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China has not yet released data on gold production for the latest quarter
China has not published gold data as usual in late October. This led to speculations that the top producer of precious metals may have stopped publishing altogether. China, the world's biggest consumer of gold, releases data on its website for the first quarter. In 2017, the only time a publication was made in November instead of late October, it was one year. In 2016, the data were first published quarterly. Both the association and China's Ministry of Industry did not respond when contacted for comments. Beijing has stopped disclosing the key indicators of supply for rare earths and industry participants have said that they wouldn't be surprised if it happened to gold. China's lack of data on gold comes after the country ended its long-standing policy of tax exemption for certain gold retailers, which may have dampened demand from gold buyers. Gold prices are at record highs, driven by a growing demand for safe-haven assets amid speculation that the U.S. Federal Reserve may cut rates. Also driving gold prices is China's central banks strong purchasing in September. Investment banks are expecting gold to reach new heights next year. Morgan Stanley, as an example, thinks gold prices will reach $4,500 in mid-2026, while Bank of America raised its forecast for next year from $5,000 to $5,000. Last time, gold was trading around $3990. Reporting by Staff; Editing by Lewis Jackson, Edwina Gibbs
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Gold prices rise on weaker dollar and US government shutdown
Gold edged higher on Thursday, as the dollar fell from its four-month high. Investors remained uncertain about the U.S. economy amid the government shutdown. Gold spot rose 0.4%, to $3.996.19 per ounce at 0712 GMT. Bullion is down about 9% from its record high of $4381.21 set on October 20. U.S. Gold Futures for December Delivery increased by 0.3% to $4,005.60 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the dollar had dipped a little bit. This made it easier for gold to gain traction on the upside. Dollar fell by 0.2%, after reaching a four-month peak in the previous session. This made gold cheaper for holders of other currencies. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was more than double the forecasted gain of 28,000, according to ADP. The strong labor market may temper hopes of a rate cut. The longest government shutdown in U.S. history is the result of a congressional impasse. Investors and the Federal Reserve are forced to rely on indicators from the private sector. Waterer said that traders hadn't forgotten the fact the the government shutdown was the longest ever. Jerome Powell, the Fed's chairperson, said that it could be the last time rates are reduced before 2025. The market participants see a 63% probability of a Fed interest rate cut in December. This is down from over 90% last week. Gold that does not yield a return tends to perform well in environments with low interest rates. The U.S. Supreme Court raised questions on Wednesday about the legality and impact of President Donald Trump’s sweeping tariffs. Silver spot gained 0.7%, to $48,40 an ounce. Platinum was up 0.5%, at $1,569.34. Palladium rose by 1.2%, to $1,436.65. (Reporting and editing by Rashmi aich, Ronojoy Mazumdar, and Ishaan arora)
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Sao Paulo hosts top business leaders as COP30 launches in Belem
The world leaders who are gathering in Brazil to discuss climate change are deliberately thousands of miles from the finance and business leaders that they hope will fund the fight against global heating. The executives who have attended the recent U.N. Climate Summits in Baku and Dubai, Sharm el-Sheikh, Glasgow, are now gathered in Sao Paulo's business district, instead of battling for hotel rooms in Belem, the small Amazonian town hosting the summit this year. The Brazilian government has given the green light to finance-focused conferences hosted by third parties. This has attracted thousands of registrants around the globe. The majority of the twenty-two people who spoke to said that they did not plan on visiting Belem. This is where leaders are expected for a summit of heads of state Thursday and Friday, before COP30 starts next week. It's difficult to get there and logistically more challenging, so I think that it's better for me here," said Walter Mattaliano, CFO of Hydnum, a South Korean firm seeking funding for a green-steel project. Borge Brende is the president and CEO of the World Economic Forum. He would have preferred that the COP30 events be held in a single city, but he was happy with the activities in Sao Paulo. The COP30 is being billed as a "implementation conference" which will be focusing on taking actions to fulfill past commitments rather than haggling over political negotiations about new pledges. Business leaders have said that in this context, Belem's smaller business presence should not pose a problem. David Kennedy, the head of Science Based Targets, an initiative that helps companies create ambitious plans, said: "What's most important is not whether business leaders attend negotiations, but whether they take action at home." Kennedy stated that more than 11,000 businesses have committed or set targets to reduce emissions in accordance with climate scientists' recommendations to slow the global temperature rise. Since late 2023 the number of net zero commitments has tripled, largely due to firms from Asia and Latin America. Business leaders have still got big demands. On Monday, several groups issued a letter urging for more ambitious national policies in order to stimulate demand for green innovations. GREEN SKILLS - PUSH FOR SCALE Recent U.N. Reports show that the world is behind in its efforts to limit climate changes. Temperatures are expected to rise beyond 1.5 degrees Celsius post-industrial warming by 2030, and to continue to increase up to 2.5 C. A second report released on Tuesday showed that industrial companies are generating more than 1,000 new projects to reduce their emissions. These companies account for about a quarter (25%) of the global emissions. Faustine Delasalle, CEO of Mission Possible Partnership, said: "By building on the leadership shown by many companies in the world, investors and governments have the unique opportunity to transform today's plans into actual plants that will together form tomorrow's clean industrial economy." LinkedIn data, shared with us exclusively, shows that skills needed for green energy continue to be in short supply. According to the analysis, which compared skills sought by employers with those held by employees in eight countries it was found that finance, technology, and logistics are amongst the sectors experiencing knowledge gaps. This gap cannot be closed without coordinated, urgent action in the area of training. "We need a coordinated response from government, industry, and educators to embed green skills at the heart of every business and climate plan," said Sue Duke.
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ArcelorMittal's third-quarter profits are in line with expectations
ArcelorMittal reported its third quarter core profit on Thursday, in line with the market's expectations. It also gave a positive outlook to 2026. According to LSEG, the Luxembourg-based company reported earnings before interest taxes, depreciation, and amortization (EBITDA), of $1.51billion in the third quarter. This is in line with analyst estimates of $1.50billion. Aditya Mittal, chief executive of the company, said that "we are seeing signs stabilization" and were optimistic about our business outlook in 2026 when we would benefit from more supportive policies for industry in key markets. The company stated that the overall demand was still weak and there was no sign of restocking, as customers continue to "wait and watch" and maintain a cautious approach. Western steelmakers Have welcomed After the U.S. raised tariffs on Steel The European Commission has announced that the EU will be reducing its VAT to 50% from June. Announced plans Import quotas will be increased and duties imposed on volumes exceeding these levels. They have been arguing against what they call Global Overcapacity Pressure from imports of cheaper steel from Asia. (Reporting and editing by Javi Larranaga; Matt Scuffham).
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Heidelberg Materials reports higher-than-expected Q3 profits on cost and price management
Heidelberg Materials, the second largest cement manufacturer in the world, announced on Thursday a third-quarter operating result that was slightly higher than anticipated. The company cited an "uncompromising" focus on cost reductions and price increases. It said that the quarterly result of current operations (RCO), which is a measure of the results from the business, was 1.18 billion euro ($1.38 billion). This figure was up 5% on the previous year and above the average estimate for the poll conducted by the company. Heidelberg Materials has also reduced its forecast range for RCO, expecting now 3.30 billion to 3,50 billion euros for the entire year. Previously, the company had expected 3.25 billion up to 3.55 billion euro. The company's shares, which have increased by 74% in the past year, are partly due to German efforts in upgrading its infrastructure. It said that it has made significant savings during the first nine-month period. A recently announced cost-cutting initiative will achieve the annual target of 500 million euros at the end of 2026. Holcim is a larger peer. reported A small increase in profit for the third quarter last month was boosted by a switch from less profitable products, which helped to offset currency headwinds.
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French and Benelux stocks: Factors to watch for on November 6
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. WORLDLINE: Worldline said it plans to raise 500 millions euros ($583million) as part a capital infusion, which will be used to help the French payments company recover from years' worth of setbacks, and restore investor trust. ELIS SA: A global leader in circular services in action Elis acquired 100% ownership of Lavanderia Hospitalar Acqua Flash Ltda (Acquaflash) in Brazil. The company is based in Brasilia and generated revenues of approximately 6 million euro in 2024. Integration into the Group's accounts will be effective as of November 1, 2020. NEURONES SA : French IT service company Neurones reports Q3 2025 revenue up 5.7% at 207.9 millions euros, with organic growth of 5.1 percent. The company targets annual revenues above 850 million euro and an operating profit of 8%. JENSEN-GROUP: The Belgian manufacturer of industrial laundry equipment Jensen-Group has reported earnings per share (EPS) of 1.58 euros for Q3 2025, with revenues of 134.9 millions euros and an operating profit of 55.3 million euros. It is on track to achieve the expected EBIT range of 66-71million euros in full-year. TP: French staffing firm TP reported a Q3 consolidated sales of 2,51 billion euros (up 1.5% on a like-for-like basis), and lowered its 2025 targets to a revenue growth of between 1.0% and 2.0%, recurring EBITA between 14.7% and 15 %, and net cash flow of around 900 millions euros. FIGEAC AERO : French aerospace subcontractor Figeac Aero announced H1 2025/26 revenues of 215.3 millions euros, with organic growth of 9.6%. This marks its 18th quarter of consecutive growth. It also maintained its guidance. As of September 2025, its backlog was 4.6 billion euro. SOFINA SA : The Belgian investment firm Sofina has completed the placement 600 million euro in senior unsecured bond with a fixed coupon annual of 3,707%. EQUASENS SA : French healthcare software provider Equasens has reported Q3 revenues of 172.2 million euro, with a like-forlike growth rate of 9.4%. The company also maintained its guidance of revenue growth of almost 10% on a reported base in the second half 2025. JACQUET METAL SA: European specialty-steels distributor Jacquet Metals has reported sales of 1,427 millions euros by September 30, 2025. The company had a gross profit margin of 23,5%, EBITDA (group share) was 71 million euro and a net profit of 9 million euro. Selectirente SA, a French investment firm in real estate, reported IFRS revenues of 22.61 million euros for the nine months ending September 30, 2018. French Politics The Ministry of Economy has announced that the government has suspended Shein’s activities in France pending proof of compliance by the Chinese online platform with French law. Bercy, in a press release, said that "on the orders of the Prime Minister", the government initiated the procedure for suspending Shein until the platform could demonstrate to public authorities that its entire content was finally compliant with our laws. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... (Jerome Terroy)
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Gold prices rise on weaker dollar and US government shutdown
Gold edged higher on Thursday, as the dollar fell from its four-month high. Investors remained uncertain about the U.S. economy amid the government shutdown. Gold spot was up 0.1% to $3,985.59 an ounce at 0600 GMT. Bullion is down about 9% from its record high of $4381.21 set on October 20. U.S. Gold Futures for December Delivery increased by 0.1% to $3,995.30 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the dollar had dipped a little bit. This made it easier for gold to gain traction in the upward direction. Dollar fell by 0.2%, after reaching a four-month peak in the previous session. This made gold cheaper for holders of other currencies. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was more than double the forecasted gain of 28,000, according to ADP. The strong labor market may temper hopes of a rate cut. The longest government shutdown in U.S. history is the result of a congressional impasse. Investors and the Federal Reserve are forced to rely on indicators from the private sector. Waterer said that traders hadn't forgotten the fact the the government shutdown was the longest ever. Jerome Powell, the Fed's chairperson, said that it could be the last time rates are reduced before 2025. The market participants see a 63% probability of a Fed interest rate cut in December. This is down from over 90% last week. Gold that does not yield a return tends to perform well in environments with low interest rates. The U.S. Supreme Court raised questions on Wednesday about the legality and impact of President Donald Trump’s sweeping tariffs. Silver spot rose 0.5%, to $48.29 an ounce. Platinum was up 0.1%, at $1,562.55, while palladium increased 0.5%, to $1,426.02. (Reporting and editing by Rashmi aich, Ronojoy Mazumdar, and Ishaan arora)
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MORNING BID EUROPE-Spotlight on knife-edge BoE decision
Rae Wee gives us a look at what the European and global markets will be like tomorrow. The Bank of England announced its interest rate decision Thursday. What had seemed to be a simple hold, is now being scrutinized. The markets are now pricing in a nearly one-in-3 chance that the rate will be cut to 3.75%. This is up from one-in-10 a month earlier. The UK's 3.8% inflation rate is the highest of the Group of Seven advanced economies. However, a steady reading, and a cooling labor market, have shown some signs of a easing of inflationary pressures. The likelihood of more belt-tightening as part of the nation's next budget could be a major factor in policymakers' decision to lower rates this Thursday. The British finance minister Rachel Reeves paved the path for tax increases to avoid a return of "austerity" by framing her budget for this year as a series of "hard decisions" to reduce Britain's debt and protect public spending. Reeves’ rare pre-budget address left some analysts confused over the timing. However, they expect the budget to be deflationary. ASIAN SHARES BOUNCE BACK AstraZeneca, Deutsche Post and other European companies will report their earnings later that day. Recent earnings forecasts show that the outlook for European corporate health is substantially better, as investors' worst concerns for quarterly earnings did not materialize. Asia shares recovered from their previous session's steep losses, as better than expected U.S. data attracted investors to indexes that were trading near record levels. Investors are not as concerned about inflated tech stock valuations after Wednesday's steep sell-off. Pony Ai's and WeRide's stocks fell in Hong Kong as the Chinese developers of autonomous driving began trading after raising $1.2 billion through share offerings. Later on Thursday, a number of Federal Reserve officials will also be speaking. This could provide some insight into the U.S. interest rate outlook. The resilience of the world's biggest economy has caused traders to reduce bets on a Fed rate cut in December. Markets now price in a 61% probability of a 25 basis-point cut down from 70% earlier in this week. On the tariffs front the U.S. Supreme Court Justices raised doubts about the legality President Donald Trump's sweeping duties, in a case that has implications for the global economic system and marks a significant test of Trumps' powers. The following are key developments that may influence the markets on Thursday. Bank of England Rate Decision - AstraZeneca, Deutsche Post, Henkel, Sainsbury earnings Fed's Barr Williams Hammack Waller Paulson Musalem Musalem
Oil prices rise as fears of a glut ease despite low demand
After closing at a two-week low on lower demand in the previous session, oil prices rose on Friday as concerns about oversupply eased.
Brent crude futures rose 17 cents or 0.27% to $63.69 a bar at 0455 GMT. U.S. West Texas intermediate futures gained 18 cents or 0.3% to $59.78.
The global oil price fell for a third consecutive month in October, as OPEC and its allies increased production while non-OPEC producers also continued to increase their output.
Haitong Securities reported that after U.S.-British sanctions against Russia's largest oil companies two week ago, the market's aggressively bearish stance was moderated. However, the oil price momentum changed at the end October.
Haitong Securities stated that OPEC+’s plan to halt further production increases during the first quarter next year has also helped ease concerns about an oversupply.
Nevertheless, there is still concern about the weakening demand.
J.P. Morgan said that the global oil demand had increased by 850,000 barrels a day through November 4. This is below the 900,000 barrels a day growth projected by J.P. Morgan earlier.
The note stated that "high-frequency indicators indicate that U.S. petroleum consumption remains subdued", pointing out the weak travel activity as well as lower container shipments.
Oil prices dropped in the previous session after the U.S. Energy Information Administration reported that U.S. crude stockpiles rose by 5.2m barrels to 421.2m barrels last weekend, as opposed to expectations of a 603,000 barrel increase.
Capital Economics wrote in a report that they believe the downward pressure on oil will continue, which supports their forecast below consensus of $60 per barrel by end-25 and 50 per barrel at end-26.
Saudi Arabia, which is the largest oil exporter in the world, slashed the price of its crude oil for Asian buyers sharply in December. This was a response to a market that had been oversupplied as OPEC+ producers increased production. (Reporting from Tokyo by Katya Glubkova and Beijing by Sam Li; editing by Tom Hogue).
(source: Reuters)