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By Seher Dareen LONDON (Reuters) -Oil prices held steady on Tuesday after a fall in the previous session as concerns about oversupply and risks to demand, along with the trade dispute between the U.S. and China, the world's top two oil consumers, weigh on the markets. Brent crude futures were unchanged at $61.01 a barrel at 0832 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was down 15 cents at $57.37. The more active December contract was steady at $57.02. Prices declined to their lowest since early May on Monday on the concerns around oversupply and slowing economic growth resulting from the recent escalations in the U.S.-China trade dispute. "Speculative bets on lower prices are likely to persist as long as Brent remains below $65," said Ole Hansen, head of commodity strategy at Saxo Bank. Both WTI and Brent have shifted to contango market structures, where prices for immediate supply are lower than for later delivery and which typically indicate that near-term supply is abundant and demand is declining. Prices have fallen as the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, have pushed ahead with plans to add more oil to the market. This has led analysts to predict a surplus of crude this year and next, with the International Energy Agency last week projecting a global surplus of nearly 4 million barrels per day in 2026. Goldman Sachs analysts expect Brent prices to hit $52 a barrel in the fourth quarter of 2026, but the decline in prices may take time to materialise due to larger-than-seasonal OECD commercial builds in November being priced in and accelerating builds expected in January. This, along with continued strength in diesel refining margins, was supporting crude demand. A preliminary Reuters poll on Monday showed that U.S. crude oil stockpiles likely rose last week, ahead of weekly reports from the American Petroleum Institute and the EIA. For the week ending October 10, crude builds where more than expected while gasoline and diesel stocks drew more than forecast. [EIA/S] "We’re not in a crisis of excess. Distillates just drew, and any geopolitical surprises can still spark sharp counter-moves in short term, but the prevailing bias is downside unless OPEC+ slows the unwind or macro surprises on the upside," said analyst Ole Svalbye of SEB Bank. Additionally, if the U.S. and China reach a broader agreement in their trade dispute, that could provide a boost, or at least a floor, for prices. Investors are pinning their hopes on a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping next week in South Korea but disputes over tariffs, technology, and market access remain unresolved. (Reporting by Sam Li in Beijing, Ashitha Shivaprasad in Bengaluru; Editing by Christian Schmollinger and Emelia Sithole-Matarise)

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By Andrea Shalal, Steve Holland and Ernest Scheyder WASHINGTON (Reuters) -U.S. President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement aimed at countering China on Monday at a meeting marked by Trump's jab at Australia's envoy to the United States over past criticism. China loomed large at the first White House summit between Trump and Albanese, with the U.S. president also backing a strategic nuclear-powered submarine deal with Australia to bolster security in the Indo-Pacific. While Trump and Albanese greeted each other warmly, the U.S. president expressed ire about past criticism of him by Australia's U.S. ambassador Kevin Rudd, a former prime minister. Rudd in 2020 called Trump "the most destructive president in history," later deleting the comment from social media. Trump said he was not aware of the critical comments and asked where the envoy was now. Upon seeing him across the table, Trump said, "I don't like you either, and I probably never will." The visit otherwise appeared to go smoothly, with Albanese and Trump signing a minerals deal that Trump said had been negotiated in recent months. Albanese described it as an $8.5 billion pipeline "that we have ready to go." A copy of the agreement released by both governments said the two countries will each invest $1 billion over the next six months into mining and processing projects as well as set a minimum price floor for critical minerals, a move that Western miners have long sought. A White House statement on the agreement added that the investments would target deposits of critical minerals worth $53 billion, although it did not provide details on which types or locations.  "In about a year from now, we'll have so much critical mineral and rare earths that you won't know what to do with them," Trump told reporters. China's foreign ministry did not comment directly on the deal but said on Tuesday that market and business choices form the global production and supply chain. "Key mineral resource countries should play an active role in ensuring the safety and stability of the industrial and supply chain, and ensure normal economic and trade cooperation," ministry spokesperson Guo Jiakun told a regular news briefing. EXIM ANNOUNCES OVER $2.2 BILLION IN INVESTMENTS The U.S. Export-Import Bank, which acts as the U.S. government's export credit agency, later announced seven letters of interest totaling more than $2.2 billion to advance critical minerals projects in Australia. It said the letters went to Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHM, RZ Resources, and Sunrise Energy Metals. EXIM said the projects span a range of critical minerals essential to advanced defense systems, aerospace components, communications equipment, and next-generation industrial technologies. The investments would help support the re-industrialization of America’s high-tech manufacturing base, while helping to "counter China's export dominance and ensure Western supply-chain resilience," it said. Additionally, the Pentagon plans to build a gallium refinery in Western Australia. China blocked gallium exports to the United States last December. The United States has been looking to boost its access to critical minerals around the world as China takes steps to strengthen control over global supply. Trade tensions between the United States and China have escalated ahead of Trump's meeting with Chinese President Xi Jinping in South Korea next week. The term critical minerals applies to a range of minerals, including rare earths, lithium and nickel. China has the world's largest rare earths reserves, according to U.S. Geological Survey data, but Australia also has significant reserves. The minerals are used for products ranging from electric vehicles to aircraft engines and military radars. TRUMP SIGNALS SUPPORT FOR SUBMARINE DEAL Albanese got welcome support from Trump for the A$368 billion ($239.46 billion) AUKUS agreement, reached in 2023 under then-President Joe Biden. Under the deal, Australia is to buy U.S. nuclear-powered submarines in 2032 before building a new submarine class with Britain. While Trump has been eager to roll back Biden-era policies, he signaled his intent to back the AUKUS submarine agreement, months after his team launched a review of the deal over concerns about the ability of the United States to meet its own submarine needs. Navy Secretary John Phelan told the meeting the United States and Australia were working closely to improve the original AUKUS framework for all three parties "and clarify some of the ambiguity that was in the prior agreement." Trump said these were "just minor details," adding that "there shouldn't be any more clarifications, because we're just – we're just going now full steam ahead, building." Ahead of Monday's meeting, Australian officials emphasized that their country is paying its way under AUKUS, contributing $2 billion this year to boost production rates at U.S. submarine shipyards, and preparing to maintain U.S. Virginia-class submarines at its Indian Ocean naval base from 2027. The delay of 10 months in an official meeting since Trump took office had caused some anxiety in Australia as the Pentagon urged the Australian government to increase defense spending. The two leaders met briefly on the sidelines of the United Nations General Assembly in New York last month. The rare earths agreement came a week after U.S. officials condemned China's expansion of rare earth export controls as a threat to global supply chains. Resource-rich Australia, wanting to extract and process rare earths, put preferential access to its strategic reserve on the table in U.S. trade negotiations in April.  As part of the rare earths agreement, Trump and Albanese agreed to cut permitting for mines, processing facilities and related operations in order to boost production. The deal called for cooperation on the mapping of geological resources, minerals recycling and efforts to stop the sale of critical minerals assets "on national security grounds." This was an oblique reference to China, which has bought major mining assets across the planet in the past decade, including the world's largest cobalt mine in Congo, from U.S.-based Freeport-McMoRan in 2016. $1 = 1.5368 Australian dollars) (Reporting by Kirsty Needham in Sydney, Andrea Shalal, Steve Holland, Jarrett Renshaw and David Brunnstrom in Washington, and Ernest Scheyder in Houston; Additional reporting by Liz Lee in Beijing; Editing by Kate Mayberry, Colleen Jenkins, Will Dunham and Nick Zieminski)

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By Leo Marchandon (Reuters) -Europe's largest cloud provider OVHcloud reported annual revenue growth of nearly 10% on Tuesday, crossing the threshold of 1 billion euros ($1.2 billion) for the first time, but a weaker than expected guidance for 2026 sent its shares falling. OVHcloud's shares fell around 18% by 0842 GMT, on track for their biggest single-day drop ever if the losses hold. The company targets organic revenue growth of 5% to 7% for fiscal 2026 that started on September 1, below the 9.3% seen in 2025. The market was expecting a higher growth forecast of roughly 10%, analysts from Stifel and J.P. Morgan said. OVHcloud also targets a higher adjusted core profit (EBITDA) margin, while capital expenditures are projected to be between 30% and 32% of revenue, as it aims to strengthen its Webcloud segment. It reported revenue of 1.08 billion euros for fiscal 2025, with an EBITDA margin of 40.4%. The company also said that its French-Polish founder, Octave Klaba, had returned as CEO with immediate effect, after the board decided to merge the chairman and CEO roles. Klaba, whose family owns an over 80% stake in OVHcloud, had led it from its founding in 1999 until 2018 before becoming chairman. He replaces Benjamin Revcolevschi, who had been CEO since 2024, and will oversee operations as OVHcloud addresses rising demand for AI services and growing emphasis on cloud independence amid geopolitical shifts. The company remains committed to global expansion, citing client demand in other countries such as Canada, Singapore and India. Revenue distribution showed that Private Cloud sales grew 8.5% and contributed 62% of the group total. Public Cloud revenue rose 17.5%, accounting for 20% of sales, while Webcloud revenue increased 3.7% to make up the remaining 18%. OVHcloud serves nearly 1,200 clients and competes with U.S. heavyweights Amazon Web Services, Microsoft Azure and Google Cloud. While declining to comment on discussions with the European Commission, the company acknowledged a 180-million-euro tender  for cloud infrastructure the bloc had launched on October 10. "It takes time, but we're happy to see the market is moving in the right direction," Klaba said. ($1 = 0.8575 euros) (Reporting by Leo Marchandon and Mateusz Rabiega in Gdansk; Editing by Lisa Shumaker and Milla Nissi-Prussak)

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By Manya Saini (Reuters) -Companies looking to sidestep disruptions to their initial public offerings caused by the U.S. government shutdown can tap a provision that allows them to press ahead with their listing plans without the need for regulatory approvals. Biotech startup MapLight became the first company to file for a listing under the provision earlier in October. Other firms, however, are delaying listings, including Unilever's Magnum ice cream unit, which cited the impact of the shutdown. The U.S. market regulator has halted IPO reviews due to the three-week shutdown. WHAT HAPPENS TO THE SEC DURING A GOVERNMENT SHUTDOWN? According to its contingency plan, the U.S. Securities and Exchange Commission has furloughed over 90% of its staff, retaining around 390 employees to handle critical enforcement actions and market monitoring. The agency, which oversees the public markets, will not process IPO filings during the shutdown, a move analysts say could stall momentum in a market recovering from a years-long slump. WHAT IS THE 20-DAY REGISTRATION RULE FOR IPOS? While companies typically wait for the SEC's approval before launching their IPOs, the rules provide a mechanism that allows issuers to declare their own registrations "effective". Issuers are required to set their IPO price 20 days before the listing, instead of finalizing it the night before, as is customary. During the 2018 U.S. government shutdown, which lasted 35 days during President Donald Trump's first term in office, several issuers attempted this option, including biotechnology firm Gossamer Bio and energy company New Fortress Energy. It was also a popular option among so-called special purpose acquisition companies. SPACs raise money through an IPO to fund future acquisitions. At the time of listing, they are blank-check companies with no existing operations or assets. Their valuation is tied entirely to the cash raised, which allows them to set an IPO price in advance without deterring investors. WHAT ARE THE RISKS FOR ISSUERS AND INVESTORS? While the 20-day rule provides a way for companies to go public during a shutdown, bypassing the SEC review carries risks for both issuers and investors. Without the agency's oversight, registration statements are more prone to errors or missing disclosures, which could expose companies to legal action or investor complaints after listing. Companies may face greater scrutiny from investors, who often rely on the SEC's review to verify the accuracy and completeness of disclosures. To reduce that risk, many issuers work closely with legal and financial advisers to carry out detailed internal reviews of their filings. Skipping regulatory reviews can also alienate investors, who may view the lack of regulatory vetting as a sign of higher risk or insufficient transparency. "Bypassing regulatory review heightens the risk of overlooked disclosures or filing errors, leaving both issuers and investors more vulnerable to legal trouble and unpleasant surprises after launch," said Troy Hooper, co-head of equity capital markets, Americas, at Mergermarket. "Many investors view SEC scrutiny as essential to maintaining trust. Without it, issuers may face skepticism and weaker valuations." WILL MORE COMPANIES TAKE THIS ROUTE? Analysts say companies could rely on the 20-day registration rule if the shutdown looks set to drag on amid the ongoing deadlock in Congress. "Biotech companies are prime candidates for this unconventional but valid way to go public during a shutdown as their high cash-burn rates often create an urgent need for funding," said Lukas Muehlbauer, research analyst at IPO research firm IPOX. Some firms may also withdraw IPO filings and seek capital in private markets while waiting for the SEC to resume reviews. (Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva and Joe Bavier)

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By Ashitha Shivaprasad and Sam Li (Reuters) -Oil prices declined for a second day on Tuesday as concerns about supply and risks to demand from the trade dispute between the U.S. and China, the world's top two oil consumers, weigh on the markets. Brent crude futures fell 30 cents, or 0.49%, at $60.71 a barrel at 0746 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, down 29 cents, or 0.5% to $57.23. The more active December contract was down 31 cents, or 0.54%, at $56.71. Prices declined to their lowest since early May in Monday's session on the concerns about slowing economic growth from the recent escalations in the U.S.-China trade dispute. Both WTI and Brent have shifted to contango market structures, where prices for immediate supply are lower than for later delivery and which typically indicates that near-term supply is abundant and demand is declining. Prices have slumped as the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, have pushed ahead with plans to add more oil to the market. This has led analysts to predict a surplus of crude this year and next, with the International Energy Agency last week projecting a global surplus of nearly 4 million barrels per day in 2026. "The continued weakening of Brent's monthly spread structure indicates that the pressure from oversupply in the crude oil market is gradually materializing," analysts from China's Haitong Securities said in a note on Tuesday. "This will dampen market expectations and curb investors' willingness to chase gains, limiting the potential for oil prices to rebound." The current pessimistic outlook for oil is likely to extend into 2026, with analysts at Goldman Sachs saying on Tuesday they forecast Brent prices may drop to $52 a barrel by the fourth quarter of next year. The Goldman analysts attributed the past week's slump in Brent prices to indications "the long-anticipated global surplus has started to show" in satellite data on global oil stockpiles and inventory data from the IEA and the Energy Information Administration in the U.S. Still, if the U.S. and China reach some broader agreement in their trade dispute, that could provide a boost, or at least a floor, for prices. Investors are pinning their hopes on a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping next week in South Korea but disputes over tariffs, technology, and market access remain unresolved. "As long as there's no new bearish news, oil prices have a natural need to rebound from oversold levels. At present, if there are expectations of improvement in China–U.S. economic and trade talks, the probability of a rebound increases," said Yang An, analyst at Haitong Securities. Overall though, the market remains watchful for further signs of inventory builds. Expectations are that U.S. crude oil stockpiles likely rose last week, a preliminary Reuters poll on Monday showed, ahead of weekly reports from the American Petroleum Institute and the EIA. [EIA/S] (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sonali Paul and Christian Schmollinger)

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