United adds Starlink MLB streaming as Delta CEO defends premium travel

Oil eases on Trump Iran comment; Mercedes faces China pressure

United Airlines said Friday its flyers will be able to watch almost every Major League Baseball playoff game via DISH streaming supported by Starlink, the connectivity business of Elon Musk’s SpaceX. The announcement comes after Delta Air Lines CEO Ed Bastian defended his decision not to use Starlink for inflight Wi-Fi in an interview with The Wall Street Journal. United said it is offering a status match for members of Delta and American Airlines’ loyalty programs. “Quality inflight Wi-Fi is more important than ever to travelers, and because Starlink gives people the same — or better — connectivity in the sky than they can get at home, it’s a reason to choose United,” the airline said.

On a call with analysts, Bastian said wealthier Americans are putting more money toward travel, as the top 40% of U.S. households — which make up the majority of Delta’s customer base — have become nearly $40 trillion wealthier than they were a few years ago. He said those consumers are increasingly prioritizing experiences, including travel, and that the trend is helping Delta’s premium growth remain robust while main cabin trends continue to improve.

Bastian said U.S. airlines are bouncing back from elevated fuel costs faster this year, citing strong demand and a greater focus on profitability. He pointed to Delta’s fourth-quarter guidance, which includes a forecast for 20% revenue growth, as evidence of that resilience. “That’s a picture of structural durability you have not seen in prior cycles or fuel spikes within this industry,” Bastian said.

Oil prices fell Friday after President Trump said the U.S. would not attack Iran before the midterms, citing “productive” talks with Tehran, according to a Wall Street Journal market talk. In early European trading, Brent crude was down 0.8% to $103.48 a barrel, while WTI futures slipped 0.7% to $90.86 a barrel. The Journal reported that investors continue to price in extended supply disruption into next year as Houthi attacks on Saudi Arabia sustain the geopolitical risk premium and shipping in the Gulf remains under threat. Major oil producers had temporarily shut down Gulf of Mexico output ahead of Hurricane Isaias, raising concerns that power outages and flooding could disrupt refinery operations. U.S. refiners were operating above 90% of capacity to help offset war-driven global supply shortages, the Journal reported.

Mercedes-Benz could report a third-quarter adjusted cars EBIT margin below the company’s full-year guidance range of 3%-5%, according to Deutsche Bank analyst Tim Rokossa. Car sales volumes declined 8% on year in the quarter, primarily driven by a 31% drop in China, while Europe and the U.S. delivered mid-single-digit growth, Rokossa said. The mix was also unfavorable, with top-end vehicles down 21% on year compared with declines of 6% and 4% for the core and entry segments, respectively. “In addition to lower volumes and weaker mix, we expect profitability to be weighed down by higher raw material costs, increased depreciation and amortization, and elevated supplier-related expenses,” Rokossa wrote. Deutsche Bank rates Mercedes-Benz stock at buy with a 70-euro target price. Shares rose 1.7% to 39.69 euros.

Porsche delivered a credible midterm plan at its capital markets day — a “rather rare feature in an automotive sector lacking visibility,” according to Berenberg analysts Romain Gourvil and Tommy Whitfield. The company reiterated its 10%-15% medium-term margin target, alongside a new 9%-12% net cash flow margin target, while its liquidity and stricter cash flow focus also support a more generous earnings payout policy, the bank said. Porsche’s base case is centered on the lower end of these target ranges, based on relatively conservative assumptions, the analysts added. “The current valuation leaves Porsche trading on demanding near-term multiples, perhaps capping re-rating potential until we get closer to the 2028 margin inflection,” Gourvil and Whitfield wrote. Berenberg rates Porsche at hold with a 46-euro price target. Shares rose 0.9% to 41.34 euros.

Xiaomi’s confirmed orders for the SkyNomad SUV exceeded 70,000 in its first month of launch, broadly supporting its EV growth story, according to Goldman Sachs analysts. The headline figure “may fall short of the market’s most bullish expectations,” but demand compares favorably with the upgraded SU7 model when adjusted for launch duration, analysts led by Timothy Zhao wrote. The richer product mix also points to room for selling prices to rise, they said. Goldman reiterated its 450,000-vehicle sales target for Xiaomi this year, implying about 158,000 deliveries in the fourth quarter. The bank rates Xiaomi at buy with a target price of 39 Hong Kong dollars. Shares rose 9.7% to HK$25.96.

Russia and Ukraine are engaging with other channels to try to get grain shipments out of the Black Sea region, according to Commerzbank. “Russia is increasingly relying on its Baltic Sea ports for this purpose,” the bank said in a note, citing a representative from Russian Railways stating that the ports have almost tripled in capacity, to 23.5 million metric tons of grain. Ukraine is attempting to ship more grains via the Danube River, Commerzbank added. Even so, the flow of grains coming out of the Black Sea region is still much less than this time last year, showing how important the damaged ports have been to shipping operations. CBOT wheat was down 0.2%, corn was flat, and soybeans rose 0.4%, according to the market talk.

Malaysia’s offshore support vessel activity is expected to improve from 2027 onwards, according to Affin Hwang IB analyst Ong Tze Hern. The Malaysia Offshore Support Vessel Owners’ Association expects stronger demand as upstream activity expands in Peninsular Malaysia and Sabah, he noted. Vessel utilization is likely to recover before charter rates, while increased decommissioning work could provide further support, Ong said. However, the pace of recovery will depend on Petronas’ spending plans and approved budgets. Affin Hwang maintains a neutral rating on Malaysia’s oil and gas sector, and pegs Dialog and Bumi Armada as top buys.