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Norsk Hydro, a Norwegian aluminium producer, has reported a Q3 core loss that is below expectations
Norsk Hydro, a Norwegian aluminium manufacturer, reported a 18.6% drop in its third-quarter core profits on Friday. The fall was attributed to lower alumina and Norwegian crown prices, partially offset by increased production volume. The adjusted earnings before taxes, depreciation, and amortization fell from 7.4 billion crowns to 6.0 billion crowns between July-September of last year. According to a consensus compiled by the company, analysts had on average expected it to report an operating profit of 6,36 billion crowns. Return of U.S. Tariffs Aluminium prices have risen to record levels, causing American consumers to pay more and changing global supply chains. Canada, which is the largest supplier of goods to the U.S. diverted The higher U.S. Midwest Premium has increased costs for American Buyers but supported prices elsewhere. Barriers in the West, which have lifted regional premiums to curb low-cost competition and helped companies like Hydro to temporarily benefit from Chinese smelters producing near-record quantities of aluminium while also looking to export surpluses abroad, have provided a short-term respite to these companies. Hydro stated that "European demand for extrusion is estimated to be flat in the third-quarter of 2025, compared with the same quarter the previous year. However, it decreased by 20 percent when compared with the second-quarter due to seasonality." (Reporting and editing by Matt Scuffham; Reporting by Jesus Calero)
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Task force: Indonesians move residents away from site contaminated by Caesium-137
A spokesman said that the Indonesian government had begun relocating residents in areas around the Modern Cikande Industrial Estate. The site was found to be contaminated with radioactive Caesium 137. Indonesia launched the effort after it detected high levels Caesium 137, an artificial radionuclide in the sprawling industrial area near Jakarta. At this stage, we will allocate 19 families totaling 63 people. Why now? Why now? He added that the task force will move eight more families, totaling 28 people, in the next phase. The task force said that it has also completed the decontamination of 20 of the 22 industrial estate facilities which contained traces Caesium 137. A local company shipped a batch to the United States by an Indonesian company in August. The United States has introduced new certification requirements on imports of spices and shrimp from Indonesia. Caesium 137 is released into the environment by past nuclear accidents and tests, such as Chernobyl. It's also used for industrial purposes like oil well logging. Indonesia does not have nuclear weapons or power plants. (Reporting and editing by David Stanway; Dewi Kurniawati)
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German Economy Minister arrives in Kyiv to provide energy support
Katherina Reiche, the German Economy Minister, arrived in Kyiv Friday to highlight Berlin's efforts for Ukraine to repair its energy grid after recent Russian attacks caused severe damage. "Ukraine faces its fourth winter of war and Russia is intensifying its attacks on Ukraine’s energy supply. This puts electricity and heating provision in the winter in grave danger," Reiche told a delegation of businessmen in Kyiv. Reiche's trip comes at a time when Ukraine is facing increasing energy challenges including extended outages of key facilities like the Zaporizhzhia Nuclear Plant. Reiche stated that urgent assistance was needed to rebuild and safeguard the energy supply. She also pledged to investigate on her trip ways in which Germany could provide a more concrete and improved support. GERMANY SEEKS EXPANDING DEFENCE COOPERATION With UKRAINE The trip's focus will be expanding German-Ukrainian defense cooperation, in addition to preserving and rebuilding Ukraine’s energy infrastructure. Reiche stated that "security policy is also economic policy" and added that her goal was to bring German defence companies and Ukrainian defense companies closer together. Reiche's visit coincides with the London summit, where Ukraine's "Coalition of the Willing", or allies of Ukraine will discuss the future of military assistance. The Ukrainian President Volodymyr Zelenskiy has confirmed his attendance at the meeting. He also urged European allies, after failing to obtain a firm commitment by U.S. president Donald Trump, to provide long-range arms. The EU leaders met in Brussels on Thursday and agreed to fund Ukraine in principle for the next two-year period. They also discussed using frozen Russian assets as a source of financing a loan worth 163 billion euros (140 billion euro). Zelenskiy called for a quick decision and said that the funds could help Ukraine strengthen its defence, saving lives. (Reporting and editing by Kirsti Knolle, Maria Martinez)
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Australia's Pilbara Minerals exceeds expectations, extends study on lithium plant
Australia's Pilbara Minerals outperformed analysts' expectations on Friday. Cost reductions and the extension of studies for a new chemical plant helped. Following the report, shares of the Australian lithium mining company rose as high as 10%. Pilbara has reported a 2.1% increase in spodumene concentration in the first quarter and a 11% decrease in costs. This was supported by a stable output at its Pilgangoora operation in Western Australia and better recovery rates. RBC stated that "Overall (it was a) strong, clean, first quarter of FY26. It exceeded RBC in terms of realised prices, costs, recoveries, and recovery rates." The company also expanded a study of the location for a lithium chemicals joint venture with Ganfeng Lithium. This customer has evaluated over 1,000 sites. According to Pilbara CEO Dale Henderson, the study that was to be finished in December has been delayed until December 2027. This is to allow time to assess what opportunities may arise before making a final decision on investment. This landscape is constantly changing. "A variety of government-sponsored programs are being developed, and this could change the preferences over time," he said. Australia and the United States have signed a crucial minerals agreement to counter China. Henderson described the deal as "very positive" in an industry that is experiencing a long-term downtrend and will not recover for many years because of slower than expected electric vehicle sales. "This is exactly what the industry of lithium needs. This is a young, growing industry. In the end, the world needs to develop more supply chains in order to serve the entire globe." He added. Pilbara is not pursuing any specific funding opportunities in the United States, but it will engage more broadly as there are still future products to be sold, he said. In the three months ended September 30, the pure-play miner of lithium produced 224.800 metric tonnes of spodumene, which is used to produce lithium. This was higher than the previous period when it produced 220.100 tons. The company said that unit operating costs have fallen 10.9%, to A$540 a ton. This is due to ongoing operational efficiencies. The wet season challenges will continue to put pressure on costs for the remainder of the year. Pilbara Minerals has reported a quarterly revenue of A$251 ($163.10 millions), an increase from A$210million a year ago.
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Amman Mineral, a copper miner in Indonesia, may be allowed to export copper concentrate
After banning copper concentrate exports in 2011, the energy ministry of Indonesia has now said that it may permit Amman Mineral International, a copper miner, to export copper concentrat after all. Indonesia banned the export of copper concentrates and other raw materials from mid-2023 in order to boost its domestic metal processing industry. However, Amman continued to export until December, last year when it was due to commission a brand new smelter. Tri Winarno, an official in the energy ministry, stated that after a fire broke at its smelter located in West Nusa Tengggara in Indonesia this year. He said that the Energy Ministry regulations allow for exemptions from the export ban in force majeure situations. Amman had submitted the necessary police report and the insurance claim to prove force majeure. Winarno stated that "we are currently in the process of granting it (the export license)." Amman announced earlier this year that it had 220,000 metric tonnes of copper cathode ready for export. The smelter was facing a number technical problems. Amman didn't immediately respond to our request for comment. (Reporting and editing by Bernadette Cristina, Ananda Terresia)
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Saudi Arabia is in a financial crunch as the elite descends on Riyadh
Next week, global financial titans will descend on Riyadh for Saudi Arabia's premier investment conference. This is the first time that they have been in the city since Donald Trump's return to the White House, and his taste for extravagant projects fits with the Kingdom's ambitious plans. The Future Investment Initiative conference (FII) is being held against a backdrop that includes a fragile ceasefire in Gaza, simmering tensions in the region and a Kingdom under increasing pressure to prove its massive economic transformation. In the past, the world's biggest oil exporter used the event to show off its ambitious plans and sign deals to attract foreign investors while hosting world leaders. This year, attendees include the Colombian president Gustavo Petro as well as Larry Fink of BlackRock, Jamie Dimon of JPMorgan and Citi's Jane Fraser who became co-chairwoman of the U.S. Saudi Business Council on Tuesday. The event also includes energy and tech heavyweights like Aramco's Amin Nasseer and Intel's Lip Bu Tan. Test to see if investors will confirm their confidence This event, which was held in Miami in February and attended by Trump, will serve as a litmus test for global investors to confirm their confidence in the Saudi economic system. Riyadh promised to invest $600 billion when Trump visited in May. Saudi Arabia also seeks inward capital for Crown Prince Mohammed Bin Salman's economic plans to overcome hydrocarbon dependency. Low oil prices, coupled with a budget deficit and the need to prioritize and reduce costs have forced the Kingdom to delay many projects. "Trump's large-than-life personality and the Kingdom's love for big, attention-grabbing statements make a great match," said Alice Gower of London-based consultancy Azure Strategy. The follow-through of headline pledges will likely be slow, especially at a moment when Riyadh faces pressure to complete large projects before hosting global events. Gower stated that investors are still dealing with the reality of a state-dominated economic system, incoherent decision-making processes, skills shortages and heavy commitments to spending. Deadlines for big events The gathering of elites shows that Saudi Arabia is no longer shunned as it was only a few short years ago by many Western governments. MbS was censured by the international community for crackingdown on dissent, and for killing journalist Jamal Khashoggi. Saudi Arabia claims Khashoggi's death was the result of a rogue group. MbS, however, has accepted responsibility for it because it occurred on his watch. Riyadh has made many promises, including hosting the Asian Cup in 2027, World Expo 2030 and both the Asian Games and soccer World Cup in 2034. For these events it must complete 15 stadiums -- 11 of them brand new. Riyadh has made promises to host World Expo 2030 in 2030, the Asian Cup 2027, and both the Asian Games 2034 and soccer World Cup 2034. For these events, 15 stadiums must be completed, 11 of which are brand-new. Some projects related to these events have already been delayed. Most notably Trojena - a ski resort located in the futuristic city NEOM - a desert megacity intended to house nine million people near the Red Sea. Saudi officials are reportedly considering delaying the Asian Winter Games until 2033. The NEOM "The Line", billed as a 170 km-long, 200-metre-wide indoor city, has had its work scaled back in order to complete a 2.4-km stretch that includes the World Cup Stadium. Edward Bell, Chief Economist at Dubai's Emirates NBD, said: "There are a number of challenges associated with compressing everything into a short timeframe, as opposed to prioritising investments and pencilling them in over a long period." Fitch Ratings reported this month that lower oil prices and heavy investments are straining the Kingdom's finances. The Saudi government's 2026 pre-budget statement signalled a shift towards tighter spending after a sharper-than-expected widening of the 2025 deficit, now seen at 5.3% of gross domestic product. Bell predicted that Saudi Arabia will likely run deficits for many years. He praised the government's transparency and realism about their needs. A Saudi Finance Ministry spokesperson was asked for comment about the prioritisation projects. He said: "As previously stated, we continue to see the economy diversifying, powered by strong growth in the non-oil sector through the private sectors, and with a disciplined and strong fiscal position." Citi and Goldman Sachs have expanded their regional offices and teams in Saudi Arabia. The Public Investment Fund of almost $1 trillion, which is spearheading the economic transformation, is far from reaching its target of $100 billion annually in foreign direct investments by 2030. Karen Young, a senior Fellow at the Middle East Institute in Washington, said that it was a difficult target. She noted that the biggest FDI deals were still being made in the energy industry. The kingdom has fallen behind in some projects but it has delivered others, notably those headed by luxury resort developer Red Sea Global. RSG CEO John Pagano who is also a member of the board of NEOM said that changes will be made to ensure delivery deadlines for mega projects. He added, "The PIF and the country are working to ensure that we meet our commitments." Reporting by Federico Maccioni, Rachna uppal and Maha El Dahan Editing by Peter Graff and Maha El Dahan
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Fugro Wraps Up Geotech Survey for Orsted’s OW Project in South Korea
Fugro UST21 has completed offshore geotechnical site investigations for Ørsted’s 1.4 GW Incheon offshore wind project in Incheon, South Korea.The project, located approximately 70 km off the coast, is set to become the largest offshore wind farm in the country and plays a pivotal role in Korea’s transition to net-zero emissions by 2050.Fugro’s Geo-data will support the design of foundations and cable routes across the whole development area of Incheon offshore wind project.The work covers a comprehensive scope of marine geotechnical services, including seabed cone penetration testing, downhole sampling, pressure meter testing, and laboratory analysis.“We are proud to support Ørsted in launching South Korea’s largest offshore wind project. Our work will provide the critical Geo-data needed to inform safe and efficient foundation design, helping Ørsted deliver on its sustainability commitments and local economic development goals,” said Robert Shapcott, General Manager, Fugro UST21.“We would like to extend our sincere thanks to Fugro for their exceptional contribution to the Incheon offshore wind project.“Their technical expertise and dedication to safety and quality, and careful consideration of all stakeholders, have played a vital role in the success of this campaign. We truly value their expertise and the professionalism they brought to the project,” added Kasper Mortensen, Ørsted’s Site Investigation Project Manager.
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As US inflation tests loom, gold is set to end its nine-week winning streak.
The gold price eased on the Friday, and was on course for its first weekly decline in 10 years. A stronger dollar weighed on prices as participants rearranged their positions in anticipation of an important U.S. inflation data due later that day. As of 0315 GMT, spot gold was down by 0.2%, at $4,118.68 an ounce. Bullion is down 3% this week and on track to have its largest weekly percentage decline since mid-May. U.S. Gold Futures for December Delivery fell by 0.3%, to $4133.40 an ounce. Dollar index gains for third consecutive session, making gold expensive for holders of other currencies. Tim Waterer, Chief Market Analyst at KCM Trade, said that a meeting between U.S. leaders and Chinese leaders has a good chance of deescalating the trade tensions. This will help the dollar and reduce the demand for gold as a safe haven. The White House announced on Thursday that U.S. president Donald Trump would meet Chinese President Xi Jinping during a trip to Asia next week. The trade tensions between Washington, DC and Beijing are escalating. Both sides have announced retaliatory actions. The U.S. Consumer Price Index report (CPI) is the next focus. It is expected that core inflation remained at 3.1% in September. Due to the shutdown of government, this report is delayed. Investors are almost fully pricing in a rate cut of 25 basis points at the Federal Reserve meeting next week. Waterer stated that a CPI reading below the Fed's target would be welcome, as it would allow them to continue their plan of cutting rates twice by year-end. "But if inflation surprises are positive, the dollar will likely gain more traction and this could hurt gold." When interest rates are low, gold tends to increase in value as the cost of non-yielding metals is reduced. Silver spot fell 0.6%, to $48.62 an ounce, and is on course for its worst weekly performance since March. It has fallen 6% this week. Palladium fell 1.1% on Friday to $1441.04. Platinum rose by 1%, to $1640.98.
MORNING BID - Spotlight on CPI ahead of APEC whirlwind
Rocky Swift gives us a look at what the future holds for European and global markets.
The calm before the storm is Friday. Next week, there will be a slew of events including central bank meetings, summits and earnings.
Before the weekend, the focus will be on the U.S. consumer prices for September. This is the only economic light that shines through the darkness caused by the second longest U.S. shutdown. So far.
Bureau of Labor officials returning from furlough are expected to report that the U.S. consumer price index core remained at 3.1%. This reading is unlikely to have an impact on the Federal Reserve's widely anticipated rate reduction next week.
There will be a whirlwind series of meetings between leaders centered around the Asia-Pacific Economic Cooperation CEO Summit. This includes a face-to-face meeting between U.S. president Donald Trump and Chinese president Xi Jinping, which is planned for South Korea.
The announcement by the White House of the meeting calmed the markets amid the escalating tensions among the superpowers, and the deadline set for an additional U.S. 100% tariff on Chinese imports.
Trump, proving that every good thing has its dark side, took to Twitter to start a new fight with Canada. He declared the trade talks with America's northern neighbor were "TERMINATED."
European equity futures indicate a steady market start.
After a volatile weekend, oil and gold have settled down. Asian stocks rose following a strong Wall Street closing and an impressive earnings report by Intel.
Apple and Microsoft are among the Magnificent Seven companies that will be reporting earnings next week.
Sanae Takaichi, the newly elected Japanese prime minister, is scheduled to speak in the later part of this session. Her government is reportedly considering a large stimulus package. She will also be meeting Trump for her first time just a few days from now.
Data released on Friday showed that Japan's core consumer price index remained above its 2% target. This has kept alive the expectation of an interest rate increase in the near future ahead of next week's Bank of Japan policy meetings.
The following are key developments that may influence the markets on Friday.
- U.S. earnings: Procter & Gamble, HCA Healthcare, General Dynamics
- Europe Earnings: Saab AB and Sanofi
- U.S. Data: Core CPI for September; S&P Global Flash PMIs for Oct.; University of Michigan final print of consumer sentiment for October
- Europe data: Retail sales in Britain for September and France consumer confidence for Octember
- Flash PMIs Euro Zone, France Germany and Britain
(source: Reuters)