TotalEnergies posts record quarterly profit as French cost-of-living protests loom

■ Steady

Oil majors post big profits as Middle East war lifts prices and inflation

BP reported a third-quarter underlying replacement cost profit of $8.46bn on Friday, up from $2.2bn a year earlier, and TotalEnergies posted record quarterly profit. On Thursday, Shell said its adjusted profit doubled to $10.8bn, and Google's stock hit a six-month low, wiping about $500bn from its value. Energy-driven inflation is also affecting policy, with the Bank of Canada raising rates and India warning on fuel and energy prices.

• BP beat analyst expectations of $7.33bn, citing the Middle East war driving up oil and gas prices; Shell will return $5bn to shareholders.
• Google's decline followed its disclosure that AI search summaries were affecting ad revenue.
• The Bank of Canada raised its key rate by a quarter point on Wednesday, its first rise in three years, as energy prices pushed up inflation.
• ECB President Christine Lagarde will step down in February 2027, months before her term ends.