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Nikkei reaches record highs as trade tensions ease
Asian stocks rose Tuesday, as the prospect of an easing of trade tensions between two of the world's largest economies increased risk sentiment. The Nikkei also reached a new record high due to the near certainty that Sanae Takaichi will be the next Japanese prime minister. U.S. president Donald Trump said he expected to reach a fair deal with Chinese President Xi Jinping, and downplayed the risks of a conflict over Taiwan. In recent weeks, trade tensions between China and the U.S. have weighed heavily on the markets. Investors are now focused on Trump's meeting with Xi next week on the sidelines an economic conference held in South Korea. Investor sentiment was lifted by the lingering optimism that a solution could be in sight. MSCI's broadest Asia-Pacific share index outside Japan reached a four-and-a-half-year-high and closed the day up by 0.94%. China's stocks were up 0.2%, while Hong Kong’s Hang Seng rose 1% in early trading. Investors snapped up stocks of rare earths, critical minerals and other essential materials after Australia signed a deal to supply the United States. The Nikkei 225 index rose by 0.86%, reaching a new record high. It was also on the verge of surpassing 50,000 points before a vote in parliament later that day. This vote is expected to confirm fiscal dove Takaichi to be the next Prime Minister of Japan. INVESTORS BUY DIP Investor sentiment also suffered last week, as a series of bad loans in regional U.S. banks sparked concerns about credit risks which threatened to spill over into the wider markets. Risk assets were also affected by the prolonged U.S. shutdown. Investors have bought the dip this week, shrugging off concerns about trade tensions and focusing instead on upcoming earnings of several large companies. Chris Weston is the head of research for Pepperstone. He said, "The market has easily overcome the wall of concern, as new capital was injected into risks and fresh air into the market's lung." The market was buoyed by the expectation that the Federal Reserve would cut interest rates at its next two meetings. Kevin Hassett, White House Economic Advisor, also commented on the likelihood of the shutdown ending this week. All three major U.S. indexes closed sharply higher overnight, with chip stocks reaching a new record high. Analysts now expect S&P 500 earnings to grow 9.3% on average year-over-year in the third quarter, a marked improvement from their estimate of 8.8% as of October 1. TAKAICHI SET TO BECOME JAPAN'S PM Takaichi, a conservative hardliner, is almost certain to be the first woman prime minister of Japan if the vote in parliament takes place later today. Investors anticipated Takaichi as the likely next premier after Ishin's backing. The yen last strengthened by 0.1% to 150.61 dollars, up from 150.61 in the previous session. Analysts expect Takaichi will be pro-stimulus, and against any further increases in interest rates. This is a negative for yens and bonds, but positive for stocks. The euro remained steady at $1.164925. The dollar index remained unchanged at 98.575. Due to U.S. rate cuts and safe-haven flows, gold prices were near records highs. Spot gold prices eased slightly to $4350 per ounce. This is just below Monday's record high of $4381.21.
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South32's quarterly manganese production in Australia beats expectations, shares rise by 6%
South32 reported a higher-than-expected output of manganese for the first three months on Tuesday. This was after its Australian operations recovered from weather-related interruptions. The shares of the world's largest manganese producer rose as much as 6.3%, to A$3.315. This is their highest level since March. The diversified mining company said that it had executed a successful operational recovery plan in its Australian manganese sector and increased export shipments following the damage caused by Tropical Cyclone Megan last year. The company announced that the unit had completed an insurance settlement relating to the effects of the tropical storm. An additional $153 million was also agreed under external insurance recoveries. This brings the total approved to $503 millions. Jefferies analysts said that although the cost of the extra assets was higher than their estimation, the performance of the core assets as a whole was strong. The domestic manganese division produced 854,000 wet metric tonnes during the quarter compared to zero output last year. South Africa's manganese production fell by 551,000 wmt during the first quarter of the year, compared to the previous year. The company has maintained its production forecasts for fiscal 2026 across all of its operations. Graham Kerr, CEO of Graham Kerr Metals Ltd. said: "We remain focused on maintaining the operating momentum and capitalising upon strengthening market conditions for base metals." The threat of closing the Mozambique aluminum smelter remains a concern for the company, which has said that the negotiations to secure affordable electricity have not advanced. Reporting by Sneha Kumra and Nichiket Sonil in Bengaluru, Editing by Shreya Biwas and Alan Barona
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Oil prices drop on fears of oversupply
Oil prices dropped on Tuesday due to concerns over excess supply, and the risks of demand arising from tensions between U.S.A. and China, two of the world's largest oil consumers. This was despite President Donald Trump saying he expects to reach a deal. Brent crude futures were down 14 cents or 0.2% at $60.87 per barrel at 0005 GMT. The U.S. West Texas Intermediate (WTI), which is due to expire Tuesday, fell 0.1% to $57.45. The December contract, which is more active, was down by 13 cents or 0.2% at $56.89. Donald Trump, the U.S. president, said Monday that he expected to reach a fair deal with Chinese President Xi Jinping. The disagreements regarding tariffs, market access and technology are still unresolved before their meeting scheduled for South Korea next Monday. "I believe we'll have a very good trade deal." "Both of us will be pleased," Trump said. Ritterbusch and Associates stated in a report that the trading outlook for crude oil is bearish. They recommend selling at price increases rather than buying on pullbacks. They added, "But we also feel there is enough geopolitical unrest to occasionally offset the oil balances which are becoming increasingly negative each week." A preliminary poll conducted on Monday, before the weekly reports of the American Petroleum Institute (API) and the Energy Information Administration, showed that U.S. crude stockpiles probably increased last week. A drone attack in Russia forced the Rosneft controlled Novokuibyshevsk Refinery to stop primary crude processing Sunday. Separately, an attack on the Orenburg Gas Plant forced Kazakhstan to reduce output at its Karachaganak Oil and Gas Condensate Field by 25 to 30%. Trump has reiterated that India will face "massive tariffs" if it does not stop buying Russian crude. India is now the largest buyer of discounted Russian crude oil after Western sanctions against Moscow. The International Energy Agency's bearish forecast last week, which predicted that the global oil market would face a surplus in 2026 of almost 4 million barrels a day as OPEC+ and its rivals increase production while demand is sluggish, has contributed to the fall. Ashitha Shivaprasad, Bengaluru. Sonali Paul, editing.
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US and Australia invest $2 billion to advance Alcoa Gallium Project
As part of an extensive critical minerals agreement, signed on Monday to counter China's control over the industry, the United States and Australia extended financial assistance to several Australian firms. The agreement between U.S. president Donald Trump and Australian prime minister Anthony Albanese commits the two countries to investing at least $1 billion in each of the next six month's mining and processing projects, and to setting a floor price for essential minerals. This is a move that Western miners have long fought for. The governments will also support a plan announced by U.S. Aluminum producer Alcoa, to build a galium plant in Western Australia alongside its alumina refining facility. Alcoa signed a joint agreement in August with Japan Australia Gallium Associates, a venture between Sojitz Corp and the Japanese government. Alcoa said that after it completes its feasibility study, a vehicle owned jointly by the U.S., Australian and Alcoa governments will enter into a joint venture to build the plant. Parties would contribute capital to a special purpose vehicle, and in return receive gallium at a rate proportional to their interest. Alcoa stated that the plant was expected to produce 100 tons of gallium per year. Alumina is made from gallium, which is an essential mineral for technology. This includes the semiconductor and defense industries. Reg Spencer, Canaccord's mining analyst, said that the move could be a positive one for Australia-listed companies. The Export-Import Bank of the United States announced that it had sent seven letters of interest (LOIs), totaling over $2.2 billion, to advance U.S.-aligned vital minerals projects in Australia. The LOIs have been issued to Arafura Rare Earths and Northern Minerals. These LOIs represent the next step in the process of securing minerals that are vital to American manufacturing, national defense, and other strategic industries. (Reporting from AnshumanTripathy in Bengaluru, and Melanie Burton in Sydney. Writing by PraveenMenon; Editing Jamie Freed).
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WSJ reports that Starboard has taken a stake of nearly 5% in Fluor Construction.
The Wall Street Journal, citing sources familiar with the situation, reported that activist investor Starboard Value had taken a stake of nearly 5% in the construction company Fluor. Starboard Value plans to seek ways to increase the shares of the company. Fluor shares jumped 6.7% following the release of the report. Stock has fallen by nearly 3% this year. Fluor has an almost 40% stake in small nuclear reactor developer NuScale Power, which has seen a jump in shares this year due to increased demand for data centers and other technologies fueled by the artificial-intelligence boom. Journal reported that Starboard believes that Fluor’s core business has been undervalued on the market in comparison to the value investors attribute to NuScale. According to the report, Fluor's activist investor believes that it should explore all options, including selling its NuScale shares. Starboard believes that Fluor, a company that helps build critical infrastructure in the United States, should also benefit from the new policies of President Donald Trump, which are increasing planned investments. Starboard and Fluor both did not respond immediately when contacted. Fluor reported in August that its second-quarter revenue fell by 6% to $4 billion. This was also below analysts' expectations of $4.55billion. The construction company revised its projected annual adjusted profit per shares downwards to between $1.95 and $2.15 from an earlier projection of $2.25 to $2.75 each. (Reporting and editing by Alan Barona in Mexico City, Juby Babu from Mexico City)
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Officials say that a Russian strike has knocked out electricity in large areas of northern Ukraine
Officials said that a new Russian attack in the border region of Chernihiv, Ukraine, on Monday knocked power out to large areas of the northern part of the country. This included the main town near the decommissioned Chornobyl Nuclear Power Station. Chernihivoblenergo (the local power company) in the area said that the latest attack targeted an energy site but refused to identify it. Yuri Fomichev said that a part of Slavutych in Kyiv Region, located 45 km (28miles) west of Chernobyl, had lost electricity in the incident. The water supply system of the town was switched to reserve power, and heating at essential sites continued uninterrupted. Crews from the emergency services were working to restore power. The head of Kyiv Region also stated that emergency crews are restoring power. There was no immediate response from Russia. As winter draws near, the war in Ukraine has not ceased. More than a half-million people were left without power after a barrage of missiles that hit Kyiv and parts of Ukraine earlier this month. The Russian attacks on Ukraine this month have forced Kyiv to import more gas. Volodymyr Zelenskiy, President of Ukraine, said on Monday that Ukraine could import gas worth $2 billion this winter from Europe and the United States. Chernihiv is a city located north of Kyiv that has been the target of many attacks. At the weekend, a strike against an energy company knocked out the power for 55,000 people. There were also power outages in other towns of northern Ukraine. Officials in Izium in the northeastern Kharkiv Region said that parts of their city were plunged into darkness. The Prime Minister Yulia svyrydenko discussed Monday the resilience of Ukraine’s energy system with parliament members as part of a newly formed body dedicated to coordination work between the assembly and the President's Office. Ukraine has launched its own long range attacks against Russian energy targets. At least 58 of these attacks have been made on key sites in the last month.
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Steel Dynamics beats quarterly profit estimates on declining scrap raw material costs
Steel Dynamics posted Monday a third-quarter profit that was above Wall Street expectations, thanks to a drop in scrap prices. The U.S. Steelmaker has benefited from the drop in scrap prices. Steel Dynamics exclusively produces steel in electric arc furnaces, and scrap raw material is a vital feedstock. Mark Millett, CEO of the company, said that he expects to see a stronger demand for all our products in 2026, including flat-rolled aluminum. He added that the firm expects a positive impact on performance from its various operating platforms due to the market dynamics. We have noticed some order hesitation from flat-rolled steel customers because of domestic trade actions despite many encouraging demand drivers. According to data compiled and analyzed by LSEG, the company's adjusted third-quarter profit of $2.74 a share was higher than analysts' estimates of $2.64. The revenue for the third quarter ended September 30, which was reported by Aatreyee Dasgupta and Anshuman Tripathy in Bengaluru, grew 11.2% from a year earlier to $4.83billion. This exceeded Wall Street's expectations of $4.8billion. Reporting by Aatreyee dasgupta in Bengaluru and Anshuman tripathy; editing by Shreya biswas
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US yields are easing; stocks jump after key earnings reports
The major stock indexes rose sharply Monday as investors awaited the quarterly earnings reports of large U.S. corporations this week. Meanwhile, U.S. Treasury rates edged down ahead of forthcoming U.S. China trade discussions. Gold prices increased by more than 2% as investors awaited further U.S. rate cuts, and the demand for safe haven assets remained strong. Investors also monitor the U.S. government shutdown which is now in its twentieth consecutive day. Government agencies haven't published key economic reports as a consequence. However, the September U.S. Consumer Price Index is expected to come out on Friday. Kevin Hassett, White House economist, said on Monday that Closed This week is likely to be the last. Investors are eager to hear this week's reports from Tesla, IBM and other major companies. Wall Street saw the major U.S. indexes rise by more than 1% each. Jake Dollarhide is the chief executive of Longbow Asset Management, located in Tulsa. "Ofcourse, if there are some disappointing earnings that could negatively affect the market. Investors have a rose-colored view of the year and are feeling good. The Dow Jones Industrial Average grew 515.97, or 1.12% to 46,706.58, while the S&P 500 climbed 71.12, or 1.07% to 6,735.13, and the Nasdaq Composite rose 310.57, or 1.37% to 22,990.54. Some market watchers believe that tighter credit conditions may help to reduce some of the froth on the market as U.S. regional bank earnings continue to roll in. The MSCI index of global stocks rose by 11.79 points or 1.20% to 956.9. European shares closed higher after initial concerns about the stability of U.S. banks eased. The pan-European STOXX 600 rose by 1.03%. The U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia. He said he hopes to prevent an escalation of U.S. Tariffs on Chinese Goods, which U.S. president Donald Trump has said is unsustainable. Trump confirmed that he will meet Chinese President Xi Jinping next week in South Korea, and expressed his admiration for him. The yield on the benchmark 10-year U.S. notes dropped 2.7 basis points from Friday's 4.009% to 3.982%. The dollar grew against the yen, and other currencies. The odds of a Bank of Japan interest rate increase this month were reduced by the markets to just under 20%. Meanwhile, in France, tensions on the political front eased. A coalition agreement in Japan has paved the way for Sanae Takaichi, who is pro-stimulus, to become Prime Minister. Federal Reserve is still widely expected to reduce interest rates next month by a quarter point and again in December. The dollar index (which measures the greenback in relation to a basket currencies) rose by 0.07%, reaching 98.61. Meanwhile, the euro fell by 0.08%, falling to $1.1642. The dollar gained 0.06% against the Japanese yen to reach 150.71. Spot gold increased 2.5% to $4.354.79 per ounce. Oil prices The price of oil has dropped to its lowest level since early May, amid fears about an upcoming supply glut. Brent crude futures dropped 28 cents or 0.46% to settle at $60.01 a barrel. U.S. West Texas Intermediate Futures fell 2 cents or 0.03% to $57.52.
US bets against Australian miners will break China's grip over critical minerals supply
U.S. president Donald Trump and Australian prime minister Anthony Albanese have agreed to guarantee a constant supply of rare earths and critical minerals, as the United States reduces its dependence on Chinese supplies.
The U.S. Export-Import Bank issued seven letters-of-interest (LOIs), on Monday, for financing of more than $2.2billion, unlocking up $5billion of total investment to advance critical mineral and supply chain projects between the United States and Canada.
The Australian mining companies who have revealed details of their LOIs received from EXIM are listed below:
ARRANGEMENTS ANNOUNCED MONDAY
VHM has received a letter of interest updated from EXIM, for up to 200 million dollars in funding. The term could be extended to up to 15 years. This is to support the development of Goschen's rare earths and minerals sands in Australia.
LATROBE MAGNESIUM
Latrobe Magnesium announced that EXIM is willing to finance up $122 million of the stage 2 commercial magnesium plants in Victoria, Australia.
RARE ARAFURA EARTHS
EXIM has provided a nonbinding LOI to support Arafura’s Nolans Project in the Northern Territory. In preliminary discussions, EXIM is considering a financial support of up to $300,000,000.
NORTHERN MINERALS
EXIM stated that it could consider a potential debt financing of up to $230,000,000 to support Northern Minerals Browns Range Heavy Rare Earths Project in Western Australia.
AUSTRALIA PROJECTS - AGREEMENTS ANNOUNCED PRIORLY
AUSTRALIAN STRATATEGIC MATERIALS
Australian Strategic Materials received an LOI in March 2024 from EXIM for a debt financing package of up $600 million, to support the construction of its Dubbo Rare Earths Project northwest of Sydney.
EQ RESOURCES
EQ Resources has received a Letter of Intent (LOI) from EXIM for a loan facility up to $34m to support the Mt Carbine tungsten project in Australia.
VICTORY METALS
Victory Metals secured an $190 million Letter of Intent (LOI) from EXIM in April 2025 for the development in Western Australia of its North Stanmore Heavy Rare Earths, Scandium and Hafnium Project.
SUNRISE ENERGY METALS
Sunrise Energy Metals received an LOI in September 2025 from EXIM to finance up to $67 Million for its Syerston Scandium Project in New South Wales Australia.
Previous announcements of agreements for projects outside Australia
AMERICAN EARTHS American Rare Earths has received a Letter of Intent (LOI) from EXIM for a debt financing package of up $456 million in September 2024 to support the construction of the Cowboy State Mine at its Halleck Creek Project in Wyoming.
ANSON RESOURCES
EXIM offered to provide $330 million by September 2024 for the construction of Anson Resources’ lithium production plant at the Paradox Basin in Utah.
Meteoric Resources
U.S. EXIM offered $250 million as a preliminary grant to Australian-listed Meteoric Resources in March 2024 to help develop the Caldeira rare Earths project in Brazil.
IPERIONX
IperionX announced in April 2025 the EXIM approved an equipment financing loan of $11,000,000 to support the significant expansion of IperionX’s advanced titanium manufacturing capability in the U.S.
QUANTUM GRAPHITE
Australian miner Quantum Graphite announced in July 2024 it had received a Term Sheet from EXIM to borrow up to $300,000,000 to fund the Utile Project near the North Atlantic Ocean.
AMAERO INTERNATIONAL
Amaero International received a $22.8 million loan from EXIM at the start of 2025 as part of its "Make More in America", a bank initiative that aims to strengthen the local supply chain. Reporting by Shivangi lahiri in Bengaluru, Shruti agarwal in Sydney and Melanie Burton in Bengaluru; editing by Jamie Freed
(source: Reuters)