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Australian firefighter dies as bushfires destroy two states
Authorities said that an Australian firefighter died overnight after being struck by a branch while he was trying to contain a bushfire north of Sydney. The bushfire had destroyed many homes and burned large areas of bushland. After receiving reports of a fallen tree, emergency crews raced to the bushland in Bulahdelah (a rural town 200 km north of Sydney) after a report that a man had been injured. Officials said that the 59-year old man died on the spot after suffering a cardiac event. The Prime Minister Anthony Albanese stated that the "terrible new is a somber reminder" of dangers that emergency service personnel face as they protect homes and their families. Albanese made a statement that said, "We honor this bravery every day." As of Monday morning, more than 50 bushfires were burning in the state of New South Wales. Over the weekend, a fast-moving blaze destroyed 16 homes on the Central Coast of New South Wales. The region is home to 350,000 people as well as commuters just north from Sydney. Rouchelle Doust and her husband, a resident of Koolewong in the hardest-hit area, tried to save their house as the flames advanced. Doust, a reporter for the Australian Broadcasting Corp, said: "He was up there with his bare foot trying to put out the fire, and he kept trying. I was screaming at him to get down." "Everything is in there: His grandmother's things, his mother’s stuff and all mine - it's gone. Overnight, conditions improved, and officials were able to lower alerts to advice, the second lowest danger rating. A 700-hectare (1.729 acres), blaze in Dolphin Sands on the island of Tasmania destroyed 19 homes, and damaged 40 others. Officials said that although the fire was contained, residents were warned to stay away as conditions remained dangerous. Authorities in Australia have warned that bushfires are likely to be a major problem during the summer months of December through February. Extreme heat is expected across the country after several years of relative calm. New South Wales, Australia is one of the most susceptible regions to wildfires. Some experts say climate change increases the danger. The "Black Summer" Australian fires in 2019-2020 burned an area as large as Turkey, and 33 people were killed.
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Asia stocks cautious on the countdown to Fed
Investors bet on a Federal Reserve rate cut this week. However, the meeting may be the most contentious one in recent history with some policymakers openly opposing an easing. The markets indicate that there is an 85% probability of a reduction by a quarter point in the funds rate range between 3.75% and 4.0%. A steady decision, therefore, would be a shock. Only 19 of the 108 analysts polled predicted no change and the remainder a reduction. Michael Feroli of JPMorgan's U.S. Economics wrote in a memo that "we expect at least two dissents" in favor of no action, and that a small majority of the FOMC members will indicate that a cut in December was appropriate. Since 2019, the Federal Open Market Committee only had three or more dissensions in a single meeting. This has happened nine times since 1990. Feroli believes the Fed will also cut rates in January to protect against a prolonged weakening of the labour market before taking a long policy pause. The markets currently only see a 24% probability of a move in January, and further easing will not be fully priced until the end of July. All three central banks, in Canada and Switzerland, are meeting this week. They all appear to be holding their ground. The Swiss National Bank would like to ease further to counter the strength of their franc but is already at zero percent and does not want to go below that. Markets have given up on the idea of another Reserve Bank of Australia easing and are even pricing in a rate increase for late 2026. The recent support of stocks has been due to the hopes for further Fed stimulus, but Wednesday's risk for a hawkish outlook made trading cautious. S&P 500 and Nasdaq Futures both remained unchanged in early trading. Costco's earnings this week will give a better idea of consumer demand. BONDS UNDER SUBSTANCE In Asia, Japan's Nikkei dipped 0.3%, after making a modest 0.5% gain last week. South Korean stocks fell 0.3% after a 4.4% jump last week, following confirmation of a reduced U.S. duty on exports. In quiet trading, MSCI's broadest Asia-Pacific index outside Japan fell a mere 0.1%. The Chinese blue-chips should be taking their cues from the November trade data, which will provide fresh evidence about how its exports fare in the face tariffs. Bond markets have seen a pressure on longer-dated Treasuries due to the possibility of hawkish Fed guidance, even if the Fed does decide on a rate cut this week. The attacks of President Donald Trump on the independence of the Fed could also lead to rates being too low, which would fuel inflation in time. Ten-year yields were released on Monday The rate was a little higher, at 4,146%. It had risen 9 basis points in the previous week. It was unchanged at 155.37yen after reaching a three-week high at 154.34 yen on Friday. The euro was stable at $1.1638. It is just below its recent high of $1.1682. Commodities are generally supported by bets on more U.S. stimulus policy. Copper has reached all-time-highs due to a combination of supply concerns and infrastructure investment related to AI. After spiking to $4,259 an ounce on Friday, gold was at $4,202, and silver was only a few cents off its lifetime high. The possibility of lower interest rates, combined with geopolitical uncertainties that could limit supply from Russia and Venezuela, also helped to support oil prices. Brent crude oil rose 0.2%, to $63.85 per barrel. U.S. crude oil increased 0.2%, to $60.18 a barrel. (Editing by Shri Navaratnam).
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Australian shares fall as mining and gold stocks lose their shine
Australian shares fell on Monday. Miners and gold stocks were the worst hit, but investors are bracing themselves for tighter monetary policies from the central banks this week. As of 2311 GMT the S&P/ASX 200 was down by 0.2%, at 8,620.4, after a winning streak of four sessions. The benchmark index closed Friday 0.2% higher. A poll conducted last week indicated that the Reserve Bank of Australia will likely leave its cash rate unchanged on December 9 at its final meeting in 2025. Recent data showed a resurgence of inflationary pressures, and the economy had grown at its fastest pace in the past two years. Swaps now indicate that the central banks will keep rates unchanged until the early 2026 period, with an increasing probability that they may increase them thereafter. Investors will also be waiting for local employment data due Thursday. Market watchers around the world expect the U.S. Federal Reserve will reduce its cash rates this week by 0.25%. After six sessions of gains, the iron ore price slump in Sydney caused miners to retreat as much as 0.5%. BHP Group Rio Tinto and Fortescue, mining giants, shed between 0.2% and 1,4%. Australian gold miners dropped as much as 1,4%, hovering at a near two-week low. This was despite the bullion rising on expectations of an upcoming U.S. interest rate cut, which boosted sentiment. Northern Star Resources, a gold miner, has shed up to 1.1% of its value. Both energy stocks and healthcare stocks fell by 0.3%. Rate-sensitive financials, including real estate, were mostly unchanged. National Storage REIT, a stock in the benchmark index, rose nearly 3% and reached a new record high after the company announced that it would proceed with the Brookfield-GIC consortium's buyout of A$4 billion (2.65 billion). Over the Tasman sea, New Zealand’s benchmark S&P/NZX50 index slipped 0.2% to 13,509.39.
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Oil prices hold at two-week highs due to geopolitical risk and an expected US rate reduction
Oil prices were at a two-week high on Monday, as investors waited for a Federal Reserve rate cut to boost economic growth and increase energy demand. They also viewed geopolitical risk that could threaten oil supplies coming from Russia and Venezuela. Brent crude futures increased by 4 cents or 0.06% to $63.79 per barrel at 0008 GMT. U.S. West Texas Intermediate Crude was up $7 cents or 0.12%, and stood at $60.15 per barrel. Both contracts closed the Friday session at their highest level since November 18. LSEG data shows that the markets are pricing in a 84% chance for a quarter-point reduction at the Fed's meeting on Tuesday and Thursday, despite the fact that it is expected to one of the most contentious meetings in recent years, and investors are focusing on the U.S. Central Bank's policy and internal dynamics. The progress of the peace talks in Europe is slow. There are still disagreements over security guarantees for Kyiv, and about the status of Russian occupied territory. ANZ analysts wrote in a report that the outcome of the current negotiations may have a significant impact on oil prices. The various possible outcomes of Trump's latest effort to end the conflict could result in a change in oil supply that is greater than 2,000,000 barrels per day. Sources familiar with the issue have told us that the Group of Seven and the European Union, are currently in discussions to replace the price cap on Russian crude oil exports by a complete maritime services ban. This could reduce the supply of the second largest producer of the world. The U.S. also increased pressure on OPEC-member Venezuela, including by striking alleged drug smugglers' boats and threatening military action against President Nicolas Maduro. Chinese independent refiners are increasing purchases of Iranian oil sanctioned from tanks onshore, according to trade sources and analysts, which has helped ease a glut in supply. (Reporting and editing by Jamie Freed; Florence Tan)
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Official: India does not plan to increase coal power beyond 2035.
A top official in the power ministry said that India has no immediate plans to increase coal power generation beyond 2035. Pankaj Agarwal told an audience at a power ministry function that India wants to meet its energy needs. "By 2035, our goal is to have coal capacity of 307 Gigawatts." He said that it was "premature" to predict what the future holds beyond 2035. India proposed this year to increase its coal power by 46%, from its current 210 GW. It also doubled its non-fossil energy capacity of 500 GW. Agarwal stated that the coal power plans were in line with India's energy needs. India has reduced power production for the majority of this year due to grid challenges caused by the integration surplus clean energy in the grid. Agarwal said that the country could decide to add more coal capacity once it has studied the power demand growth and the rate of integration of renewable energy into the grid for three years. He said that India should evaluate grid challenges as well as the costs of storing clean energy in batteries before adding additional coal capacity after 2035. The annual decline in India's coal-fired electricity generation, which accounts for 75% of its output, was the highest since 2020, as the mild weather decreased cooling demand. Even so, some Indian utilities have signed long-term contracts to purchase coal-fired generators in order to meet the projected increase in evening demand. Reporting by Sethuraman NR from Delhi and Jayshree Upadhyay from Mumbai; editing by William Mallard
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Israeli soldiers kill a 55-year old Palestinian and teen in West Bank
According to an Israeli official, Israeli soldiers killed a Palestinian teen who was driving his car toward them and a Palestinian passerby in the West Bank Saturday. The military claimed that a "non-involved" person was also hit, in addition to a driver who "accelerated" his car towards soldiers at a Hebron checkpoint. The military initially claimed that two "terrorists", who were shot by soldiers, had been killed, but later clarified that it was only one. Unidentified Israeli security officials said that a 17-year old was driving and a 55 year-old bystander. The Palestinian news agency WAFA said that Ziad Nim Abu Dawood (55), a 55-year old municipal street cleaner who was working, died while doing his job. The report said that another Palestinian had been killed, but it did not mention the circumstances which led the soldiers open fire. The Palestinian Ministry of Health identified the second Palestinian, Ahmed Khalil Al-Rajabi, as a 17-year-old. The military has not reported any injuries among the soldiers. No militant group has claimed responsibility for the actions of this 17-year old. This year, violence has increased in the Israeli-occupied West Bank. Israeli settler violence against Palestinians has increased sharply. The military has also tightened restrictions on movement and conducted sweeping raids across several cities. According to the Palestinian Health Ministry, Israeli forces have killed 51 Palestinian minors under 18 years of age in the West Bank since January. Palestinians have also attacked Israeli soldiers and civilians in some cases resulting in fatalities. Reporting by Ali Sawafta and Alexander Cornwell, both in Ramallah; editing by Christina Fincher
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Israeli soldiers kill a 55-year old Palestinian and teen in West Bank
According to a senior Israeli security official, Israeli soldiers killed in the West Bank a Palestinian teenager driving a vehicle towards them and a Palestinian passerby. The military claimed that a "non-involved" person was also hit, in addition to the driver who "accelerated" his car towards soldiers at a Hebron checkpoint. The military initially claimed that two "terrorists", but later clarified that it was only one individual. Unidentified Israeli security officials said that a 17-year old was driving and a 55 year-old bystander. The Palestinian news agency WAFA said that Ziad Nim Abu Dawood (55), a 55-year old municipal street cleaner who was working, died while doing his job. The report said that another Palestinian had been killed, but it did not mention the circumstances which led the soldiers open fire. The Palestinian Ministry of Health identified the second Palestinian, Ahmed Khalil Al-Rajabi, as a 17-year-old. The military has not reported any injuries among the soldiers. No militant group has claimed responsibility for the actions of this 17-year old. According to the Palestinian Health Ministry, Israeli forces have killed 51 Palestinian minors under 18 years of age in the West Bank since January. This year, violence has increased in the Israeli-occupied West Bank. Israeli settler violence against Palestinians has increased sharply. The military has also tightened restrictions on movement and conducted sweeping raids across several cities. Palestinians have also attacked Israeli soldiers and civilians in some cases resulting in fatalities. Reporting by Ali Sawafta and Alexander Cornwell, both in Ramallah; editing by Christina Fincher
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US envoy Kellogg claims that a peace agreement with Ukraine is very close
The outgoing U.S. President Donald Trump’s Ukraine envoy stated that a deal for the end of the Ukraine war is "really close". It now depends on the resolution of two major outstanding issues: the future in Ukraine's Donbass region and the Zaporizhzhia Nuclear Power Plant. After eight years of fighting in the Donbas region, which includes the Donetsk-Luhansk region, between separatists backed by Russia and Ukrainian troops, Russia invaded Ukraine on February 20, 2022. The Ukraine War is the deadliest European Conflict since World War Two. It has also triggered the largest confrontation between Russia and Western since the Cold War. U.S. Special Representative for Ukraine Keith Kellogg told the Reagan National Defense Forum, that the last 10 meters of the conflict are the most difficult. Kellogg stated that the two most important issues were the territory, namely the future Donbas, and the future Zaporizhzhia Nuclear Power Plant, Europe's biggest, which is currently under Russian control. Kellogg, speaking on Saturday in Simi Valley at the Ronald Reagan Presidential Library & Museum, said: "If those two issues are resolved, I believe the rest of things will go well." "We're nearly there." Kellogg said, "We are really, really close." Kellogg, retired lieutenant-general who served in Vietnam and Iraq and Panama, described the Ukraine conflict as "horrible" and unprecedented for a war in a region. Kellogg stated that Russia and Ukraine together have suffered over 2 million casualties including dead and injured since the beginning of the war. Russia and Ukraine do not provide credible estimates of losses. Moscow claims that Western and Ukrainian estimates exaggerate its losses. Kyiv claims that Moscow inflates Ukrainian losses estimates. Russia controls 19.2% Ukraine. This includes Crimea (which it annexed last year), all of Luhansk and Donetsk. It also controls more than 80% Kherson, Zaporizhzhia and about 75% Kherson. There are also slivers in Kharkiv Sumy Mykolaiv Dnipropetrovsk. Last month, a leaked set 28 U.S. peace proposals was revealed. This alarmingly bowed down to Moscow's demands, including Russian control over a fifth part of Ukraine, and restrictions on Ukraine’s army. According to the Kremlin, these proposals, of which Russia says they now contain 27 points have been divided into four components. It is not known what the exact content of these proposals are. According to the initial U.S. proposal, the Zaporizhzhia Nuclear Plant, whose reactors currently are in cold shutdown would be relaunched, under the supervision and control of the International Atomic Energy Agency. The electricity produced would then be shared equally between Russia, Ukraine, and other countries. The Ukrainian president Volodymyr Zelenskiy stated on Saturday that they had a "substantive and long" telephone call with Steve Witkoff, Trump's Special Envoy and Jared Kushner, Trump's Son-in-law. The Kremlin stated on Friday that it expects Kushner will be the one to do most of the work in drafting any possible deal. (Reporting and editing by Elaine Hardcastle in Moscow, with Guy Faulconbridge reporting from Moscow)
Anson, Australia's lithium supplier, signs MoU with Nusano in the US for nuclear use
Anson Resources, based in Australia, announced on Monday that it had signed a nonbinding Memorandum of Understanding with Utah-based Nusano for the supply of lithium chloride to be used in advanced manufacturing and nuclear applications.
Anson will provide samples of lithium chloride from its Green River Project in Utah to be tested for qualification. Talks are aimed at an agreement covering a five-year period and at least 300 tonnes equivalent lithium carbonate per year.
Nusano is a privately-held company that plans to use Anson’s lithium chloride feedstock in order to produce lithium-6, lithium-7, and other isotopes for the nuclear sector using proprietary separation technology.
Bruce Richardson, CEO of the company, said that the company is still in talks with other partners to supply electric vehicles, which is its main focus. He added that diversification into nuclear industry was "an important strategic move."
Late November saw the spodumene price of lithium raw material surge to its highest level since June 2024, recovering nearly half from June’s four-year highs. However, it is still far away from late-2022 peak prices above $6,000.
In September, the company had
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A similar agreement was reached with LG Energy Solution of South Korea for the supply battery-grade lithium from its Paradox Basin Project. (Reporting and editing by Edmund Klamann in Bengaluru, and Diane Craft.)
(source: Reuters)