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Sources say that China has made it more difficult to export rare earth magnets.
Sources say that Chinese rare earth magnet manufacturers have faced tighter controls on export licenses since September. This was even before Beijing's decision last week to increase controls on the minerals critical for magnets. The longer reviews that magnet makers are subjected to raise questions as to whether China, which is the world's largest supplier of magnets, is trying to slow down magnet shipments in violation of its commitment to increase exports under a May trade truce, in order to tighten their grip on products vital to military and commercial technology. Two sources familiar with the issue say that obtaining export licenses became more difficult in September. One source said that applications are being returned with more requests for additional information. The approval process is taking longer but still within the 45-day deadline set by the Commerce Ministry. Sources declined to elaborate on questions or comment on how long it takes to get a license. Both spoke under the condition of anonymity, given the sensitive nature of the topic in China. The Chinese commerce ministry has not responded to a request by fax for a comment on the approval of licenses. China's rare-earth exports fell by 31% last September, according to data released Monday. The data doesn't distinguish between magnets and other products, so it's not clear how much of the decline is due to magnets. One of the sources said, "It is not surprising that exports were lower in September because getting a license was more difficult last month." Exports of rare-earth magnets dropped sharply in May and April, but increased in June, and July and August. The data for September will be published later this month. China is the top exporter of rare earths. This group of 17 essential elements are used in everything from wind turbines and electric vehicles to military radars. It controls many types of exports through its licensing system. Beijing increased these controls last week. This angered the U.S. President Donald Trump, who promised to impose more tariffs as well as retaliatory bans on exports. He later adopted a more conciliatory approach. Both sources report that there has been a surge of inquiries from clients abroad who want to ship their orders before the new rules go into effect on November 8. Adam Dunnett said that the EU Chamber of Commerce's Secretary-General, Adam Dunnett, stated that the main concern of its members is the backlog of applications for rare earth products waiting to be approved. He added that the chamber has seen approvals as well as delays for its members in recent weeks. He said: "We cannot say that the level of anxiety and concern has decreased." "Some companies' wait times have been extended without explanation." Reporting by Staff; Editing by SonaliPaul)
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Iron ore prices fall on profit-taking, as the focus shifts from rising supplies to weak steel
Iron ore futures fell on Tuesday, as investors took profits and shifted their focus to the expectation of a growing ore supply for the remainder of 2025. Meanwhile, steel demand in China's top consumer has been seasonal slowing. The January contract for iron ore most traded on China's Dalian Commodity Exchange fell by 2.07%, ending daytime trading at 782 Yuan ($109.55). Earlier in the session, it reached its highest level since September 23, at 809.5 Yuan. As of 0707 GMT the benchmark November iron ore traded on Singapore Exchange fell 2.5% to $105.1 per ton after reaching its highest level in February at $108.05. Rio Tinto, the world's biggest iron ore supplier, said Tuesday that it must finish strong in order to reach its target for iron ore shipments. Analyst Chu Xinli at broker China Futures said that the price rise late Monday was a result of an overreaction due to the possible increase in ore transport costs, which will in fact have a very small impact. "Therefore it is necessary to reprice today which contributed in part to a downward adjustment." On Tuesday, the United States and China will start charging port fees to ocean shipping companies that transport everything from holiday toys or crude oil. The high seas are now a major front in the trade dispute between the two world's largest economies. Analysts said that investors were compelled to liquidate long positions in order to cash out profits due to the looming headwinds from rising supply and weakening demand. This led to a collapse of prices. Coking coal, coke and other steelmaking components increased by 0.74 % and 0.36 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange are broadly lower. Rebar fell 0.81%, while hot-rolled coils dropped 0.7%, wire and rod slipped 0.33%, while stainless steel dropped 0.95%. ($1 = 7.1385 Chinese yuan). (Reporting and editing by Amy Lv, Lucas Liew)
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Data shows that India's Russian crude oil imports between April and September fell by 8.4% YoY.
According to trade sources, India's Russian crude oil imports between the months of April and September decreased by 8.4% compared to the previous year, due to tighter supply and lower discounts. Refiners are also seeking oil from the Middle East, and even the United States. Washington has also doubled the tariffs on Indian products to pressure South Asia to reduce its Russian oil imports. White House trade advisor Peter Navarro said India's purchases were funding Moscow's conflict in Ukraine. Shipping data from sources in the trade show that a refiner in India imported 1,75 million barrels of Russian oil per day in the first half fiscal year, which began in April. The data showed that September's volume was flat with August, at 1.6m bpd. It is down 14.2% compared to the same month last year. Reliance Industries Ltd. and Nayara Energy, a private refiner, increased imports while purchases by state refiners fell. U.S. negotiators said that reducing India’s tariff rate is dependent on reducing the purchases of Russian crude oil. India's crude imports from the U.S. in April-September increased 6.8% year on year, to approximately 213,000 bpd. A government source stated last week that the result of the trade negotiations between India and the United States is directly linked to India's increased purchase of U.S. Energy Products. Scott Bessent, the U.S. Trade Secretary, had stated that India would rebalance their crude oil purchases by purchasing more U.S. and less Russian oil. The data revealed that India imported about 4.88 millions bpd in September. This was down 1% from August but up 3.5% compared to the same month last year. During April-September, the share of Russia in India's total imports fell to 36%, from 40%. The U.S.'s share increased marginally. Data showed that the Middle Eastern oil share in total imports in the six-month period to September 2025 rose from 42% to 45%. This increased the share of OPEC countries to 49%, up from 45%.
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Stocks fall as new trade insults knock the wind out of rally
Asian stocks fell on Tuesday as growing doubts about whether China and the U.S. can reach a deal over tariffs when they meet later this week amid renewed tensions regarding trade. S&P 500 Futures fell 0.6% as MSCI's broadest Asia-Pacific index outside Japan lost early gains and fell 1.2%. Nikkei stocks fell up to 3%. Marc Velan said that both Washington and Beijing were posturing ahead of the November summit – escalate to deescalate. "Neither side can afford a war of words as we head into the U.S. mid-terms." mid-terms." The markets had already recovered from the Monday cash session, after U.S. Treasury secretary Scott Bessent stated that President Donald Trump is still on track to meet Chinese Leader Xi Jinping at the end of October in South Korea. In an interview with the Financial Times, he accused Beijing inflaming the situation by attempting to harm the global economy. The U.S. will begin to charge port fees for ocean shipping companies that transport everything from holiday toys and crude oil. Wall Street's major indexes ended up as much as 2,2% higher on Monday. Chipmakers led the way, as Trump struck a more accommodative tone regarding trade tensions with China. This reversed some of Friday's panic when Trump announced 100% tariffs against China. Citi analysts do not anticipate an increase in trade tensions between Beijing & Washington. Citi reported that the U.S. might have to adjust its negotiating stance because China is the only country who has bargaining power. A spokesperson from China's Commerce Ministry said Tuesday that the U.S. could not seek to negotiate while making threats. This would keep markets nervous about the prospects of a wider trade agreement. Beijing announced sanctions against five U.S. linked subsidiaries of South Korean shipbuilder Hanwha Ocean on Tuesday. The Hang Seng Index, which measures blue-chip Chinese shares, fell 1.3% on the mainland after early gains. Asian chipmakers have experienced a sharp swing between profits and losses. TSMC held onto gains after OpenAI announced it had partnered with Broadcom in order to produce its own artificial intelligence processors. The Kospi index in South Korea lost its early gains due to the wider selloff. Samsung Electronics, which had projected a higher-than-expected rise of 32% in its third-quarter profits, was credited with helping the market rally at the beginning of the session. However, the tech giant fell 1.7% throughout the day. The yen rose 0.3% to 151.85 per dollar after Japan’s finance minister said the country needed a new strategy for dealing with inflation rather than deflation. The yield of the 10-year Treasury Bond in the United States was 4.0187% at last close, down 3.23 basis point from a previous closing of 4.051%. Dans a recent research report, analysts at Danske Bank stated that "Trump's new tariff threats remain primarily seen as a negotiation strategy and not a policy reality." The Federal Reserve noted that any increase in the intensity of the trade war could only increase the chances of Federal Reserve implementing its planned rate reductions sooner. The traders expect Fed easing to be a near certainty later this month. According to CME Group's FedWatch, the pricing of Fed funds futures indicates a 96% probability that the Fed will cut interest rates by 25 basis points at its meeting on October 29. This is compared to a 98.3% possibility a day before. The euro barely changed from $1.1584 to $1.1584 on Monday after French President Emmanuel Macron refused calls for resignation, even as two motions of no confidence threatened his current government. Brent crude fell 0.4% to $63,06 per barrel, after an OPEC-released report revealed that world oil supplies are expected to match demand closely next year. This is a stark contrast with last month's forecast, which predicted a shortage. After setting a new record, gold dropped 0.2%, to $4,104.39 an ounce. Bitcoin fell 3.1% to $112 235.34 while ether plunged 6.5% to $ 4,012.79.
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Google to invest $15 Billion in AI Data Centres in Andhra Pradesh, India
Google announced on Tuesday that it will invest $15 billion in data centres for an artificial-intelligence hub in India’s Andhra Pradesh over the next five year period. This is one of the largest investments the company has ever made in the country. Thomas Kurian, CEO of Google Cloud, said that the hub is the largest AI hub outside the U.S. Alphabet Inc's campus of a 1-gigawatt-power data centre will be located in Visakhapatnam, a port city. The investment was initially estimated at $10 billion by officials from the state in southern India. This move coincides with a fiercer competition among the big tech companies who are investing heavily in building new data centres infrastructure to meet booming demands for AI services. Google has committed to spend $85 billion to expand data center capacity this year. AI demands enormous computing power. This is driving demand for specialized Data Centers that allow tech companies to connect thousands of chips in clusters. Microsoft and Amazon have invested billions in building data centres across India, one of the fastest growing markets for global tech giants. Nearly a billion people access the internet from India. Google's plans were first reported in July. Google's data center will be the biggest in Asia in terms of capacity and investment. It is also part of an expansion of the data centre portfolio in the region, which includes Singapore, Malaysia, and Thailand. Nara Lokesh, the state's IT minister, said that such initiatives would be a strategic asset in an age where data was becoming the new oil. Reporting by Munsif Vegattil from Bengaluru, and Sarita Chaganti in New Delhi. Editing by Himani Sarkar & Lincoln Feast.
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India's listing performance since 2020
LG Electronics India had a spectacular stock market debut Tuesday. It listed at a 50% premium to its original issue price of 1,140 Rupees per share. This is the most successful listing of a billion dollar Indian initial public offer since Eternal (the parent company for food delivery platform Zomato and restaurant listing platform Zomato) debuted in the year 2021. Check out how India's billion-dollar IPOs performed in the last decade. SBI CARDS and PAYMENT Services (MARCH 2019) State Bank of India’s credit card division, which is India’s largest lender by assets, fell 13% on its market debut as COVID-19 fears dampened the enthusiasm for the largest public listing in the country. ETERNAL - FORMERLY KNOWN as ZOMATO (JULY, 2021) The food and grocery platform listed at a 51.3% premium to its initial price. This gives the startup an estimated valuation of $13 billion, and sets the stage for the other startups in the US who are waiting with their own listing plans. ONE97 (NOVEMBER 2020) Paytm's parent company made one of India's worst stock market debuts. Its shares were listed at a discount of 9% and closed on the first day of trading 27% below the offer price, due to concerns about profitability and high enterprise value. LIFE INSURANCE COMPANY OF INDIA (MAY 2022) The shares of India's largest insurer fell nearly 9% on the market debut, amid market volatility and worries about its loss of market share to competitors. HYUNDAI MOTOR INDIA - OCTOBER 2024 Retail investors were lukewarm in their response to the largest-ever IPO of the country amid concerns over a high valuation and a slowdown in auto industry. SWIGGY (NOVEMBER 2024) SoftBank's food and grocery delivery platform was listed at a premium of 5.6% and continued to gain throughout the day. This indicates growing investor confidence. NTPC GREEN ENERGY - NOVEMBER 2024 Investors bet on the growing demand for clean energy in the country and the company’s diverse portfolio. HDB FINANCIAL SERVICE (JULY 2020) Investors bet on the long-term growth potential of India, the world's biggest country. TATA CAPITAL (OCTOBER 2025) Investors were not too excited about the Tata Group’s first IPO since two years, due to a crowded IPO marketplace and a lack of discount on valuations compared to other listed companies.
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Tchiroma, the opposition candidate in the presidential election of Cameroon, claims victory and urges Biya concede
Issa tchiroma, the opposition candidate in Cameroon's presidential election on October 12, declared victory late Monday night. He urged President Paul Biya not to be deterred by the results and to "honor the truth of the vote box". "Our victory is obvious." Tchiroma, in a Facebook post from his hometown in Garoua (north of Central African State), said that it must be respected. The people have made their choice. "This choice must be respected." Tchiroma (76), a former spokesperson for the government and minister of employment, broke with Biya in early this year, and launched a campaign which attracted large crowds, and received endorsements from an alliance of opposition parties, and civic groups. Biya is the oldest head of state in the world at 92 years old. He has been in power for 43 years. Analysts expected that his control of state institutions, and fragmented opposition would give him the edge in this election despite public discontent with economic stagnation and security. Tchiroma thanked voters who resisted intimidation by staying late at the polling station to protect their votes. Tchiroma added: "I thank all the candidates who have sent me congratulations and acknowledged the will of people." He warned: "We put the regime ahead of its responsibilities. Either it shows greatness and accepts the truth at the ballot box or it chooses a turbulent country that will leave a permanent scar on the heart of our nation." The government hasn't officially responded to Tchiroma’s declaration. The Minister of Territorial Administration Paul Atanga Nji, however, warned that unilaterally publishing results could be considered as "high treason", adding that the Constitutional Council is the only body with the authority to declare the winner. The Cameroon electoral law allows for results to be posted and published at polling stations. However, the final results must be approved by the Constitutional Council. It has until the 26th of October to announce the result. Tchiroma announced that he will soon release a breakdown by region of the vote totals compiled from results publicly displayed. This victory is neither the work of a single man nor a single party. He said, "It is the triumph of a nation." He also called upon the military, security services and government administrators to remain loyal "to the republic, not to the regime". The Cameroon electoral system, which uses a single round of voting, gives the presidency to the candidate who receives the most votes. Over 8 million voters were registered. Reporting by Desire Danga Essigue, Blaise Essigue; Writing by Bate Felice; Editing and Michael Perry.
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Dance ship-to-ship at the MORNING BID EUROPE
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. The container ports are now the new economic battlefields. The U.S., China and other nations are intensifying their negotiations. As a result, they will begin to charge port fees for ocean shipping companies that transport everything from crude oil to toys. S&P futures lost 0.4% of their gains after China's Commerce Ministry said that the U.S. could not make threats and also seek to negotiate. This came just days after Donald Trump, on Friday, announced new tariffs on Chinese products starting November 1. Trade worries snuffed a Wall Street stock rebound that started on Monday, after U.S. Treasury Sec. Scott Bessent stated Trump is still on track to meet Chinese Leader Xi Jinping at the end of October in South Korea. After OpenAI announced that it had partnered with Broadcom in order to produce its own artificial intelligence processors, regional stocks briefly rose above the water. This pushed Taiwan Semiconductor Manufacturing Company's shares to record levels, while South Korea’s Kospi rose 0.9% as Samsung Electronics announced a 32% increase in its third-quarter profits, exceeding estimates. China's No. Sources said that BYD's stock rose by 1% as it tipped Spain as the top candidate to build a third auto factory in Europe. The yen strengthened a little against the dollar, after Japan's Finance Minister warned that the country needed a new strategy to deal with inflation rather than yesterday's villain, deflation. Gold rose 1.3% to $4164.90 an ounce. The precious metals are continuing to break records. Bitcoin fell 1.8% to $113,719.84 at the last minute, but ether dropped 3% to $4.161.86. Early European trading saw pan-regional futures up 0.2% last, German DAX Futures rise 0.1%, and FTSE Futures down 0.1%. The following are the key developments that may influence Tuesday's markets: Economic Data Germany: CPI for September and HICP, ZEW Economic Sentiment for October United Kingdom: Changes in the number of Unemployment Claimsant and HMRC Payrolls for September; ILO Unemployment rate and Average Weekly Earnings For August Debt auctions Germany: 2-year government debt auction
Australian shares rise as mining rally offsets bank pressure
Australian shares rose on Tuesday, as gains by gold and base-metal miners countered weakness among banks and consumer stocks. This was after the central banking struck a cautious tone regarding inflation and policy ease.
After a 0.8% decline on Monday, the S&P/ASX 200 rose by 0.2% to 8,899.40.
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The Reserve Bank of Australia meeting in September reinforced its cautious and data-dependent approach towards inflation and spending, ahead of its next decision on policy in early November.
Markets now price roughly even odds of a November 4 rate cut and a 60% chance of one in December, down from 70% earlier after a stronger-than-expected inflation reading late last month.
Three of the four "Big Four" bank fell as much as one percent each.
According to Junvum Kim of Saxo Markets, a senior Asia-Pacific sales trader, the slowing rate cuts are bad for banks primarily due to the fact that lower interest rates stimulate the property market, and home loans represent a large portion of their revenue.
Kim stated that the minutes from RBA's September meeting raised doubts about whether we will end this year without another rate reduction, disappointing investors.
Consumer discretionary stocks were the biggest drag on the market, falling 1% and reaching their lowest level since early August.
The mining sub-index, on the other hand rose about 2.5%. This was largely due to gold miners who soared when bullion broke through $4,100 an ounce, on the prospect of U.S. interest rate cuts.
Northern Star Resources & Evolution Mining both jumped by 2.8% and respectively 1.9%.
Rio Tinto's shares rose 1.8% following a sequential increase in quarterly shipments of the commodity. However, the company said that it needed a stronger push to reach its annual target in the last quarter.
BHP Group increased by 2.2% while Fortescue gained about 1.8%.
New Zealand's benchmark S&P/NZX50 index fell 0.6% and finished the session at 13,276.99.
(source: Reuters)