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Shell (LSE:SHEL) has agreed to acquire a 30% interest in Equinor’s (TG:DNQ) Bay du Nord offshore oil project in Canada, as the companies advance development plans ahead of a targeted investment decision in early 2027.

The transaction, announced on Friday, will bring Shell into the project, which is located in the Flemish Pass basin approximately 500 kilometres offshore Newfoundland and Labrador.

Equinor said the agreement would support continued development work as the partners prepare for the next major investment milestone.

The companies did not disclose the financial terms of the transaction or provide details of the consideration Shell will pay for its interest.

Bay du Nord Development Targets Early 2027 Investment Decision

The Bay du Nord project is situated in the Flemish Pass basin, an offshore area in the North Atlantic off Canada’s eastern coast.

Equinor has been progressing development plans for the project, with a final investment decision currently targeted for early 2027.

A final investment decision would determine whether the project proceeds into its next major development phase, taking into account technical, commercial and financial considerations.

Shell’s acquisition of a 30% interest introduces another major international energy company into the development as preparations continue.

The transaction could provide additional support for the project’s development planning, although the companies have not specified how responsibilities or future investment commitments will be divided.

Equinor indicated that the agreement represents a further step towards reaching the planned investment decision.

Government Engagement Supports Project Progress

Equinor also highlighted the importance of its ongoing engagement with Canadian authorities in advancing Bay du Nord.

The company said constructive discussions with both provincial and federal governments had helped the project progress through important milestones.

Continued cooperation with the authorities will remain significant as development work proceeds towards the targeted investment decision.

Large offshore energy projects typically require extensive technical planning, regulatory oversight and coordination with government bodies before major construction and production commitments can be made.

For Bay du Nord, Equinor indicated that maintaining this engagement would be an important part of the development process.

The company did not announce a revised timetable or provide additional details about outstanding project milestones.

Shell Expands Participation in Canadian Offshore Energy

The acquisition will give Shell a 30% interest in a potential new offshore oil development in eastern Canada.

For Equinor, the agreement brings an additional international energy company into Bay du Nord as the project approaches a significant investment decision.

The companies have not disclosed updated development costs, production forecasts or a timetable for the start of commercial operations.

Further progress will depend on the completion of development planning, regulatory requirements and the investment decision expected in early 2027.

The announcement marks another stage in the development of Bay du Nord, with Shell and Equinor preparing to advance the offshore project in the Flemish Pass basin.

Connecting Excellence Group PLC (AQSE:XCE) completed its first acquisition of James Gray Recruitment, adding £1.8m of revenue and £431,000 of EBITDA for a net cash outflow of approximately £150,000.

Scott Ellam, CEO: “The completion of our first acquisition is a significant milestone for XCE. It shows our model moving from strategy to execution, and James Gray Recruitment is exactly the type of business we are built for: profitable, specialist and founder-led, with a strong brand, established client relationships and significant room to grow.” Read more

Reveille Resources PLC (AQSE:REV) announced the appointment of former US Secretary of State, Mike Pompeo, as Non-Executive Chairman, as the Company advances its uranium exploration projects in Lombardy, Italy. Read more

Delta Gold Technologies plc (AQSE:DGQ) published its first audited financial results since admission to the Aquis Stock Exchange in December 2025, reporting cash of £3.2m. During the period Delta Gold raised £5.2m, invested £707,000 across its research programmes at Penn State University and the University of Toronto, and filed four patent applications.

R. Michael Jones, CEO: “Building on our 2025 admission to the Aquis Growth Market and our first Sponsored Research Agreement, the period has been one of steady execution — deepening our academic research relationships, broadening our capital markets presence, and taking the first concrete steps toward a protectable portfolio of intellectual property in quantum computing materials.” Read more

Equipmake Holdings PLC (AQSE:EQIP) announced a key milestone in its Project Coeus collaboration with Caterpillar subsidiary Perkins, with the hybrid power unit now entering machine testing in a high-performance shredder.

Ian Foley, CEO: “Moving from the test cell into a machine as demanding as a high-performance shredder is exactly the proving ground this technology needs. Off-highway OEMs want to decarbonise without compromising productivity or re-engineering their machines from scratch, and hybridisation combined with lower carbon fuels such as hydrogen offers a practical route to doing that.” Read more

Ethtry PLC (AQSE:ETHY) announced the completion of its acquisition of Dunbar Energy, establishing a US-focused data centre and energy development platform. Read more

Falconedge PLC (AQSE:EDGE) reported ten consecutive months of positive Bitcoin yield, with its total compounded return reaching 11.85% since the strategy launched in December 2025.

Roy Kashi, CEO: “September brings a strong third quarter to a close and marks ten consecutive months of positive Bitcoin yield for Falconedge. Since inception, we have compounded the Company’s Bitcoin balance sheet by 11.85%, equating to an average return of over 1.1% per month.” Read more

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Gold prices climbed during Asian trading on Friday as the US dollar weakened and Treasury yields declined, improving the appeal of bullion while investors continued to assess inflation risks and the prospect of further Federal Reserve interest rate increases.

Spot gold rose 1.5% to $4,218.15 an ounce, while US gold futures gained the same percentage to reach $4,219.40.

The metal was on course for a weekly increase of approximately 1.3%, including Friday’s advance.

Other precious metals also strengthened. Silver increased 2% to $60.63 an ounce, while platinum gained 2.5% to $1,686.15 an ounce.

Dollar Pullback and Bond Yield Declines Lift Bullion

The US dollar paused its recent rally, making gold less expensive for buyers using other currencies.

Meanwhile, the yield on the benchmark 10-year US Treasury note fell for a second consecutive session.

Lower bond yields generally provide support for gold because they reduce the relative returns available from interest-bearing investments.

Unlike government bonds or bank deposits, bullion does not generate income, leaving it sensitive to changes in interest rate expectations.

The decline in Treasury yields helped offset some concerns that US monetary policy could remain restrictive for longer than previously anticipated.

However, the outlook for gold remains closely linked to inflation developments and expectations surrounding the Federal Reserve’s next policy decisions.

Federal Reserve Official Sees Scope for Additional Rate Increases

Comments from St. Louis Federal Reserve President Alberto Musalem added to expectations that US interest rates could rise further.

Speaking on Thursday, Musalem indicated that additional monetary tightening would be required to bring inflation back to the Federal Reserve’s 2% target within a reasonable timeframe.

He suggested that borrowing costs might need to increase over the next six to nine months.

Musalem did not specify whether he would support a rate increase at the central bank’s October 27–28 meeting.

According to the CME FedWatch tool, traders assigned an 18% probability to an October increase and an 82% probability to a rise in December.

The possibility of further tightening presents a challenge for gold, as higher interest rates increase the opportunity cost of holding an asset that does not pay interest.

Nevertheless, demand for bullion can also increase when investors seek protection against inflation, financial instability or broader economic uncertainty.

Oil Price Gains Raise Concerns About Persistent Inflation

The outlook for energy markets remained an important factor influencing investor expectations.

Brent crude climbed above $104 a barrel amid concerns that the continuing Middle East conflict could disrupt oil supplies.

Higher crude prices can increase costs across transportation, manufacturing and household energy consumption, potentially sustaining inflationary pressures.

If inflation remains elevated, central banks may have less flexibility to reduce interest rates and could instead maintain or strengthen restrictive monetary policies.

This creates a mixed environment for gold.

While rising inflation can encourage demand for assets perceived as stores of value, higher interest rates can make alternative investments more attractive.

As a result, movements in oil prices and changes in monetary policy expectations may continue to influence the direction of bullion.

Central Bank Purchases Remain a Potential Source of Demand

Longer-term support for gold could come from continued buying by central banks and concerns about high levels of government debt.

Monetary authorities have been an important source of demand for the metal, although future purchases will depend on individual reserve management decisions.

Analysts have also highlighted expectations that China’s central bank may continue increasing its gold holdings.

Additional purchases could support demand, but the size and timing of any future acquisitions remain uncertain.

Gold prices are also influenced by investment fund flows, currency movements and changes in real interest rates, meaning central bank demand is only one component of the broader market outlook.

Copper Futures Rise as Metals Markets Strengthen

Industrial metals also advanced during Friday’s trading session.

Benchmark copper futures on the London Metal Exchange increased 1.2% to $14,512.33 per tonne.

US copper futures rose 1.5% to $6.67 per pound.

The gains accompanied the broader advance in metals, although copper is more directly exposed to industrial activity, manufacturing demand and supply conditions.

Gold’s rise reflected the immediate benefit of a weaker dollar and declining US bond yields, while higher energy costs and expectations of further Federal Reserve tightening continued to complicate the outlook.

Market participants will remain focused on inflation indicators, oil prices, central bank policy signals and official-sector gold purchases for further direction.

Oil prices declined on Friday after US President Donald Trump said Washington would not carry out military strikes against Iran before next month’s congressional midterm elections, providing some relief to markets concerned about disruptions to Middle Eastern energy supplies.

Brent crude futures fell 72 cents, or 0.7%, to $103.53 a barrel by 02:20 GMT. US West Texas Intermediate (WTI) futures dropped 52 cents, equivalent to 0.6%, to $90.97 a barrel.

Despite the decline, Brent remained on track to finish the week higher after gaining 4% on Thursday, when increased attacks on oil shipments from the Middle East renewed concerns about supply availability.

WTI was heading for a modest weekly loss, even as Hurricane Isaias forced substantial production shutdowns in the US Gulf of Mexico.

US-Iran Discussions Ease Immediate Escalation Fears

Speaking on Thursday, Trump said the United States was holding “productive discussions” with Iran and indicated that no military action was planned before the November 3 midterm congressional elections.

His remarks followed media reports suggesting that US officials had been considering strikes against Iranian targets ahead of the vote.

The comments reduced immediate concerns about an expansion of the conflict, which is now in its eighth month and has disrupted energy shipments from the region.

Diplomatic developments also attracted attention after Iran’s Tasnim news agency reported comments from Foreign Minister Abbas Araqchi.

According to the report, Araqchi said Tehran was reviewing Washington’s response to an Iranian proposal that could allow the Strait of Hormuz to reopen within seven days.

No final agreement was reported, leaving uncertainty over the timing of any restoration of normal maritime traffic.

The Strait of Hormuz remains a major concern for energy markets because of the volume of petroleum transported through the waterway.

Before the conflict, shipments through the strait represented approximately 20% of global oil and fuel flows.

An increase in threats against commercial shipping in the Gulf and the Strait of Hormuz during October has contributed to considerable volatility in crude prices.

The prospect of renewed access to the shipping route could reduce some supply concerns, although security conditions and the progress of negotiations remain uncertain.

Washington Maintains Economic Pressure on Tehran

While diplomatic contacts continued, the United States announced further sanctions targeting Iran’s energy trade.

The measures, introduced on Thursday, covered individuals, commercial networks and 17 vessels involved in transporting Iranian crude oil, refined petroleum products and petrochemicals.

Washington is maintaining economic pressure on Tehran as part of its efforts to bring the conflict to an end.

The latest restrictions illustrate the continuing uncertainty surrounding Iranian energy exports despite reports of negotiations between the two countries.

For oil markets, the potential effects of diplomatic progress must be weighed against the possibility of further restrictions on trade and continued disruptions to shipping.

Hurricane Isaias Cuts Gulf of Mexico Oil Output

The market was also monitoring Hurricane Isaias as it approached the US Gulf of Mexico coast.

Energy companies operating offshore suspended production at several facilities as a precaution against the storm.

According to the US Marine Minerals Administration, approximately 1.3 million barrels per day of oil output had been shut in by Thursday.

The closures represented 62.9% of current oil production in the affected offshore region.

The disruption has temporarily reduced US supply, although the duration of the shutdowns will depend on weather conditions, possible infrastructure damage and the ability of operators to restart production.

As the world’s largest oil producer, the United States plays an important role in global supply balances, making interruptions in Gulf of Mexico operations relevant to international crude prices.

Oil Markets Continue to Weigh Multiple Supply Risks

Friday’s decline in crude futures followed Trump’s comments on negotiations with Iran, but several sources of supply uncertainty remained unresolved.

Brent’s expected weekly advance reflected continuing concerns about the security of Middle Eastern shipping routes, while hurricane-related shutdowns added pressure on US production.

Further developments in US-Iran negotiations, the possible reopening of the Strait of Hormuz, enforcement of American sanctions and the resumption of Gulf of Mexico production are likely to influence oil market sentiment in the coming sessions.

European wholesale natural gas prices declined on Friday, retreating from two-week highs after US President Donald Trump indicated that Washington would not launch military strikes against Iran before November’s congressional midterm elections.

The benchmark Dutch front-month natural gas futures contract fell 1% to €78.00 per megawatt-hour (MWh), easing after approaching €80 during previous trading sessions.

In Britain, the equivalent wholesale gas contract declined 1.0% to 193 pence per therm.

Despite the pullback, both contracts remained on course for a second consecutive weekly increase, reflecting continued uncertainty over energy shipments from the Middle East and the outlook for European winter supplies.

Trump’s comments reduced immediate concerns about a further military escalation involving Iran, although the wider regional conflict continued to affect maritime transport and energy markets.

The US president indicated that military strikes against Iranian targets would not take place before the November midterm elections.

The statement was followed by a moderation in gas prices, although risks associated with shipping through the Strait of Hormuz remained a significant consideration for energy traders.

According to Reuters tracking data, missile and drone attacks targeting commercial and energy vessels near the Strait of Hormuz reached their highest weekly total since the beginning of the regional conflict during the previous week.

The continuing attacks have complicated efforts to restore normal liquefied natural gas (LNG) shipments through the waterway, which serves as an important transit route for energy exports from the Persian Gulf.

Security concerns have also contributed to higher war-risk insurance costs and longer shipping routes, with some vessels being diverted around Africa.

Such disruptions can increase transportation expenses and affect the timing of LNG deliveries to importing markets, including Europe.

Alongside geopolitical developments, European gas traders continued to assess weather forecasts and regional storage levels ahead of the winter heating season.

Updated meteorological forecasts pointed to cooler autumn temperatures across northwestern Europe, potentially bringing forward demand for residential and commercial heating.

Lower temperatures could also increase natural gas consumption for electricity generation, depending on broader power market conditions.

European Union underground gas storage facilities were reported to be 73% full, compared with 66% approximately one month earlier.

Although inventories have increased over the past month, the reported storage level remains below historical norms for this point in the year.

The relatively limited volume of stored gas could increase Europe’s exposure to supply interruptions or periods of unexpectedly strong demand during the winter.

Regional gas network operators have indicated that existing infrastructure retains sufficient flexibility to meet demand during the early part of the heating season.

However, they have also warned that restrictions on LNG imports could reduce European storage levels to below 30% by late winter.

Such an outcome would leave the region more vulnerable to prolonged cold weather towards the end of the heating season.

The projections remain conditional on future import volumes, weather conditions and consumption patterns.

Friday’s decline in wholesale gas prices therefore reflected a moderation in immediate geopolitical concerns rather than a resolution of the supply risks affecting European energy markets.

Developments in Middle Eastern shipping routes, LNG availability, weather forecasts and storage inventories are likely to remain important influences on European gas prices over the coming months.

European telecommunications shares declined on Friday after Space Exploration Technologies (NASDAQ:SPCX), known as SpaceX, announced an agreement to acquire US wireless spectrum licences, potentially expanding Starlink’s role in the mobile communications market.

The proposed acquisition would give SpaceX access to frequencies suitable for terrestrial mobile networks, complementing its existing satellite infrastructure and raising questions about the longer-term competitive position of established telecommunications operators.

Deutsche Telekom (TG:DKT) recorded the largest decline among the companies cited, falling 7% by 07:27 GMT. Vodafone (LSE:VOD) dropped 3.1%, while Orange (EU:ORA) declined 2.6%.

Telefónica (TG:TNE5) fell 2.5%, Koninklijke (EU:PHIA) lost 2.1%, and BT Group (LSE:BT.A) slipped 1.4%.

US telecommunications companies also experienced share price declines in extended trading on Thursday, following the initial report of the transaction by The Wall Street Journal.

AT&T (NYSE:T), Verizon (NYSE:VZ) and T-Mobile (NASDAQ:TMUS) all traded lower after details of the proposed acquisition emerged.

SpaceX has agreed to purchase a nationwide US spectrum portfolio from Grain Management, an investor specialising in digital infrastructure.

The transaction remains subject to approval from the Federal Communications Commission (FCC).

The portfolio includes up to 14 megahertz of paired spectrum in the 800 MHz frequency band, which is suitable for providing mobile connectivity through terrestrial infrastructure.

The acquisition could allow SpaceX to combine its satellite-based Starlink network with conventional ground-based wireless services.

In its announcement, SpaceX said: “This prime low-band spectrum addresses one of the key remaining technical gaps that will pave the way for Starlink Mobile to become a major mobile carrier in the U.S.”

SpaceX Chief Executive Elon Musk described the agreement as a “very big deal” in a post on X.

The company indicated that the acquired frequencies would support “an advanced terrestrial deployment”, extending connectivity into locations where satellite signals may be limited, including inside buildings.

Unlike spectrum primarily allocated to satellite communications, the licences involved in the proposed transaction can support services delivered through mobile phone towers.

The announcement follows an FCC decision earlier in the week authorising SpaceX to launch up to 15,000 satellites dedicated to mobile communications.

SpaceX has already provided basic wireless connectivity in remote areas through a partnership with T-Mobile for more than a year.

The company has also been upgrading its satellite network with newer spacecraft designed to support greater data capacity.

Its latest proposed acquisition follows an agreement reached last year to acquire satellite spectrum rights from EchoStar in a cash-and-stock transaction valued at approximately $17 billion.

SpaceX subsequently added $2.6 billion of EchoStar’s terrestrial spectrum licences.

Competitive developments in the US mobile market have also continued.

Last week, T-Mobile, AT&T and Verizon established a joint venture intended to expand satellite connectivity in underserved areas, without Starlink’s participation.

T-Mobile has also removed references to Starlink from promotional materials for its T-Satellite service.

These developments suggest changes in the commercial relationships between satellite operators and established mobile network providers, although the longer-term implications remain uncertain.

The decline in European telecommunications shares coincided with the announcement of SpaceX’s plans, but the direct financial impact on European operators has not been established.

The proposed acquisition is focused on US spectrum rights, and any broader competitive consequences will depend on regulatory approval, network deployment and the development of SpaceX’s mobile services.

Renault (LSE:RNO) has reaffirmed its full-year financial guidance, indicating that its operating margin is expected to reach the lower end of its target range, at approximately 5%, while maintaining its forecast of €1 billion in free cash flow.

The French automotive manufacturer provided the update during a pre-close investor call on Friday, led by Head of Investor Relations Florent Chaix.

Renault reiterated its operating margin guidance of approximately 5.5%, while indicating that the final result is more likely to be close to 5%.

The company’s shares rose 0.7% at the market open following the update.

During the call, Renault reported that wholesale vehicle volumes were broadly aligned with retail sales, with both measures declining by approximately 6% to 7%.

The Dacia brand continued to affect the group’s overall sales performance, partly reflecting its limited range of electrified vehicles.

Renault also reported a modest negative impact from inventory reductions at independent dealerships, which contributed to the decline in wholesale volumes.

Despite lower vehicle sales, the company indicated that changes in product mix, pricing and sales to business partners provided some positive offsets.

As a result, Renault suggested that third-quarter automotive revenue could decline by approximately 2%, a smaller reduction than the reported fall in vehicle volumes.

The group’s financing division continued to expand, although its growth rate has moderated following double-digit increases during the first half of the year.

Renault also maintained its assumptions concerning raw material costs, reiterating an expected impact of approximately €400 million during the second half.

The company indicated that some effects would be delayed until 2027, contrasting with reports from certain competitors of increasing raw material cost pressures beginning in the third quarter.

Regarding regulatory expenses, Renault said it does not expect to reverse provisions previously recognised in connection with carbon dioxide emissions requirements.

The company also confirmed that its order book remained equivalent to approximately two months of sales, providing an indication of existing customer demand.

Cost reduction initiatives are progressing in line with the group’s existing plans, with no changes announced to the current programme.

Renault’s full-year outlook therefore remains unchanged, although management expects operating profitability to be towards the lower end of its previously communicated range.

The company’s performance will continue to depend on vehicle demand, product mix, pricing conditions, manufacturing costs and the implementation of its operational efficiency measures.

About Renault

Renault (LSE:RNO) is a French automotive manufacturer engaged in the design, production and sale of passenger cars and commercial vehicles.

The group operates through automotive brands including Renault and Dacia, with activities spanning conventional, hybrid and electric vehicles.

Its operations also include automotive financing services, while its financial performance is influenced by vehicle sales volumes, pricing, production costs and regulatory requirements.