MARKET MOVEMENTS:
–Brent crude oil is up 0.4% to $65.46 a barrel
–European benchmark gas is down 2.2% to 31.33 euros a megawatt-hour
–Gold futures are down 3.3% to $4,000.50 a troy ounce
–LME three-month copper futures are up 0.1% to $10,956.50 a metric ton
TOP STORY:
America's Hottest New Investment: Rare-Earth Companies
A cascade of billion-dollar deals is reshaping the once-dormant Western critical-minerals industry, which the U.S. and its allies hope will act as a bulwark against aggressive trade practices by China.
Since China began restricting exports of rare earths in April-causing auto factories to halt production and rare-earth prices to shoot up-a wave of private and government funding has flowed into rare-earth companies. They now have money to hire technical experts, expand plants and make strategic acquisitions as they race to build out a non-Chinese supply of materials required in high-tech manufacturing.
OTHER STORIES:
Chinese Officials to Hold Rare-Earths Trade Talks in Brussels This Week, EU Says
The EU expects to discuss rare-earth trade restrictions with a Chinese delegation in Brussels later this week, as the bloc scrambles to protect Europe's industrial base from new export controls on the scarce commodities.
A spokesperson for the European Commission--the bloc's executive arm--said that Chinese officials would travel on Thursday to the de facto EU capital , with a video call on Monday to lay the groundwork for discussions.
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American Water Works, Essential Utilities to Combine to Create $40 Billion Utility
American Water Works and Essential Utilities agreed to merge in an all-stock deal, creating a water-and-wastewater utility company with a combined market capitalization of about $40 billion.
The combined entity, which will use the name American Water, will have enhanced scale and efficiency, supporting continued investment in critical infrastructures and expansion, said the companies Monday.
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Galp Expects to Exceed Full-Year Guidance After Earnings Rise
Galp Energia said it expects to exceed its full-year adjusted earnings and cash flow guidance as third-quarter earnings increased despite a challenging oil-price environment.
The Portuguese oil-and-gas producer said Monday that it was well positioned to surpass its full-year guidance. In July, it upgraded its guidance for adjusted replacement-cost earnings before interest, taxes, depreciation and amortization to more than 2.7 billion euros ($3.14 billion) and raised its adjusted operating cash flow guidance to above 1.8 billion euros.
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Breakwall Capital Raises $125 Million for Energy-Infrastructure Loans
Credit investor Breakwall Capital has raised $125 million so far for an energy infrastructure-focused fund, its first such pool as an independent firm after spinning out of Riverstone Holdings last year.
The fund
The firm has set a $500 million goal for its Breakwall Energy Credit Partners Fund and plans to keep marketing the vehicle for about another year, according to Christopher Abbate, a Breakwall managing partner and co-chief executive. He founded the firm alongside Managing Partners Jamie Brodsky and Daniel Flannery, after they all worked for years in the credit group of Riverstone, an energy-focused private-equity investor in New York.
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MEG Energy Shares Rise on Higher Offer, Merger Backing by Strathcona
Shares in MEG Energy were higher Monday morning after Cenovus Energy increased its offer for to buy the company and received support from former rival bidder Strathcona Resources.
MEG Energy shares traded 4.3% higher in Toronto at 30.11 Canadian dollars ($21.51).
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American Water Works, Essential Utilities to Combine to Create $40B Utility -- Update
American Water Works and Essential Utilities agreed to merge in an all-stock deal, creating a water-and-wasterwater utility company with a combined market capitalization of about $40 billion.
The combined entity, which will use the name American Water, will have enhanced scale and efficiency, supporting continued investment in critical infrastructures and expansion, said the companies Monday.
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Energean Posts Lower Earnings on Weaker Israel Sales
Energean's nine-months earnings fell on lower sales in Israel and a temporary suspension of production, but said it remains on track for full-year production target.
The London-listed oil-and-gas company on Monday logged earnings before interest, taxes, depreciation, amortization and exploration costs that fell to $828 million from $894 million in the prior-year period, driven mostly by lower sales in Israel.
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Petrofac Applies to Enter Into Administration
Petrofac said it applied to enter into administration just days after TenneT terminated its participation in a major wind project.
The U.K. energy-services provider said Monday that the request to enter administration applies only to the group's holding company and that it will continue to operate while it explores potential merger and acquisition solutions. The company said it retains the support of its key lenders.
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Atco Lands $130M Worker-Housing Contract for Perpetua Resources Project
Canadian engineering, logistics and energy company Atco secured a $130 million contract for a worker-housing facility at Perpetua Resources' gold project in Idaho.
The contract includes plans for a 1,052-person dormitory lodge and office facilities that will be operational in the first quarter of 2027 and enable gold-, silver- and antimony-mining operations at Perpetua's Stibnite project, Atco said Monday. Initial work in 2025 will be focused on site preparation for construction of the facility, which will begin in 2026, Atco said.
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Posco Net Profit Falls on Year Amid Steel Industry Challenges
Posco Holdings' third-quarter net profit rose from the previous quarter but remained lower than a year earlier, underscoring the steelmaker's continued struggle with sluggish demand and a challenging trade environment.
The South Korean company said Monday that weaker raw-material prices helped lift earnings sequentially. Even so, it flagged persistent headwinds from soft steel demand at home and overseas, along with increasingly protectionist trade measures globally, Posco said.
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Corruption Probe Underway at Rio Tinto's Mongolian Copper Mine
A Rio Tinto-controlled company has asked law enforcement to help with an internal investigation into allegations of corruption and unethical conduct at the giant Oyu Tolgoi copper operation in Mongolia.
The probe is the latest twist in a saga to develop and mine one of the world's biggest copper and gold deposits, found in the southern Gobi Desert, about 50 miles north of the border with China.
MARKET TALKS:
Live Cattle Futures Extend Losses -- Market Talk
1023 ET - Live cattle futures continue losing ground on administration attempts to lower U.S. beef prices. "The cattle markets were under pressure midweek from social media posts from President Trump, while follow-through fund liquidation weighed on prices on Friday," AgResource says in a note. Despite sharp losses in CME futures, declines in the cash cattle market were minimal, the firm adds. Live cattle futures are down 2.8% at $2.272 a pound. Lean hogs are off 0.2% at 81.75 cents a pound.(anthony.harrup@wsj.com)
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Oil Futures Steady in Early U.S. Trade
0936 ET - Crude futures edge up amid optimism across markets over trade talks at the weekend between U.S. and Chinese officials. Crude rebounded last week on U.S. sanctions against Russia's two biggest oil producing companies, although the rally lost steam toward the end of the week. "Markets are waiting for more direction on whether the impact of sanctions scheduled to take effect from Nov. 21 will truly actualize," June Goh of Sparta Commodities says in a note. The monthlong period may give time for market players to adjust, she says. "After all, Russia has operated before on EU sanctions so they may yet find ways to get their oil to China and India without relying on USD as a means of transaction." WTI is up 0.3% at $61.68 a barrel and Brent is 0.2% higher at $66.08. (anthony.harrup@wsj.com)
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Grain Futures Rise on U.S.-China Trade Optimism -- Market Talk
0926 ET - Grain futures are higher as U.S. and Chinese officials make positive comments about trade talks ahead of a meeting later this week between the two countries' leaders. Talks include increased Chinese purchases of U.S. agricultural products, especially soybeans. "Beans gapped open sharply higher overnight with the U.S./China trade deal driving the gains," Doug Bergman of RCM Alternatives says in a note. The trade optimism is also lifting corn, along with support from disappointing yields, he adds. Soybeans on CBOT are up 2.2%. Corn rises 1.5% and wheat climbs 2.4%. (anthony.harrup@wsj.com)
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Silver Slides as Trade Optimism Dampens Safe-Haven Demand -- Market Talk
1436 GMT - Silver prices tumble more than 4% in afternoon trade, mirroring gold's decline after U.S. and Chinese officials touted constructive trade talks ahead of a Trump-Xi summit later this week. Futures in New York are down 4.3% to $46.50 an ounce, while spot silver falls 4.2% to $46.58. Positive developments between Washington and Beijing have eased fears of a trade war that could weigh on global economic growth, reducing demand for traditional safe-haven assets like precious metals. "Silver has more downside risk given it lacks the support from central bank buying and the current silver liquidity issues in London will eventually get resolved," Societe Generale's Mike Haigh and Ben Hoff say. (giulia.petroni@wsj.com)
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Gold Falls 3% on Easing U.S.-China Trade Tensions, Fed Rate Cut Hopes -- Market Talk
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October 27, 2025 11:19 ET (15:19 GMT)
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