MARKET MOVEMENTS:
–Brent crude oil is up 1.94% to $62.51 a barrel
–European benchmark gas is down 0.5% to 32.04 euros a megawatt-hour
–Gold futures are down 1.32% to $4,055.5 a troy ounce
–LME three-month copper futures are up 0.07% to $10,630.5 a metric ton
TOP STORY:
GE Vernova Swings to 3Q Profit as Orders Soar
GE Vernova swung to a profit in the third quarter as orders surged for its power and electrification businesses.
The energy company, formed last year after the breakup of General Electric, posted a profit of $453 million, or $1.64 a share, compared with a loss of $99 million, or 35 cents a share, in the same quarter a year earlier.
OTHER STORIES:
Steel Producer SSAB Says Direct Tariff Impact Has Been Limited So Far
STOCKHOLM--SSAB said the direct impact of U.S. steel tariffs on the company has so far been limited, as local production accounts for most of its sales on the U.S. market.
However, certain special products, mainly high-strength steel for the automotive industry, are exported from the Nordics, it added.
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Teck Resources Beats Expectations After Getting Boost From Higher Prices
Teck Resources' net profit and revenue beat consensus expectations as higher base-metal prices and significantly lower copper smelting charges offset a drop in third-quarter copper production.
The Canadian mining company said third-quarter net profit was 281 million Canadian dollars (US$200.4 million), up from a nearly C$700 million loss last year when it booked a significant impairment in its trail operations. Its performance was ahead of the C$258 million analysts had expected, according to a Visible Alpha compiled consensus.
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Fresnillo's Gold Production Drops But Should Hit Full-Year Target
Fresnillo said gold and silver production slipped in the third quarter but that gold production for the full year should reach the upper end of its guided range.
The London-listed miner said Wednesday that it produced 151,300 ounces of gold, down 4.1% compared with the prior quarter, partly due to the decline to lower ore grades.
MARKET TALKS:
GE Vernova's Power, Electrification Gains Offset Lagging Wind Margins -- Market Talk
0803 ET - GE Vernova posted strong 3Q operating results for its power and electrification businesses, which offset lagging margins in the wind segment, Oppenheimer analysts say in a research note. An ongoing acceleration in infrastructure buildouts and the company's pricing power cumulated in a book-to-bill ratio of 1.5, the analysts say. The electrification backlog doubled and the power unit's backlog was up 50%, while wind's backlog rose 5% from a year ago, they say. The company didn't update its guidance from the strong performance and faced high expectations ahead of the report. GE Vernova is up 3.2% premarket. (dean.seal@wsj.com)
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Palm Oil Drops on Supply Concerns -- Market Talk
1013 GMT - Palm oil closed lower, as concerns about rising output in the weeks ahead and high inventory levels weighed on market sentiment, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng expects crude palm oil prices to be supported above 4,380 ringgit a ton and face resistance at 4,540 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery fell 51 ringgit to 4,454 ringgit a ton. (kimberley.kao@wsj.com)
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Chinese Gold Miners' Cost Pressures Could Persist -- Market Talk
1012 GMT - Chinese gold miners could continue to face cost pressures, according to HSBC analysts. They think that 3%-8% higher royalties due to stronger gold prices drove costs up for Chinese gold producers in 3Q. Transitional expenses from overseas expansion and adjustments in mining grades also played a role, the analysts say in a note. Despite higher costs, the strength of the gold market continues to underpin earnings momentum, they add. With more Fed rate cuts expected over the next 12 months, gold prices should remain well supported, they say. HSBC projects gold to reach $4,600 a troy ounce by end-2025 and potentially $5,000 in 1H 2026. (sherry.qin@wsj.com)
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Fresnillo on Track to Deliver Full-Year Production Guidance -- Market Talk
0938 GMT - Fresnillo is well positioned to deliver its full-year production guidance, RBC Capital Markets analysts Marina Calero and Nana Adwoa Sereboo write. Over the year to date, the miner has delivered 72% of its silver guidance at the mid-point, and 82% of its gold, they write. Despite silver production missing expectations in the third quarter, strong gold volumes across all mines and by-product volumes mean silver equivalent output is in line with consensus, they add. Fresnillo's shares are fairly valued despite rising more than 40% over the last three months and outperforming silver mining peers, they write. Shares rise 2.5% at 2,166 pence. (adam.whittaker@wsj.com)
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Oil Rises on Prospect of India Agreeing to Reduce Russian Oil Imports -- Market Talk
0817 GMT - Oil rises on the prospect of a U.S.-India deal that could see India gradually reduce imports of Russian crude oil, MUFG's Soojin Kim writes. Brent crude rises 1.6% to $62.30 a barrel and WTI is up 1.7% to $58.20 a barrel. A deal could potentially increase demand for other oil grades, she adds. An agreement might also reduce tariffs on Indian exports to the U.S., which could help ease trade tensions, Kim says. Despite the rebound, oil remains set for a third consecutive monthly loss as persistent oversupply fears lower prices, Kim says. (adam.whittaker@wsj.com)
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European Gas Prices Supported by Potential Lower Wind, Solar Output -- Market Talk
0754 GMT - European gas prices are being supported by a potential rise in demand as traders worry wind and solar output could be hit by calm and foggy conditions, ANZ analysts write. In morning trade, the benchmark Dutch TTF contract trades down 1.24% at 31.98 euros after trading up earlier in the session. European gas storage levels are around 83% full but are well below historical levels, they add. Winter in Europe is expected to be mild but warnings of calm and foggy conditions could increase dependence on gas, they say.(adam.whittaker@wsj.com)
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Oil Prices Supported by U.S. Strategic Reserve Buying -- Market Talk
0743 GMT - The U.S. Energy Department's plans to partially refill its strategic oil reserves are supporting prices, ANZ analysts write. Brent crude rises 1.7% to $62.38 a barrel and WTI is up 1.8% to $58.28 a barrel. The U.S. plans to buy oil for delivery in December and January as it looks to boost reserves which are 60% full, the analysts say. They estimate it could buy around 3 million barrels based on current prices. (adam.whittaker@wsj.com)
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Comex Gold Futures' Bullish Momentum Likely Taking a Pause, Chart Shows -- Market Talk
0728 GMT - Comex gold futures' bullish momentum is likely taking a pause, RHB Retail Research's Joseph Chai says in a note. The futures closed Tuesday with a long bearish candlestick pattern on the daily chart, the analyst notes. The futures' latest negative price movements generated a bearish breakout at the $4,200/oz support level, Chai says. The precious metal could retrace toward $4,000/oz before a rebound can emerge. However, although a correction is in play, the overall technical setup remains bullish, as the commodity is trading above both 20- and 50-day simple moving averages, the analyst adds. Spot gold is 0.4% higher at $4,140.52/oz, ICE data show. (ronnie.harui@wsj.com)
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Base Metals May Benefit From Precious Metals Pull-Back -- Market Talk
0112 GMT - Base metals trade mixed in the Asian session. The three-month copper contract on the LME is 0.2% lower at $10,600.00 a ton, aluminum edges down 0.1%, while zinc gains 0.1%. Base metals are mostly holding within recent ranges, which indicates continued consolidation, say Sucden Financial analysts in a note. However, they could benefit from increased funding after a pulling back in precious metals. Markets appear to be unwinding speculative positions in precious metals and establishing fundamental support levels, which could free up capital for other commodities, the team says. (megan.cheah@wsj.com)
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BHP Has Hidden Leverage to Gold's Rush -- Market Talk
2327 GMT [Dow Jones]--While BHP's iron-ore and copper output dominates investors' attention, Macquarie highlights the mining company's hidden leverage to the gold price. "Using our updated gold deck which utilizes a forward curve across FY 2026-28, we see EPS upgrades of 4% in FY 2027-28 given Escondida and Olympic Dam by-products," says Macquarie. Gold has been on a tear recently, before suffering its largest one-day USD decline on record on Tuesday. Still, at $4087.70/oz, the gold price is up 55.5% in 2025 so far. Macquarie has a neutral call on BHP and raises its price target by 2% to A$43.00. BHP is down 1.3% at A$43.58 today. (david.winning@wsj.com)
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Cygnus Metals Stands Out as M&A Activity Accelerates -- Market Talk
2233 GMT - Cygnus Metals just got a whole lot more interesting, according to Euroz Hartleys. Canada-listed IAMGOLD has agreed to acquire Northern Superior in a deal worth some US$191 million, expanding its footprint in Quebec. Cygnus owns the Chibougamau copper-gold project nearby. Analyst Kyle De Souza says the IAMGOLD-Northern Superior deal marks "a paradigm change in the reasons for investing" in Cygnus. "We would argue with granted mining permits, a mill and all supporting infrastructure in place Cygnus should carry a multiple of the IAMGOLD/Northern Superior transaction," Euroz Hartleys says. Cygnus owns the only ore-processing mill in the area, which makes the asset attractive to its bigger neighbors. Euroz Hartleys has a speculative "buy" call on Cygnus and A$0.37/share price target. Cygnus ended Tuesday at A$0.14/share. (david.winning@wsj.com; @dwinningWSJ)
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Farm Bailout May Signal Expectations Around U.S.-China Talks -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
October 22, 2025 09:04 ET (13:04 GMT)
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