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Australian shares finish higher as gold miners and banks fall, but banks do well
Australian shares ended modestly higher Monday as financials were lifted by investors seeking refuge in bank stocks. Profit-taking among miners and gold producers also capped gains. The S&P/ASX 200 Index, which had been trading flat throughout the session, finished 0.4% higher, at 9,031.90. The benchmark index closed Friday 0.8% lower. Financials grew 1.5% as investors sought temporary refuge in heavyweight subindex. Tim Waterer is the chief market analyst for KCM Trade Global. He said: "Financial shares have shown a strong track record of generating bumper profit this year, so it's not surprising to see this industry experiencing strong buying flow today." Gold stocks, on the other hand fell as much as 5% intraday, their biggest percentage drop since July 9 Hayden Bairstow is the managing director and head of research for Argonaut. He said that some profit-taking likely contributed to the decline in gold stocks. Hayden added, "We remain positive on gold but see upward movement from the current levels." Sector has increased by over 11% compared to its previous session in October. Evolution Mining, a gold miner, fell by 4.9% while Northern Star Resources finished 3.6% lower. The mining stocks dropped by as much as 2,4% due to lower copper and gold price, while the weak economic data coming from Australia's main trading partner, China further soured sentiment. BHP Group, the mining giant, lost 1.1% while South32 dropped 3.1%. Energy stocks finished 0.4% higher, and technology stocks gained 0.9% in line with their U.S. counterparts. Real estate and industrials both added almost 1%. The benchmark S&P/NZX 50 Index in New Zealand gained 0.4% and ended at 13,344.96. Reporting by Rajasik Mukherjee and Atharva Singh from Bengaluru, editing by Nivedita Battacharjee
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Indonesia loses up to $2.4bn a year due to illegal tin activity, says president
The illegal tin mining, and smuggling tin ore costs Indonesian government between 30 trillion rupiah to 40 trillion (US$1.8-$2.4) billion per year. President Prabowo said this on Monday when he called to action to "save Indonesia's entire wealth." Prabowo speaking at a ceremonial event where the Attorney-General handed over 13 trillion rupiah to the government that had been seized in a corruption case against Three palm oil companies The authorities need to investigate more cases of misconduct within the natural resource sectors. He said, "I will continue to pursue the misappropriated money," as he stood before piles of rupiah notes, which were part of the confiscated money. The government has intensified efforts to crackdown on illegal activities in the natural resource sectors, such as tin or palm oil. Prabowo stated that the ceremony. In the first half of this month, Attorney General also Hand over tin assets Smelters and other equipment were confiscated in a case of corruption.
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Holcim signs 1.85 billion euro agreement to purchase walling specialist Xella
Holcim announced a deal on Monday to buy German walling system maker Xella for 1.85 billion euros ($2.16 billion). This is the largest acquisition by Holcim under CEO Miljan Gutovic since he assumed control in May 2024. The acquisition reflects Holcim’s strategic shift from its core cement businesses to expanding its building products segment, including roofing and insulation systems. Gutovic said that Holcim is focusing on sustainable construction as part of its strategy. "Xella will enhance our customer offering on the highly lucrative EUR 12 billion+ walling markets, with opportunities for cross-selling and system-selling," said the Chief Executive in a press release. Holcim reported that Xella, based in Duisburg in Germany, has over 4,000 employees and is active in 21 of Europe’s most attractive markets. Xella, a company that uses brands such as Ytong Silka Hebel Multipor and Hebel for its products, is expecting sales of 1 billion euros by 2025. Holcim stated that it paid a multiple 8.9 times Xella’s projected earnings before interest tax and depreciation (EBITDA) for 2026. It also said the acquisition was expected to have a positive impact on earnings in the first year. The Swiss company stated that it expected to complete the deal in the second half 2026. ($1 = 0.8570 euros) (Reporting and editing by Kirstiknolle, Kirsti Revill)
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Indian shares are rising as earnings continue to be positive; Reliance and HDFC Bank both record highs.
India's equity benchmarks rose Monday, led largely by a rally after results in the index heavyweights, private lender HDFC Bank, and oil-to -telecom conglomerate Reliance Industries. Profit booking at ICICI Bank capped gains. As of 10:09 a.m. IST, the Nifty 50 index rose by 0.45% to 25,828.75. The BSE Sensex gained 0.51% to 84376.21. Early trade saw both benchmarks rise by 0.8%, bringing them within 2% from the highs of September 2024. Fourteen out of 16 major sectors posted gains. The small-caps were flat, while the midcaps gained 0.6%. HDFC Bank, the largest private lender in India, rose by as much as 1.7% to a Record high After posting a higher than expected profit for the second quarterly on stable loan growth and increased trading income. The stock has lost some of its gains and is now trading at about 0.5% higher. Reliance Industries increased by 3.4%, reaching a new high of three months. Terming Positives include the core earnings of the company, retail sales and an improving outlook for earnings. ICICI Bank is also a good option. Analysts are predicting a 2% decline in profits despite the fact that they beat expectations in the third quarter. They also predict a softer growth in loans and deposits, but maintain a positive outlook. Prior to its Saturday results, the private lender's performance in previous sessions had been positive. Master Capital Services' assistant vice president for research and advisory, Vishnu Kant Upadhyay said, "Positive quarter earnings, festive demand, and optimism regarding the India-U.S. Trade Talks have all contributed to the upward momentum of the markets and strengthened investor confidence." Ultratech Cement, among other stocks, fell by 0.7% following the release of results that were below most analyst's expectations due to higher costs. Brokerages have reiterated that they are optimistic about the earnings of the top cement maker in the country for the second half fiscal year 2026. Ultratech's stock had gained 2.5% over the last three sessions. RBL Bank jumped After Emirates NBD's record-breaking $3 billion investment, the private lender has seen a 6% increase in its share price.
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The Takaichi Trade makes a Comeback in the Morning Bid Europe
Wayne Cole gives us a look at what the future holds for European and global markets. Since the Liberal Democratic Party and the Japan Innovation Party formed a coalition to form a government, the Takaichi Trade has been in full flow. This brings Japan closer to the first female Prime Minister. Analysts believe Sanae Takaichi will be in favor of stimulus and against any further interest rate hikes. This is a negative for the Japanese yen, but positive for stocks. The Nikkei jumped to an all-time record high of 2,9%, and the yen fell modestly. Even the ultra-long JGBs attracted a bid. Perhaps on relief, there would be an actual government, even if it is a minority. JAPAN BUTTRESSES ASIA MARSKETS AFTER MIXED CHINA data Nikkei's jump helped to lead Asia higher as markets navigated a mixed bag of Chinese economic news. The Chinese economy outperformed expectations by growing at a rate of 1.1% in its third quarter, compared to the three months before. However, the pace of growth on an annual basis slowed down as expected. The industrial output was also above expectations, while retail sales and home prices were in line. The data was solid enough for China to feel confident that it can last longer than the United States during a trade conflict, and President Trump admitted that 100% tariffs are not sustainable. The Five-Year Plan was discussed by top Chinese policymakers this week, but investors had long since given up expecting any aggressive stimulus. Analysts also weren't sure what to think of the news that China's chief trade negotiator Li Chenggang was removed from his position as the country’s permanent representative at World Trade Organization. US WORKS ON DELIVERING DATA DURING GOVERNMENT SHUTDOWN The government shutdown in the U.S. is not going to end soon. And the longer it continues, the greater the impact on the economy, even though markets are complacent right now. The statistics bureau makes a special effort on Friday to release the CPI, as it is required for all kinds of indexing including TIPS. The Federal Reserve's refusal to back down on the near 100% probability of a rate cut this month should not change the expectations for an acceleration in core inflation. Companies reporting earnings include Tesla, Ford and GM. Also, Procter & Gamble, Coca-Cola and RTX, the aerospace and defense giant, as well as tech giants IBM and Intel. Markets punish results that do not blow the roof off. Options suggest that the average share price will drop by around 6% for even the slightest disappointment. BofA predicts earnings growth of 11 %, driven by a 20 % rise in the technology sector. Nvidia is responsible for a quarter growth in earnings per share. Market developments on Monday that may have a significant impact * Isabel Schnabel, ECB board director, participates in a panel. Erik Thedeen, Governor of the Riksbank, discusses economic conditions German Producer Prices for September
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Shanghai copper prices rise as China's industrial output data is strong.
Shanghai copper gained on Monday as China's stronger-than-expected industrial output helped to boost sentiment even as the country's economic growth slowed to a one-year low. As of 0330 GMT, the most active copper contract traded on Shanghai Futures Exchange rose 1.26%, trading at 85,790 Yuan ($12,041.88) a metric ton. The benchmark copper for three months on the London Metal Exchange increased by 1.06%, trading at $10 717 per ton. Data released on Monday by the National Bureau of Statistics revealed that China's industrial production grew 6.5% on an annual basis in September, up significantly from the 5.2% growth in the previous month. This figure is a new high for three months and beats the forecast of 5.0%. The data released on Monday also revealed that China's gross national product (GNP) grew at a slower pace than in any other quarter in the past year. It was down from 5.2% growth in the second quarter. The second-largest global economy, which grew by 5.2% over the first three-quarters of this year, is targeting a growth rate of around 5% for the entire year. The next five-year China plan is the focus of traders, who are looking for a stronger stimulus as GDP growth is slowing. A copper trader in Shanghai, who spoke on condition of anonymity because they were not authorized to speak to the media, said: "We expect to see more supportive measures in the future to boost economic development amid tariff threats and trade war." The copper shortage in 2026 remained a major concern for the market as disruptions in mining, such as at the Grasberg Mine in Indonesia, which is the second largest mine in the world, decreased raw material supply. Nickel fell 0.3%; lead increased 0.26%. Tin lost 0.44%. Zinc added 0.56% to the LME, nickel grew by 0.19%, and lead increased 0.3%. Tin was up 0.81%. Aluminium was not changed.
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Dalian iron ore falls to a seven-week low due to concerns about China's demand prospects
Dalian iron ore prices fell to their lowest level in seven weeks on Monday, after a series of disappointing data from the world's largest steel-making consumer China fueled concerns about demand prospects. The January contract for iron ore, the most traded on China's Dalian Commodity Exchange(DCE), closed morning trade at 770 Yuan ($108.08). It had touched its lowest level since September 1, at 762.50 Yuan, earlier in the day. As of 0354 GMT the benchmark November iron ore price on the Singapore Exchange had risen by 0.41% to $104.35 per ton. This was due to a weaker dollar, which made commodities priced in dollars cheaper for buyers who used other currencies. Singapore's benchmark fell to its lowest level since October 9th at $103.25. China's third-quarter economic growth is likely to have slowed down to its lowest level in a year as trade tensions and a prolonged property slump weigh on demand. Some key indicators, including new construction and property investment in the property sector, pointed to a gloomy outlook for steel demand that dragged ore prices lower. In September, the new home price in China dropped at the fastest rate in 11 months, further reducing the drag of the property sector on the broader economy. China's crude output of steel in September fell to its lowest level in 21 months, with persistent property market problems a major drag. The fourth quarter is usually a slow time for steel demand, as the temperatures are low in the northern regions. Analysts expect a limited supply of coke and coal, which are used to make steel. The benchmarks for steel on the Shanghai Futures Exchange have largely moved within a narrow range. Rebar grew by 0.13%. Hot-rolled coil, stainless steel and wire rod were unchanged. Reporting by Amy Lv & ColleenHowe. $1 = 7.1243 Chinese Yuan Renminbi.
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Gold rises on US rate-cut expectations; US-China Trade Talks in Focus
Gold prices rose on Monday as investors looked forward to U.S. inflation figures and U.S. China trade negotiations later this week. As of 0331 GMT, spot gold was up by 0.1%, at $4,253.33 an ounce. U.S. Gold Futures for December Delivery climbed 1.3%, to $4266.30 per ounce. Silver spot rose by 0.5%, to $52.12 an ounce. After hitting a record-high of $54.47 earlier that day, prices fell by about 4.4% in their worst session in early April. The gold market is still trying to get its bearings after the Friday selloff. After a few weeks' mania, the sentiment is cooling off a little, said Capital.com analyst Kyle Rodda. Gold prices fell by 1.8% Friday, the highest since mid-May after U.S. president Donald Trump announced that his 100% tariffs on Chinese goods would not be sustainable. He said he was going to meet Chinese President Xi Jinping, and that he believed things would go well with China. The next major hurdles will be the U.S. China talks this week, and the CPI release from the United States on the Friday. The absence of economic data has created a vacuum that, I believe, is responsible for the surge in gold price. The Federal Reserve is not expected to push back against the pricing of rate cuts. This will be revealed in figures due on Friday. According to CME FedWatch Tool, the markets are pricing in a quarter point Fed rate reduction this month and another in December. The non-yielding gold has gained over 60% in the past year, reaching a record high of $4378.69 last Friday. This was due to geopolitical tensions and aggressive bets on rate cuts, central bank purchases, de-dollarisation, and strong exchange-traded funds. Palladium rose 0.2% and platinum dropped 0.8%, respectively, to $1.476.97 an ounce. (Reporting and editing by Sherry Jacobi-Phillips, Subhranshu Saghu and Swati verma from Bengaluru.
Ship sunk by Houthis threatens Red Sea environment, Yemen federal government and United States military say
A UKowned ship attacked by Houthi militants last month sank in the Red Sea, the U.S. military validated on Saturday, as it echoed a caution from Yemen's worldwide recognised federal government that the vessel's. cargo of harmful fertiliser positioned a threat to marine life.
The Belize-registered Rubymar is the first vessel lost since. the Houthis started targeting commercial ships in November. Those. drone and rocket attacks have forced shipping companies to divert. ships to the longer route around southern Africa, interfering with. worldwide trade by delaying deliveries and sending expenses higher.
The sinking bulk provider likewise presents a subsurface impact. danger to other ships transiting the busy shipping lanes of the. waterway, U.S. Central Command (CENTCOM) said in its statement. on social media platform X.
The Iran-aligned Houthis, who control the north of Yemen and. other big centres, say their campaign is a show of solidarity. with Palestinians in Gaza.
The Houthi attacks have triggered a series of strikes against. their positions by the United States and Britain, and have led. other navies to send out vessels to the area to try to safeguard the. vital Suez Canal trade route.
The Rubymar went down in the southern Red Sea late on Friday. or early on Saturday, according to statements from the Yemen. federal government and CENTCOM.
The U.S. military previously stated the Feb. 18 rocket attack. had actually significantly damaged the bulk vessel and triggered an 18-mile. ( 29-km) oil slick. The ship was bring about 21,000 metric. tons of fertiliser, CENTCOM stated on Saturday.
Ahmed Awad bin Mubarak, the foreign minister in Yemen's. globally identified federal government in Aden, stated in a post on. X: The sinking of the Rubymar is an environmental catastrophe. that Yemen and the area have never ever experienced before.
It is a brand-new tragedy for our country and our people. Every. day we pay the rate for the adventures of the Houthi militia. ...
The internationally identified government, which is backed. by Saudi Arabia, has actually been at war with the Houthis because 2014.
MARINE LIFE THREATENED
The release of such large amounts of fertiliser into the Red. Sea positions a severe threat to marine life, stated Ali Al-Sawalmih,. director of the Marine Science Station at the University of. Jordan.
The overload of nutrients can stimulate excessive development of. algae, using up a lot oxygen that regular marine life can not. survive, said Al-Sawalmih, describing a process called. eutrophication.
An immediate plan needs to be adopted by countries of the Red. Sea to develop monitoring program of the contaminated locations in the. Red Sea as well as adopt a cleanup method, he said.
The overall effect depends on how ocean currents deplete the. fertiliser and how it is launched from the stricken vessel, stated. Xingchen Tony Wang, assistant professor at the Department of. Earth and Environmental Sciences at Boston College.
The community of the southern Red Sea features beautiful. coral reefs, coastal mangroves and diverse marine life.
In 2015, the location avoided a potential ecological. When the United Nations got rid of more than 1 million, disaster. barrels of oil from a decaying supertanker moored off the Yemen. coast. That type of operation may be more difficult in the. present situations.
The Houthi attacks have stired fears that the Israel-Hamas. war might spread out, destabilising the larger Middle East.
In a different report, the UKMTO agency stated it had actually gotten. a report of a ship being assaulted 15 nautical miles west of. Yemen's port of Mokha.
The crew took the vessel to anchor and were left by. military authorities, the UKMTO stated in an advisory note.
Italy's defence ministry likewise said that a person of its naval. ships had actually shot down a drone flying towards it in the Red Sea.
The Houthi Transport Ministry, on the other hand, stated there had. been a glitch in undersea interaction cable televisions in the Red Sea. as a result of actions by U.S. and British marine vessels. It did. not give further information.
(source: Reuters)