Flash News

TREE NEWS update: The French government will take part in a €500 million capital increase by mining company Eramet SA to help repair its balance sheet. The state will subscribe to the upcoming rights issue and become Eramet’s largest shareholder, with a stake below 50%. Subject to regulatory approval, the capital increase is expected to close by the end of the year; Eramet has pledged not to resume dividends until it has significantly reduced its debt.

TREE NEWS reports: WTI crude oil climbed 2.5% intraday to trade at $94.16 a barrel. The move marks a sharp single-session gain for the US benchmark, with the price holding at that level as of the latest reading.

TREE NEWS update: Qatar set its November official selling price for marine crude at a discount of $8 per barrel to the Oman/Dubai benchmark, while its land crude OSP was set at a discount of $7.50 per barrel to the same benchmark. The pricing applies to Qatari crude grades for November deliveries.

TREE NEWS update: Residents of central Riyadh received air-raid alerts on the evening of the 12th local time, followed by loud explosions across the city. No further details on the cause, casualties or damage were immediately given. The incident marks a rare security alert in the Saudi capital.

TREE NEWS update: Cuba’s Ministry of Energy and Mines issued Decree 135 on oil and gas on October 12, replacing older legislation the ministry said is no longer applicable. The new law aims to raise crude and natural gas output and reserves, meet domestic fuel and derivative demand, supply the petrochemical industry and support the recovery of the national power system. It asserts state sovereignty over energy while welcoming domestic and foreign investment under diversified cooperation models.

TREE NEWS reports: The Bank of France’s industrial uncertainty indicator rose to its highest level since April, the central bank said. It still expects French GDP to grow 0.1% in the third quarter.

TREE NEWS update: Qatar Airways issued a travel advisory on October 12 announcing the temporary suspension of flights to and from Riyadh and Dammam in Saudi Arabia. The airline did not specify how long the suspension will last. It said it is coordinating with the relevant authorities and closely monitoring developments in Saudi Arabia.

TREE NEWS reports: US pending home sales fell 4% month-over-month in September, the largest drop in more than three years, sliding to their lowest level since 2014 and above only the first months of the pandemic in 2020. data. Pending inventory climbed to its highest since March 2020, while mortgage rates above 7% returned. Redfin chief economist Daryl Fairweather said sentiment in the housing industry has shifted markedly, with fewer buyers able to afford a home.

TREE NEWS update: Around 300,000 Irish teachers, healthcare workers, civil servants and other public-sector staff plan a one-day strike after unions rejected the government’s latest offer to avert a stoppage, setting up Ireland’s first mass public-sector walkout since 2009. Unions say pay terms must be agreed before productivity and other issues are discussed; ministers reject that precondition, calling it a break with past practice.

TREE NEWS update: Kyiv Mayor Vitali Klitschko said an attack on the Ukrainian capital on the 12th killed one person and injured 11 others. Details of the strike are still being verified. The toll was given as the city assessed the aftermath of the attack.

TREE NEWS reports: At least 10 very large crude carriers and several Suezmax tankers halted or turned back near the UAE’s Fujairah port as attacks around the Strait of Hormuz escalate, tanker-tracking data show. Other vessels are still heading into the region, but the withdrawal of the empty supertankers has renewed concern over whether oil can keep flowing through the waterway.

TREE NEWS update: Iran’s Supreme National Security Council secretary Rezaei said Tehran will not return to its previous approach to diplomacy, and that the US response to Iran’s ceasefire conditions was ‘not sufficient.’ The remarks signal continued friction between Washington and Tehran over terms to halt hostilities.

TREE NEWS update: The commander of Iran’s Islamic Revolutionary Guard Corps Navy said the United States committed its entire force solely to escort four or five oil tankers through a strait, calling the operation the work of a small smuggler. The remarks, carried in Iranian state media, target the US naval escort of commercial tankers through the waterway.

TREE NEWS reports: Global smartphone shipments fell 20% year-on-year in the third quarter, the weakest Q3 since 2012. Memory chip costs surged and supply tightened as AI infrastructure projects absorbed supply, pushing up production costs. Manufacturers responded by raising retail prices, cutting shipment volumes and prioritizing profitability over unit sales.

TREE NEWS update: Federal Reserve official Hammack said higher interest rates may be necessary as the risk of an entrenched inflation mindset grows. The remarks point to the possibility of further policy tightening if inflation expectations become unmoored.

TREE NEWS update: OPEC+ ministers met, with no further details on the agenda, decisions or outcomes available in the material.

TREE NEWS reports: International copper closed up 0.39% in overnight trading, while Shanghai copper gained 0.11%. Shanghai aluminum fell 0.4%, zinc dropped 0.73%, lead rose 0.44% and nickel lost 0.4%; tin shed 0.23%. Alumina fell 1.15%, aluminum alloy lost 0.96% and stainless steel declined 0.33%.

TREE NEWS reports: LVMH’s chief financial officer said the macroeconomic environment has delayed the group’s recovery. The statement, made by the luxury group’s CFO, attributes the postponed rebound to prevailing macro conditions. No figures or timeframe were given.

TREE NEWS reports: Cleveland Fed President Beth Hammack said smaller, more frequent policy adjustments help keep inflation expectations anchored, while declining to endorse a rate hike this month. In prepared remarks Monday at the National Association for Business Economics annual meeting in Cleveland, Hammack said she generally favors making smaller moves relatively quickly over waiting and risking a larger policy correction.

TREE NEWS reports: London Metal Exchange copper closed $78 higher at $14,618 per ton, while tin rose $203 to $53,209 per ton and cobalt added $100 to $39,345 per ton. Aluminum edged up $4 to $3,052 per ton. Zinc fell $48 to $3,758 per ton, lead slipped $4 to $1,884 per ton and nickel lost $3 to $15,619 per ton.