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Genel Energy PLC (LSE:GENL) said on Tuesday it is continuing discussions with industry partners and authorities to restore crude exports from Kurdistan to Turkey’s Ceyhan port through the pipeline network.

The company acknowledged recent reports that the Federal Government of Iraq, the Kurdistan Regional Government (KRG), and international oil firms had made progress toward a restart agreement. While welcoming these developments, Genel stressed that “straightforward adjustments” to the proposed terms, including a payment schedule for outstanding receivables, would be required to make the conditions workable.

The update also cited comments from Norwegian operator DNO ASA, which runs the Tawke PSC where Genel is a partner. DNO’s Executive Chairman Bijan Mossavar-Rahmani pointed out that the firm’s financial exposure was not the same as its peers.

“Importantly, as the largest producer, the arrears owed to us by the KRG dwarf those of many of the others,” Mossavar-Rahmani said, adding that DNO has proposed “easy fixes that can be quickly agreed” to resolve payment concerns.

Both DNO and Genel have boosted investment in repairing the Tawke and Peshkabir fields after they were damaged by drone strikes in July 2025. Looking ahead, the two companies plan to drill eight new wells on the Tawke license in 2026, with the goal of reaching gross operated production of up to 100,000 barrels per day.

At present, DNO’s oil share is being sold in the local market and moved by tanker trucks to nearby refineries, fetching prices in the low $30s per barrel.

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.

British manufacturing activity showed modest signs of easing in September, though firms continue to face significant hurdles, according to a Confederation of British Industry (CBI) report released Tuesday.

The CBI’s monthly new orders balance for manufacturing rose to -27 in September from -33 in August, indicating that orders are still falling, but at a slower rate than in the previous month. Output measures over the past three months also showed some improvement, though they remained within contraction territory. Looking ahead, the forecast for the next quarter dipped slightly, with the indicator slipping to -14 from -13 in August.

“Businesses across the board are looking ahead to the November Budget with hope that it delivers meaningful action to ease cost and regulatory pressures,” said Ben Jones, lead economist at the CBI.

He added, “Without that clear policy direction, confidence will continue to ebb and firms will find it increasingly difficult to invest, hire and grow.”

The survey highlighted ongoing challenges for manufacturers, including uncertainty surrounding the upcoming government budget, broader economic conditions, elevated energy costs, and difficulties in attracting skilled labor.

Export orders showed a slight improvement from August, with the gauge rising to -32, though it remains well below the long-term average of -19. On a brighter note, expectations for price increases over the next three months fell to their lowest level since October 2024, suggesting that inflationary pressures in the sector may be easing.

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.

U.S. stock futures were largely flat Tuesday as market participants awaited quarterly results from chipmaker Micron (NASDAQ:MU) and remarks from Federal Reserve officials. Optimism is high around Micron due to anticipated strong demand for its processors supporting AI workloads. Meanwhile, preliminary U.S. business activity data for September may provide insight into corporate momentum late in the third quarter.

Futures see little action

By 03:29 ET, Dow, S&P 500, and Nasdaq 100 futures were mostly steady. Monday’s session saw technology shares lead Wall Street higher, further fueled by Nvidia’s announcement of a $100 billion investment in OpenAI to expand data center infrastructure, a move some analysts found surprising because it supports a client purchasing its equipment.

U.S. Treasury yields ticked higher following cautious comments from several Fed officials regarding potential future interest rate cuts.

Micron report in spotlight

Micron is expected to release its quarterly earnings after Tuesday’s market close. Investor sentiment has been largely positive, reflecting expectations that high demand and tighter supply conditions for its memory chips will support strong revenue and profit.

For the quarter ending August 28, Micron now anticipates revenue of $11.2 billion, plus or minus $100 million, compared with the prior estimate of $10.7 billion, plus or minus $300 million. Adjusted gross margin is expected at 44.5%, versus the previous guidance of 42%.

Chief Business Officer Sumit Sadana commented that pricing trends have been “robust” and that the company has had “great success in being able to push that pricing up.”

Flash PMIs on tap

Attention will also turn to preliminary September business activity data from S&P Global. The composite PMI is expected to hold steady at 54.6, with the manufacturing sector dipping slightly to 52.2 from 53.0, and services forecast at 54.0 from 54.5. Levels above 50 indicate expansion.

Powell’s remarks under scrutiny

ING analysts noted that “what should get attention” are upcoming Fed speeches, particularly from Chair Jerome Powell.

Following last week’s 25-basis-point rate cut, market expectations for future policy remain uncertain. Newly appointed Fed Governor Stephen Miran on Monday called for more aggressive cuts, echoing President Donald Trump’s view that rates should fall rapidly. Some other officials, however, favor a more cautious approach.

Currently, markets see a roughly 90% chance of a 25-basis-point rate cut in October, with a 75% probability of another in December, according to CME’s FedWatch Tool.

Oil slips amid oversupply concerns

Oil prices fell for a fifth session in a row after Iraq and Kurdish regional governments reached a preliminary deal to restart a pipeline.

At 03:30 ET, Brent futures dropped 0.4% to $66.32 a barrel, and WTI fell 0.3% to $62.08 a barrel. The agreement could allow roughly 230,000 barrels per day to resume from Iraqi Kurdistan, where exports have been halted since March 2023.

The International Energy Agency highlighted that global oil supply is expected to grow faster this year, with surpluses potentially increasing in 2026 due to higher production from OPEC+ and non-OPEC 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.

The U.S. dollar inched higher Tuesday as investors awaited remarks from Federal Reserve Chair Jerome Powell later in the session, following last week’s rate reduction by the central bank.

At 03:00 ET (08:00 GMT), the Dollar Index, which measures the greenback against a basket of six major currencies, rose 0.1% to 97.012, partially recovering from declines in the previous session.

Powell’s speech in focus

The dollar has been trading within a narrow range this week after last week’s swings, with attention now on Powell’s upcoming address. His comments will follow the Fed’s decision to lower interest rates by 25 basis points at its recent policy meeting. Messaging from the central bank left the outlook for future borrowing costs open to interpretation, highlighting the importance of any guidance Powell provides on the trajectory of monetary policy.

New Fed Governor Stephen Miran pushed for more aggressive rate cuts on Monday, while other officials favored a more cautious approach to ensure inflation returns to the Fed’s 2% target.

“They [Alberto Musalem, Raphael Bostic and Beth Hammack] do stand on the hawkish side of the spectrum, so that isn’t hugely surprising, but their comments suggest the hawkish front remains relatively firm despite stronger dovish pressure,” noted ING analysts in a briefing.

Market pricing currently suggests roughly a 90% probability of a 25-basis point reduction in the Fed’s target range of 4%-4.25% at the October meeting, according to CME’s FedWatch Tool, and about a 75% chance of a further cut at the December gathering.

Euro softens despite solid PMI readings

EUR/USD slipped 0.1% to 1.1789, giving back some of Monday’s gains after the euro posted its best single-day performance in a week. Earlier data showed German business activity, Europe’s largest economy, accelerated in September, driven mainly by a rebound in services.

The HCOB German flash composite Purchasing Managers’ Index, compiled by S&P Global, jumped to 52.4 in September from 50.5 in August, exceeding analysts’ forecast of 50.6. This marks the fourth consecutive month the index, covering services and manufacturing which together account for over two-thirds of Germany’s economy, has stayed above 50, indicating growth.

“This shouldn’t justify much more idiosyncratic enthusiasm for the euro, but it is probably enough to keep the common currency in a good position to benefit from more rotations away from the dollar,” ING commented.
“We expect EUR/USD to stabilise around 1.1800 today, with further moderate gains possible later this week.”

GBP/USD rose 0.1% to 1.3522, rebounding after sterling fell to a two-week low last week.

Stable moves in Asia

Elsewhere in Asia, USD/JPY traded largely flat at 147.74, and USD/CNY was steady at 7.1148, after both the Bank of Japan and the People’s Bank of China kept interest rates unchanged in recent days.

AUD/USD edged down 0.1% to 0.6590, following a private survey indicating that Australia’s business activity growth slowed in September, with U.S. tariffs weighing on exports and new orders.

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.

Gold prices surged to new record levels in Asian trading on Tuesday, driven primarily by haven demand as recent Federal Reserve commentary raised caution about further interest rate cuts.

Investors are closely watching a series of key U.S. economic releases this week, including a speech by Fed Chair Jerome Powell later Tuesday. In addition, August’s purchasing managers index (PMI) data is due today, with a critical inflation measure scheduled for later in the week.

Heightened uncertainty around U.S. policy added to risk-off sentiment after President Donald Trump announced steep fees on a widely used work visa. Trump also made controversial statements on vaccines, autism, and a common painkiller on Monday, stirring turbulence in pharmaceutical shares.

A retreat in risk-driven assets, particularly Asian equities, supported gold as a safe-haven asset. Chinese stocks fell sharply on Tuesday after a strong rally in the previous month.

Spot gold climbed to a record $3,759.18 per ounce, while gold futures reached $3,794.82/oz.

Fed Officials Signal Caution on Rate Cuts, Powell Speech in Focus

Several Fed officials expressed a cautious approach on further rate reductions on Monday. Atlanta Fed President Raphael Bostic said in an interview that he did not support an October rate cut due to concerns over persistent inflation.

Cleveland Fed President Beth Hammack echoed this sentiment, noting that current policy was still not restrictive enough. Neither official serves on the Fed’s rate-setting board.

Board member Stephen Miran, who assumed his role just a week ago, continued advocating for substantial rate cuts, aligning largely with Trump’s stance. Miran was the lone dissenter in last week’s Fed meeting, calling for a 50-basis-point cut instead of the 25 bps enacted.

Powell stated last week that the rate cut was driven primarily by concerns over a slowing labor market and that the Fed would ease policy further if job weakness persists. He also highlighted ongoing inflation concerns, particularly amid Trump’s tariffs. The Fed Chair is scheduled to speak at 12:35 ET (16:35 GMT).

Other metals saw modest gains following the Fed’s rate cut last week, although they lagged gold. Spot platinum rose 0.3% to $1,421.05/oz, and spot silver gained 0.2% to $44.313/oz. Industrial metals were weaker: LME copper futures fell 0.3% to $9,975.05 per ton, and COMEX copper dropped 0.5% to $4.6275 per pound.

Markets Await U.S. PMIs and PCE Data

U.S. PMI figures for September are expected later Tuesday, offering insights into the country’s business activity. The data is projected to show modestly slower growth in both manufacturing and services, raising concerns about a cooling economy.

Friday’s PCE price index release—the Fed’s preferred inflation gauge—is set to be the week’s key economic event. Economists forecast that core PCE inflation remained above the Fed’s 2% annual target in August, signaling persistent price pressures.

Ahead of the PCE data, markets will also monitor the final reading on second-quarter GDP. Previous figures indicated stronger-than-expected growth in Q2 despite tariff-related 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.

Oil extended losses for a fifth straight session on Tuesday, as a preliminary agreement between Iraq and Kurdish regional governments to restart a key oil pipeline heightened concerns over oversupply.

Brent crude futures fell 34 cents, or 0.51%, to $66.23 a barrel by 06:39 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 29 cents, or 0.47%, to $61.99 a barrel. Over the past five trading sessions, Brent and WTI have declined by 3% and 4%, respectively.

“The prevailing theme is still concerns on oversupply, while demand outlook is still uncertain as we approach year-end period. The restart of KRG pipeline has also been putting pressure on prices,” said LSEG senior analyst Anh Pham.

On Monday, Iraq’s federal and Kurdish regional governments reached an agreement with oil companies to resume crude exports via Turkey, according to two oil officials who spoke to Reuters. This arrangement will allow about 230,000 barrels per day (bpd) of Iraqi Kurdistan exports—suspended since March 2023—to resume.

Globally, the oil market is facing the dual challenge of rising supply and slowing demand, influenced by the rapid growth of electric vehicles and economic pressures stemming from U.S. tariffs. In its latest monthly report, the International Energy Agency projected that global oil supply will rise faster this year, with a potential surplus expanding in 2026 as OPEC+ members boost output and non-OPEC production grows.

However, uncertainties persist, including the EU’s consideration of stricter sanctions on Russian oil exports and any further geopolitical tensions in the Middle East.

In the U.S., crude inventories were expected to have increased last week, while gasoline and distillate stocks likely declined, according to a preliminary Reuters poll conducted Monday. Meanwhile, Saudi Arabia’s crude exports in July fell to their lowest level in four months, per data from the Joint Organisations Data Initiative (JODI) released Monday. Iraq, OPEC’s second-largest oil producer, has increased shipments under the OPEC+ agreement, according to state oil marketer SOMO.

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.

European equities moved higher on Tuesday, supported by gains on Wall Street overnight and ahead of the release of the latest regional economic activity data.

At 07:05 GMT, Germany’s DAX rose 0.3%, France’s CAC 40 climbed 0.4%, and the U.K.’s FTSE 100 added 0.2%.

Powell Speech in Focus

Global markets retained a positive tone after Monday’s Wall Street rally, following last week’s Federal Reserve interest rate cut and with investors anticipating further easing from the U.S. central bank’s remaining meetings this year.

New Fed Governor Stephen Miran, appointed by President Donald Trump, called for large rate cuts on Monday. Futures markets imply roughly a 90% chance of a quarter-point rate cut in October, and a 75% probability of additional easing in December.

Other Fed speakers scheduled for Tuesday include Raphael Bostic and Michelle Bowman, but market attention will primarily be on comments from Fed Chair Jerome Powell later in the session. These remarks are expected to be pivotal for near-term investor sentiment.

Eurozone PMIs Awaited

In Europe, focus turns to the flash PMIs for September, which will indicate whether the eurozone economy is maintaining resilience amid U.S. tariffs. The releases are expected to remain above the key 50.0 threshold separating expansion from contraction, though only marginally.

U.S. PMI data is also scheduled later, with forecasts pointing to a moderate slowdown in economic growth.

Burberry Recovery “Overpriced” – Jefferies

In corporate news, Burberry (LSE: BRBY) returns to London’s FTSE 100 on Monday, one year after leaving the top-tier index, ahead of its latest collection at London Fashion Week.

Jefferies, however, warned that expectations of a rapid turnaround at the luxury brand are “overpriced,” reiterating its “underperform” rating and citing potential downside of around 40%. The brokerage highlighted that optimism about Burberry’s ability to restore profit margins is facing a critical test.

“The emergence of broadly unchanged sales productivity in Q2, despite all the right commercial steps having been undertaken, would weaken the bullish narrative as H2 profit delivery demands a clear acceleration in momentum,” Jefferies said.

Oil Falls on Oversupply Concerns

Oil prices slipped Tuesday amid ongoing oversupply worries, following a preliminary agreement between Iraq and Kurdish regional governments to restart an oil pipeline.

At 03:05 ET, Brent futures dropped 0.7% to $66.14 a barrel, while U.S. West Texas Intermediate crude fell 0.6% to $61.89 a barrel, marking a five-session losing streak for both contracts.

Reuters reported that Iraq’s federal and Kurdish regional governments reached a deal with oil companies to resume crude exports via Turkey on Monday, potentially restoring around 230,000 barrels per day, which had been halted since March 2023.

The International Energy Agency’s latest monthly report indicated that global oil supply will increase more quickly this year, and a surplus could expand in 2026 as OPEC+ production rises and supply from non-OPEC sources grows.

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.

Eurozone business activity grew at its fastest pace in 16 months in September, according to the latest S&P Global HCOB Flash Eurozone Composite Purchasing Managers’ Index (PMI). The index rose to 51.2, up from 51.0 in August, marking the ninth consecutive month of expansion.

The September reading slightly surpassed economists’ expectations of 51.1 in a Reuters poll. However, new orders remained stagnant after a brief increase in August, raising potential concerns about the durability of the eurozone’s growth in the coming months.

A PMI reading above 50 indicates expansion in business activity, while readings below 50 signal contraction.

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.

Serco Group (LSE:SRP) shares rose 3.1% following the announcement that its MT&S business has been awarded a major contract to provide training and simulator services to the US Air Force.

The single-award indefinite delivery, indefinite quantity (IDIQ) framework is valued at up to $972 million (£720 million) over five years. Serco expects the contract to generate approximately $60 million (£45 million) in task orders in 2026, representing about 1% of group revenues.

The agreement covers over 20 US Air Force locations and is projected to reach a potential annual run-rate of $80–100 million from 2027, contributing around 25% to the core MT&S business. Analysts expect the contract to enhance group margins and support ongoing growth in Serco’s defense operations, following its recent acquisition of MT&S from Northrop Grumman.

While the contract’s immediate impact on near-term financials is limited, it reinforces consensus expectations for 2.5% growth in FY2026 and 4.5% in FY2027. Separately, Serco announced Michael LaRouche as the new CEO of its North America division. Analysts at Jefferies noted that his defense experience with Lockheed and Raytheon positions the company well for further progress in the region.

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.

Kingfisher (LSE:KGF) has lifted its full-year profit guidance following a 10.2% increase in first-half earnings, driven by robust demand in the UK, sending shares up more than 19% in early London trading.

The home improvement retailer, which owns B&Q and Screwfix in the UK and Castorama and Brico Dépôt in France and other markets, now expects adjusted pre-tax profit at the upper end of its £480 million–£540 million range, compared with £528 million in 2024/25. Adjusted pre-tax profit for the six months ending 31 July reached £368 million, with sales up 1% to £6.81 billion.

Underlying like-for-like sales rose 1.9%, with Q2 growth of 1.4%. B&Q and Screwfix reported like-for-like gains of 4.4% and 3.0% respectively, aided by favorable weather boosting outdoor product sales. Retail profit margin increased by 40 basis points to 6.6%, supported by stronger gross margins and cost initiatives, leading to 16.5% growth in adjusted EPS to 15.3p.

Kingfisher also reported market share gains in the UK, France, and Spain. CEO Thierry Garnier stated: “Our expectations for our markets remain consistent with those outlined in March, while mindful of mixed consumer sentiment and political uncertainty.”

The company confirmed it is accelerating its £300 million share buyback program, now expected to complete by March 2026. Statutory pre-tax profit rose 4.1% to £338 million, while free cash flow increased 13.5% to £478 million.

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.