Australia

The dollar was stable and government bond yields were rising. Global shares rose Monday on the back of optimism that a resolution to a historic U.S. shutdown is in sight. On Sunday, the U.S. Senate advanced a measure that would reopen federal government and put an end to a shutdown of 40 days. The shutdown has caused federal workers to be unable to work and food aid delays and slowed air travel. In a procedural motion, the Senate advanced a bill passed by the House. The amended version will fund government operations until January 30, and includes a package of...

Investors worried about the sustainability and growth of artificial intelligence stocks, while U.S. Treasury rates dipped. The Nasdaq has fallen about 3% this week. Chip stocks and other tech-related shares have also been among the worst performers. As optimism about AI drove markets to new highs, the Nasdaq gained more than half since April when U.S. president Donald Trump announced tariffs. The Financial Times, however, reported earlier this week that Nvidia CEO Jensen Huang warned the U.S. to be prepared for China's victory in the AI race. We're still seeing the AI selloff after our comments... about China winning in...

The major stock indexes rose Friday. All three major U.S. indexes posted record closing highs following news that U.S. Inflation rose less than anticipated last month. Meanwhile, the U.S. Dollar Index was almost flat. After a 0.4% increase in August, the U.S. Consumer Price Index increased by 0.3%, which was slightly below the 0.4% expected. This reinforced expectations that Federal Reserve policymakers will reduce interest rates during their next meeting. "Today's data on inflation shows that we are not in a similar crisis to 2022. Prices are rising, but in a controlled manner. Callie Cox is the chief market strategist...

On Friday, major stock indexes rose with U.S. shares reaching record highs on the news that U.S. Inflation rose less than anticipated last month. The U.S. Dollar Index was almost flat. After a 0.4% increase in August, the U.S. Consumer Price Index increased by 0.3%, which was slightly below the 0.4% expected. This reinforced expectations that Federal Reserve will reduce interest rates during its policy meeting next Monday. "Today's data on inflation shows that we are not in crisis like 2022. Prices are rising, but in a controlled manner. Callie Cox is the chief market strategist for Ritholtz in Charlotte,...

The dollar was stable and oil prices were down as traders waited to see U.S. data on inflation. Wall Street had Close higher On Thursday, sentiments were boosted by the White House's confirmation that U.S. president Donald Trump will be attending. Xi Jinping, the Chinese president, will be visiting Asia next week. The meeting was seen as an indication of the slight easing of tensions between China and the U.S. before a deadline of November 1, for additional U.S. duties on Chinese imports. The Shanghai Composite Index in China rose by 0.4% to its highest level since August 2015. European...

The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%....

The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. Oil prices rose 5% following Washington's sanctions against major Russian companies Rosneft, and Lukoil for the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indices. The MSCI All-World Index, however, fell 0.1% and is now heading towards its third consecutive day of decline. Chinese stocks recovered...

Wall Street stocks plunged on Tuesday as renewed trade tensions between Washington, Beijing and a prolonged U.S. Government shutdown dampened investor risk appetite. In early trading, all three major U.S. indexes were in negative territory. The tech-heavy Nasdaq was the most affected by megacap stocks. Crude oil prices dropped and gold prices, a safe haven, jumped above $4100. The International Monetary Fund report, which raised its outlook for global growth as the impact of tariffs and the financial environment has been more benign than anticipated, did not cause as much damage to the market. However it warned that a trade...

Asian stocks recovered in the early trading on Tuesday. There was a mixed recovery across regional equity markets, following signs that trade talks between the U.S. MSCI's broadest Asia-Pacific share index outside Japan rose 0.5% last, while S&P 500 Futures gained 0.3%. This extended the recovery from Monday's Wall Street session after U.S. Treasury Sec. Scott Bessent stated that U.S. president Donald Trump is still on track to meet Chinese President Xi Jinping at the end of October in South Korea. Wall Street's major indexes After Trump's more conciliatory remarks about the U.S. China trade tensions, chipmakers led to a...

Investor confidence was shattered by escalating U.S. China economic tensions, and the uncertainty surrounding political developments in Japan. Commodities also took a break after their recent surge. The broadest MSCI index of Asia-Pacific stocks outside Japan fluctuated in gains and losses. It was down by 0.4% last week as gains made during the previous week were erased when U.S. stock markets ended their session with modest declines. Hong Kong's shares fell the most by 1.8%. The Australian market, however, slipped 0.1%, despite volatile commodity markets. Stocks in South Korea surged by 1.4%, continuing the gains of the region's top-performing index....

On Thursday, the rally in European shares paused, as the FTSE 100 was dragged lower by banking stocks, and investors weighed the risks of a correction. Wall Street reached new record highs during the previous session as investors bet gains in technology shares, despite a U.S. shutdown that left traders without key economic data. Investors have been nervous about the U.S. government shutdown, political risks in Japan, and France this week. This has created a safe-haven market, which along with a weaker US dollar has pushed gold to $4,000 for first time. STOXX Down 0.2% On The Day At 1059...

Investors jumped on Wednesday as they seized on the prospect of lower rates and shrugged off the political drama in France, Japan, and the United States. Meanwhile, a prolonged U.S. shutdown pushed gold to $4,000 an ounce for first time. Gold prices have risen 50% in the past year due to the prospect of Federal Reserve rate cuts and the demand for safe-haven assets resulting from political and economic concerns. Gold is traditionally seen as a safe haven during periods of economic and political instability. The weaker dollar has also been a factor in this rally. It was driven by...

Liontown Resources announced on Wednesday that it has partnered with German digital commodity platform Metalshub for online auctions of spodumene from its Kathleen Valley Lithium project in Western Australia. After the announcement, shares of the Australian lithium mining company soared up to 5.7% to A$1.31, their highest level since the middle of 2024. This outperformed a 0.2% increase in the benchmark S&P/ASX 200. This tie-up aims to digitalise and streamline spot sales while promoting market pricing, as lithium buyers and producers adopt auction formats. The project will see the first 10,000 metric ton digital sale on November 19. Liontown plans...

Guinea's mines minister has told reporters that the country will accelerate the development of iron ore pellet and alumina refineries to stop decades of raw ore shipments. The first shipments of iron ore from the huge Simandou mine are expected this week. The World Bank stated in July that alumina and ore processing within Guinea could be a game changer for the country's economy, creating industrial jobs while reducing Guinea's exposure to swings in commodity prices. Guinea exports about 60% of its bauxite to China as a feedstock, and a third is iron ore from the Simandou Mine, which is...

Marubeni Corp, a Japanese company, announced on Monday that it would invest in an Australian mineral sands development project run by RZ Resources. This follows in the footsteps JX Advanced Metals of Japan who struck a similar agreement with RZ Resources earlier this year. Marubeni has agreed to pay A$15m ($9.75m) towards options that will grant it up 5% of the equity in RZ's Copi Mineral Sands Mine Project in New South Wales, as well as certain marketing rights if the feasibility of the project is confirmed. RZ, the owner of the Copi project, as well as a mineral separation...

According to a memo sent to Newmont's staff, the company has reduced its workforce by 16% as part of restructuring after acquiring Australian miner Newcrest. In the memo, it was stated that the reductions included job eliminations, vacancies unfilled, and changes in role levels. This reflected efforts to streamline operations, and integrate both companies. Newmont purchased Newcrest for $17 billion in 2023. Following the acquisition, Canada's largest gold producer, sold over $2 billion worth of Canadian assets. It also cut jobs, and reduced debt to reduce non-core operations. Newmont, as part of its integration process, launched a revamp project known...

China's imports of iron ore in October were above 100 million tonnes for the fifth consecutive month. This was due to robust shipments, boosted by rising prices and a resilient demand by the world's biggest consumer. The General Administration of Customs reported on Friday that China imported 111.3 millions metric tons of this key ingredient for steelmaking last month. The volume in October was higher than the 103.84 millions tons recorded in the same month of 2024. It was also the second highest total for the year so far, despite the fall of 4.32% since the record high monthly in...

Australian shares were little altered on Friday as gloomy performances in the financial sector following a disappointing profit half-year from Macquarie, a top investment bank, partially offset gains in local stocks in energy, real estate and healthcare. As of 2349 GMT the S&P/ASX 200 was flat at 8,826.80, and is on course for its second consecutive weekly loss if current momentum continues. Macquarie Group shares fell 5.5%, their lowest level in over five months. The lender missed expectations on its half-year profits due to a lacklustre commodity division. CBA, the top lender in Australia, lost 0.8% and ended a winning...

The UK's FTSE 100 remained flat on Wednesday, as the losses of heavyweight banks were countered by gains in energy shares. Investors are now focusing on a Bank of England rate decision this week and on more corporate earnings. The blue-chip FTSE 100 index remained flat at 9712.2 by 1126 GMT. The rise in crude oil prices led to a 0.3% increase for heavyweight oil and gas companies. Standard Chartered, Barclays and other banks trimmed gains in the broader index. Personal goods were the leading gainers with a 1.6% increase. Precious metal miner's fell 2%. The Bank of England will...

Australian shares dropped for the second consecutive session on Wednesday, as investors shifted from commodity stocks to banks in search of stability and higher returns amid the cautious policy stance of Australia's central bank. The S&P/ASX 200 Index fell 0.1%, closing at 8,802 points. This is its lowest level since September-end and it now stands 313.2 points lower than its record high of 9115.20 points hit on October 21, 2010. Fortescue fell 2.5% due to lower iron ore, and Rio Tinto too. Gold stocks fell 1.1%, as the sector that recently propelled ASX200 to record levels dropped to follow bullion's...

EU antitrust regulators warned on Tuesday that the plan of Hong Kong-listed MMG to purchase Anglo American's Brazilian Nickel business could allow MMG to divert Ferronickel away from Europe, and harm European stainless steel production. The European Commission, the EU's competition enforcer opened a detailed investigation into the deal amid global concerns over the supply of key mineral and China’s dominance. Anglo American announced The sale In February, two ferronickel projects and two greenfields in Brazil were completed. In a recent statement, EU Antitrust Chief Teresa Ribera stated that ferronickel is an important input for European producers in order to...

A letter seen by the Board shows that the activist fund Palliser capital has increased pressure on Rio Tinto, asking it to launch a "now-or-never" counterbid to acquire Teck Resources. The letter urges Rio Tinto's dual listed structure to be unified and to spin off the base metals division to create a powerhouse in copper. In a letter dated October 17, Rio shareholders Palliser and Palliser encouraged the company to contest Teck's merger agreement with Anglo American in order to gain control over a copper portfolio of tier one that could produce combined 1.3 million tons of copper a year....

Australian shares made modest gains on Monday as Westpac's record closing after a profit beating offset weakness in gold stock. Investors largely stayed the course ahead of this week's central bank policy decision. The benchmark S&P/ASX 200 index closed 0.2% higher, at 8,894.8. The benchmark index gained only 0.4% in October. Westpac's gain of 2.8% lifted heavyweight financials by 1.3%. Australia's third largest lender in terms of market value reported a modestly better-than-expected annual profit, sending its share price to a new record high. Investors look at the results to see if the trend and the net interest margins have...

Tim Hodgson, Minister of Energy and Natural Resources, announced on Friday that Canada would accelerate mining projects totaling C$6.4 billion ($4.6billion) as part the Critical Minerals Production Alliance. The announcement was made at the conclusion of a two-day meeting of energy ministers and environmental ministers of the Group of Seven in Toronto. Hodgson stated that Canada, along with its G7 partners, will mobilize both public and private capital in order to accelerate the production of graphite and rare earth elements. Canada has announced that as part of its alliance with Australia's Rio Tinto and Quebec-based Nouveau Monde Graphite, it signed...