Economic news moving markets.

China orders top oil firms to drill more as Iranian crude vanishes

China's National Energy Administration has told PetroChina, Sinopec and CNOOC to expand production and build strategic supply bases after Iranian floating crude stocks sold to China ran dry in October.

Arbitration court rejects $12 billion of Kazakhstan’s Kashagan claims

The Permanent Court of Arbitration in The Hague has thrown out $12 billion of Kazakhstan's claims against Western oil majors over the Kashagan field, ruling they were filed too late. The decision landed the same day Kazakhstan announced a $3 billion infrastructure commitment from the International Finance Corporation (IFC).

UK ministers divided as Rosebank oilfield decision nears

Britain's cabinet is split over whether to approve the £8.7 billion Rosebank oilfield west of Shetland, as Brent crude trades above $100 a barrel and imports supply more than 70% of UK oil demand.

BPCL to cut Russian crude purchases in November on high freight costs

Indian state refiner Bharat Petroleum Corporation Limited (BPCL) says it will buy less Russian crude next month as elevated shipping costs make Middle Eastern grades more attractive, a shift relevant for global oil flows.

Goldman: AI data-centre boom could push US core PCE up 50bp

Goldman Sachs economists calculate that the worldwide rush to build AI infrastructure will drive US core PCE inflation as much as 50 basis points higher at its peak, with the boost unwinding over the course of 2027.

Carney says Canada holds firm in US trade talks

Canadian Prime Minister Mark Carney said Monday that Canada has not shifted its stance in ongoing trade negotiations with the United States. USD/CAD edged up 0.06% to 1.4012.

Dollar Index edges toward 102.00 ahead of packed central bank week

The US Dollar Index rose 0.24% to around 101.98 on Monday as investors positioned for rate decisions from five G10 central banks, including a Fed meeting on Wednesday widely expected to hold rates.

Teck’s Highland Valley copper mine slows output amid strike

About 1,200 United Steelworkers members walked off the job Saturday at Teck Resources' Highland Valley Copper site in British Columbia, forcing the company to scale back production until the dispute is resolved.

EQT buys Range Resources in $50 billion stock-for-stock gas merger

EQT Corp has agreed to acquire Range Resources in an all-share transaction worth over $50 billion including debt, forming what the two firms describe as America's largest vertically integrated natural gas producer.

South Korea’s economy grows 1.0% in third quarter as chip exports surge

South Korea's GDP climbed 1.0% quarter-on-quarter in Q3, topping the 0.7% consensus call, as a boom in semiconductor shipments and factory investment offset household spending's first pullback in close to four years.

China’s factory earnings surge 14.4% in September after August dip

Large Chinese industrial companies saw profits climb 14.4% from a year earlier in September, a sharp turnaround from August's 4.2% gain, official figures show. The data carry implications for Chinese stocks and commodity-tied currencies.

US and Canada reportedly discuss easing steel, auto tariffs

Sources say Washington and Ottawa are negotiating lower tariffs on Canadian steel and auto imports, with a possible agreement before the November 3 midterms, though the talks remain unconfirmed.

TD Securities sees core PCE at 3.1%, GDP growth at 2.5% for Q3

TD Securities forecasts September core PCE inflation at 3.1% year-on-year and Q3 US GDP growth at 2.5% annualized, pointing to persistent price pressure alongside still-solid economic activity.

France’s 10-year yield falls 4.5bp after Moody’s holds Aa3 rating

France's 10-year OAT yield dropped 4.5 basis points to 4.976% after Moody's kept its sovereign rating at Aa3, easing a selloff that had pushed yields to their highest since June 2002.

Bond yield surge puts Asian banks under scrutiny before Q3 results

A sharp rise in global bond yields earlier in October has hit Asia-focused bank shares and raised concerns about capital buffers ahead of third-quarter earnings from HSBC, Standard Chartered and DBS.

Dutch gas benchmark climbs to three-year peak as EU reserves fall behind

The Dutch TTF front-month contract gained 2.1% to reach $107.40 per megawatt-hour on Monday, its strongest level since 2022, with European stockpiles trailing their typical seasonal pace and Qatari LNG shipments still constrained.

WTI crude eases toward $100 as Fed, ECB, BoJ decisions loom

WTI crude oil has pulled back from a five-month high of $103.28 to near $100 a barrel as traders turn cautious ahead of a week of central bank meetings.

Saudi crude output rises 12.2% to 8 million bpd in September

Saudi Arabia's crude oil production climbed 12.2% month-on-month in September to 8 million barrels per day, according to Al Rajhi Capital Research data, as the Kingdom rerouted exports around disrupted Gulf shipping lanes.

PBoC launches swap facility to back non-bank bond market liquidity

The People's Bank of China (PBoC) started a new Bond Market NBFI Swap Facility on Monday, giving selected non-bank financial institutions a backstop against sudden liquidity strains in bond holdings.

Houthis report fresh assault on Saudi East-West pipeline stations

Yemen's Houthi forces said Monday they struck pump facilities along Saudi Arabia's East-West crude pipeline, the Kingdom's main alternative route to the Strait of Hormuz. Riyadh had yet to confirm the claim.