MARKET MOVEMENTS:
–Brent crude oil is down 0.5% to $64.15 a barrel
–European benchmark gas is down 2.3% to 31.82 euros a megawatt-hour
–Gold futures are up 0.4% to $3,976.50 a troy ounce
–LME three-month copper futures are up 0.2% to $10,670 a metric ton
TOP STORY:
Orsted Swings to Loss Following U.S. Stop-Work Order, But Stays Upbeat for Full Year
Orsted booked a loss over the most recent quarter, which was hit by a stoppage to a major U.S. wind project, but said it remains confident of reaching its full-year targets.
The Danish renewable-energy company said Wednesday that it made a net loss of 1.7 billion kroner ($261.5 million) in the three months through September, reversing a profit of 5.17 billion kroner in the same period last year. Analysts polled by FactSet had forecast a sharper loss of 2.71 billion kroner. Earnings before interest, taxes, depreciation and amortization were 68% lower on year at 3.06 billion kroner, Orsted said.
OTHER STORIES:
AI's Power Rush Lifts Smaller, Pricier Equipment Makers
Tech companies working on artificial intelligence are in a rush to get electricity. That is creating a new windfall for manufacturers of smaller, pricier power equipment that is readily available.
Investors in turn are bidding up stocks in makers of everything from small turbines to fuel cells, sometimes to euphoric levels.
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Vestas Wind Systems Shares Rise on Better-Than-Expected Results, Surprise Buyback
Vestas Wind Systems' shares jumped after earnings beat expectations and it launched an unanticipated $172 million share buyback, while narrowing its full-year guidance.
Shares rose 13% to 147.40 Danish kroner ($22.67) and are up 51% over the year to date.
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American Electric Power, Quanta Services Form Power Infrastructure Partnership
American Electric Power and Quanta Services on Wednesday said they will collaborate on power infrastructure development.
The companies will partner on the design, engineering, procurement and construction of high-voltage transmission facilities. They will also collaborate to expand manufacturing capacity for extra-high-voltage transformers and circuit breakers.
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Drax Signs U.K. Contract for Difference Covering Drax Power Station
Drax said it has signed a low-carbon contract for difference with the U.K. government to cover the four biomas units at its Drax Power Station.
Low-carbon contracts for difference are a U.K. program to encourage investment in renewable energy by protecting developers with high upfront costs from volatile electricity prices by guaranteeing a sale price.
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Cameco Accelerates Dividend Increase, Expects Strong End to Year After Weak Quarter
Cameco is lifting its dividend payout as it expects a strong finish to the year as fundamentals for nuclear energy firm up, offering the miner increased confidence in the timing of potential deliveries after a soft third quarter.
The Canadian uranium producer said its performance in the latest period was comparable with a year earlier, with a small net loss versus modest net earnings last year of 7 million Canadian dollars ($5 million), or C$0.02 a share.
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Gold Fields' Production Rises, Costs Fall
Gold Fields said third-quarter production rose while costs fell, and maintained its full-year guidance.
The South African gold miner said production in the three months through Sept. 30 rose 6% on quarter to 621,000 ounces while all-in sustaining costs fell 10% to $1,557 an ounce.
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Bunge 3Q Sales Surge, Backs Full-Year Adjusted Earnings Forecast
Bunge Global's third-quarter net income fell amid foreign-exchange losses but sales surged as the recently-closed acquisition of global grains firm Viterra allowed the U.S. agricultural giant to avoid some of its domestic rivals' travails in the soybean business.
The St. Louis-based crop trader and processor posted earnings of $166 million, or 84 cents or a share, down from or $221 million, or $1.56 a share, a year earlier. The latest quarter included foreign-exchange losses of $55 million, in contrast to a forex gain of $14 million a year earlier.
MARKET TALKS:
Gold Futures Trade Higher After U.S. Private Payrolls Rise -- Market Talk
1420 GMT - Gold prices continue to trade higher after job growth in the U.S. private sector rose above expectations, with futures in New York up 0.7% to $3,989 a troy ounce. Payroll-processing company ADP showed hiring rebounded last month, as the U.S. added 42,000 private-sector jobs from a loss of 29,000 in September. "Even if the government shutdown ends this week, the Fed may still lack official payroll data before its Dec. 10 announcement due to disruptions in data collection," Thomas Ryan from Capital Economics says. "This release--while imperfect--suggests the labor market has at least stabilized in recent months but still lacks real momentum, leaving our call for a December rate cut intact." (giulia.petroni@wsj.com)
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OPEC+ in Long Game to Recover Market Share -- Market Talk
0945 ET - The OPEC+ decision to pause the unwinding of output cuts in 1Q26 is an added sign the producer group wants to regain market share in a "long and shallow price war" without sinking the market, Francisco Blanch of Bank of America Securities says in a note. The pause "shows the group does not want to risk creating an oil glut that sends prices crashing below $50/bbl." The market-share battle will stretch out as curbing high-cost producers' output will take time with Brent in the $60s range, while a bonus is that it could make oil more competitive over time with natural gas and other fuels, "helping petroleum retain or even improve its share in the global energy mix," he adds. Brent is down 0.9% at $64.28 a barrel and WTI is off 1% at $60.42.(anthony.harrup@wsj.com)
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Oil Futures Lower Ahead of U.S. Inventory Data
0857 ET - Crude futures are lower in early U.S. trade after an industry report showed a large increase in U.S. crude stocks for last week, tempered by further draws in products. The API reported a 6.5 million barrel crude stock build, analysts note. The closely watched EIA data are due at 10:30 a.m. ET. Analysts in a WSJ survey predicted on average a 100,000 barrel crude stock draw. WTI is off 0.5% at $60.28 a barrel and Brent is down 0.4% at $64.20. "We still see increasingly negative global oil balances being countered by a need to maintain fear premium related to the Ukraine/Russia war where the possibility of additional Ukrainian attacks on Russian oil infrastructure remains," Ritterbusch says in a note.(anthony.harrup@wsj.com)
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Weather-Sensitive U.S. Natural Gas Futures Lose Ground -- Market Talk
0821 ET - U.S. natural gas futures give back some gains after weather forecasts turn a little warmer. "The cold weather we are seeing next week looks like a one-off event and not a trend, which is why the market has dropped this morning," Scott Shelton of TP ICAP says in a note. Still, the market will remain wary with longer-term models showing a cold December, "and traders are not that interested in being short Q1 gas in the middle of November with the deliverability issues that are possible," he adds. Nymex natural gas is off 1.8% at $4.264/mmBtu. (anthony.harrup@wsj.com)
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Coffee Rises as Adverse Weather Raises Supply Concerns -- Market Talk
1145 GMT - Coffee prices rise in European afternoon trade, supported by declining inventories and supply concerns due to adverse weather in key regions. "Last week, rainfall in Brazil's main arabica coffee area was just 75% of the historical average, deepening concerns over crop health and global supply," ING analysts say. "A rally in Robusta prices amid concerns about a typhoon affecting the Vietnamese robusta crop provided further support to arabica." Arabica futures in New York rise 0.7% to $4.08 a pound after closing at $4.15 in the previous trading session. (giulia.petroni@wsj.com)
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Copper Falls as Stronger U.S. Dollar Weighs on Metals -- Market Talk
1122 GMT - Copper prices fall, pressured by a stronger dollar and lower expectations for further U.S. interest-rate cuts this year. Futures on the London Metal Exchange are down 0.2% to $10,628.50 a metric ton, while the U.S. dollar index rose to 100.26, making dollar-denominated commodities more expensive for international buyers. "Doubts over further monetary easing led to a broad wave of selling across the industrial metals complex," ANZ analysts say. "Weaker-than-expected economic data in China didn't help the mood." Meanwhile, aluminum futures fall 0.6% to $2,847.50 a ton, after surging above $2,900 on easing trade tensions between the U.S. and China and prospects of tightening supply. (giulia.petroni@wsj.com)
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Palm Oil Ends Lower as Concerns About Rising Production Weigh -- Market Talk
1012 GMT - Palm oil ended lower, weighed by continuing concerns about rising production in the coming weeks that could raise overall stock levels in Malaysia, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The trader pegs support for CPO futures at 4,100 ringgit a ton and resistance at 4,250 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery closed 34 ringgit lower at 4,109 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
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Barry Callebaut's Sober Outlook Should Help Rebuild Investors' Trust -- Market Talk
0930 GMT - Barry Callebaut issued a sober outlook for the year ahead, but this more measured tone should help rebuild investors' confidence, Vontobel's Matteo Lindauer says in a research note. "Although volumes remain muted, management's realistic and conservative guidance for the current fiscal year is a welcome shift from last year's unattainable targets," the analyst says. The chocolate maker expects a mid-single-digit percentage decrease in sales volumes for fiscal 2026, with a first-half result still under pressure and improvements likely to come in the second half, it said. Shares climb 4.7%. (adria.calatayud@wsj.com)
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Barry Callebaut Cash Flow Sweetened by Easing Cocoa Prices -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
November 05, 2025 10:24 ET (15:24 GMT)
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