Australia

Asian shares rose on Wednesday, capping off a year of rapid artificial intelligence-driven gains. Commodities such as gold and silver also extended their bullish trend to new highs, as 2025 approaches. Overnight, on Wall Street the S&P 500 closed at a record high as the long-elusive Santa Claus rally finally took hold. The U.S. economic data that showed the economy expanding at a faster rate than expected in the third quarter helped boost risk sentiment, but also weighed on bonds. Early Asian trading was dominated by gold and silver. Gold spot prices rose 0.8%, to $4,524 an ounce. This brings...

Wall Street opened higher, while the yen fell to near-all-time lows versus the euro. Higher interest rates put pressure on Japanese government bonds. S&P 500 futures rose 0.4%. Nasdaq futures gained 0.1%. MSCI's broadest world share index added 0.2%. Due to the fact that the?U.S. The?U.S. Investors are primarily focused on closing the year before January's inflation and labour market releases," he said. Even though it was a holiday-shortened weekend for most of the world, momentum funds continued to flow to equities and precious metals ahead of delayed data which is expected to show that the U.S. economic growth has...

Asian shares rose broadly on Monday, tracking Wall Street's tech-driven gains. Meanwhile, the yen fell to new lows against the Euro and Swiss Franc due to higher interest rates. Even though it was a holiday-shortened weekend for most of the world, momentum funds continued to flow to commodities, precious metals, and equities ahead of delayed data which is expected to show that the U.S. economic growth has been strong in the third quarter. Median estimates predict an annualised increase of 3.2%. This is due to a sharp drop in imports following a surge earlier in the year before the introduction...

Early trading Tuesday saw European stocks fall as traders remained cautious ahead of important U.S. employment data. The dollar also remained near its lowest level in the past two months. Investors waited for the U.S. Employment Reports for October and November due later in session. Data collection was delayed during the U.S. Government Shutdown. After the Fed's comments when it reduced rates last week were interpreted as being less hawkish that anticipated, this could affect expectations for the U.S. Federal Reserve monetary policy in the coming year. This would strengthen expectations for further rate cuts by 2026. The stock markets...

Asian stocks fell on Tuesday while the dollar drifted to two-month lows. Investors adopted a cautious stance ahead of the release of several U.S. economic data including the jobs report that could 'help gauge the direction of Federal Reserve policy for next year. Risk assets were under pressure due to the defensive mood, including bitcoin. Bitcoin, which?hit an all-time low of two weeks in the previous session, was down by 0.3%, at $86,017.67. Nasdaq Futures dropped 0.8%, and European Futures declined 0.5%. Hang Seng's technology index fell 2.7%. The MSCI broadest Asia-Pacific share index outside Japan fell by 1.45%, its...

Investors reined-in risk-taking as they began a week that would be peppered with important central bank decisions and data release. MSCI's broadest Asia-Pacific index outside Japan fell 1%. This was largely due to a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year. Chris Weston said, "We are now in the last week of trading before many close their books for 2025 and call it an end of year," said Chris Weston. He is head of research at Pepperstone Group based in Melbourne. "Some may have already...

European stocks were up on Friday. They are on track to make a third consecutive weekly gain, as the Fed's recent interest rate cut boosted sentiment. However, Wall Street futures indicated some lingering caution following the previous session's sell-off in tech-stocks. Investors were wary of artificial intelligence bets after Oracle, a cloud computing company, announced massive spending and poor forecasts. Broadcom's warning on margins added to investors' concerns. The move on Thursday had a limited effect on the wider risk appetite, as both S&P 500 & Dow hit new highs. On Friday, Wall Street futures fell during Asian trading while...

Asian stocks rose in the early hours of Friday's trade, following overnight gains on Wall Street. However, a new decline in Oracle shares sent jitters throughout the tech sector. The financial markets had to?move fast this week in order to regain their footing when the Federal Reserve cut interest rates Investors were stressed by the fact that the hawkish view was less than expected. The Dow, Russell 2000 and Nasdaq all reached new highs on Thursday. Softbank Group shares surged 6% in the morning after Bloomberg News reported that it was considering acquiring a U.S. company called Switch Inc. S&P...

The dollar suffered losses following the Federal Reserve's interest rate cut. Bonds were also firm. Oracle shares fell more than 11% in Asia trading. S&P futures were down 0.9% and Nasdaq futures 1.3%. AI-related stocks suffered the most in Tokyo as Oracle missed its profit and revenue forecasts, and executives cited higher spending as a sign infrastructure investments aren't turning into profits at the rate investors had expected. Japan's Nikkei Index fell by 1%, with the AI-exposed SoftBank Group contributing 7.5% to the decline. The Hang Seng index in Hong Kong rose only 0.06%. MSCI's broadest Asia-Pacific share index outside...

Stocks fell on Monday, after a strong November. A bout of risk-aversion gripped the markets as optimism about U.S. interest rate cuts remained unchanged. The yen strengthened as investors considered the possibility of a rate increase as early as this month. Investors were looking for clues about the timing of the next rate hike as Bank of Japan governor Kazuo Ueda spoke in Nagoya. Ueda told business leaders in an address that the central banks would weigh the "pros" and "cons" of raising interest rates at their next policy meeting. This was the strongest indication yet as to whether or...

Asian shares will end a difficult November on a more stable footing as renewed hopes of a U.S. interest rate cut have helped calm valuation fears and Treasuries are rallying for the fourth consecutive month. The U.S. market, which was closed for Thanksgiving overnight, is due to have a shorter session on Friday. This means that activity will be more muted across all major asset classes than usual. The majority of European stocks were higher while currencies were more calm. In Asia, European stock futures rose by 0.1% while FTSE Futures rose by 0.2%. Wall Street futures, however, were affected...

Asian shares will end a difficult November on a more stable footing as renewed hopes of a U.S. interest rate cut have helped calm valuation fears and Treasuries are rallying for the fourth consecutive month. The U.S. market, which was closed for Thanksgiving overnight, is due to have a shorter session on Friday. This means that activity will be more muted across all major asset classes than usual. The majority of European stocks were higher while currencies were more calm. MSCI's broadest Asia-Pacific share index outside Japan was flat Friday. It is now on track to gain 3% in the...

Australian shares rose on Monday as mining and gold stocks extended gains to reach record highs. This was due to a rise in commodity prices that overshadowed the losses of?energy companies. S&P/ASX 200 index increased 0.2% to 8,777.90 by 2319 GMT. The benchmark index fell by 0.4% before the markets closed on Boxing Day and Christmas Day. The mining stocks rose by 1.1%, reaching a new record high. Copper prices reached a new high on Friday and iron ore prices also increased. Rio Tinto, the world's largest iron ore company, rose 0.7% following a?briefly reaching another record high. The Anglo...

China's iron ore state buyer uses increasingly aggressive tactics against mining giants like BHP in order to tighten their grip on the $132 Billion seaborne market, and to extract better terms from steel?mills. This is happening just as an enormous new supply source is about to strengthen China's hand. China Mineral Resources Group, (CMRG), in November asked their steel mills and traders to refrain from buying spot cargoes for a second BHP-product. This was months after the group blacklisted a product that had raised concerns with Australia's top supplier. Analysts and traders said that the standoff over a supply deal...

SolGold, a gold and copper mining company, announced on Wednesday that it had reached an agreement to be purchased by Jiangxi Copper. The deal valued SolGold at $867 million pounds ($1.17billion). The 28 pence per share deal represents a 43% premium over SolGold, a company focused on Ecuador that closed its stock price the previous day (November 19), the day Jiangxi approached the company to do a deal. SolGold's share price closed at 25.65 pence on Wednesday, a trading session that was shortened due to the holiday. The agreement gives Jiangxi the control of SolGold's Cascabel Project in Ecuador's Imbabura...

Export Finance Australia has sent a non-binding support letter to Latrobe Magnesium, Australia. The letter could be used to fund the construction of a magnesium plant in Victoria. The U.S. will provide support for the development of stage 2 of the commercial magnesia extraction facility as part of a deal with Australia that aims to counter China's dominance of the minerals industry. Magnesium, which is used to produce steel and titanium in China, is the world’s largest producer. Construction of the 'plant, which will process up to 10,000 tons of magnesium each year, is estimated to cost approximately A$250,000,000 ($166.70...

Guinea and EGA talk to avoid legal battles over assets seized EGA loses GAC license due to row over alumina refinery Nimba Mining to increase bauxite production By Maxwell ?Akalaare Adombila DAKAR, 16 December - Guinea and Emirates Global Aluminium are in discussions over a 'possible bauxite agreement, which would see the company sourcing the 'aluminium /feedstock from Guinea’s state-owned Nimba Mining. Guinea's military government, following a dispute that lasted a year over the construction an alumina refining plant, revoked Guinea Alumina Corporation's licence in July. The company then transferred its mining assets to Nimba Mining. Sources, including a government...

Three industry sources have confirmed that gold mining companies in the Ivory Coast are now paying an 8% royalty backdated to January after months of disputing its legality. The world's largest cocoa producer has replaced the previously linked 3%-6% contract rate with a flat 8%?rate. The miners refused to pay at first, claiming that it was illegal because their contracts protected them from fiscal changes. They then entered into negotiations with the government in order to get the new royalties scrapped. The three people who are familiar with the issue, but declined to be identified because they weren't authorised to...

Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global...

Intel, the U.S. chipmaker, lost its appeal against a 376 million euro ($438 millions) EU antitrust penalty imposed two years earlier for 'thwarting competitors.' But it gained some comfort as Europe’s second highest court reduced the fine by a third. The European Commission (which is the EU's competition enforcer) handed out the fine in 2023, after the court threw out an earlier penalty of 1.06 billion euro imposed by the tribunal in 2009 for blocking Advanced Micro Devices. The 376 million Euro fine was a result of payments Intel made to HP, Acer and Lenovo between November 2002 and December...

The U.S. Military said it plans to build a fleet small-scale refineries that will produce the critical minerals needed to manufacture bullets, armor, and other types of weaponry. This is a step to create domestic sources of niche materials, which Chinese miners have 'long controlled. Plans, not previously announced, are being developed jointly by the U.S. Army, the Idaho National Laboratory, and the antimony and gold mining company Perpetua Resources. Antimony is the first mineral that the military wants to refine. The Army has said that it will not produce large quantities of minerals for private consumption. However, a small-scale...

China's imports of iron ore in November dropped for the second consecutive month by 0.7% compared to the previous month. The decline was due to a decrease in buying interest after several mills began equipment maintenance because profit margins were shrinking. Data from the General Administration of Customs revealed on Monday that China imported 110.54 millions metric tons of this key ingredient for steelmaking last month. It was less than 111.3 millions tons in October, but higher than 101.86 in the same month of last year. Last month, more steel mills performed maintenance on furnaces as iron ore prices remained...

Australian shares fell on Monday. Miners and gold stocks were the worst hit, but investors are bracing themselves for tighter monetary policies from the central banks this week. As of 2311 GMT the S&P/ASX 200 was down by 0.2%, at 8,620.4, after a winning streak of four sessions. The benchmark index closed Friday 0.2% higher. A poll conducted last week indicated that the Reserve Bank of Australia will likely leave its cash rate unchanged on December 9 at its final meeting in 2025. Recent data showed a resurgence of inflationary pressures, and the economy had grown at its fastest pace...

Anson Resources, based in Australia, announced on Monday that it had signed a nonbinding Memorandum of Understanding with Utah-based Nusano for the supply of lithium chloride to be used in advanced manufacturing and nuclear applications. Anson will provide samples of lithium chloride from its Green River Project in Utah to be tested for qualification. Talks are aimed at an agreement covering a five-year period and at least 300 tonnes equivalent lithium carbonate per year. Nusano is a privately-held company that plans to use Anson’s lithium chloride feedstock in order to produce lithium-6, lithium-7, and other isotopes for the nuclear sector...