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Australian shares end lower, dragged down by financials, weak quarterly GDP information
Australian shares ended lower on Wednesday, dragged down by financials as information revealed the economy grew less than anticipated in the third quarter and as financiers priced in rate cuts by the Reserve Bank of Australia (RBA) from April. The S&P/ ASX 200 index alleviated 0.4% to 8,462.6 points. The sub-index scaled a lifetime high of 8,514.50 points on Tuesday. Australia's economy grew by less than anticipated in the third quarter as data from the Australian Bureau of Stats revealed real gdp (GDP) grew 0.3% in the September quarter, missing market forecasts of 0.4%. The weaker-than-expected quarterly GDP figures not only cooled recent stock market optimism, however also advanced expectations for the RBA's first rate cut from May 2025 to April 2025, said Hebe Chen, a market expert at IG. Rate-sensitive banking stocks led losses, closing 0.8% lower. The Big Four banks shed between 0.5% and 1.6%. Bucking the trend, miners finished 0.7% greater to its highest closing in over 3 weeks on remaining optimism surrounding China stimulus. Heavily-weighted BHP Group, Fortescue and Rio Tinto advanced in between 0.7% and 1.4%. Shares of Lynas Rare Earths ended 5% greater after China banned exports of some critical mineral to the U.S. Gold miners closed 0.9% higher, putting Advancement Mining and ASX-listed shares of Newmont Corporation among leading gainers on the benchmark. New Zealand's benchmark S&P/ NZX 50 index closed 1.5%. lower at 12,896.67 points, logging losses for a 2nd. consecutive session.
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Australia's Lynas near 3-week high after China prohibits export of important minerals to United States
Shares of Australia's Lynas Rare Earths climbed to a near threeweek high on Wednesday, a day after China prohibited exports of some critical mineral to the United States. China on Tuesday prohibited exports of gallium, germanium and antimony that have prevalent military applications to the United States, intensifying trade stress after Washington's. newest crackdown on China's chip sector. China's choice has actually raised concerns that it could target. other critical minerals, including those with even broader usage. such as nickel or cobalt, and rare-earths. Shares of Lynas, the world's greatest producer of uncommon earth. minerals outside China, ended the session up by 5% at A$ 7.32,. and was amongst the top gainers on the benchmark ASX 200,. which slipped 0.4%. The ban signifies the near-inevitability of an increased. U.S.-China trade war 2.0, as Beijing continues its tit-for-tat. action to Washington's chip constraints, said Hebe Chen, a. market analyst at IG. This increasing stress might potentially place Australia, a. crucial player in the international critical minerals market, to capitalize. on increased demand and diversify its export partnerships, Chen. said. The order also requires more stringent review of end-usage of. graphite items exported to the U.S. Shares of graphite companies in Australia such as Syrah. Resources and Renascor Resources closed 13.6%. and 3.3%, respectively.
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Oil rates edge up on geopolitical stress, OPEC+ supply plans
Oil rates firmed on Wednesday as market individuals weighed up geopolitical stress and the possibility of OPEC+ extending supply cuts against weaker need. Brent crude futures rose 16 cents, or 0.2%, to $ 73.78 a barrel by 0440 GMT, while U.S. West Texas Intermediate unrefined futures got 14 cents, or 0.2%, to $70.08. On Tuesday, Brent published its biggest gain in two weeks, increasing 2.5%. An unsteady ceasefire between Israel and Hezbollah, South Korea's reduced statement of martial law and a rebel offensive in Syria that threatens to attract forces from a number of oil-producing nations, all lent support to oil prices, said Priyanka Sachdeva, senior market expert at Phillip Nova. Oil markets, nevertheless, are largely marking down a perfectly provided 2025 in the middle of slow need signals from the U.S. and China, the world's leading 2 economies, she added. Weaker demand signals from mainland China are raising issues about need in the oil market ... The world's biggest crude oil importer may have a hard time to maintain its substantial share of international need by 2025. Meanwhile in the U.S., crude oil inventories increased 1.2 million barrels recently, market sources stated, pointing out data from the American Petroleum Institute. Gas inventory also rose, by 4.6 million barrels, even though the week consisted of Thanksgiving when need generally increases as families travel by car for vacation parties. Authorities data on oil stocks from the U.S. Energy Info Administration is due on Wednesday at 10:30 a.m. ET (1530 GMT). Experts polled anticipate a 700,000 barrel decrease in crude and a 639,000 barrel increase in gas. Also supporting costs, the Organization of the Petroleum Exporting Countries and allies, or OPEC+, will likely extend output cuts up until completion of the first quarter next year when members fulfill on Thursday, market sources informed Reuters. OPEC+. has actually been looking to gradually phase out supply cuts through next. year. The main problem facing any return of OPEC+ supply is that. non-OPEC supply development in 2025 is expected to eclipse the development. in global oil demand, stated Commonwealth Bank of Australia. analyst Vivek Dhar in a note. The International Energy Company anticipates non-OPEC supply. growth, led by the U.S., Canada, Guyana and Brazil, to increase. supply by 1.5 million barrels per day (bpd) next year. Global. oil need is only expected to lift about 1 million bpd as. China's oil demand is expected to remain suppressed. In the Middle East, Israel said on Tuesday it would return. to war with Hezbollah if their truce collapses, and its attacks. would go deeper into Lebanon and target the state itself. The. remark followed the most dangerous day because Israel and Hezbollah. accepted a ceasefire recently. In neighbouring Syria, rebels advancing against federal government. forces pushed close on Tuesday to the major city of Hama, rebels. and a war screen said, after their surprise capture of Aleppo. last week.
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Salunda to Equip Transocean Endurance Rig with Monitoring Solution
Salunda, a provider of digitized solutions for safety critical industries, has secured a contract to install its HaloGuard zone monitoring solution on the Transocean Endurance semi-submersible rig in Australia.The award marks Salunda’s first installation of the patented zone monitoring product in Australia and the wider Asia Pacific region.The HaloGuard system, which incorporates Salunda’s patented CrewHawk real-time location technology, combines real-time location technology together with a machine vision system.The technology is designed to locate personnel on the drill floor during operations. When a crew member comes within a certain distance from working equipment, he or she is notified by an alarm through a wearable device. In the event the crew member remains near the equipment, the system can pause the equipment from moving until that worker returns to a safer, more distant position. Additionally, if unauthorized personnel enter the zone, HaloGuard sends an alert directly to the area authority. By enabling machines with the technology to sense and recognize the location of personnel on the drill floor, Haloguard provides an advanced layer of individual protection that can, if needed, warn personnel of hazards and pause operations.(Credit: Salunda)“Our ultimate goal for HaloGuard is to enhance the safety of critical operations. As the oil and gas industry continues to automate, the deployment of advanced technologies that can detect and notify personnel and equipment on the drill floor, and if needed, pause operations, can enhance the safety and improve the efficiency of operations,” said Alan Finlay, Salunda Chief Executive.
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RWE Receives Construction Permits for Polish Offshore Wind Farm
Polish authorities have issued two construction permits to RWE for its Baltic II offshore wind farm.The permits cover construction of offshore wind turbines along with inter-array and telecommunications cables and offshore substation for the 350 MW offshore wind farm.The project is being developed some 50 km offshore in the Polish part of the Baltic Sea, north of the town of Ustka, and covers an area of approx. 41 square km.In 2021, the Energy Regulatory Office granted RWE a Contract for Difference (CfD), subject to approval by the European Commission.Seabed surveys were completed, and both geophysical surveys and preliminary geotechnical surveys were carried out by Polish contractors.The Baltic II offshore wind farm is at an advanced stage of preparation, pending further decisions and administrative approvals, with the commissioning planned by end of decade.“We have obtained the building permits for our offshore wind farm. This is a very important milestone for the whole F.E.W. Baltic II project. We plan to obtain all remaining building permits in the first quarter of 2025. These documents will allow us to continue with our first offshore wind project in the Polish Baltic Sea as planned,” said Tomasz Kreft, Team Lead Offshore Consenting at RWE.
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Iron ore dips as trade tensions between China and US intensify
Iron ore futures costs slid on Wednesday on riskoff sentiment stimulated by the escalation of trade stress between United States and China, although lingering expectations of fresh Chinese financial stimulus topped losses. The most-traded January iron ore agreement on China's Dalian Product Exchange (DCE) ended early morning trade 0.19%. lower at 807 yuan ($ 110.84) a metric load. The benchmark January iron ore on the Singapore. Exchange was 0.67% lower at $104.4 a heap, as of 0405 GMT. China on Tuesday banned exports of crucial minerals gallium,. germanium and antimony that have prevalent armed force. applications to the United States, a day after Washington's. most current crackdown on China's chip sector, escalating trade. tensions. That has actually broadly weighed on investors and traders' cravings,. sending out downward pressure to rates of the crucial steelmaking. ingredient, said experts. However, hopes of more fiscal stimulus from China's upcoming. Central Economic Work Conference limited losses, as the country. is the world's most significant consumer of metals. The market is holding high expectations for incremental. stimulus ... domestic ore need remains resilient, experts at. Sinosteel Futures said in a note. That said, potential customers of growing abroad supply also restricted. the upside capacity for rates, according to experts. Vale, one of the world's biggest iron ore. providers, on Tuesday approximated that it would produce between. 325 million and 335 million lots of iron ore in 2025, compared. with about 328 million heaps this year. Other steelmaking active ingredients on the DCE tumbled, with. coking coal and coke down 3.33% and 3.35%,. respectively. Plentiful supply and a lack of market self-confidence weighed on. prices of coking coal and coke, analysts at Galaxy Futures said. in a note. A lot of steel benchmarks on the Shanghai Futures Exchange lost. ground on lower basic materials rates. Rebar fell 0.96%, hot-rolled coil slipped. 0.79%, wire rod shed 0.98% while stainless-steel. gotten 0.31%.
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London copper eases from near two-week peak as dollar gains back ground
London copper rates retreated on Wednesday from a near twoweek high, as the dollar gained back some ground, while concerns over China's need outlook and capacity U.S. tariffs persisted. Three-month copper on the London Metal Exchange (LME). fell 0.4% at $9,076 per metric heap by 0325 GMT after. hitting its highest level given that Nov. 20 on Tuesday. The U.S. dollar recuperated from a three-week low and held its. ground versus other significant rivals as traders contemplated the. possibilities of a rates of interest cut by the Federal Reserve this. month. A more powerful dollar makes metals more expensive for holders. of other currencies. For metals, the questions are mainly about what trade. policies the U.S. is likely to adopt and how China will. respond, HSBC analysts stated. U.S. President-elect Donald Trump has actually threatened to impose. substantial tariffs on Chinese imports. On Tuesday, Beijing prohibited. exports of items related to gallium, germanium and antimony to. the U.S., a day after Washington's most current crackdown on the. nation's chip sector. J.P. Morgan maintains a near-term bearish position on base. metals, keeping in mind that the prices in of a potential China tariff. risk premium is likely to continue for several more months previously. any possible positive catalysts, such as a reactive increase to. Chinese stimulus, are anticipated to materialize. Traders are looking forward to the Central Economic Work. Conference later this month in China, the world's leading metals. consumer, for indications of more financial or financial support. The most-traded January copper contract on the Shanghai. Futures Exchange (SHFE) increased 0.7% to 74,590 yuan. ($ 10,244.89) a lot. SHFE aluminium included 0.1% at 20,405 yuan a heap,. nickel rose 2.4% to 127,650 yuan, tin included. 0.5% at 243,030 yuan, while zinc decreased 0.1% to. 25,325 yuan and lead dropped 0.5% at 17,535 yuan. LME aluminium increased 0.1% to $2,611 a lot, nickel. gained 0.4% at $16,080, zinc lost 0.1% at. $ 3,092, lead fell 0.3% at $2,073.5 and tin. increased 0.4% to $28,925. For the top stories in metals and other news, click. or
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Gold consistent; all eyes on US tasks data, Fed Chair's speech
Gold rates steadied on Wednesday as markets waited for U.S. jobs data and remarks from Federal Reserve Chair Jerome Powell for further insights into the U.S. interest rate cut trajectory. Area gold held its ground at $2,644.42 per ounce, as of 0203 GMT. U.S. gold futures eased 0.1% to $2,666.40. The U.S. ADP employment report is due at 1315 GMT, ahead of the U.S. payrolls report on Friday. Powell is scheduled to speak later in the day in what is expected to be his last public remarks before the Fed's December meeting. The main element behind gold's drab motion is that markets prepared for a much shallower U.S. rate cut cycle for 2025, stated Kelvin Wong, OANDA's senior market analyst for Asia Pacific. Nevertheless, the longer-term bullish trend for gold remains undamaged in the middle of increasing trade stress and prospective stress on U.S. deficit spending, he included. U.S. central lenders signified support for more cuts, however none pushed strongly for or against doing so at their next meeting in two weeks. Authorities have been wary of offering too much guidance about how policy will likely progress, especially considering that President-elect Donald Trump's re-election last month. According to the CME Group's FedWatch Tool, traders see about 73% possibility of a 25-basis-points decrease by the Fed this month, with 80 bps of cuts expected by the end of 2025. On the other hand, information on Tuesday revealed that U.S. task openings increased reasonably in October while layoffs declined. A strong tasks report could lead the Fed to take a cautious position on cutting rates. Non-yielding bullion prospers in low rates of interest environment. According to Reuters technical analyst Wang Tao, spot gold may test support at $2,621 per ounce, a break listed below might open the method towards the $2,594-$ 2,608 range. Spot silver increased 0.1% to $31.06 per ounce, platinum dropped 0.2% to $951.90 and palladium shed 0.3% to $968.89.
OPEC+ likely to prolong oil cuts for Q1, sources say
OPEC+ is likely at its conference on Thursday to extend its newest round of oil output cuts until completion of the first quarter, four OPEC+ sources told Reuters, to supply additional assistance for the oil market.
OPEC+, which pumps about half the world's oil, has been aiming to loosen up output cuts through 2025. Nevertheless, a downturn in international demand and increasing output outside the group pose difficulties to that strategy and have weighed on prices.
It is most likely that this decrease will be extended for the very first quarter, among the sources informed Reuters. All of the sources declined to be identified by name. Another source said the possibility of a longer, six-month extension was unlikely.
OPEC+, which groups the Company of the Petroleum Exporting Countries and allies such as Russia, meets on Thursday to decide its output method.
Despite the group's supply cuts, global oil benchmark Brent crude has mainly remained in a $70 to $80 per barrel variety this year and on Tuesday was trading above $72 a barrel, having strike a 2024 low below $69 in September.
The probability of another OPEC roll of cuts into the first quarter is all but priced in, said John Evans of oil broker PVM.
OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global need, in a series of steps agreed given that 2022 to support the marketplace.
An output hike of 180,000 bpd - a fraction of the total - was planned for January from the 8 members associated with OPEC+'s latest cuts of 2.2 million bpd. The walking has actually been delayed from October due to falling rates.
Top-level talks within OPEC+ ahead of the meeting, which was earlier set up for Dec. 1, have actually concentrated on the length of a delay to the production hike, sources stated.
Saudi Crown Prince Mohammed bin Salman flew to the United Arab Emirates, the Saudi state news company said on Sunday, the initially such see in 3 years.
A concern that needs to be attended to is a 300,000 bpd output hike for the United Arab Emirates agreed in June that is set up to start in January 2025 and be phased in slowly. The UAE is keen for that to go ahead, the sources stated.
Recently, Saudi Energy Minister Prince Abdulaziz bin Salman, de facto head of OPEC, had a telephone call with Russian Deputy Prime Minister Alexander Novak and Kazakh Energy Minister Almasadam Satkaliyev while in Kazakhstan on an official visit.
Iraq, Saudi Arabia and Russia likewise held talks in Baghdad last week.
(source: Reuters)