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Oil and gas inventories fell 3% at 9:45 a.m. in London after the International Energy Agency said the oil market would face a “considerable glut” next year.

in its monthly reportA report released by the International Energy Agency on Tuesday said that concerns about oil supply security have increased due to tensions in the Middle East, affecting global markets that “appear to be well supplied.”

“OPEC+ spare capacity is at historically high levels, barring an extraordinary period of the Covid-19 pandemic…global oil inventories provide a further buffer,” it said.

“For now, supply continues to flow and, in the absence of major disruptions, the market will face a sizeable surplus in the new year.”

The agency forecasts that world oil demand will increase by nearly 900,000 barrels per day in 2024 and 1 million barrels per day in 2025, down from the 2 million barrels per day recorded in 2022-2023.

Oil prices fell on Tuesday as investors also considered Washington Post report This eased concerns that Israel could attack Iranian oil facilities.

Analysts said a snapshot of the UK labor market released by the Office for National Statistics on Tuesday generally supported a Bank of England interest rate cut in November.

Wage growth was in line with expectations and slowed to its lowest level in more than two years, while the job market was relatively stable, with the unemployment rate falling to 4% from 4.1%.

“The UK labor market continues to gradually cool, with wage growth slowing further and job openings continuing to fall. The data has done little to change expectations for a steady rate cut by the Bank of England in the coming months,” Jack Kennedy, senior economist at Indeed, said in a report .

The Bank of England cut interest rates by 25 basis points in August and kept interest rates stable in September. As of Tuesday morning, markets priced in an 83% chance of a rate cut in November.

Ashley Webb, UK economist at Capital Economics, said the ONS data provided “further support” for expectations of a rate cut next month from 5% to 4.75%. Thomas Pugh, an economist at RSM in the UK, said that as long as the inflation data released on Wednesday fell as expected, the door to a rate cut in November would be “open”.

“We expect private sector wage growth to gradually moderate over the remainder of the year, which would provide sufficient cover for the (Monetary Policy Committee) to cut interest rates again before the end of the year, probably in November,” Pugh said.

“What happens after December is likely to be affected by the budget, and a more expansionary budget using debt financing to stimulate investment may mean that the MPC chooses to cut rates on a quarterly basis rather than sequentially.”

The UK Labor government will deliver its first budget at the end of October.

—Jenny Reed

At 8:24 a.m. London time, shares in Swedish telecommunications equipment maker Ericsson rose 9%. Third quarter results The company beat sales and earnings expectations in a poll compiled by London Stock Exchange Group (LSEG).

“This has been a challenging market for quite some time for a variety of reasons, but we’ve also taken a lot of actions to start adjusting the way we operate, our internal priorities, the way we work with our customers, etc. etc.

The company’s full-year sales fell 1% organically compared with the same period last year. Ekholm said the decline was “much lower than before,” suggesting the market was “stabilizing.”

“North America was the first country to roll out 5G, and of course they were the first country to slow down because of it, but they’re coming back now. So I think what we’re seeing here is a little optimistic,” he said.

Ericsson reported that sales in North America grew 55% in the quarter, and Ekholm said this growth was due to the huge AT&T contract it won late last year.

—Jenny Reed

European stocks generally opened higher on Tuesday Stoke 600 The London index was up 0.34% at 8:15 am.

However, major stock markets were mixed, with the German stock market German DAX Index Up 0.52% compared to France CAC 40 and British FTSE 100 fell 0.13% and 0.08% respectively.

—Jenny Reed

Between June and August, average UK wages (excluding bonuses) increased at an annual rate of 4.9%, in line with the forecast of a Reuters survey and down from 5.1% in the May to July period.

The ONS said earnings, including bonuses, rose by 3.8% but noted that annual rates were affected by one-off health and civil service payments over the summer.

The median monthly salary in September was £2,397 ($3,126), up 5.3% on the year, but down from £2,413 the previous month, according to preliminary estimates from the Office for National Statistics.

The number of salaried employees in September was “basically unchanged” from the previous month, the report said.

—Jenny Reed

Sweden’s Ericsson reported a 4% annual drop in third-quarter net sales as sales in North America, where it supplies 5G network equipment, grew 55% but failed to offset declines in other markets.

The telecoms maker reported an adjusted core profit of SEK 7.3 billion ($699 million), a change from a SEK 28 billion loss a year earlier. According to a Reuters report, a survey of analysts from the London Stock Exchange Group (LSEG) showed that the company’s profit forecast was 5.75 billion crowns.

The company’s sales fell 9% in the first nine months of this year and it announced new strategies and layoffs this year as 5G spending dwindled.

—Jenny Reed

Jeffries said the popularity of anime, or animation produced in Japan, has grown in recent years, with several global entertainment companies leading the way.

“Many companies now position animation-related businesses as the core of their growth strategies,” the investment bank analyst said in an October 9 stock research report.

Looking ahead, according to estimates from Grand View Research, they expect the market to double from $31.2 billion in 2023 to $60.1 billion by 2030.

CNBC Pro subscribers can click here to read more about three stocks Jefferies expects to benefit.

— Amala Balakrishna

NVIDIA At Monday’s close, the stock hit an all-time closing high, pushing the chipmaker’s market value past $3.4 trillion.

The stock rose 2.4% to close at $138.07, surpassing its closing high of $135.58 set on June 18.

Nvidia is the second largest public company in the United States by market capitalization. Already lagging behind applewith a market value of approximately US$3.55 trillion.

— Alex Harring, “How to Leswing”

European markets are expected to open mixed on Monday.

British FTSE 100 German stocks are expected to open 12 points lower at 8,240 German DAX Index France fell 7 points to 19,351 CAC Down 12 points to 7,568 points, Italy FTSE MIB It rose 6 points to 34,144, according to IG data.

There are no major earnings or data releases on Monday.

— Holly Elliot