BP CEO says investor capital was not properly managed in the past, Middle East remains crucial

According to Zhitong Finance APP, the oil trading business is expected to deliver strong results in the third quarter, as tightening global fuel supplies have pushed refining margins to record highs.

October 7th - Chipmaker Intel (INTC.O) shares rose 1.5% in pre-market trading to $114.23. According to Bloomberg, CEO Chen Liwu stated that Intel (INTC) will continue its involvement in Elon Musk’s Terafab chip manufacturing project. This report comes just days after Musk revealed that TSMC (2330.TW) and Terafab had discussed potential cooperation. Terafab is a chip manufacturing plant planned by Elon Musk to produce artificial intelligence chips for Tesla and SpaceX. Intel and Tesla did not immediately respond to Reuters’ request for comment outside regular business hours. As of the previous trading day’s close, Intel (INTC) had more than tripled its gains so far this year (For the convenience of non-English speakers, Reuters provides automated translations of its reports into several other languages. As automated translations may have inaccuracies or fail to deliver the intended context, Reuters does not guarantee the accuracy of the automated texts and provides them purely for reader convenience. Reuters accepts no liability for any damages or losses resulting from the use of automated translation functions.).

The euro has fallen against the Canadian dollar for the third consecutive trading day, hovering around 1.5920 during Wednesday’s European session. Despite Germany’s stronger-than-expected industrial performance, the euro remains under pressure, causing the EUR/CAD pair to continue its decline. Official data show that German industrial output surged by 2% month-on-month in September, far exceeding the market’s forecast of 0.5% and reversing August’s 1.2% decline. Year-on-year, industrial output rose by 2.3%, compared to a previous decrease of 1.6%. However, these strong economic figures were overshadowed by prevailing risk-averse sentiment, and the euro remained pressured. Escalating geopolitical tensions in the Middle East pushed Brent crude prices back above 100 dollars per barrel, sparking concerns over energy-driven inflation and a slowdown in eurozone economic growth. Rising oil prices provided solid support for the Canadian dollar, which is highly correlated with commodity prices, further weighing on the euro. As long as global energy supply risks continue to drive up oil prices, the strength of the Canadian dollar may continue to drag down the EUR/CAD exchange rate.

Spot gold dropped approximately $15 in the short term, hitting a low of $4,122 per ounce.