Argentina’s financial markets rallied on Monday after President Javier Milei’s party outperformed expectations in the country’s legislative elections, reigniting investor optimism about his reform agenda.

The stronger-than-forecast results offered a crucial boost to Milei’s ability to implement deep economic changes in one of South America’s most volatile economies.

Argentina’s sovereign bonds surged to record highs, while the peso stabilised, reflecting renewed faith in the administration’s fiscal overhaul and in the ongoing financial support from the United States.

Election victory fuels reform momentum

With more than 90% of votes counted, Milei’s coalition secured about 41% of the total, taking 64 of the 127 contested seats in the lower house and 13 of the 24 available in the Senate.

The result outperformed forecasts that had expected the ruling bloc to capture only about 30% of the vote.

The outcome is significant because it strengthens Milei’s control of Congress, giving his government the political backing to advance economic liberalisation, austerity measures, and deregulation plans.

The immediate market response underscored the importance of political stability to Argentina’s reform narrative.

Dollar-denominated bonds due in 2035 jumped more than 13 cents, reaching 70.34 cents on the dollar, a record high.

The rally was the steepest among emerging-market peers, driven by hopes that the government would now accelerate structural changes and unlock new sources of capital.

US-backed financing strengthens investor confidence

Investor optimism was further supported by ongoing collaboration between Buenos Aires and Washington.

Prior to the vote, the US Treasury had signed a $20 billion swap line with Argentina’s central bank to stabilise the peso and was in talks with international lenders about an additional $20 billion in financing.

That support appeared at risk if Milei failed to consolidate power, but his victory reassured markets that Washington’s backing would likely continue.

US officials had indicated their commitment was tied to the administration’s reform progress.

With Milei’s legislative gains, Argentina’s access to foreign liquidity and credit channels looks more secure.

The renewed confidence is expected to help narrow sovereign bond spreads and stabilise domestic borrowing costs.

Peso recovery and debt-market resilience

The Argentine peso, which had been under pressure in recent weeks, showed early signs of stabilisation in crypto markets on Sunday night as partial election results began to emerge.

Investors viewed the vote as a sign of reduced political risk, prompting a reversal of bearish currency positions.

The broader debt market also rebounded after a month of heavy losses triggered by concerns over Milei’s ability to pass reforms.

Yields on long-dated sovereign notes had previously surged above 17%, and the peso had fallen nearly 7% in a single session.

The latest rebound signals renewed faith in Argentina’s policy trajectory and its relationship with the International Monetary Fund, whose support remains essential for maintaining external financing.

Challenges remain despite improved sentiment

While markets celebrated the election outcome, underlying economic challenges persist.

Argentina continues to face annual inflation above 250%, a fragile fiscal position, and limited foreign-exchange reserves.

Experts note that turning electoral momentum into legislative progress will be crucial.

The success of Milei’s agenda now depends on the swift execution of spending cuts, tax reforms, and monetary adjustments designed to rein in inflation and restore competitiveness.

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Dow futures rose about 260 points, or roughly 0.5% on Monday, driven by growing optimism over a potential US-China trade deal.

This followed weekend discussions leading to a preliminary agreement to ease trade tensions, such as suspending tariffs and export restrictions.

Investor sentiment was further boosted by anticipation of the Federal Reserve’s expected interest rate cut later this week and the upcoming earnings reports from major tech firms.

The Dow’s positive futures indicated confidence in further gains after the index recently hit record highs, buoyed by easing inflation data and improved trade prospects.

5 things to know before Wall Street opens

1. A healthy rally in US stock futures came after US President Donald Trump embarked on a five-day Asia tour starting October 26, 2025, aiming to finalize a major trade deal with China.

The officials from the US and Chinese sides have already agreed on a basic framework, which would avert the planned 100% tariffs on Chinese imports set for November 1.

The deal involves suspending tariffs, resolving TikTok’s US operations sale, and delaying China’s export controls on critical minerals.

The positive developments have increased the optimism around the high-profile summit between Donald Trump and Xi Jinping in South Korea on October 30.

2. The US government shutdown has now stretched into its 27th day on Monday, making it the second-longest in history.

Efforts in the Senate to pass a bill that would reopen the government through November 21 keep stalling along party lines, and the House isn’t even in session right now.

The stakes are getting serious: funding for food assistance programs that serve about 42 million Americans is expected to dry up starting November 1, raising fears of widespread hardship.

The shutdown is also delaying the start of open enrollment for the Affordable Care Act.

Meanwhile, President Trump is overseas on a trade trip in Asia, complicating chances of a near-term resolution. Federal workers are still going without pay, and political tensions in Washington are only getting worse.

3. Q3 2025 earnings season hit a key moment on Monday, with a wave of major companies releasing results.

So far, S&P 500 earnings are growing at about 9.2%, better than the early estimate of 7.9%. Revenue growth is strong too at 7%, the best we’ve seen since Q3 of 2022.

On Monday, companies like Waste Management, NXP Semiconductors, Cadence Design Systems, and Nucor all reported, and the trend continues: roughly 87% of firms have beaten their earnings-per-share forecasts.

The real action kicks in mid-week, when the big tech names as Microsoft, Apple, Amazon, Meta, and Alphabet, all report between Wednesday and Friday.

Overall, markets are feeling upbeat, with more than three-quarters of reporting companies topping EPS expectations and earnings momentum helping push stocks higher.

4. Shares of US-listed rare earth mining companies fell sharply on Monday, as US officials indicated that China is likely to delay implementing export controls on critical minerals.

Companies like Critical Metals dropped nearly 8%, USA Rare Earth fell 7.4%, and MP Materials declined by 5.2%.

US Treasury Secretary Scott Bessent stated that a framework deal to prevent new tariffs and delay China’s rare earth export restrictions is expected, reflecting progress in broader US-China trade talks.

5. Global markets rallied on Monday, boosted by growing optimism around a possible US–China trade deal. In Asia, Japan’s Nikkei jumped more than 2.5% and crossed the 50,000 mark for the first time ever.

South Korea’s Kospi wasn’t far behind, rising 2.6% to a new record. China’s Shanghai Composite and Hong Kong’s Hang Seng each gained over 1%, and India’s Sensex was up about 0.6%.

Europe followed the same upbeat trend; the STOXX 600 rose around 0.3%, inching close to its all-time high.

Hopes of progress in trade talks, along with growing expectations of a US Federal Reserve rate cut, helped lift sentiment around the world, powering a broad-based market rally.

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Offshore energy firm Petrofac has filed for administration after a year of financial strain and the termination of a major contract with Dutch grid operator TenneT, putting 2,000 jobs in Scotland at risk.

The move puts one of the UK’s best-known energy engineering firms in jeopardy, although its North Sea operations will continue to operate normally.

The company confirmed that it had applied to appoint administrators for its holding entity while exploring alternative restructuring options and possible sale opportunities, Sky News said.

Petrofac said on Monday that its trading operations remain active and that it is “in close and constant dialogue with its key creditors and stakeholders as it actively pursues alternative options for the group.”

According to people close to the situation, a buyer for Petrofac’s North Sea business could emerge within days, Sky News reported.

Administrators are expected to work alongside management to preserve value, sustain operations, and maintain service delivery.

Collapse follows failed restructuring and contract cancellation

The decision to file for administration came after Dutch grid operator TenneT cancelled a major offshore wind contract with Petrofac.

The company said that the cancellation made its ongoing solvent restructuring plan “no longer deliverable in its current form.”

“Having carefully assessed the impact of TenneT’s decision, the Board has determined that the restructuring, which had last week reached an advanced stage, is no longer deliverable in its current form,” the company said.

Petrofac’s advisers at corporate finance firm Teneo are expected to oversee the administration process.

The firm added that administrators would aim to preserve operational capacity and ensure continuity across the group’s trading units.

The administration marks a sharp reversal for Petrofac, which had secured High Court approval for a restructuring plan earlier this year intended to cut debt and inject new cash.

However, the decision was later overturned, prompting new negotiations with creditors.

Once a FTSE 100 company, Petrofac faces debt and legacy challenges

Founded in Texas in 1981, Petrofac designs, constructs, and operates facilities for oil, gas, and renewables projects.

The company, headquartered in London with major offices in Aberdeen, Woking, and Great Yarmouth, employs around 7,300 people worldwide, including about 2,000 in Scotland.

Petrofac was once valued at more than £6 billion and ranked among the FTSE 100 firms.

Its decline began with a Serious Fraud Office investigation that led to a 2021 conviction for failing to prevent bribery, resulting in millions of pounds in penalties.

Since then, the company has faced mounting debt, contract delays, and rising costs that undermined its financial position.

The firm has spent much of the past year attempting to stabilise its balance sheet through debt write-offs and capital injections, but worsening conditions in the offshore energy sector and the collapse of the TenneT contract proved decisive.

A sensitive moment for UK’s North Sea policy

Petrofac’s potential collapse comes at a politically delicate time.

The firm’s troubles highlight the fragility of the North Sea supply chain as the UK debates the future of domestic oil and gas drilling.

Energy Secretary Ed Miliband faces growing pressure to grant new exploration licences despite Labour’s manifesto commitment to limit such approvals.

For now, Petrofac’s operations in the North Sea will continue while administrators and potential buyers explore a solution that could preserve one of the sector’s key employers.

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ClearBank has deepened its push into digital finance by joining the Circle Network in a strategic move that brings regulated stablecoin payments to the European market.

ClearBank joins Circle’s expanding payments network

ClearBank has signed a strategic framework agreement with a subsidiary of Circle to accelerate access to MiCA-compliant stablecoins, including USD Coin (USDC) and Euro Coin (EURC).

The partnership integrates ClearBank’s cloud-native banking platform with Circle’s stablecoin infrastructure, positioning the UK-based neobank as a key player in Europe’s evolving digital payments landscape.

As one of the first European banks to join the Circle Payments Network (CPN), ClearBank will enable its institutional clients and fintech partners to mint and redeem stablecoins through Circle Mint.

This integration will help financial institutions conduct cross-border payments, manage liquidity, and perform treasury operations more efficiently, all while remaining fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

The collaboration also represents a shift in how regulated banks engage with digital assets.

Instead of issuing its own stablecoin, a plan that previously faced regulatory hurdles, ClearBank is now leveraging Circle’s established infrastructure to deliver compliant and scalable blockchain-based services.

This approach allows the bank to align with strict EU regulations while minimising risk and complexity for its partners.

Faster, compliant, and transparent transactions

Through the Circle Network, ClearBank’s clients will gain access to near-instant, multi-currency transfers backed by fully reserved stablecoins.

The use of USDC and EURC will reduce reliance on legacy correspondent banking systems that often cause delays and increase transaction costs.

The integration of blockchain transparency also ensures greater visibility into payment flows, strengthening compliance and trust across borders.

Mark Fairless, ClearBank’s Chief Executive Officer, in a joint press release, described the partnership as a “significant milestone” in the bank’s evolution.

He said joining the Circle Payments Network reflects ClearBank’s commitment to reshaping cross-border payments through innovation and regulatory integrity.

Sanja Kon, Circle’s Vice President of Partnerships and Business Development for EMEA, emphasised that the partnership will expand access to open, programmable money.

She said the integration will foster new financial services that deliver faster settlements and greater transparency for businesses and consumers across Europe.

ClearBank pushes the stablecoin frontier

The partnership’s implications extend beyond payments.

Both firms are exploring how stablecoin technology can support tokenised asset settlements and treasury operations, paving the way for new financial use cases built on blockchain rails.

By aligning its operations with MiCA standards, ClearBank is positioning itself at the forefront of Europe’s shift toward regulated digital finance.

Since Circle launched the CPN earlier in 2025, participation has grown among major fintech and banking partners, including Coinbase.

ClearBank’s entry into the network underscores the rising institutional adoption of stablecoins as a trusted mechanism for international value transfer.

For ClearBank, this collaboration signals a new chapter in its mission to modernise global finance.

By integrating with the Circle Network, the bank is not only enabling faster and more compliant cross-border transactions but also helping shape the future of money movement in Europe.

As MiCA regulations take full effect, ClearBank’s role in bridging traditional banking and blockchain innovation could set a new standard for financial infrastructure across the continent.

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Shares of US-listed rare earth mining companies fell sharply on Monday after officials in Washington indicated that China would likely delay implementing export controls on critical minerals.

The news comes as part of ongoing negotiations between the two countries aimed at finalizing a broader trade deal and easing escalating tensions over tariffs and technology restrictions.

Market reaction: rare earth miners drop

Several US-based rare earth and critical mineral producers saw their shares decline in early trading following the announcement.

Critical Metals plunged 9.8% in premarket trade, while USA Rare Earth dropped 7.8%.

MP Materials, one of the leading producers of rare earth elements in the United States, lost 5.3%, and Trilogy Metals declined by 6.3%.

Energy Fuels and NioCorp Developments also traded lower, falling 4% and 7%, respectively.

The sell-off reflected investor disappointment that potential US policy moves to counter China’s dominance in the critical minerals sector might be postponed.

China remains the global leader in rare earth production and processing, giving it significant leverage over the supply chain for materials vital to modern technologies, including electric vehicles, wind turbines, and defense systems.

Washington and Beijing seek trade compromise

US Treasury Secretary Scott Bessent said during an interview on NBC News’ “Meet The Press” on Sunday that Washington and Beijing were nearing an agreement that would prevent the imposition of a new 100% US tariff on Chinese goods.

As part of that deal, China is expected to defer its planned export controls on rare earth minerals.

The development comes just days before a high-profile meeting between Chinese President Xi Jinping and US President Donald Trump, scheduled for Thursday.

President Trump, speaking to reporters aboard Air Force One while traveling to Japan, said he believed the two nations were poised to “come away with” a trade deal.

“I have a lot of respect for President Xi,” Trump added, signaling optimism about the talks.

The US administration had previously threatened to impose tariffs of 100% on imports from China starting November 1, while also warning of potential export controls on what it described as “any and all critical software.”

Those measures were widely viewed as a means of pressuring Beijing to make concessions on technology transfer and market access.

China’s role in the global supply chain

Earlier this month, China introduced a new framework for restricting rare earth exports, a move that analysts interpreted as a warning to the West and a reflection of the deepening mistrust between the world’s two largest economies.

Despite that, recent developments suggest that Beijing may delay the actual enforcement of these controls as part of a temporary truce with Washington.

“Details are still limited, and nothing will be finalized until the Trump-Xi meeting,” Wolfe Research analyst Tobin Marcus said in a note to clients on October 26.

“But a renewed truce now seems near-certain, with China likely fully delaying their rare earth export controls for a year—better than the alternative of an agreement to grant licenses.”

China currently dominates the global rare earth market, accounting for roughly 70% of global production and nearly 90% of processing capacity.

While the delay in export restrictions may provide short-term relief for US manufacturers reliant on these materials, it also highlights the strategic vulnerabilities in America’s supply chain for critical minerals.

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Netflix Inc (NASDAQ: NFLX) tanked below its 200-day moving average this week – triggering concerns among technical traders.

But widely followed investor, Josh Brown, remains constructive on the streamer for the long-term.

NFLX reported in-line revenue and lower-than-expected earnings for its fiscal third quarter due to a Brazilian tax dispute, which resulted in five consecutive sessions of stock price decline.

Versus its year-to-date high, Netflix stock is now down a little under 20% – which Brown dubbed an exciting opportunity for long-term investors in a recent segment of CNBC.

Why Josh Brown is bullish on Netflix stock

Ritholtz’ chief executive Josh Brown isn’t fazed by the technical breakdown – in fact, he’s leaning in.

Brown has added to his NFLX stock position on the post-earnings plunge. “I think the buyers will show up here as they have in the past,” he said – adding that any move below the 200-day MA is likely “very temporary.”

Brown views Netflix as one of the “five most important technology platforms in existence,” citing  its robust content pipeline and expanding ad revenue as catalysts for future growth.

For investors committed to holding them for the long-term, he argued, Netflix shares on the post-earnings dip offer a compelling entry point.

What history tells us about NFLX shares’ plunge

Technical purists may balk at a breach of the 200-day moving average, but NFLX shares’ history tells a more nuanced story.

When the stock has closed below this level after maintaining a position above it for at least 100 consecutive days, forward returns have often been positive.

Over the past 12 years, this setup has occurred seven times. In five of those instances, Netflix stock posted gains over the following six months; in four, it rose over the next year.

On average, the streaming giant delivered a 17% return six months after such a dip, and a 25% gain after 12 months.

These stats suggest that while the technical signal may appear bearish, it has often preceded strong recovery in the mass media and entertainment conglomerate.

How to play Netflix Inc heading into 2026

While short-term traders may interpret the 200-day breach as a warning, seasoned investors like Brown and Paul Meeks of Freedom Capital Markets see it as a buying opportunity.

Meeks recently told CNBC he’d “buy it with both hands” if Netflix shares dipped below the key technical level.

With fundamentals still intact and historical data favoring rebounds, the current weakness may be less a breakdown and more a reset.

For those willing to look past the charts and focus on platform dominance, monetization potential, and content strength, NFLX stock’s recent stumble could be the setup for its next leg higher.

Note that Wall Street analysts also currently have a consensus “overweight” rating on Netflix Inc.

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A week of high drama and significant global developments has seen US inflation data provide a dovish surprise, President Donald Trump wield his executive power with a high-profile pardon and a stunning diplomatic reversal, and Japan make a historic political breakthrough.

These events have reshaped the political and economic landscape, creating a complex and often contradictory picture as markets head into a new week.

Here’s a breakdown of the key events that transpired in the week.

US inflation eases in September, but October data is at risk

The US consumer price index (CPI) rose 0.3% in September, bringing the annual inflation rate to 3%, the Labor Department said on Friday.

The reading was marginally below economists’ expectations.

Core CPI, which excludes volatile food and energy prices, also undershot estimates, a sign of continued moderation in price pressures.

However, the White House warned on Friday that the ongoing government shutdown, now in its fourth week, will likely prevent the release of October’s inflation data, as the funding lapse has forced data surveyors to stay off the field.

President Trump pardons Binance founder Changpeng Zhao

President Donald Trump has issued a pardon to Changpeng Zhao, the co-founder of the world’s largest cryptocurrency exchange, Binance, who had previously pleaded guilty to charges related to inadequate anti-money-laundering controls.

White House Press Secretary Karoline Leavitt described the pardon as a corrective measure against what she termed the Biden administration’s “war on cryptocurrency.” 

As part of a 2023 plea deal, Binance itself agreed to pay roughly $4.3 billion in penalties, and Zhao was sentenced in April 2024 to four months in jail.

Trump terminates all US trade negotiations with Canada

President Donald Trump announced on Thursday night that he is terminating all US trade negotiations with Canada.

The stunning move was a direct response to a TV ad from the Ontario provincial government that featured former President Ronald Reagan speaking negatively about tariffs.

Trump seized on a complaint from The Ronald Reagan Presidential Foundation that the ad was “FAKE” and accused Canada of trying to “interfere with the decision of the US Supreme Court” on the legality of his tariff regime.

Trump-Putin summit on the Ukraine war put on hold

An eagerly awaited meeting between US President Donald Trump and Russian President Vladimir Putin has been put on pause after Moscow rejected a US-backed call for an immediate ceasefire in Ukraine.

Officials say the key snag is that the US and its European partners have pressed for a ceasefire along the current front lines as the first step toward talks, while Moscow continues to press for territorial and political preconditions that Kyiv and its allies reject.

Japan’s parliament elects Sanae Takaichi as its first female prime minister

Japan’s parliament has elected the staunch conservative Sanae Takaichi as the country’s first female prime minister.

The 64-year-old won a clear majority in the powerful Lower House on Tuesday as the leader of the ruling Liberal Democratic Party (LDP).

Her path to the top job was secured by a last-minute coalition deal with the right-leaning Japan Innovation Party.

An admirer of the late former UK PM Margaret Thatcher, Takaichi takes over at a challenging economic moment for the world’s fourth-largest economy.

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The Nasdaq 100 Index continued its strong rally last week and hit its all-time high of $25,358. It has jumped by over 53% from its lowest level this year, making it one of the best-performing indices in the United States.

Its performance also translated to the strong gains to its top ETFs like the Invesco QQQ (QQQ), JPMorgan Nasdaq Equity Premium Income ETF (JEPQ), and Global X NASDAQ 100 Covered Call ETF (QYLD). This article looks at some of the top catalysts for these assets this week.

Federal Reserve interest rate decision

One of the top catalysts for the Nasdaq 100 Index and its ETFs, like QQQ, QYLD, and JEPQ is the upcoming Federal Reserve interest rate decision scheduled for Wednesday this week.

Economists and traders on platforms like Polymarket and Kalshi are betting that the Fed will cut interest rates by 0.25% in this meeting. 

Odds of these cuts jumped after the US released the September inflation report on Friday last week. This report showed that the headline Consumer Price Index (CPI) rose to 3.0% in September, lower than the expected 3.1%. Core inflation, which excludes the volatile food and energy prices, dropped to 3.0% from the previous 3.1%.

These numbers, together with the ADP jobs report, support the case for interest rate cuts in this meeting, which will move from 4.25% to between 3.75% and 4%. Also, the bank will likely tweak its ongoing quantitative tightening policies.

While the interest rate decision will be important, the main catalyst for the Nasdaq 100 Index and other assets is the guidance for the final meeting of the year. ING analysts believe that the bank will cut interest rates again, saying:

“At the September FOMC meeting, the Fed updated its own forecasts with the median expectation of officials suggesting that these two cuts plus one more in 2026 would be enough to support growth while containing inflation. The market is skeptical, believing that a rapidly cooling jobs market will require more aggressive action.”

Big Tech earnings to impact the Nasdaq 100 Index 

The other main catalyst for the Nasdaq 100 Index and its ETFs like QQQ, JEPQ, and QYLD is the upcoming big tech earnings, which will provide more color on growth and the artificial intelligence sector. This will be important as some analysts believe that we are in an AI bubble that may pop in the next few months.

One reason for the AI bubble is the circular spending by companies like OpenAI, Nvidia, and Microsoft. For example, Nvidia has announced a $100 billion investment in OpenAI, with most of the cash going towards purchasing of its GPUs. Similarly, Nvidia is a big investor in CoreWeave, which is also spending a lot of on Nvidia GPUs.

The top big tech companies to watch this week will be Meta Platforms, Microsoft, Apple, and Google.

US and China trade talks

The other major catalyst for the Nasdaq 100 Index and other ETFs like QQQ, JEPQ, and QYLD is the upcoming trade talks between the US and China.

These talks, which will happen at the APEC Summit in South Korea, will be the first time that Donald Trump and Xi Jinping talk during his presidency.

A deal between the two countries will be a positive one for the stock market as it will remove one of the biggest risks in the market today. Also, it will help to contain inflation as Donald Trump has pledged to hike tariffs if China blocks rare earth materials exports to the country.

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Bulgaria’s Energy Minister Zhecho Stankov announced on Friday that the country is developing strategies to guarantee continuous oil and oil derivative supplies. 

This comes after the US implemented sanctions against Russia’s Lukoil, which operates Bulgaria’s largest oil refinery.

Sanctions rattle market

In a decisive move responding to Russia’s ongoing war in Ukraine, US President Donald Trump enacted stringent sanctions targeting two of Russia’s most prominent oil giants: Lukoil and Rosneft. 

This significant policy shift immediately reverberated across the European continent, where Lukoil, in particular, maintains an extensive and critical operational footprint.

Lukoil’s presence in Europe is multifaceted and deeply integrated into the region’s energy infrastructure. 

The company operates a vast network of filling stations, serving as a key retail point for fuel consumers. 

Beyond retail, Lukoil is also heavily involved in the logistics and processing aspects of the oil industry within Europe, including the transportation, storage, and refining of crude oil. 

These sanctions, therefore, are designed to create substantial economic pressure on Russia by disrupting the operations and financial flows of these major energy entities, with considerable implications for Europe’s energy markets and supply chains.

Quantity guaranteed

Lukoil operates Bulgaria’s largest crude import business, including the 190,000 barrel-per-day Burgas oil refinery, over 200 petrol stations, and a comprehensive fuel transport and depot network.

“This is an extremely important situation in which we, with the interested parties, including our European partners…will have the opportunity…to build a common European action plan for the situation that has arisen,” Stankov said after a ministerial meeting including other state agencies, according to a Reuters report.

Bulgaria plans to monitor its national fuel stocks, he announced.

Bulgarian citizens should be calm, fuel is provided. Until the end of the year, the quantities are guaranteed.

Justice Minister Georgi Georgiev announced that the Burgas oil refinery and other Lukoil subsidiaries fulfil the criteria for US sanctions. 

He added that the government is in discussions with US institutions to guarantee the refinery’s continued operation.

An amendment adopted by the Bulgarian parliament on Friday mandates that the cabinet and the country’s intelligence service must approve any sale of Lukoil’s assets in Bulgaria.

Due to existing sanctions against Russia over the Ukraine conflict, Lukoil was already under pressure. 

Georgiev stated that the security services and the interior ministry have implemented additional measures to ensure the refinery’s capacity, manpower, and other security requirements.

Oil prices outlook

Oil prices have climbed sharply due to the latest US sanctions on Lukoil and Rosneft. 

Meanwhile, in September, Russia’s gasoil exports decreased to 720,000 barrels per day, a reduction from the 800,000 barrels exported daily in August, as reported by the International Energy Agency.

Gasoil exports had peaked in September 2024, reaching 840,000 barrels per day. However, an export ban for resellers has been in effect since October 1.

The gasoil crack spread has expanded to $27 per barrel, indicating a tight market.

This, combined with the recent rise in the price of Brent, caused the price of gasoil to rise again to a good $700 per ton, Commerzbank AG analysts said.

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Apple Inc. is approaching its October 30 earnings report with renewed investor confidence as analysts grow more optimistic about its performance despite persistent trade uncertainties and rising competition in China.

Market expectations point to earnings of $1.76 per share on revenue of around $101.7 billion, according to GuruFocus.

The forecast, if met, would reflect steady growth from the previous quarter.

The company posted quarterly diluted earnings per share of $1.57 in the third quarter, with a quarterly revenue of $94 billion, up 10% year-on-year.

The upbeat sentiment comes as Apple shares surged to an all-time high this week, rising 4.5% to $263.72.

The rally has brought the iPhone maker closer to becoming the world’s third company to reach a $4 trillion market valuation, supported by early signs of strong demand for the newly launched iPhone 17.

iPhone 17 launch drives optimism; analysts say Apple could report upside in Sep-quarter

Research firm Counterpoint reported that iPhone 17 sales outpaced the previous year’s iPhone 16 models by 14% during their first 10 days in China and the United States.

Analysts say the momentum reflects robust demand for higher-end models, helping Apple maintain profitability even as broader smartphone markets remain sluggish.

Evercore ISI has said it believes Apple “is well positioned to report upside to current Sep-quarter consensus expectations and could guide to upside for the Dec-quarter”

The firm said its “positive bias is driven by iPhone data points that suggest this may be more than the average iPhone refresh cycle,” noting that “lead times for the base iPhone 17 are above last year’s October levels.”

Evercore expects Apple’s revenue to grow sequentially by 8.1% in the September quarter, roughly in line with its five-year seasonal average of 7.9%.

However, the brokerage sees room for an upside surprise, citing strong App Store revenue growth—estimated at about 12% during the quarter—and the resolution of earlier legal and regulatory hurdles affecting Apple’s Services segment.

Services business cushions hardware pressure; could see double-digit growth

Apple’s expanding Services business remains a major driver of optimism.

With offerings like iCloud, Apple Music, and the App Store now accounting for about a third of total revenue and carrying gross margins of around 75%, the division has helped offset the thinner profits from hardware.

The steady rise of Services has become a strategic buffer for Apple as it faces headwinds in hardware markets.

Evercore analysts said Apple could “point to continued double-digit Services growth now that we’ve seen a number of headwinds facing the segment get resolved (DOJ/GOOG, AAPL vs. EPIC, etc.) during the quarter.”

Melius Research analyst Ben Reitzes said Apple now has its “best long-term product roadmap in years.”

He pointed to the forthcoming “Siri 2.0” and next-generation home devices—such as an AI-enabled hub and domestic robots—as potential new revenue streams.

Analysts divided over near-term outlook

Despite the optimistic tone, not all analysts are uniformly bullish.

Jefferies remains cautious, forecasting Apple’s fiscal fourth-quarter revenue and operating profit roughly 4% below Wall Street’s consensus.

The brokerage cited flat product sales outside of iPhones and renewed tariff concerns as key risks.

President Donald Trump’s plan to impose an additional 100% tariff on Chinese imports beginning November 1 could weigh on Apple’s profitability if current exemptions for iPhone components are revoked.

Jefferies trimmed its price target for Apple to $203.07 from $205.16, warning that the company’s heavy reliance on Chinese assembly could expose it to sharp margin pressure.

Even so, other firms remain confident.

Evercore ISI reaffirmed its “Outperform” rating with a $290 price target, while Loop Capital upgraded Apple from “Hold” to “Buy,” citing stronger-than-expected iPhone demand.

Evercore ISI said Apple could guide ahead of street expectations, which currently suggest quarter-on-quarter growth of 28.3% versus typical seasonality of 43%.

Reitzes expects the products like AI-enabled hub and domestic robots, along with continued iPhone upgrades, can push Apple’s earnings power toward $10 per share “sooner than expected.”

Solid fundamentals overshadow short-term concerns

While tariff uncertainty and Chinese competition continue to shadow Apple’s outlook, analysts agree that the company’s blend of high-margin Services and premium hardware has given it a unique cushion against volatility.

Its steady cash flow, cost discipline, and growing ecosystem of recurring revenues are viewed as key strengths as global markets remain uneven.

With early data pointing to another successful iPhone cycle and new products on the horizon, Apple appears poised to maintain its leadership in the tech sector—provided trade tensions and production costs remain manageable.

As the company prepares to release earnings on October 30, Wall Street’s focus will be on how much momentum Apple can carry into the December quarter, and whether its latest results confirm that one of the world’s most valuable tech companies is still gaining ground even amid uncertainty.

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