost 1.8% to $58.43.

The drop comes as China announced sanctions on five U.S.-linked subsidiaries of Hanwha Ocean Co., Ltd., and both Washington and Beijing imposed additional port fees on shipping firms — many of which are key crude transporters.

Traders are also awaiting the latest monthly oil market report from the International Energy Agency, expected later today, which will provide fresh insights into global supply and demand dynamics.

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 equity markets fell on Tuesday as renewed U.S.–China trade tensions weighed on sentiment, while Michelin (EU:ML) shares tumbled to their lowest level in more than two years after the company issued a profit warning.

The pan-European STOXX Europe 600 index slipped 0.6% as of 07:18 GMT, retreating to a near two-week low after Monday’s brief rebound.

Global markets had already sold off sharply on Friday when U.S. President Donald Trump threatened to impose an additional 100% tariff on Chinese goods in response to Beijing’s rare earth export restrictions. Although Trump struck a more conciliatory tone over the weekend, both Washington and Beijing began imposing new port fees on Tuesday on ocean shipping firms moving goods ranging from holiday toys to crude oil.

Mining stocks led the decline in Europe, falling 2%, while automakers lost 1.5%. Michelin sank 9.3% after cutting its full-year outlook due to weaker-than-expected conditions in North America that have eroded sales volumes and profit margins. Continental AG (BIT:1CON) dropped 3.7%, and Pirelli & C. S.p.A. (BIT:PIRC) declined 2.1%.

In contrast, Ericsson (NASDAQ:ERIC) surged 12.4% after reporting stronger-than-expected quarterly earnings and downplaying the potential impact of U.S. tariffs.

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Robert Walters (LSE:RWA) reported a 12% year-on-year decline in third-quarter net fee income to £69.6 million, a slight improvement compared to the 13% drop recorded in the previous quarter.

The recruitment firm noted encouraging momentum in Asia Pacific and the UK, even as European markets continued to lag. Its specialist professional recruitment segment — the company’s largest revenue driver — saw net fee income fall 10% to £58.5 million. Permanent recruitment, which represents 67% of total fee income, declined 7%, while temporary recruitment fell 16%. Excluding Europe, permanent fees were down just 2% and temporary fees increased by 1%, highlighting stronger performance elsewhere.

“Our year-on-year fee income performance during the third quarter improved slightly compared to the second, albeit with some divergence across our geographic portfolio,” said Toby Fowlston, Chief Executive. “Whilst we are seeing signs of sustained improvement in a select number of hiring markets, overall conditions globally remain fragile.”

The company continued to tighten costs, reducing its monthly cost base to around £24 million in the third quarter from £24.5 million at the end of H1. It remains on track to achieve at least £10 million in annualized structural savings by 2027.

Regionally, Asia Pacific — the firm’s largest market — saw net fee income decline by just 2%, while the UK slipped 4%. Europe was the weakest region, falling 26% amid political uncertainty in France and legislative changes in the Netherlands that have impacted self-employment.

Robert Walters closed the quarter with net cash of £26.6 million, down slightly from £30.1 million at the end of June. Management plans to reassess the potential reinstatement of shareholder returns at the full-year results announcement in March 2026.

“Throughout our business we are highly focused on continuing to take the right actions to drive a return to profitability in 2026,” Fowlston added.

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.

Target Healthcare REIT Ltd (LSE:THRL) reported a strong 9.3% total accounting return for the year ended June 30, 2025, underscoring the resilience of its modern, purpose-built UK care home portfolio despite a challenging operating environment.

EPRA net tangible assets (NTA) per share rose 3.7% to 114.8 pence, while adjusted EPRA earnings per share reached 6.08 pence. This supported a fully covered dividend of 5.884 pence for the year, up 3.0% from the previous period.

Following the end of the financial year, the company sold nine care homes for £85.9 million — 11.6% above their carrying value. The transaction reduced exposure to its largest tenant from 16% to around 9% of contracted rent.

“The Group has delivered solid portfolio and financial performance against what has remained a challenging backdrop. This shows the resilience of our business model,” said Alison Fyfe, Chair of Target Healthcare REIT.

The company intends to reinvest the proceeds into higher-yielding, earnings-enhancing acquisitions at a net initial yield of roughly 6%, compared with 5.2% on the properties sold. In parallel, it completed a £130 million debt refinancing, extending the weighted average maturity of its borrowings to 5.9 years.

Its 93-property portfolio achieved like-for-like rental growth of 3.3%, with mature homes rent cover rising to 1.9x — the highest level since the company’s IPO. All properties are fully occupied and hold an A or B energy efficiency rating.

For FY 2026, the company set a dividend target of 6.032 pence per share, representing a 2.5% increase year on 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.
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EasyJet PLC (LSE:EZJ) shares jumped sharply on Tuesday after unconfirmed media reports suggested that shipping giant MSC Group may be exploring a potential takeover offer.

The stock rose 3.5% by 07:55 GMT, after an early rally of more than 7%. Despite the spike, EasyJet shares remain down 11% year to date, compared with a 2% decline in the broader European travel and leisure index.

According to Corriere della Sera, citing market sources, MSC is considering a bid for the low-cost airline as part of a broader strategy to integrate its transport operations. The deal could provide strategic synergies with MSC’s cruise business, leveraging EasyJet’s strong presence in key European markets.

A formal offer would likely value EasyJet at around £4 billion, with MSC expected to partner with an investment fund to finance the transaction, following a similar structure to its past deals. At current market prices, the airline’s valuation stands at approximately £3.6 billion.

MSC has a track record of strategic investments, including the acquisition of Italo – Nuovo Trasporto Viaggiatori in partnership with Global Infrastructure Partners and port infrastructure investments alongside BlackRock.

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.