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Valaris Adds $190M in New Offshore Drilling and Wind Contracts
Offshore drilling contractor Valaris has secured a series of new contracts and extensions worth about $190 million in the North Sea and Middle East regions, lifting its total contract backlog to $4.5 billion.The latest awards include a mix of deepwater drilling and jack-up projects across Egypt and the UK North Sea, underscoring continued demand from both oil and gas and offshore wind clients.Valaris’s drillship VALARIS DS-12 was awarded a five-well contract by BP Exploration Delta Limited in Egypt, scheduled to begin in the second quarter of 2026. The work is expected to last around 350 days, with a total estimated value of $140 million, including a mobilization fee. The contract also provides three optional wells.In the UK North Sea, the company secured a series of jack-up rig extensions and new assignments. VALARIS 121 received a 194-day extension from Shell, beginning in February 2026 in direct continuation of its current work, adding over $25 million to the backlog.VALARIS Norway was granted a 150-day extension by Ithaca Energy, commencing in August 2026, with an estimated value of around $18 million.The company also expanded into the offshore wind segment, with VALARIS 248 contracted by GE Vernova to provide accommodation support services for a North Sea offshore wind project.The 120-day contract, starting November 2025, is valued at over $8 million and includes six priced options totaling 104 additional days.Separately, VALARIS 122 obtained two 28-day extensions from Shell for accommodation support, starting January 2026, with a combined value exceeding $6 million and one priced option remaining.Valaris said it also sold the jackup VALARIS 247 in August 2025 for cash proceeds of approximately $108 million.
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Gold prices rise ahead of Fed's decision; however, trade optimism limits the upside.
Gold prices rose a little on Wednesday ahead of a Federal Reserve interest rate cut that was widely expected, but easing U.S. China trade tensions held bullion in check. As of 0257 GMT spot gold rose 0.2% to $3,957.42 an ounce after falling to its lowest level since October 7 on Monday. U.S. Gold Futures for December Delivery eased 0.3%, to $3.971.20 an ounce. Kelvin Wong, senior market analyst at OANDA, said: "The fuel behind this short-term gold correction is the readjustment from safe-haven instruments to more responsive instruments like global equities because of trade optimism." In the short term, gold is under pressure from both short-term leverage and technical levels being breached. The fundamentals of gold are still positive. Over the weekend, top Chinese and U.S. economists hammered out the framework for a trade agreement between U.S. president Donald Trump and his Chinese equivalent Xi Jinping. The deal would halt steeper American tariffs as well as Chinese controls on rare-earth exports. Trump and Xi will meet in South Korea Thursday. The progress in U.S. China trade talks has continued to sap the demand for safe-haven assets like gold. This pullback extended as tensions eased. The recent falls may offer central banks an opportunity to increase purchases," ANZ stated in a report. The Fed is widely anticipated to reduce interest rates by a quarter percentile point at its policy meeting that will take place on Wednesday. Investors are also watching for any future-oriented language from Fed chair Jerome Powell. At its Thursday policy meeting, the European Central Bank will likely leave interest rates unchanged. Gold that does not yield is a good investment in low interest rate environments and economic uncertainty. The gold price has risen by 52% in the past year, with a peak of $4381.21 reached on October 20. This was boosted by economic and geopolitical uncertainty, bets to lower rates, and central bank purchases. Other metals, such as platinum, palladium, and silver, also saw gains. Platinum rose 0.7% per ounce to $1.574.25 while palladium fell 0.7% at $1.391.07.
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Iron ore reaches two-week high before Trump-Xi Meeting
The iron ore futures price rose on Wednesday, for the third consecutive session. It reached its highest level in two weeks. This was boosted by optimism about a possible trade agreement between two of the world's largest economies. U.S. president Donald Trump, who is expected to meet with Chinese President Xi Jinping in South Korea on Thursday for a high-level meeting, has said that he anticipates reducing U.S. duties on Chinese products as a result of Beijing's promise to limit exports of fentanyl precursor chemicals. Analysts at brokerage Xinhu Futures stated in a report that the general risk sentiment has improved due to a easing of U.S. China trade tension. The most traded January iron ore contract at China's Dalian Commodity Exchange rose by 1.14%, to 798 Yuan ($112.03) per metric ton. It had previously reached its highest level since October 14, when it was 802 Yuan. On the Singapore Exchange, December benchmark iron ore rose 0.52%, to $106.3 per ton. The price of iron ore in December reached its highest level since October 14, at $106.65 a ton. Prices of the main steelmaking ingredient were also supported by the expectation that steel mills will restock in a hurry to meet production requirements after the end of production restrictions. A forecast for worsening air pollution forced steelmakers in certain northern regions, including the largest steelmaking hub Tangshan City, to begin implementing production controls on Monday. Vale, a Brazilian miner, said it was very optimistic about long-term demand for iron ore. Coke and other steelmaking materials, such as coking coal, both fell by 0.74% and 0.83%, respectively. The Shanghai Futures Exchange has seen a rise in most steel benchmarks. Rebar gained 0.48%; hot-rolled coils advanced 0.64%; wire rod grew 0.54%. Stainless steel was little altered.
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Lynas, an Australian company, invests in a new Malaysian facility to produce heavy rare earths to meet the rising demand
Lynas Rare Earths, a company based in Australia, announced on Wednesday a new separation plant in Malaysia. The announcement came as the company noted a growing demand for rare earth oxides that are sourced from outside China. Lynas is the largest rare-earth manufacturer outside of China. The project will cost approximately A$180,000,000 ($116.96,000,000) and have the capability to separate up 5,000 tonnes of heavy rare earth feedstock per year. Amanda Lacaze, CEO of Lynas, said, "Market demand is high for heavy rare Earths and we can be selective about where and at what price we sell them." Lynas Mt Weld in Western Australia and other sources will provide feedstock. The company stated that the timeline for construction of the project is subject to approval by regulatory agencies. Lynas is in talks with a number of partners to ensure that it can offer a wider range of products for fair prices. The shares of the company continued to decline for the fourth session in a row, falling more than 1% at A$15.63 by 2345 GMT following reports of a potential delay in Chinese restrictions on rare earths.
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Australian shares fall as healthcare stocks drag down; inflation data is in focus
Australian shares fell on Wednesday as healthcare stocks lost ground to miners. Local traders were cautious in advance of the third-quarter consumer prices data due later that day. By 2330 GMT, the S&P/ASX 200 index had fallen 0.1% to 9,002.10 point. The benchmark index ended Tuesday 0.48% lower. Michele Bullock, Reserve Bank of Australia Governor, said after the bell Tuesday that an increase of more than 0.9% in core inflation for the third quarter would be a strong argument against a rate reduction at the Reserve Bank of Australia’s next meeting. Investors are now pricing in a 45.4% probability of a 25 basis-point rate reduction at RBA's next week meeting, before the release of inflation figures later on Wednesday. CSL shares fell 3.8% on the local exchange, for the second day in a row, after the company announced Tuesday that it would delay the U.S. separation of its Seqirus division. Banks fell 0.1%, with two of the "Big Four lenders" falling by around 0.4%. Commonwealth Bank of Australia (CBA) and ANZ Group, however, rose 0.3% and ANZ Group, respectively, 0.4%. Iron ore prices rose after China's recent proposal to limit steelmaking capacity. Rio Tinto (BHP) and Rio Tinto (Rio Tinto) both rose by 0.7%. Woolworths shares fell 0.3% in the company news after the firm reported a slight increase in its first quarter sales. Analysts at Jefferies noted that "the last six weeks of the Q1 weren't better than the first 8 weeks." The benchmark S&P/NZX 50 Index in New Zealand rose 0.4%, to 13,454.95 index points. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
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US appeals Court revives $2.5 Billion opioid lawsuit in West Virginia
The largest drug companies in the U.S. won a trial in 2022, but the U.S. Court of Appeals reversed that decision. The 4th U.S. The 4th U.S. The 4th Circuit has reopened the case and said that the lower court must re-evaluate if the three drug companies are responsible for paying for addiction treatment and prevention in the city and the county, on the basis of their alleged failures to stop "suspicious", large orders from pharmacies. Cencora's spokesperson stated that the company is disappointed with the ruling, and they are considering their next steps. This could include a second appeal. Cencora says drug companies have to "walk a tightrope" between providing necessary medication and preventing diversion of controlled drugs. Cardinal Health declined comment. McKesson has not responded to comments immediately. Huntington Mayor Patrick Farrell stated that the city is looking forward to a chance to hold drug distributors responsible for "the devastating damage that they have done to our city and to far too many families". Distributors had agreed to pay as much as $21 billion in order to settle the thousands of lawsuits filed against them by local and state governments across the nation. Communities in West Virginia, which was hard hit by the opioid crisis, chose not to join the national settlement and instead sought a larger recovery. In 2022, U.S. district judge David Faber ruled in favor the three drug companies, concluding that West Virginia's law on "public nuisances" did not create any liability for companies who sold prescription drugs and that the companies had met their obligation to report suspicious orders of drug to U.S. regulatory agencies. The 4th Circuit reversed those findings. The appeals court determined that the three drug manufacturers shipped opioids to pharmacies repeatedly in quantities exceeding the distributors thresholds for "suspicious orders" without reporting to the U.S. Drug Enforcement Administration. According to the 4th Circuit, Cencora (formerly AmerisourceBergen) supplied 775 potentially suspect orders over a period of five years from a single Cabell County pharmacy, but only reported 16 orders to the DEA. Dietrich Knauth reported from New York, and Nate Raymond from Boston. Richard Chang and Aurora Ellis edited the story.
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Sources say that US officials meet with mining executives in Brazil to talk about rare earths.
The U.S. The U.S. According to anonymous sources, the meetings took place on the sidelines an event that was taking place in Salvador in the state of Bahia in the northeastern part of Brazil. Rare earths are expected to come up in the negotiations between Brazil and the U.S. aimed at removing the tariffs placed by President Donald Trump against Brazilian products. One source said that the discussions also show how the U.S. seeks alternative suppliers in the face of trade disputes with China which dominates rare earths markets. This source who was present at the meeting said that Escobar talked about partnerships between U.S. mining companies and Brazilian miners to explore rare Earths. Brazil is a country with vast mineral reserves, despite its small production. These minerals are vital for the manufacture of high-tech equipment. A second source confirmed that St George Mining of Australia, which operates a rare-earths project in Minas Gerais, was present at the meeting. Julio Nery of the mining lobby group Ibram confirmed that Escobar had met with representatives in the sector but refused to provide any details. "He has already met with Ibram at least three or four occasions and requested to meet with Raul Jungmann," Nery said, referring Ibram president Raul Jungmann. Reporting by Lisandra paraguassu from Brasilia, and Marta Nogueira from Rio de Janeiro. Fernando Cardoso wrote the article. Natalia Siniawski edited it.
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The long-stalled campaign to make daylight savings time in the US permanent has failed.
The U.S. Senate took up a long-stalled attempt on Tuesday to end daylight saving time and make it permanent, but failed to reach a consensus. Senator Rick Scott (a Republican) and other senators took the floor Tuesday to urge passage of the first unanimously-approved bill in March 2022. Senator Tom Cotton, however, said that he would be opposed to any attempt to speed up the bill. Congress has been debating the issue for many years. The issue was discussed in a hearing held earlier this year, and President Donald Trump supported the change. However, it does not seem to be any closer to an agreement. In the United States, standard time returns on Sunday.
Australian shares fall after Q3 inflation data points to RBA rate holding next week
Australian shares fell on Wednesday, as banks continued to lose money and real estate stocks reversed their course. Local investors also sharply reduced bets that the central bank would cut rates next week following higher-than-expected third quarter inflation.
By 0047 GMT the S&P/ASX 200 Index had fallen 0.6%, to 8,958.50 - below the psychologically important 9,000 point level. Early trade saw little change in the benchmark.
The Australian Bureau of Statistics consumer price index (CPI), which measures prices for goods and services, rose by 1.3% during the third quarter. This was higher than expected at 1.1% due to rising housing and travel expenses.
After the release of the data, the odds of a policy easing were significantly reduced. Investors now price in a 90% chance of the Reserve Bank of Australia holding the cash rate at 3.60%.
Next week, on November 4, the RBA will decide on interest rates.
The local stock exchange saw a drop of 1,1% in the banks, while the "Big Four' banks were down between 0,6% and 1,7%.
Stockland Corporation, which is a peer company in the real estate sector, fell 2% and caused a 0.8% fall.
The healthcare stocks dropped 2.6%. This was due to a drop of 4.8% in CSL shares, which fell for the second day running after the company announced on Tuesday that it would delay the U.S. separation of its Seqirus division.
Iron ore prices rose following China's recent proposal to limit steelmaking capacity.
BHP Mining rose by 0.7%.
Woolworths shares rose 1.6% in the wake of an increase in sales for its first quarter, which exceeded market expectations.
The benchmark S&P/NZX 50 Index in New Zealand rose 0.4%, to 13,462.37. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
(source: Reuters)