The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1117 ET - Canadian energy companies are among the top gainers on Toronto's indexes as oil surges back higher, with Brent crude reaching $100 a barrel before easing amid renewed Middle East tensions flaring up. Crude jumped after Tehran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea, threatening another key shipping route and reviving fears of a broader return to confrontation with Iran. Canada's energy companies have already benefited from higher prices and renewed investor interest during the early weeks of the conflict as limited movement in the key shipping lane of the Strait of Hormuz threatened global supplies. Among the top gainers in the session are Vermilion Energy, Athabasca Oil, Cenovus and Suncor. (adriano.marchese@wsj.com)
0627 ET - Palm oil ended higher as crude oil and soybean oil prices surged amid escalating tensions in the Middle East conflict, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. The U.S. is increasing the presence of forces, medics and weaponry to the Middle East to give President Trump more military options, as he considers expanding the conflict against Iran, The Wall Street Journal reported. Ng sees prices for palm oil well supported above 4,600 ringgit a ton and resistance at 4,780 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery rose 87 ringgit to 4,709 a ton.(tracy.qu@wsj.com)
0527 ET - Givaudan posted solid first-half results in an uncertain environment, showing moderate upside to full-year expectations, Vontobel analyst Arben Hasanaj says in a research note. The Swiss company's fragrance segment is still leading, but its taste division is slowly recovering with a more favorable base in the second half of the year, Hasanaj says. "The input cost inflation outlook is reassuring given the surge in commodity prices," the analysts says. Vontobel expects moderate upside on growth and margins for the full year, while cash flow is likely to be more subdued due to temporary effects, the analyst adds. Shares trade 5.9% lower at 3,186 Swiss francs. (nina.kienle@wsj.com)
2105 ET - Petronas Chemicals is expected to post sequentially stronger 2Q earnings, driven mainly by its fertilizer and methanol segment, CIMB Securities analyst Muhammad Afif Bin Zulkaplly says in a note. Higher product prices, supported by Middle East supply disruptions and stronger fertilizer demand, are expected to lift results. However, earnings could ease in 3Q as product prices normalize with improving supply and easing geopolitical risk premiums, although prices remain above preconflict levels, he says. The analyst could turn more bullish if petrochemical spreads improve structurally following global capacity rationalization or if the disposal of unit Pengerang Petrochemical Company removes an earnings drag. CIMB maintains a hold rating on Petronas Chemicals and keeps its target price at 5.45 ringgit. Shares are 1.7% higher at 4.80 ringgit. (yingxian.wong@wsj.com)
2009 ET - Gold is steady in early Asian trade. While a modest dollar pullback has supported gold prices, the broader outlook for the metal remains bearish in the near term due to elevated bond yields across major economies, says Tony Sage of Critical Metals in commentary. Rising oil prices amid escalating tensions in the Middle East have fueled concerns over global inflationary pressures and reinforced hawkish monetary policy expectations, he says. Gold prices are at risk ahead of central bank decisions with the European Central Bank's rate decision this week, and the Federal Reserve, Bank of Japan and Bank of England next week. A higher interest-rate environment typically drags down non-interest-yielding assets like gold. Spot gold is flat at $4,133.08 an ounce. (megan.cheah@wsj.com)
1930 ET [Dow Jones]--Wesfarmers's expansion of its Mt Holland lithium project wasn't really in doubt. However, Jefferies suggests the full benefits from doubling capacity of the mine and concentrator remain to be seen. "With significant uncertainty and volatility in lithium prices, it is unclear whether Wesfarmers will generate an acceptable return on its circa A$3 billion total project investment," Jefferies analyst Michael Simotas says. It notes the hydroxide refinery isn't yet proven. "But the expansion plan carries less operating risk given it won't expand refinery capacity and the first concentrator has been successful," Jefferies says. It rates Wesfarmers's stock a hold with a A$73.00/share price target. Wesfarmers ended Wednesday at A$89.90. (david.winning@wsj.com; @dwinningWSJ)
1913 ET - Westgold Resources could positively surprise with its final dividend for FY26, signals Macquarie. Westgold had cash, bullion and investments of A$939 million at the end of June. That's a strong balance sheet position, Macquarie says. It notes that Westgold didn't pay an interim dividend as the company had only recently started paying tax and wanted to pay a franked dividend. "Heading into the August results we forecast a final FY26 dividend of A$0.09 which is 12.5% above Visible Alpha of A$0.08," Macquarie says. It retains an "outperform" call on Westgold, which ended Wednesday at A$4.85. (david.winning@wsj.com; @dwinningWSJ)
1414 ET - Precious metals settle higher, with sentiment shifting to a more optimistic outlook. "Prices are in an upswing that could continue until the end of the year," says Peter Cardillo of Spartan Capital Securities. Cardillo adds that for gold, central bank buying is starting to return after taking a pause, giving similar support for when gold ran up to record highs last year. Cardillo sets his near-term price target at $4,375 a troy ounce, also noting that next week's Fed meeting may provide more clarity to how interest rate hikes could materialize going forward. Front-month gold closes up 1.9% to $4,146.90/oz. Front-month silver climbs 2% to $60.019/oz today. (kirk.maltais@wsj.com)
1335 ET - Oxford Economics is the latest forecasting firm to play down the economic impact for Canada from President Trump's plan to impose a 50% tariff on a range of Canadian-made goods. The 50% tariff targets a select group of goods. Should they be implemented as planned on Aug. 19, the impact would shave about 0.2 percentage points from Canada's level of GDP in 2027, Oxford says. Further, the tariff could reduce growth next year by up to 0.2 percentage points, through weaker exports and business investment. "The targeted nature of the tariffs means the biggest impacts would be at the sectoral and regional level," Oxford says. The firm projects Canada-based plastics, electrical machinery, forest products and beverage companies to be most affected. (paul.vieira@wsj.com; @paulvieira)
(END) Dow Jones Newswires
July 23, 2026 12:20 ET (16:20 GMT)
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