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Lynas, an Australian company, invests in a new Malaysian facility to produce heavy rare earths to meet the rising demand
Lynas Rare Earths, a company based in Australia, announced on Wednesday a new separation plant in Malaysia. The announcement came as the company noted a growing demand for rare earth oxides that are sourced from outside China. Lynas is the largest rare-earth manufacturer outside of China. The project will cost approximately A$180,000,000 ($116.96,000,000) and have the capability to separate up 5,000 tonnes of heavy rare earth feedstock per year. Amanda Lacaze, CEO of Lynas, said, "Market demand is high for heavy rare Earths and we can be selective about where and at what price we sell them." Lynas Mt Weld in Western Australia and other sources will provide feedstock. The company stated that the timeline for construction of the project is subject to approval by regulatory agencies. Lynas is in talks with a number of partners to ensure that it can offer a wider range of products for fair prices. The shares of the company continued to decline for the fourth session in a row, falling more than 1% at A$15.63 by 2345 GMT following reports of a potential delay in Chinese restrictions on rare earths.
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Australian shares fall as healthcare stocks drag down; inflation data is in focus
Australian shares fell on Wednesday as healthcare stocks lost ground to miners. Local traders were cautious in advance of the third-quarter consumer prices data due later that day. By 2330 GMT, the S&P/ASX 200 index had fallen 0.1% to 9,002.10 point. The benchmark index ended Tuesday 0.48% lower. Michele Bullock, Reserve Bank of Australia Governor, said after the bell Tuesday that an increase of more than 0.9% in core inflation for the third quarter would be a strong argument against a rate reduction at the Reserve Bank of Australia’s next meeting. Investors are now pricing in a 45.4% probability of a 25 basis-point rate reduction at RBA's next week meeting, before the release of inflation figures later on Wednesday. CSL shares fell 3.8% on the local exchange, for the second day in a row, after the company announced Tuesday that it would delay the U.S. separation of its Seqirus division. Banks fell 0.1%, with two of the "Big Four lenders" falling by around 0.4%. Commonwealth Bank of Australia (CBA) and ANZ Group, however, rose 0.3% and ANZ Group, respectively, 0.4%. Iron ore prices rose after China's recent proposal to limit steelmaking capacity. Rio Tinto (BHP) and Rio Tinto (Rio Tinto) both rose by 0.7%. Woolworths shares fell 0.3% in the company news after the firm reported a slight increase in its first quarter sales. Analysts at Jefferies noted that "the last six weeks of the Q1 weren't better than the first 8 weeks." The benchmark S&P/NZX 50 Index in New Zealand rose 0.4%, to 13,454.95 index points. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
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US appeals Court revives $2.5 Billion opioid lawsuit in West Virginia
The largest drug companies in the U.S. won a trial in 2022, but the U.S. Court of Appeals reversed that decision. The 4th U.S. The 4th U.S. The 4th Circuit has reopened the case and said that the lower court must re-evaluate if the three drug companies are responsible for paying for addiction treatment and prevention in the city and the county, on the basis of their alleged failures to stop "suspicious", large orders from pharmacies. Cencora's spokesperson stated that the company is disappointed with the ruling, and they are considering their next steps. This could include a second appeal. Cencora says drug companies have to "walk a tightrope" between providing necessary medication and preventing diversion of controlled drugs. Cardinal Health declined comment. McKesson has not responded to comments immediately. Huntington Mayor Patrick Farrell stated that the city is looking forward to a chance to hold drug distributors responsible for "the devastating damage that they have done to our city and to far too many families". Distributors had agreed to pay as much as $21 billion in order to settle the thousands of lawsuits filed against them by local and state governments across the nation. Communities in West Virginia, which was hard hit by the opioid crisis, chose not to join the national settlement and instead sought a larger recovery. In 2022, U.S. district judge David Faber ruled in favor the three drug companies, concluding that West Virginia's law on "public nuisances" did not create any liability for companies who sold prescription drugs and that the companies had met their obligation to report suspicious orders of drug to U.S. regulatory agencies. The 4th Circuit reversed those findings. The appeals court determined that the three drug manufacturers shipped opioids to pharmacies repeatedly in quantities exceeding the distributors thresholds for "suspicious orders" without reporting to the U.S. Drug Enforcement Administration. According to the 4th Circuit, Cencora (formerly AmerisourceBergen) supplied 775 potentially suspect orders over a period of five years from a single Cabell County pharmacy, but only reported 16 orders to the DEA. Dietrich Knauth reported from New York, and Nate Raymond from Boston. Richard Chang and Aurora Ellis edited the story.
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Sources say that US officials meet with mining executives in Brazil to talk about rare earths.
The U.S. The U.S. According to anonymous sources, the meetings took place on the sidelines an event that was taking place in Salvador in the state of Bahia in the northeastern part of Brazil. Rare earths are expected to come up in the negotiations between Brazil and the U.S. aimed at removing the tariffs placed by President Donald Trump against Brazilian products. One source said that the discussions also show how the U.S. seeks alternative suppliers in the face of trade disputes with China which dominates rare earths markets. This source who was present at the meeting said that Escobar talked about partnerships between U.S. mining companies and Brazilian miners to explore rare Earths. Brazil is a country with vast mineral reserves, despite its small production. These minerals are vital for the manufacture of high-tech equipment. A second source confirmed that St George Mining of Australia, which operates a rare-earths project in Minas Gerais, was present at the meeting. Julio Nery of the mining lobby group Ibram confirmed that Escobar had met with representatives in the sector but refused to provide any details. "He has already met with Ibram at least three or four occasions and requested to meet with Raul Jungmann," Nery said, referring Ibram president Raul Jungmann. Reporting by Lisandra paraguassu from Brasilia, and Marta Nogueira from Rio de Janeiro. Fernando Cardoso wrote the article. Natalia Siniawski edited it.
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The long-stalled campaign to make daylight savings time in the US permanent has failed.
The U.S. Senate took up a long-stalled attempt on Tuesday to end daylight saving time and make it permanent, but failed to reach a consensus. Senator Rick Scott (a Republican) and other senators took the floor Tuesday to urge passage of the first unanimously-approved bill in March 2022. Senator Tom Cotton, however, said that he would be opposed to any attempt to speed up the bill. Congress has been debating the issue for many years. The issue was discussed in a hearing held earlier this year, and President Donald Trump supported the change. However, it does not seem to be any closer to an agreement. In the United States, standard time returns on Sunday.
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Stocks reach record highs on tech boost as Fed and earnings are in focus
The global shares rose to a record intraday on Tuesday, helped by signs that trade tensions have cooled between the U.S. The U.S. Federal Reserve will announce its policy on Wednesday, kicking off a week of announcements by central banks around the world, including those in Japan, Canada, and Europe. According to CME's FedWatch Tool, the Fed is widely expected at this meeting to reduce interest rates. Markets are pricing in a 99.9% probability of a 25 basis point rate cut. The markets have been boosted by expectations of a lower interest rate path from the central banks, as well as recent signs of an easing of trade tensions between China and the U.S. This has sent stocks higher, and kept the yield on the 10-year U.S. Treasury anchored near multi-month lows. The ongoing U.S. shutdown has also led to an absence of economic data that investors can parse. Investors have turned to other sources for information on the state of the economy due to the lack of official data. The ADP National Employment Report released its first weekly estimate on Tuesday. It showed that private payrolls in the United States increased by 14,250 jobs per week over the last four weeks. Subadra Rajappa is the head of U.S. Rates Strategy at Societe Generale, New York. She said: "Volatility was extraordinarily low, which in some ways, surprised me, but it appears to be very stable and you are seeing a continued rally in risky asset classes." "It's been difficult to read the economy, particularly for the Fed meeting. You have lower yields, a more favourable financial environment, a drop in inflation, and a somewhat stable job market." At their meetings, the European Central Bank (ECB) and Bank of Japan will likely keep rates largely unchanged. DOW LEADS GAIN AMONG MAJOR INDEXES Wall Street closed with another record. This was boosted by a 2% gain in Microsoft following a deal it made that allowed OpenAI to restructure as a public benefit company while giving the megacap a 27% share in ChatGPT. Also providing a boost was a 5% jump in Nvidia after CEO Jensen Huang said the artificial-intelligence chip leader will build seven new supercomputers for the U.S. Department of Energy, and the company has $500 billion in bookings for its AI chips. The Dow Jones Industrial Average rose by 161.78 points or 0.34% to 47,706.37. The S&P 500 gained 15.73 points or 0.23% to 6,890.89, and the Nasdaq Composite gained 190.04 or 0.80% to 23,827.49. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. He added that "enthusiasm" about Trump's Asian visit has also been expressed. Stocks have been rising as U.S. president Donald Trump and Chinese counterpart Xi Jinping meet to discuss a framework to halt the tougher U.S. trade tariffs and China’s export restrictions on rare earths. This could ease market concerns about escalating a trade war. This week, Microsoft, Alphabet Apple, Amazon, and Meta Platforms will report their earnings. Investors will be watching closely to see if the results justify high valuations. More than four out of five S&P companies beat expectations LSEG data shows that 86.7% of the 180 S&P companies who have announced earnings up to Tuesday morning have surpassed analyst expectations. MSCI's global stock index rose 21.18 points or 0.12% to 1,013.68. It had previously reached a record high of 1,015.73, while the pan-European STOXX 600 closed down 0.22%. The yield on the benchmark 10-year U.S. notes dropped 2.1 basis points, to 3.976%. The dollar index (which measures the greenback versus a basket currencies) fell 0.07% at 98.70. Meanwhile, the euro rose 0.11% to $1.1656. The dollar fell 0.52% against the Japanese yen to 152.07, after comments from a Japanese Minister and U.S. Treasury Sec. Scott Bessent helped ease some concerns over a more expansive fiscal policy and monetary policies in Japan. The value of the pound fell by 0.45%, to $1.3275. U.S. crude oil settled at $60.15 a barrel, down 1.89%, while Brent settled at $64.40 a barrel, down 1.86%. Investors weighed the impact of U.S. sanction on Russia's largest oil companies, along with a possible OPEC+ production plan.
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Utility Edison exceeds profits estimates with higher electricity rates
Edison International announced a higher-than-expected third-quarter profit on Tuesday as it benefited from increased rates for its service. Utilities can raise electricity rates by using general rate cases (GRC). Regulation utilities initiate the proceedings to request a rate hike based on their total costs of providing services and claim a revenue shortage. The U.S. power companies are looking to increase their customers' electricity bills in order to meet the rising demand for AI-focused datacenters, domestic manufacturing, and extreme weather conditions like wildfires. Southern California Edison (a subsidiary of Edison International) posted an increase in adjusted third-quarter profit, due primarily to the higher revenue generated by the 2025 General Rate Case Final Decision. Edison said that the Eaton Fire was confirmed by the Wildfire Fund Administrator as a "covered fire", making it eligible to receive financial assistance through the state-backed funds. The wildfires that have ravaged Los Angeles are expected to be one of the most expensive natural disasters in U.S. History. This has put the electric utilities in the area under increasing scrutiny. Southern California Edison reached an agreement with several intervenors in September to recover approximately $2 billion from the $5.6 billion losses attributed to 2017-2018 wildfires, mudslides and other natural disasters. Edison expects its full-year adjusted profit in 2025 to be between $5.95 to $6.20 a share. This is a significant change from the previous view, which was $5.94 to $5.34 a share. According to data compiled and analyzed by LSEG, the Rosemead-based utility reported an adjusted profit per share of $2.34 for the quarter that ended on September 30. This compares with analysts' estimates of $2.18. Sumit Saha, Bengaluru. Shilpa Majumdar, editing.
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Celestica and Cameco are among the big winners on the TSX
Canada's main index of stocks closed higher on Monday, as investors awaited the central bank's pivotal decisions. The rally in technology and materials shares was particularly strong. Toronto's S&P/TSX Composite Index closed at 30,419.68, up 143.92 or 0.48%. The technology sector grew 1.6%. This was boosted by Celestica's 7.3% gain after it raised its revenue forecast for 2025, and by Dye & Durham's 8% increase, which announced late on Monday that the sale of Credas, its unit, is expected to be completed by January in order to reduce debt. Cameco was the biggest winner, jumping 22.9% following the announcement that Westinghouse Electric will partner with Brookfield Asset Management to build new nuclear reactors worth at least $80 billion in the United States. Materials sector grew by 0.8% led by Hudbay Minerals and Discovery Silver. Oil prices fell nearly 2%, causing a 1.1% drop in energy shares. Investors continue to weigh the impact of U.S. sanction on Russia's largest oil companies against possible OPEC+ output increases. Investors around the world are hopeful that U.S. president Donald Trump will reach a long-awaited deal with China on his Asia tour. Trump signed a contract with Japan for the mining and processing of rare earths and critical minerals. Angelo Kourkafas is a senior global investor strategist at Edward Jones. He said that there was some optimism globally, but not necessarily in Canada. Trade relations with Canada deteriorated, however, last week, when Trump announced a 10% additional tariff on Canadian imports. He cited what he referred to as a misleading advertisement related to tariffs. Investors are also expected to pay attention to central bank decisions on Wednesday. Both the Bank of Canada as well as the U.S. Federal Reserve are widely expected implement a quarter point interest rate reduction. Kourkafas stated that the focus of the meeting would be the trade front, and its impact on the health of the Canadian labor market.
Sources: Kirishi refinery in Russia shuts down its largest unit following drone attack
Two industry sources reported on Monday that the Kirishi oil refining plant, one of Russia’s largest, had halted its most productive crude distillation unit (CDU-6), following a drone strike and fire on October 4. The unit’s recovery is expected to take a little over a month.
The shutdown could cause a slight decline in oil production, amid a fuel shortage in Russia. It is currently dealing with a lack of popular gasoline types due to the persistent drone attacks by Ukraine on its energy infrastructure.
Sources claim that CDU-6 can process 8 million metric tonnes per year or 160,000 barrels a day. This is around 40% of total plant processing capacity.
The plant controlled by Surgutneftegaz is also putting its other primary unit back in operation, which was damaged mid-September by drones.
Surgutneftegaz didn't immediately respond to a comment request.
Sources said that the CDU-6 will operate at 70% capacity due to the participation of other units which will exceed the nameplate capacity.
According to sources in the industry, the refinery will process 17.5 million tonnes of oil by 2024. This is 6.6% of Russia’s total refining volume.
Last year, the country produced 2 million tonnes of gasoline, 7 million tons diesel, 6 million tons fuel oil, and 600,000 tones of bitumen. (Reporting and Editing by Tomaszjanowski)
(source: Reuters)