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WPP Plc (LSE:WPP), the struggling British advertising and communications giant, saw its stock climb more than 3% on Monday after new reports suggested that the company may be drawing attention from both industry players and private-equity firms.

According to The Times, early takeover interest has emerged from French rival Havas N.V. as well as investment heavyweights Apollo Global Management and KKR & Co.. While no formal bids have been confirmed, sources indicated that potential buyers are evaluating a range of scenarios—including a full acquisition, a significant minority stake, or targeted purchases of select WPP divisions.

The market reaction is particularly notable given WPP’s recent slump. The group’s shares have plunged more than 60% so far this year, leaving the company valued at roughly £3 billion—a staggering fall for a business that once dominated the global advertising landscape.

WPP is currently in the midst of an extensive overhaul under new CEO Cindy Rose, who is pushing to reshape the company around data, technology, and AI-driven marketing solutions. The renewed M&A chatter follows a recent profit warning tied to a 5.9% drop in like-for-like net revenue, intensifying speculation that a change of ownership could accelerate the turnaround.

The interest from potential buyers also highlights WPP’s weakened position. Once a symbol of industry power, the firm now trades near multi-decade lows, with several hedge funds holding substantial short positions in anticipation of further declines.

Still, uncertainty remains high. No suitor has publicly confirmed an active bid, and reports suggest that at least one—Apollo—has denied ongoing negotiations. Analysts warn that any transaction would face meaningful execution challenges, from WPP’s large debt load to the complexity of integrating its sprawling global operations.

Yet a deal could unlock hidden value. WPP has already proven this through selective divestments, including the $1.7 billion sale of its majority stake in FGS Global to KKR, a transaction that significantly eased its leverage burden. Investors will also be watching movements among major shareholders, with RWC Asset Management recently boosting its holdings to more than 5.2% of voting rights.

New Rare Earths Crisis Coming Caused By Shortage Of Yttrium

A new crisis is emerging in the rare earths sector as global supplies of yttrium tighten sharply, raising alarms over potential shortages and steep price spikes that could affect industries such as aerospace, energy, and semiconductor manufacturing.

Yttrium—an element extracted from rare earth minerals—has become increasingly scarce after China, the world’s dominant supplier, introduced export restrictions in April. These measures, applied to yttrium and six other rare earth elements, were imposed as a countermeasure to U.S. tariffs.

Although last month’s meeting between U.S. President Donald Trump and China’s President Xi Jinping temporarily boosted expectations of smoother trade in critical minerals, the underlying dispute remains unresolved.

While Beijing has relaxed certain rare earth curbs, the April restrictions continue to apply, leaving U.S. manufacturers uncertain about future access in the absence of a broader agreement between the two countries.

Industry participants and Argus analyst Ellie Saklatvla say the licensing requirements—forcing exporters to secure permits from Chinese authorities—have significantly slowed the flow of yttrium out of the country. So far, only small-volume licenses have been granted, and delivery times remain heavily delayed, Saklatvla added.

Scramble for Yttrium

According to Saklatvla, “China’s export controls have undoubtedly sparked a rush for yttrium.”

Prices reflect the strain: in Europe, yttrium oxide—used in thermal barrier coatings—has skyrocketed 4,400% since January, reaching $270 per kilogram, Argus data shows. In China, prices of around $7 per kilogram initially jumped 16% this year, though they have since begun to ease.

The U.S. Aerospace Industries Association (AIA) stressed that yttrium is a vital input for next-generation jet engines and said it is cooperating with the U.S. government to boost domestic sourcing. As Dak Hardwick, the group’s vice president for international affairs, put it: “Currently, our supply chain is heavily dependent on imports from China – a dependence that has fueled rising costs in the face of growing shortages.”

The semiconductor sector is also alarmed, two industry sources said, noting yttrium’s crucial role as both a protective coating and insulator. One source summarized the urgency bluntly as “9 out of 10.”

Beyond aircraft engines and chips, yttrium-based thermal coatings are widely used in gas-fired power plants to safeguard turbine blades from extreme heat.

European stock markets edged lower on Monday, kicking off the week on a cautious note as investors grappled with renewed global growth concerns and awaited earnings from AI leader Nvidia.

At 08:02 GMT, Germany’s DAX hovered near the flatline, while France’s CAC 40 slipped 0.1% and London’s FTSE 100 declined 0.2%.

Global growth jitters

The downbeat tone follows a rough week for European equities, which closed sharply lower on Friday amid mounting fears of a potential AI-driven market bubble and broader weakness in the world economy.

Fresh signs of slowing momentum emerged over the weekend after data showed Japan’s economy contracted at the fastest pace since Q2 2024.

Japan’s GDP dropped 1.8% year-on-year for the July–September period, with a quarterly fall of 0.4% as private consumption weakened and exports were hit by elevated U.S. tariffs.

Late-week figures had already revealed persistent softness in China—the world’s second-largest economy—while the prolonged U.S. federal shutdown is expected to weigh on fourth-quarter activity in the United States.

In Europe, recent releases showed the U.K. economy shrinking in September, while the eurozone expanded only 0.2% in the third quarter compared to the previous three months.

Nvidia earnings in focus

In corporate news, the headline event this week will be Nvidia’s (NASDAQ:NVDA) quarterly earnings, due after Wednesday’s market close. The results are viewed as a critical test of the AI rally.

Analysts expect fiscal third-quarter earnings per share to jump 53.8% year over year, according to LSEG, with optimism around future sales also rising—setting a high bar for a company already valued at roughly $5 trillion.

More caution entered the market after filings showed billionaire investor Peter Thiel sold his nearly $100 million Nvidia stake.

Concerns over stretched tech valuations triggered selling pressure across the sector in late October and early November.

Elsewhere in Europe, Monday’s corporate schedule is relatively light.

Dutch tech group Prosus (EU:PRX) said it expects first-half fiscal 2026 earnings per share to climb up to 37%, helped by improved profitability and gains tied to Tencent.

Meanwhile, French beauty giant L’Oréal (EU:OR) disclosed a minority investment in Chinese mass-market skincare brand Lan—its second strategic move in China in recent months as domestic brands grow rapidly.

Oil slips as supply fears ease

Crude prices edged down after Russia’s Novorossiysk port resumed crude shipments, easing immediate worries about supply disruptions.

Brent fell 0.7% to $63.97 a barrel, while U.S. WTI dipped 0.7% to $59.51.

Both benchmarks had jumped more than 2% on Friday after Ukrainian strikes hit Novorossiysk and a nearby CPC terminal, briefly halting exports equal to around 2% of global supply.
By Sunday, tanker-tracking data indicated that shipments had restarted.

U.S. equity futures pushed higher on Monday as investors prepared for a packed week marked by the long-awaited return of official economic data and a crucial earnings report from tech giant Nvidia (NASDAQ:NVDA). With September labor figures finally scheduled for release after delays caused by the extended government shutdown, and Nvidia poised to update investors on the state of the AI boom, traders are bracing for potential market-moving news. Meanwhile, Japan posted its first economic contraction in six quarters, and both gold and oil prices traded broadly lower.

Futures advance

U.S. futures signaled a stronger start to the week, with expectations building ahead of fresh data and Nvidia’s high-profile results.

By 02:51 ET, Dow futures were up 88 points (0.2%), S&P 500 futures climbed 38 points (0.6%), and Nasdaq 100 futures jumped 223 points (0.9%).

Market sentiment received an additional lift from signs that President Donald Trump may be easing his tariff stance. After Friday’s market close, the White House revealed plans to scale back duties on several food imports, with Trump noting affordability concerns.

Prices for items like beef, fruit, and coffee were “a little bit high,” Trump said.

Separately, the U.S. and Switzerland struck a deal to cut tariffs on Swiss exports to 15% from 39%, in return for a $200 billion U.S. investment commitment by 2028.

This followed a mixed session for major U.S. indexes, although the Nasdaq Composite outperformed on a rebound in tech shares, calming some fears over inflated AI-driven valuations.

U.S. data flow to restart

Attention is now turning to the economic calendar, which has lacked key releases for weeks due to the record-length shutdown.

With the government reopened, delayed reports on inflation and jobs will begin to surface. One of the most anticipated releases will be September’s nonfarm payrolls report on Thursday, though White House comments suggest the October update may be incomplete.

These numbers will be crucial as the Federal Reserve prepares for its final 2025 policy meeting in December.

The Fed cut rates at its last two meetings, but with officials “flying blind” in the absence of updated data, markets increasingly expect policymakers to keep rates unchanged next month.

Nvidia earnings on deck

The headline corporate event this week will be Nvidia’s quarterly earnings, due Wednesday after the close. The chipmaker — whose share price has skyrocketed about 1,000% since the debut of OpenAI’s ChatGPT — has become the market’s primary AI bellwether. Its results may provide more direction for investors than even the delayed jobs report.

With valuations elevated and numerous tech deals centered on Nvidia hardware, worries about an AI-driven bubble have been rising.

Retail giants Home Depot (NYSE:HD), Target (NYSE:TGT), and Walmart (NYSE:WMT) will also publish earnings, offering clues to holiday-season consumer demand.

Japan’s economy contracts

Japan’s GDP shrank in Q3 2025, with exports — especially autos — hampered by steep U.S. tariffs. The economy contracted 1.8% year-over-year, a smaller drop than expected but still marking the first decline in six quarters.

Economists noted that although the downturn was anticipated, its shallower-than-feared depth suggests the slump may be temporary. Private consumption remained muted due to stubborn inflation, while capital spending was the lone bright spot, indicating firms are still investing despite trade pressures.

Focus now shifts to Prime Minister Sanae Takaichi’s upcoming fiscal stimulus plans.

Gold and oil soften

Gold prices weakened further as traders continued dialing back expectations for a December Fed rate cut. A stronger dollar and rising risk aversion compounded the pressure.

Oil prices also slipped after Russia’s Novorossiysk port resumed crude loadings, calming immediate supply concerns.

Both benchmarks had rallied more than 2% on Friday following Ukrainian strikes on Novorossiysk and a Caspian Pipeline Consortium facility. But by Sunday, tanker-tracking data showed shipments had resumed.

The U.S. dollar posted modest gains on Monday, trading with a steady tone as investors looked ahead to a series of important U.S. economic releases now that the government shutdown has ended. The Federal Reserve’s final policy meeting of the year, set for next month, also remains in focus.

At 04:00 ET (09:00 GMT), the Dollar Index—which measures the greenback against six major currencies—was up 0.1% at 99.282, rebounding after a weekly decline.

Dollar steadies as markets await fresh economic signals

Traders are gearing up for a string of U.S. data releases this week, including Thursday’s widely watched September nonfarm payrolls report, seen as a key indicator of the strength of the world’s largest economy.

The government shutdown delayed numerous data publications, leaving both markets and Federal Reserve policymakers with limited visibility on recent economic trends.

“In a week when we should finally start to see US data releases coming through, it is important to note that the outcome of the next Fed rate decision in December looks better priced at a 50% chance of a cut,” analysts at ING wrote.

“That means that the dollar probably does not have to rally too much on the FOMC minutes released this Wednesday and can take its cue from Thursday’s jobs report.”

A packed lineup of Fed speakers is also on the agenda this week.

“A repeat of the Fed’s recent message that it should not rush into further rate cuts and some uncertainty as to where the neutral policy rate actually sits is probably a mild dollar positive,” ING added.

Euro slips after recent highs

In Europe, EUR/USD fell 0.2% to 1.1601, drifting away from last week’s two-week peak. The next major reading for the euro will be Friday’s flash November PMIs.

“Remember, these have been holding up quite well and are suggesting that businesses could be learning to live with the uncertain international environment here,” ING noted.

“The stronger dollar has dragged EUR/USD back to 1.1600. We would expect some demand to come in should it correct lower to the 1.1560/80 area.”

GBP/USD edged down 0.1% to 1.3162, with sterling stabilizing after sharp volatility late last week following news that Finance Minister Rachel Reeves does not plan to raise income tax in the upcoming budget. Reeves still faces the challenge of finding tens of billions of pounds to meet fiscal goals in the November 26 budget.

Yen weakens after Japan reports contraction

In Asia, USD/JPY moved up 0.1% to 154.68 after new figures showed that Japan’s economy shrank at an annualized pace of 1.8% in the third quarter. While the decline was smaller than the expected 2.5% drop, it still underscored softening momentum.

Quarter-on-quarter GDP slipped 0.4%, slightly better than forecasts but consistent with weakening activity. Exports were hit by the impact of newly imposed U.S. tariffs, and household spending remained subdued under persistent inflation pressures.

The one bright spot came from capital expenditure, which increased—suggesting that businesses are continuing to invest despite global trade challenges.

Elsewhere, USD/CNY rose 0.1% to 7.1045, while AUD/USD added 0.1% to reach 0.6534.

Gold prices edged lower in Asian trading on Monday, extending last week’s decline as investors continued to dial back expectations of an interest rate cut from the Federal Reserve next month.

A firmer U.S. dollar added further pressure on the metal, while growing risk aversion—driven by uncertainty around the timing of future rate reductions and broader economic concerns—did little to support bullion.

Spot gold dipped 0.6% to $4,053.84 per ounce by 00:33 ET (05:33 GMT), while December gold futures retreated 0.9% to $4,055.91/oz.

Traders unwind December rate-cut bets

Gold’s latest pullback has been driven primarily by traders reducing expectations that the Fed will cut rates in December.

According to CME FedWatch, markets were pricing in a 39.8% chance of a 25 bps cut at the December 10–11 meeting—down sharply from 61.9% just a week earlier.
The probability of rates staying unchanged rose to 60.2%, up from 38.1%.

Uncertainty around the U.S. economic outlook has intensified, particularly after the country exited its longest government shutdown on record. The shutdown is expected to delay or distort several key October indicators, notably inflation and employment, leaving the Fed with limited visibility heading into its final meeting of the year.

Signs of stubborn inflation have also reinforced expectations that policymakers will keep borrowing costs higher for longer. Meanwhile, Chair Jerome Powell has remained largely non-committal on the prospect of a December cut.

Higher-for-longer rates tend to weigh on non-yielding assets like gold and other precious metals.

Among the broader complex, spot platinum inched up 0.1% to $1,548.0/oz but remained deep in the red after Friday’s selloff, while spot silver was flat at $50.5795/oz, following a sharp retreat from near-record highs last week.

Dollar steadies ahead of Fed minutes and key U.S. data

The dollar firmed slightly on Monday after last week’s losses, with the dollar index adding 0.1%.

Markets now turn their attention to a heavy slate of U.S. data, including November PMI readings and September nonfarm payrolls, due Thursday.

The minutes from the Fed’s October meeting—set for release Wednesday—are expected to provide more clarity on policymakers’ thinking as the December decision approaches.

Inflation and labor-market data remain the Fed’s two most influential inputs for policy direction.
However, U.S. officials have warned that both October releases may never be published due to the shutdown’s disruption.

Oil prices slipped on Monday, surrendering part of last week’s sharp rally after crude shipments resumed at Russia’s Novorossiysk port, reducing immediate worries about supply disruption.

As of 04:35 ET (09:35 GMT), January Brent futures were down 0.7% at $63.97 a barrel, while West Texas Intermediate crude dipped 0.7% to $59.52 a barrel.

Exports resume at key Russian hub

Both Brent and WTI jumped more than 2% on Friday following Ukraine’s high-profile strikes on Novorossiysk and a nearby Caspian Pipeline Consortium facility—an attack that caused damage and temporarily halted shipments equal to around 2% of global supply.

By Sunday, however, media outlets reported that tanker-tracking data indicated crude loadings had restarted at the port.

Although the resumption has eased the near-term supply squeeze, traders remain on edge. Ukraine’s military said it struck Russia’s Ryazan refinery on Saturday and the Novokuibyshevsk facility in the Samara region on Sunday, adding to concerns that further disruptions could unfold.

Market weighs evolving supply risks

Attention is also locked on tightening U.S. sanctions. New restrictions from Washington will bar companies from engaging with Russian oil majors Lukoil and Rosneft after Nov. 21, compelling buyers to unwind existing deals and raising uncertainty over how much crude may ultimately be left without a market.

“While the oil market is expected to remain in a large surplus through 2026, it is also facing growing supply risks. The scale and intensity of Ukrainian drone attacks on Russian energy infrastructure are picking up,” ING analysts said in a note.

“Risks are also emerging elsewhere, with Iran seizing an oil tanker in the Gulf of Oman after it passed through the Strait of Hormuz. The Strait is a key choke point for the global oil market, with around 20m b/d passing through it,” they added.

Speculators lift Brent net longs

Fresh positioning data showed speculative net long holdings in ICE Brent rose by 12,636 lots in the latest reporting week, reaching 164,867 lots as of last Tuesday.

“This was predominantly driven by short covering. It suggests that some participants are reluctant to be short at the moment amid supply risks related to uncertainty over sanctions,” ING added.

Vast Resources plc (LSE:VAST) has repaid $1 million to lenders A&T Investments SARL and Mercuria Energy Trading SA, securing an extension of its loan agreements through the end of 2025. The company plans to use proceeds from forthcoming diamond sales and potential funding arrangements to fully settle the remaining debt, a step that could strengthen its financial footing and improve operational flexibility.

Vast has also published the tender details for an initial 126,677.50-carat parcel of rough stones, spanning both gem-quality and industrial categories. Management intends to sell the higher-grade stones in phases to maximise revenue and enhance shareholder value. This approach is expected to support stronger cash generation and bolster the company’s competitive positioning.

Vast Resources’ outlook remains constrained by ongoing financial difficulties, including sustained operating losses and negative equity. However, recent positive corporate developments and select supportive technical indicators offer some scope for strategic improvement. Valuation challenges persist due to continued negative profitability.

More about Vast Resources

Vast Resources plc is a UK-based mining company listed on AIM, with operations in Romania, Tajikistan, and Zimbabwe. Its portfolio includes the Baita Plai and Manaila polymetallic mines in Romania, as well as gold and silver interests in Tajikistan. The company is also pursuing additional mining opportunities in Zimbabwe.

Gulf Keystone Petroleum Ltd. (LSE:GKP) has confirmed the successful completion of its first lifting of Kurdistan crude for pipeline export at the Ceyhan terminal in Türkiye, carried out alongside other International Oil Companies. The company expects to receive payment for its share within 30 days, with a second lifting scheduled for late November 2025. This milestone represents an important operational advance and could strengthen Gulf Keystone’s market position while delivering financial benefits for shareholders.

Gulf Keystone’s outlook highlights strong balance-sheet stability and solid cash-flow management, tempered by weaker profitability trends and technical indicators signalling bearish momentum. While the company’s high dividend yield may appeal to income investors, it is accompanied by elevated risk given negative earnings. Operational volatility and regional geopolitical uncertainty also weigh on the near-term view.

More about Gulf Keystone Petroleum

Gulf Keystone Petroleum Ltd. is an independent oil and gas operator active in the Kurdistan Region of Iraq, where it focuses primarily on exploration and production activities.

HICL Infrastructure PLC (LSE:HICL) and The Renewables Infrastructure Group Limited (LSE:TRIG) have announced a merger that will form the UK’s largest listed infrastructure investment vehicle, with combined net assets of more than £5.3 billion. The transaction, slated for completion in Q1 2026, will see TRIG wound up and its assets transferred to HICL in exchange for new HICL shares and cash. By uniting their portfolios and sector expertise, the enlarged group aims to capitalise on long-term infrastructure megatrends across both core and renewable assets. The combined entity is targeting a 9.0 pence per-share dividend and a NAV total return exceeding 10% per year, supported by a £100 million liquidity package from Sun Life.

HICL’s outlook remains underpinned by its strong financial footing, including zero balance-sheet debt and robust cash-flow discipline. Strategic share buybacks add further support for shareholder value. Even so, technical indicators hint at potential overbought conditions, and the stock’s moderately elevated P/E ratio raises valuation considerations. A strong dividend yield helps balance these risks for income-focused investors.

More about HICL Infrastructure

HICL Infrastructure PLC has been listed on the London Stock Exchange since 2006 and originally specialised in social infrastructure assets under PFI and PPP models. The company has since broadened its mandate to include regulated utilities, transport concessions, and digital infrastructure across the UK, Europe, North America, and New Zealand. As of March 2025, its portfolio comprised more than 100 essential infrastructure assets valued at around £3 billion. TRIG, launched in 2013, is a renewables-focused investment company with a 2.3GW portfolio spanning solar, onshore and offshore wind, and battery storage, and a net asset value of roughly £2.6 billion.