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Sunrise Energy, Australia, secures US funding interest for Scandium Project
Sunrise Energy Metals Ltd, a Canadian company backed by Robert Friedland and specializing in mining in New South Wales, received a letter from the U.S. Export-Import Bank expressing interest in a $67 million debt financing to fund its Syerston Scandium Project. The miner's shares surged up to 38.8%, reaching A$4.65, the highest level since November 2018. This was a far greater increase than the 0.4% gain in the benchmark S&P/ASX 200. The company stated that the financing is equivalent to half of the estimated costs of development for the project. The U.S. government's support for scandium underscores its strategic importance, following China's April restrictions on rare earth metals exports that have disrupted the global supply chain. Alternative sources are becoming increasingly valuable for the Western defence and technology sector. Robert Friedland, Co-Chair of the Committee, said that Australia is a major ally of America and its significant supply of strategic metals makes it an important supplier. The company plans to finish its feasibility study in late October and incorporate the new metal inventories to ore reserves estimates for the project. The company stated that if Sunrise submits a formal loan application, EXIM would conduct due diligence prior to making a final commitment. (Reporting and editing by Anjali Sing in Bengaluru)
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Australian shares rise as commodities soar, traders focus on jobs data
Australian shares rose on Tuesday as investors were cautious in anticipation of important unemployment data which could affect the Reserve Bank of Australia’s rate-cutting policy. As of 0023 GMT, the S&P/ASX 200 was up 0.3% to 8,874.90. The benchmark index closed Monday flat. The markets in Sydney bet that the RBA will adopt a cautious stance on policy easing at its two-day September 29-30 meeting following a string of positive domestic data. Swaps indicate that the odds of a RBA cut in this month are minimal. What was once priced as a near certainty move in November is now priced at 70%. The focus is now on the local jobs data, due on Thursday. These numbers have been strong for months. Australian heavyweight miner's gained 1.4%, hitting a 2-week high. The weaker dollar helped global copper prices reach a 15-month-high on Monday. BHP, Rio Tinto, and Fortescue all gained between 1% to 1.6%. Stocks of gold rose by 1.2% as bullion prices reached a record high. A weaker dollar made the precious metal priced in greenbacks more attractive to holders of other currencies. Evolution Mining shares rose up to 2.4%. The energy sector gained 0.6% as oil prices rose. New Hope Coal, which is a major contributor to the subindex's growth, has risen as high as 8.3%. This is its highest level in seven months despite reporting a 8% decline in annual profits. Financials captained broader gains by a 0.1% drop. According to CME’s FedWatch tool, the odds of a 25-basis point cut by the U.S. Federal Reserve at the conclusion of its two-day meeting are near 100%. New Zealand's S&P/NZX 50 Index traded flat at 13,218.22, with attention on GDP data that are likely to show 0.3% quarter-on-quarter contraction. This will reinforce expectations for two additional rate cuts before early next year.
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The market is weighing the supply risks from Russian refinery attacks.
The oil prices remained stable in early trading on Tuesday, after increasing in the previous session as participants considered a potential disruption in supply from Russia following Ukrainian drone attacks against its refineries. Brent crude futures were up 4 cents at $67.48 per barrel as of 0000 GMT, while U.S. West Texas intermediate crude was up 2 cents at $63.32. Brent crude futures settled at $67.44, up 45 cents. WTI closed 61 cents higher on Monday at $63.30. Ukraine intensified its attacks on Russia's infrastructure to undermine Moscow's military capability as the talks to end their war have stagnated. In a note to clients, Tony Sycamore, IG's market analyst, said that "heightened fears of supply disruptions by Russia, a major producer accounting for more than 10% of the global oil output", is helping oil price. U.S. Treasury secretary Scott Bessent said on Monday that the government will not impose any additional tariffs on Chinese products to encourage China's purchase of Russian oil, unless European countries impose steep duties on China and India. Investors will also be watching the U.S. Federal Reserve meeting on September 16-17, where the bank is expected to reduce interest rates. Lower borrowing costs may boost fuel demand. Sycamore stated that "a weaker U.S. Dollar, driven by the expectation of a Federal Reserve interest rate cut this coming week, has further supported crude oil." The U.S. Dollar Index, which measures the strength of the greenback against six other currencies, has fallen to a near-week's low. Oil becomes cheaper for holders of currencies other than the dollar when the dollar falls. Axios, citing Israeli officials, reported that the Israeli military launched an offensive to occupy Gaza City on Monday, adding to the risk profile for Middle Eastern oil supplies. In a rare breakthrough after months of talks, U.S. officials and Chinese officials announced on Monday that they had reached a framework deal to transfer the short-video application TikTok under U.S. control. The easing of U.S.-China tensions has boosted the risk sentiment, and therefore increased expectations for oil demand. (Reporting and editing by Christopher Cushing in Bengaluru, Anjana Anil)
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Mariners win 10th consecutive game against Royals
Seattle's trip to Kansas City a little over a week earlier had the potential of being important for both teams as they raced to earn wild cards in the American League. This three-game series, which begins on Tuesday, has lost its luster. The Mariners are aiming to win their 10th consecutive game, while the Royals are stuck in an untimely bad stretch. Kansas City's third straight win on Sept. 6 allowed it to remain one game behind Seattle in the AL for the final wild card spot. Since then, however the Mariners have won nine consecutive games, beating Atlanta, St. Louis, and the Los Angeles Angels 66 to 23. The Mariners are now one game ahead in the AL West before the Astros play the Texas Rangers on Monday night at home. Cal Raleigh's 54th season-long home run, hit against the Angels on Sunday, tied Mickey Mantle as the most home runs in a single-season by a switch hitter. Raleigh told ROOT Sports that the job was not done. "We have to win every game and continue our work," Raleigh told ROOT Sports. ... "Put ourselves in a position of strength." The Royals (75-75) have lost 42-27 points during a 2-6 streak, which has put them six games back of the Astros in the race for the final wild card spot. The Royals are now six games behind the Astros for the final wild-card spot. The Royals have been trying to stay afloat under the leadership of catcher Salvador Perez. He hit his 300th home run in his career Saturday at Philadelphia, and ended the weekend with 3 home runs in 2 games. Perez said to FanDuel Sports Network, "You just never know what will happen." "Play hard to the end." Seattle is looking to win its third straight road game after a 7-0 run at home. Raleigh is two home run short of Ken Griffey Jr.'s club record 56 in a single season, set in 1997 and equaled in 1998. Raleigh has four of his six home runs in career against the Royals. He is 0-for-12, with a strikeout and a walk, against the scheduled Royals starter Michael Wacha (11-11, 3.45 ERA). J.P. Crawford is 7-for-17 and has a homer against the veteran right hander, batting.348 in the last 14 games. In a 6-2 win at home on June 30, the Mariners took advantage of one big inning in order to beat Wacha. Wacha did not allow a run until his fourth inning, and then four runs in his final inning. Randy Arozarena sent Wacha into the stratosphere with a solo blast in the fourth inning and a triple-run blast in fifth inning. Wacha will make his first appearance since September 5, when Kansas City beat Minnesota 2-1 at home. He gave up a single run, two walks, and four hits in five 2/3 innings. Logan Gilbert, who has a 3.54 ERA and a 1-1 record with a 2.38 ERA over his last four starts for the Mariners, is their counter. The right-hander struck out eight batters in four and a half innings against the Cardinals on Wednesday, allowing a single home run among five other hits. Seattle won 4-2 in 13 innings. Gilbert only allowed one run, three hits and seven strikeouts in a 3-2 victory over Kansas City. He only lasted four and a half innings because he walked. Perez and Bobby Witt Jr., another Royals' star, are combined at 12-for-28. They have three home runs against Gilbert. Field Level Media
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California's top environmental regulator retires amid Trump battles
California's top environment regulator, who helped lead the state in its effort to ban gasoline-only vehicle sales starting in 2035 will retire on 30 September as the state spars over climate change regulations with President Donald Trump. Lauren Sanchez, the senior advisor to Governor Gavin Newsom for climate, will replace Liane Randolph. She has been a California Air Resources Board chair since 1992. Donald Trump has criticized the state's plans to reduce emissions and California has filed a lawsuit on several fronts against federal efforts that would loosen regulations related to climate change. In June, he approved three resolutions by lawmakers that barred California's diesel engine and electric vehicle mandates. Randolph was responsible for the adoption of a California plan to achieve carbon neutrality in 2045. This included efforts to reduce air pollution, and to promote green vehicles. About a quarter (25%) of California's new vehicle sales are now EVs. Eleven other states, which represent about a third in the U.S. automobile market, have adopted California's landmark proposal to stop selling gasoline-only cars by 2035. Trump has taken a number of steps to discourage EV sales, and to make it easier for gas-powered cars to be sold. This includes ending EV tax credit. In August, Trump's administration sued California in order to prevent the Air Resources Board (ARB) from enforcing strict emission standards for heavy duty trucks which Trump had recently declared null. The Environmental Protection Agency announced that it will also revoke the long-standing conclusion that greenhouse gas emission endangers human health. Randolph stated that this is "polluter fantasy over proven science." While back on Earth the planet continues suffering the consequences of unchecked CO2 pollution. Trump's Transportation Department also canceled grants of nearly $4.2 billion for California's high speed rail project. The project is part the state's emission reduction plan which California has challenged.
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ENAMI, a Chilean company that produces smelters, attracts the interest of traders and miners
ENAMI, the Chilean state-run mining company, said that 15 entities including major miner and traders expressed interest in financing a $1.7billion smelter project. WHY IT IS IMPORTANT ENAMI stated that interested parties include mining companies such as Rio Tinto, commodities traders like Hartree Partners and Vitol (Javelin Global Commodities), funds of investment (Orion Resource Partners), and banks, including SumitomoMitsui Bank Limited Macquarie Bank Societe Generale. ENAMI reported that the Japanese conglomerate Mitsui as well as Indo Asia Copper, a copper producer in India, and Foreign Engineering and Construction, a subsidiary of China Nonferrous Metal Industry, also expressed an interest. KEY QUOTE Ivan Mlynarz of ENAMI said, "It's been very gratifying seeing the market's enthusiasm for this mega-project... It's a signal of investor confidence in our company." CONTEXT ENAMI launched a process in August to find investors for a modernization of a smelter in exchange for the supply of copper cathodes. Renovations are being carried out at the Hernan Videla Lira Smelter, located in the Atacama Region. This will allow it to process up to 850,000 tons of copper concentrate per year and produce 240,00 tons of cathodes. The company has said that the initial offers will be due at the end of October. After this, ENAMI will move to the binding offer stage. (Reporting and editing by Rosalba o'Brien, Daina Beth Solon)
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Globe and Mail: Canada PM asked Anglo American to relocate its headquarters to Canada in exchange for Teck deal approval
The Globe and Mail, citing sources familiar with this matter, reported that Canadian Prime Minister Mark Carney had told Anglo American it would have to move its headquarters from the United States to Canada if its proposed acquisition by Teck Resources was to be approved. Anglo American, based in London, and Teck, based in Canada, announced last week a merger worth $53 billion. This is the second largest M&A transaction in the mining sector. The merged entity will be headquartered in Canada, with a primary listing in London. The Globe and Mail reported that Carney had made it clear in his discussions with Anglo American that any potential buyer of Teck must meet the requirement to move its headquarters. An Anglo American spokesperson declined comment on the report. However, they pointed out that CEO Duncan Wanblad stated last week Vancouver was the most natural location for the combined company given its operations and project are largely located in the Americas. The spokesperson said in an email that "Anglo American also has its Americas exploration teams based out Vancouver for a very long time. We are therefore familiar with the set-up." Could not verify the report immediately. Teck refused to comment. The office of PM Carney did not respond immediately to a comment request. (Reporting by Ananya Palyekar and Dheeraj Kumar in Bengaluru; Editing by Shinjini Ganguli)
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Draft shows that the EU will miss U.N. deadlines for new climate targets
A document from the EU's negotiating team, seen by, revealed that the European Union did not expect to meet its U.N. mandated climate goal in time to meet a crucial deadline this month. Instead, it has drafted plans for submitting a temporary target, which may change later. The EU is struggling to agree on a new climate goal for 2040. This has stymied plans to submit to the United Nations a 2035-target by the deadline of this month. The EU planned to base its 2035 target on the 2040 goal. The draft EU document seen by revealed that the bloc was now considering submitting to the U.N. a "statement-of-intent" about what its goal for 2035 will be. This will indicate a reduction of between 66.3% and 72.5% in emissions by 2035 compared to 1990 levels. Document stated that the EU would decide on its final target for 2035 after reaching an agreement with its 2040 climate goals. The draft will be discussed by the ambassadors of EU countries on Tuesday, but it could change during negotiations. The EU is taking this step to ensure that it does not go empty-handed to the U.N. General Assembly next week where Secretary-General Antonio Guterres asked all countries to declare their climate targets to generate momentum for the global COP30 Climate Negotiations in November. It leaves open the question as to how ambitious the EU’s final climate target will be. This increases the likelihood of the EU falling behind other major emitters such as China in setting their new climate goal. Manon Dufour is the executive director of the think tank E3G. She said that the plan would allow the EU and other countries to reach a more ambitious goal in the future, before the COP30. However, it also raised questions regarding the EU's leadership on climate change. She said: "It does little to dispel any doubts regarding the EU's internal transition or galvanize global partners in advance of the UN General Assembly. This is a crucial year for global climate change action." The document stated that the higher end of target range represents a path towards a 90% reduction in emissions by 2040, which is the climate goal 2040 for the EU countries. The lower end of the range is calculated by drawing an equilateral triangle between the EU’s current 2030 and 2050 goals for climate change. Diplomats from the EU said that countries such as Poland support a lower-end range, while others like Spain and Denmark prefer a higher goal. The document was drafted by Denmark, the country that currently holds the rotating EU Presidency. The company declined to comment. Reporting by Kate Abnett and Virginia Furness, London; editing by Matthew Lewis
Trump trades roiled after fiery debate as financiers weigh opportunity of Harris success
Financiers rushed to move their placing on Wednesday following a closelywatched debate between Republican politician Donald Trump and Democratic Vice President Kamala Harris, as wagering markets swung in Harris' favor after the event.
Shares of Trump Media & & Innovation Group, the business that owns Reality Social, slumped around 14% on Wednesday, while bitcoin and crypto stocks pulled back. Solar stocks, seen by experts as taking advantage of a Harris win, rallied and health care shares fell.
In a combative argument late Tuesday, Trump and Harris clashed over everything from the economy to migration and Trump's. legal woes, as each looked for a campaign-altering minute in what. has been a closely-fought race.
Their exchanges left investors with couple of new details on. problems that might sway markets, consisting of tariffs, taxes and. policy. But online forecast markets showed bets on a. more powerful possibility of a Harris win in November: Harris' chances in. PredictIt's 2024 governmental general election market enhanced. to 55 cents from 53 cents before the argument, while Trump's chances. slipped to 47 cents from 52 cents.
There is a general view that Harris won the dispute, said. Alvin Tan, head of Asia FX strategy at RBC Capital Markets in. Singapore. It's undoubtedly not a slam dunk for Harris, however the. chances of a Trump success have actually slipped a bit.
While the presidential race is quite on financiers'. minds, political issues have actually recently coalesced with more. instant market catalysts, consisting of worries over a possibly. softening U.S. economy and unpredictability over how deeply the Fed. will need to cut interest rates. The S&P 500 notched its worst. weekly percentage loss given that March 2023 last week after a. second-straight underwhelming tasks report, though the index is. still up around 13% this year.
Still, some financiers believe even a little shift in. understandings of the candidates could show considerable in a. contest that could come down to 10s of countless votes in a. handful of states. The 2 prospects are efficiently incorporated. the seven battleground states likely to decide the election,. according to polling averages put together by the New york city Times.
The US Presidential debate achieved its objective by offering a. definitive edge to one of the candidates in what has actually been an. exceptionally close race, said Charu Chanana, Head of FX. Technique and Global Market Strategist at Saxo. Crypto and. energy stocks may deal with headwinds as market sentiment adjusts. to the shifting political dynamics.
Trump has actually positioned himself as a pro-cryptocurrency. prospect.
While it was tough to different election-fueled moves from. macroeconomic-driven action in the dollar, rates and stocks. following Wednesday's highly-awaited report on U.S. consumer. rates, financiers indicated a number of corners of the market where. the dispute appeared to have made an impact.
Financiers
hammered the shares
of Trump Media & & Innovation Group, which have been. popular amongst retail traders and conscious the former. president's chances of a win in the 2024 election. The stock. fell by as much as 18% to a brand-new post-IPO low of $15.30. Bitcoin. was down around 3%, while shares of cryptocurrency-focused. companies such as crypto miners Riot Platforms Marathon. Digital likewise fell.
At the exact same time, U.S.-listed shares of solar companies,. viewed as taking advantage of a Harris win, rose with Sunrun,. up 8%, and SolarEdge Technologies, up 9%, among the. biggest gainers in the sector.
Health insurance company stocks consisting of Humana, CVS. Health and UnitedHealth were likewise down on. Wednesday. Some analysts believe Harris' push to lower drug. costs may weigh on the sector.
TAXES AND TARIFFS
Trump has assured lower business taxes and a harder. position on trade and tariffs. He has also said a strong dollar. harms the U.S., though some experts think his policies could. spur inflation and eventually buoy the currency.
Harris last month described strategies to raise the corporate tax. rate to 28% from 21%, a proposal that some on Wall Street. believe might harm corporate earnings.
On Tuesday night, Harris assaulted Trump's intent to. impose high tariffs on foreign goods - a proposal she has. likened to a sales tax on the middle class - while touting her. strategy to use tax advantages to families and small companies.
Trump protected his tariffs proposal and said they would not. result in greater prices for Americans.
The Chinese yuan, which had actually come under pressure in the. U.S.-China trade war throughout Trump's term, edged up against the. dollar on Wednesday.
Trump also criticized Harris for the consistent inflation. during the Biden administration's term. Inflation, he said, has. been a catastrophe for individuals, for the middle class, for every single. class.
Nevertheless, economic policies might be up in the air for a. while longer.
There wasn't much substantive conversation of policy, stated. Sonu Varghese, worldwide macro strategist at Carson Group. Neither. prospect promoted for significantly various financial policies than. currently in location. Ultimately, a lot of economic policies that. we see implemented next year will depend on the makeup of the. Senate and your home.
(source: Reuters)