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Prime Minister Modi said in his address a short while earlier that the world is undergoing a “big transformation” where new technology has the power to create opportunities for millions of people. Click on the image below to watch a clip from his address:
Oil giant BP said Tuesday that its third-quarter results are expected to include post-tax adjusting items relating to impairment charges in the range of $3 billion to $4.5 billion.
"These charges are primarily attributable to transition businesses in the gas & low carbon energy segment and are excluded from underlying replacement cost profit," the company said in a trading statement.
Its third-quarter earnings will be published in full on Oct. 30.
Key Points
Hackers targeted hundreds of French supermarkets, causing refrigerators and freezers to overheat.
The attack sparked fires and spoiled food across supermarkets in the region.
European Commissioner for Agriculture and Food Christophe Hansen warned that "the weaponization of food has become a reality."
Hackers targeted hundreds of French supermarkets in a cyberattack that reportedly caused refrigerators and freezers to overheat, spoiling food and sparking fires.
Fridges at French supermarket chains Carrefour, Monoprix, the Les Mousquetaires-owned Intermarché, and Coopérative U, among others, all saw fridges heat up to as much as 50 degrees Celsius (122 degrees Fahrenheit) overnight, Reuters reported on Monday.
Coopérative U's CEO Dominique Schelcher confirmed that cyberattacks had affected "refrigeration production facilities of several stores."
"Attacking equipment that is essential to the preservation of fresh products and the food supply of the French people is extremely serious and unprecedented. It is unacceptable," Schelcher said in a LinkedIn post.
CNBC has reached out to Carrefour, Monoprix, Intermarché, Coopérative U, and E Leclerc for comment but did not immediately hear back.
Felix Aime, a senior cyber threat intelligence analyst at Sekoia Threat Detection and Research, said the attack affected several European countries including Spain, Portugal, Poland, Germany and Belgium, per the Reuters article.
"I strongly condemn the cyberattack targeting food products at @intermarche @CooperativeU @Leclerc," European Commissioner for Agriculture and Food Christophe Hansen said in a post on X on Monday.
"Food security requires more attention at all levels. Because the weaponization of food has become a reality."
Banca Monte dei Paschi di Siena questioned Intesa Sanpaolo’s sweetened takeover bid after the suitor warned it could pull out if its target’s shareholders back alternative deals later this month.
Following an extraordinary board meeting Monday, Monte dei Paschi said the premium from Intesa’s bid remains below the average seen in comparable offers in the Italian banking sector.
Italy’s Intesa said Oct. 3 that it would increase the cash component of its cash-and-stock offer by 0.25 euros for each Monte dei Paschi share to a total of 3.8 billion euros ($4.24 billion), compared with 3 billion euros previously.
When added to the equity component of the bid, it would take the total offer value to 31.4 billion euros, based on Intesa’s share price at the time it launched the offer in June. Intesa’s original offer was valued at 30.6 billion euros.
On Monday, Monte dei Paschi’s board said the Intesa proposal still means its shareholders would be exposed to Intesa’s performance, as the proposed consideration remains mostly composed of shares.
Intesa’s offer prompted Monte dei Paschi—widely considered to be the world’s oldest bank still in operation—to launch in August its own takeover proposals for peers Banco BPM and Banca Generali, valued together at nearly $40 billion, in a bid to fend off its suitor.
Shareholders in Monte dei Paschi are scheduled to vote on the BPM and Banca Generali bids later this month. Intesa said it would pull its offer if Monte dei Paschi shareholders back the rival deals.
Monte dei Paschi said Intesa had asked its shareholders to abandon its alternative plan without any certainty that the proposed merger would unfold as expected.
“The board of directors and management will continue to act in the interests of the bank and all its shareholders by assessing and pursuing any initiative appropriate to protect and maximize the value of their investment,” Monte dei Paschi said.
Intesa didn’t immediately respond to a request for comment.
The South African rand edged up in early trade on Tuesday as investors awaited domestic mining production data, while markets looked ahead to US inflation figures for fresh signals on the Federal Reserve's interest-rate trajectory.
At 0630 GMT, the rand traded at 16.5150 against the dollar, about 0.2% firmer than its previous close.
Statistics South Africa is due to publish August mining production data (ZAMNG=ECI) at 0930 GMT, with economists expecting another contraction after output fell 7.5% year on year in July.
"We expect mining production to remain in contraction, mainly reflecting elevated domestic input costs, softer commodity prices in some key segments and subdued global demand," Nedbank economists said in a note.
The dollar index was down, lending support to the rand, while oil prices fell as traders assessed supply risks following attacks on Saudi Arabia and weighed the prospect of additional diesel supplies from Russia.
Investors are also focused on Wednesday's US Consumer Price Index report, one of the last major data releases before the Federal Reserve's late-October policy meeting.
Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly US monetary policy, alongside domestic economic data.
South Africa's benchmark 2035 government bond was firmer in early deals, as the yield fell 3 basis points to 8.785%.
BP will set out its new strategy in New York in December after a recent windfall from higher oil and gas prices put it on course to significantly beat its current debt-reduction target.
In a trading statement ahead of its third-quarter results, BP said its net debt would fall to $13.5bn-$14.5bn by the end of September, from $22bn at the end of June.
The UK oil major had previously aimed to reduce its net debt to between $14bn and $18bn by the end of next year. On Tuesday, the company said it would also pay off between $9bn and $10bn of other liabilities, including its hybrid bonds and outstanding payments for the Deepwater Horizon disaster.
BP said it would set out its new strategy on December 15. The group last outlined a plan under previous chief executive Murray Auchincloss in February 2025 and has since come under further pressure from activist hedge fund Elliott Management to repair its balance sheet and cut costs.
The FTSE 100 group has benefited from high energy prices triggered by the ongoing war in the Middle East and Ukraine’s campaign against Russian refineries. It said on Tuesday that oil trading continued to be strong, while gas trading had improved in the third quarter.
BP made nearly $9bn in adjusted profits in the first half of this year, compared with $3.7bn last year, while its free cash flow more than tripled to more than $7bn.
Oil prices have averaged roughly a third higher this year than last, while gas prices and the price of fuels such as diesel have set fresh records.
BP also said it would write down the value of its clean energy businesses by a further $3bn to $4.5bn in the third quarter as it continues to pivot back to its core oil and gas business.
Franco-Italian automaker Stellantis (STLAM.MI) said on Tuesday its global third-quarter shipments fell 1% from a year ago to an estimated 1.3 million vehicles, hit by a summer production shutdown in North America.
Stellantis is launching six new vehicles and unveiling nine concept cars at the Paris Motor Show this week, after CEO Antonio Filosa announced a €60 billion ($67 billion) turnaround plan in May, after two years of declining market share and weak sales.
In North America, vehicle shipments dropped 12% to 357,000 units, mainly due to the shutdown that affected Jeep models like the Grand Cherokee and Compass, each down by 25,000 units year-on-year
Europe shipments rose 10% to 588,000 units, the only region improving on a yearly basis, fuelled by demand for EV models
The European figure includes around 44,000 vehicles from Chinese partner Leapmotor (9863.HK), which Stellantis distributes in the region
Shipments in the Middle East and Africa fell 21% to 75,000 due to lower volumes in Turkey and Gulf Cooperation Council countries, impacted by conflicts in the region
Stellantis is due to report its complete third-quarter results on October 28
($1 = 0.8945 euros)
The IMF warned Tuesday that an AI-driven selloff, rising sovereign bond yields and cyberattacks could threaten resilient global markets. It said weaker AI investment could transmit shocks through leverage, forced selling and volatility; hyperscalers account for 10% of global investment-grade bond issuance, versus under 1% in 2024. Higher energy prices, heavy sovereign debt and unresolved deficits have intensified bond risks since April. In over 70% of cases in 2026, software providers had almost no time to patch vulnerabilities before exploitation. Stress tests found robust overall bank capital, but banks holding 22% of global banking assets had weak capital, versus 18% in 2025.
What an action-packed morning here at Bloomberg New Economy Forum, but there is so much more to come. Coming up: Fed Governor Christopher Waller on AI and monetary policy, India’s Finance Minister Nirmala Sitharaman, global investment heavyweights and golf superstar Rory McIlroy.
Stay with us for all the news and insights.
British recruiter Michael Page (PAGE.L) said on Tuesday it returned to growth in the third quarter, delivering its first increase in gross profit since 2022 as improving conditions in the Americas and Asia Pacific offset weakness in Europe.
Group gross profit rose 1.5% on constant currency to £190.5 million, beating analysts' expectation of £187.9 million, according to a company-compiled poll
Americas gross profit jumped 8.9%, driven by US construction and manufacturing demand, while Asia Pacific gross profit grew 14.7%
Michael Page, which recruits white-collar professionals, affirmed that 2026 operating profit will be in line with company-compiled consensus
Larger rival Hays (HAYS.L) reported on Monday its 14th straight quarterly fall in net fees, as weak hiring in Germany's automotive industry and Britain's private sector outweighed growth in the US and parts of Asia
British homebuilder Bellway (BWY.L) on Tuesday said it expects fiscal 2027 underlying operating margins to reduce further, squeezed by lower completions, rising mortgage rates and cost pressures amid the Middle East conflict.
Rising mortgage rates and affordability concerns linked to the Iran war have prolonged the downturn in housing demand, while higher material and energy costs along with buyer incentives have further pressured homebuilders.
The company is targeting completions between 9,000 and 9,400 in 2027, compared to 9,695 in the prior year, noting that customer demand has remained constrained by economic uncertainty.
Egyptian Foreign Minister Badr Abdelatty told Bloomberg that Egypt would provide any support Saudi Arabia requests, including when asked about possible military assistance against Yemen’s Houthis. Two weekend attacks on Riyadh’s King Khalid International Airport killed at least 14 people and wounded more than 300; an airport in Dammam was also hit. The attacks followed a Saudi-led campaign to retake Houthi-held areas, including Bab el-Mandeb, and the coalition pledged a decisive response. Abdelatty also said Egypt was seriously considering joining the Mecca defense agreement signed by Saudi Arabia, Turkey and Pakistan in August.
Plus500 Ltd. agreed to buy retail trading platform Hedge Capital Markets as it looks to expand into the US.
The acquisition will help boost the UK firm’s offerings to customers, adding products including stocks, options and exchange-traded funds, as well as prediction markets, according to a statement on Tuesday. Plus500 didn’t disclose the price of the deal, but said it would be funded with cash.
The UK platform is planning to roll out an app in the first quarter of next year that will allow customers to trade across asset classes, including the new US offerings. The app will first launch in the US, with other countries over time.
Plus500 also said it has set up a new office in New York as part of its US expansion efforts, alongside its existing presence in Chicago.
Hedge was founded in 2021 and is a registered broker-dealer with the US Securities and Exchange Commission.
Shares of Plus500 have dropped about 8% year-to-date. A number of UK-listed trading platforms have traded down in recent months after IG Group Holdings Plc reported a surprise slump in third-quarter revenue. Plus500 has said that it performed “strongly” during the same period.
Publicis Groupe reported third-quarter organic net revenue growth of 5%, versus 4.8% in the previous quarter and analysts’ forecasts, while revenue rose 12% to €4.61 billion ($5.14 billion). The company attributed growth to market-share gains in media and creative services. Publicis won PepsiCo’s global media account last month; analysts expect it to contribute to growth next year. CEO Arthur Sadoun expressed increasing confidence in next year’s outlook following the Omnicom–Interpublic merger. Publicis maintained its annual organic growth forecast of 4.5%–5%. Its Sapient consulting arm returned to U.S. growth, with improvement expected across its remaining global operations in the fourth quarter.
The euro was higher against the U.S. dollar and the British pound on Tuesday morning.
By 2:25 a.m. ET, the single currency was up 0.2% versus the greenback, after falling the previous day.
In a Monday note, ING analysts said French fiscal concerns could keep weighing on the euro into the new year. They said they expected EUR/USD to remain in a 1.10 to 1.15 range in the coming months.
It was last seen trading at around $1.1172.