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Maguire: New five-year plan to cut subsidies will focus on China's EV exports.
China's car industry has been a major disruptor of the global automaker industry for the last decade. Its electric vehicle producers have replaced combustion engine cars at home, and have also flooded the global market with record exports. The country may have to reverse its electric vehicle exports and output following a major policy shift that will reduce EV subsidies in the upcoming five-year plans. China's top industrial policymakers have omitted electric cars from the list of strategic industries in their 2026-2030 Development Agenda, China's main industrial strategy blueprint. Industry analysts interpret the omission as Beijing's willingness to let the market shape the EV industry after years of state-sponsored support. The subsidy reductions are expected to lead to a much-needed downsizing and rationalisation of the overcrowded sector that includes more than 150 different car manufacturers. The global auto market is expected to be affected by these changes. Many markets have been overloaded with cheap Chinese exports, which were shipped overseas when domestic markets were saturated. In the future, rival automakers may see growth opportunities in foreign markets that were previously clogged. The following is a list of the top destinations in the world for Chinese EVs sales over the past few years. This will give you an idea of where other automakers can find growth as Chinese companies start to retreat. MASSIVE REACH According to data from the energy think tank Ember (which includes Ember's own research), China exported EVs to more than 200 countries in 2025, bringing in a total of nearly $48 billion. Belgium was the top destination overall from January to September of this year, with sales worth approximately $5 billion. Brazil, Australia, and United Arab Emirates were also among the top 10 Chinese EV destinations in 2018. They purchased another $6.5 Billion of Chinese electric vehicles between them. This shows the broad range of markets that Chinese vendors have tapped. Europe is the largest market for Chinese EVs. Since the beginning of 2018, the continent has accounted for half of the total Chinese EVs exported. Europe has already imported about $20 billion worth of Chinese electric vehicles in 2025. Since 2018, exports to other Asian countries accounted for approximately 20% of the total and $12.5 billion in 2018. Latin America and Middle East are next biggest markets with sales of approximately $6 billion and $4 billion respectively in 2025. RAPID GROWTH EV exporters have expanded their sales to other regions, so that now every major auto market in the world has at least a sample of Chinese EV offerings. Africa has seen the biggest year-over-year increase in the imports of Chinese electric vehicles in 2025. The continent recorded a 184% jump in Chinese EV purchases from January to September in comparison to the same period in 2024. Ember data show that Africa has imported about $1 billion worth of Chinese electric vehicles so far this calendar year. This is a small amount compared to Europe, which imports around $20 billion. However, it is more than twice the amount Africa will receive in 2024. Middle East saw the second largest increase in Chinese EV imports in 2025. The jump was 71% from the same period in 2024, to $4.5 billion. Oceania, primarily Australia and New Zealand, has seen a 45% increase in sales this year. Asia (+43%) Europe (+10%), and Latin America (+17%) have also experienced steep increases in Chinese EV imports year-over year. In fact, North America is the only region that has seen a decline in Chinese EV exports. This has occurred primarily due to the ongoing U.S./China trade dispute. SURGE SALES EVs are a significant part of the export revenue that Chinese companies have received. Fourteen countries have already spent more than a billion dollars on Chinese EV imports in 2025. Another 12 have spent between $500 and $999 millions. The most impressive part is that 31 nations, from Ecuador to Armenia, Tajikistan and Myanmar to Myanmar have spent between $100 and $499 millions on Chinese EV imports this year. In the future, a large number of rapidly growing markets could be a lucrative hunting ground for other automakers. This is especially true if China's EV production drops sharply once the consolidation of the sector begins. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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HF Sinclair's profit beats estimates for the third quarter on higher refining rates
The refiner HF Sinclair beat Wall Street expectations for its third-quarter adjusted profits on Thursday. This was due to improvements in refining margins as well as strength in the midstream segment. Shares of HF Sinclair rose 1% in premarket trade. Fuel producers in the U.S. benefited from an increase in pricing due to supply shortages resulting from geopolitical tensions affecting Ukraine. Companies such as Valero Energy, Phillips 66 and others also beat Wall Street's expectations. U.S. refinery profit margins measured by the 3-2-1 Crack Spread In the third quarter, grew by nearly 29% in average compared to a year ago, aided by high diesel and gasoline margins, boosted both from robust demand and low inventory. The adjusted refinery gross profit per barrel of the company was $17.50, up from $9.38 a quarter earlier. Refinery utilization increased to 107.8% compared to 101.2% one year prior. The segment's core quarterly profit was $661 million, up from $110 million a year ago. HF Sinclair announced on Wednesday that it was considering expanding its pipeline system across the Rocky Mountain region and West Coast in order to boost fuel supplies for markets like California and Nevada. The planned closures of Phillips 66’s Los Angeles refinery at the end of the year, and Valero Energy’s Benicia refining plant next year could put a strain on West Coast fuel supply. The midstream companies that transport natural gases benefit from the increase in electricity consumption in homes and businesses, as well as crypto-mining, data centers, and an AI-led boom. HF Sinclair’s midstream segment posted a 2.7% increase in its adjusted quarterly core profit, which was $114 million. This is compared to a year ago. According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of $2.44 for the three-month period ended September 30. This compares with analysts' estimates of $1.77. (Reporting from Pooja Menon, Bengaluru. Editing by Leroy Leo.)
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Japan's Sojitz imports heavy rare Earths from Australia
Sojitz, a Japanese company, has started importing rare earths heavy from Australia's Lynas. This is the first import of this kind produced using Australian ore that was separated and refined in Malaysia. This move is intended to ensure that Japan can obtain key materials for electric vehicles and renewable energies from other sources than China, the dominant market. Japan, the United States and their allies are working to create supply chains outside China as Beijing tightens its export controls on key minerals. Kosuke uemura, CEO of Sojitz, told reporters that the company would continue to promote diversification in the rare earth supply chains and help ensure a steady supply of essential materials. The company refused to reveal import volumes or prices. This week, U.S. president Donald Trump and Japanese prime minister Sanae Takaichi signed a framework to ensure the supply of rare earths and critical minerals through mining and processing. Sojitz and the Japan Organization for Metals and Energy Security (JOMES) signed an exclusive deal in 2011 with Lynas for light rare Earths, such as neodymium, used in magnets for Japan's market. Since then, they have made numerous investments and provided funding to Lynas. They secured supplies of the rare earths dysprosium (used in magnets) and terbium (used in heavy metals). Uemura noted that Sojitz holds a market share in Japan of over 70% for neodymium. Uemura stated that Sojitz, in collaboration Lynas has developed mass production systems of medium and heavy rare Earths. These are essential elements for the next generation energy and electric motors. Sojitz, in addition to rare earths production with Alcoa's alumina refinery located in Western Australia, is also exploring the feasibility of gallium production. Gallium is an important mineral used in semiconductors and defence technology. It is also subject to China's strict export controls. Uemura stated that government subsidies are needed. He added that China's dominant position distorts the market mechanisms and sometimes makes prices economically irrational in relation to costs like mining, separation, or wastewater treatment. Reporting by Yuka Obaashi. Clarence Fernandez, Mark Potter and Clarence Fernandez edited the report.
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Kuwait Petroleum exports crude oil to Asia following the Al-Zour refinery shutdown, according to trade sources
Traders and analysts said that Kuwait Petroleum Corporation, a state-owned company, has sold crude oil to Asia after an unplanned shutdown at its Al-Zour Refinery. People said that KPC sold crude oil, including Kuwait Heavy Crude, Eocene Grade, to Asian buyers for immediate delivery via rare tenders. It was not immediately known the volume or who bought it. Kuwait Integrated Petroleum Industries Company shut down Al-Zour's refinery on October 21 due to a fire. All units should be back up and running by November 7, says industry watchdog IIR. Indian refiners were looking for alternatives to Russian oil after U.S. sanctions last week against top Russian oil producers. Richard Jones, an analyst for Energy Aspects and a Kuwaiti crude oil expert, said that Asia absorbed rare Kuwaiti spot bids this week. The buffer that Asia had provided to cover lower Russian purchases with the Basrah overhang and West African overhangs is now gone. Middle Eastern spot premiums rose on Thursday, after a steep drop earlier in the week.
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Enterprise Products' quarterly profit drops on lower margins, but buybacks to $5 billion are boosted
Enterprise Products Partners announced a decrease in profit for the third quarter on Thursday. Lower processing margins, maintenance downtime and record volumes of pipeline and gas processing offset lower processing margins. The company's shares dropped by nearly 2% during premarket trading. The U.S. Pipeline Operator also increased its share purchase authorization from $2 billion to $5 billion. A.J. Teague, the CEO of the company, said that natural gas and liquids throughput from Permian Basin helped set nine operational records in the quarter. Teague, the company's CEO, said that the Permian Basin natural gas and liquids output helped to set nine records for the quarter. These included volumes of natural gas processed and pipeline volumes. Enterprise has moved record volumes across its network. Natural gas pipeline throughput increased by 8% to 21.0 trillion British Thermal Units (Btus), and pipeline volumes equivalent rose 7% to 13.9 million barrels. These gains were offset with lower sales margins. LPG loading fees also decreased after contract renewals. The net income attributable common unitholders dropped to $1.36billion, or 61c per unit, in the three-month period ended September 30 from $1.43billion, or 65c, a year ago. (Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)
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Investors weigh US-China trade discussions as they consider the Fed rate cut that led to a 2% increase in gold.
Gold prices rose 2% on Friday, as the dollar fell after the Federal Reserve cut rates and investors were still uncertain about the outcome of the trade agreement between the two world's largest economies. As of 0918 GMT, spot gold rose 1.9% to $4.004.75 an ounce. U.S. Gold Futures for December Delivery fell 0.4% to $4.018.30 an ounce. Lukman Otunuga is a senior research analyst with FXTM. He said, "Gold seems to be pushing up as investors digested the outcome of Trump-Xi's meeting and the Fed’s decision to reduce interest rates for a second time this calendar year." The U.S. Central Bank delivered a rate cut of 25 basis points on Wednesday. This brings the benchmark overnight rate down to a range between 3.75% and 4.00%. Powell has tried to calm expectations about further rate cuts, but traders still price in a 70% chance of a reduction by December. Fed Chair Jerome Powell stated that officials are still struggling to come to a consensus on what the future holds for monetary policies and warned markets not to assume another rate reduction in December. Gold that does not yield is a good investment in low interest rate environments and economic uncertainty. In the meantime, U.S. president Donald Trump announced that he had reached a deal with China to lower tariffs in exchange for Beijing continuing U.S. soy bean purchases, maintaining rare earths exports and crackingdown on illicit fentanyl traffic. China has agreed to postpone the implementation of its latest round rare earth export controls. However, earlier restrictions on these critical minerals which have disrupted global trade still remain. Trump made his remarks after a face-to-face meeting with Xi, in Busan, South Korea. This marked the end of a whirlwind Asia tour, during which he touted trade successes with South Korea and Japan, as well as Southeast Asian nations. Silver rose by 1.4% at $48.22 an ounce. Platinum gained 2%, reaching $1,616.20, and palladium increased 2.9%, to $1.441.24. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)
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Oman and Qatar are still involved in the negotiations to purchase Eurofighters by Turkey
The Turkish government said that it was continuing talks with Qatar and Oman to procure Eurofighter Typhoon jet fighters. This follows a Monday deal with Britain for the purchase of 20 jets. The agreement between NATO allies Turkey, Britain and France aims to strengthen their relationship and boost Turkish air defences. Ankara said that it also wanted to purchase 24 jets from Qatar and Oman, even if they were lightly used. Analysts have called the British Prime Minister Keir starmer's deal worth 8 billion pounds ($10.7billion) expensive. The Turkish Defence Ministry announced at a briefing held in Ankara that the deal included jets, aircraft equipment and ammunition. Persons familiar with the situation told a reporter on Wednesday that the weapons package included the MBDA Meteor ground-attack missiles as well as the MBDA Meteor Air-to-Air missiles. BAE Systems released a statement on Monday stating that the deal involved an arms package consisting of Meteor missiles, as well as integration packages for Turkish weapon systems. The agreement states that BAE Systems would manufacture major airframe parts, perform the final assembly and lead the integration of weapons at its Lancashire sites. "The weapons package will primarily be provided by MBDA," the statement added. Ankara is negotiating with its Gulf allies Qatar, and Oman for more jets to meet immediate needs. The ministry did not elaborate. "Work is ongoing on the Eurofighter Typhoon jet fighters that will be purchased from Qatar and Oman in order to meet the mission needs of our Air Force," it said. (Reporting and editing by Jonathan Spicer, Gareth Jones, and Tuvan Gumrukcu)
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Gunvor accepts the offer from Russia's Lukoil to purchase its foreign assets
Lukoil announced on Thursday that it accepted an offer by global commodity trader Gunvor for its foreign assets. Russia's second largest oil company has been seeking to sell these assets after Washington imposed sanctions last week. The planned asset sales are the most significant action taken by a Russian firm in response to the Western sanctions over the conflict in Ukraine. This war began when Russia invaded its neighbor on a full scale back in 2022. Lukoil announced in a press release that it had accepted Gunvor's offer to sell Lukoil International GmbH which controls foreign assets of the oil giant. The parties have already agreed on the key terms. Lukoil accepted the Gunvor offer after agreeing not to negotiate with any other potential buyers. Gunvor confirmed that it is in discussions with Lukoil about the potential acquisition of Lukoil's foreign assets. GUNVOR USES PROFITS AFTER 2022 TO FUND ACQUISITIONS The U.S. Treasury Department issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft - another Russian energy company targeted by a new round of sanctions. Lukoil stated that if necessary, both parties will apply to extend the current license. It added that the deal was subject to approval by Treasury's Office of Foreign Assets Control. Gunvor became the largest trader of Russian oil in the world in the 2000s. Gennady Tichenko was one of its shareholders. He is a close friend of Vladimir Putin and sold his Gunvor stake after the U.S. imposed sanctions on him following Russia's annexation in 2014 of Crimea. Gunvor, like many other trading houses has benefited from the rise in oil and natural gas prices since the start of the Ukraine war and the European move to reduce its dependency on Russian energy. Gunvor, along with its peers Vitol and Trafigura, have acquired assets from refineries and oilfields to power plants and winds farms. LUKOIL FOREIGN ASSESSMENTS - FROM IRAQ AND AFRICA Lukoil, headquartered in Moscow, accounts for about 2% of the global oil production. West Qurna 2 in Iraq, a world-class oil field that it owns a 75% share of, is its biggest foreign asset. Interfax, a Russian news agency, reported that the field produced more than 480,000 barrels of oil per day in April. The company also owns the Petrotel oil refining plant in Romania and the Lukoil Neftohim Burgas 190,000-bpd refinery, which is the largest refinery on the Balkans. Lukoil provides oil to Hungary, Slovakia and Turkey's STAR Refinery, which is owned and operated by Azerbaijani state oil company SOCAR, and heavily dependent on Russian crude. Lukoil has stakes in retail fuel chains and oil terminals in Europe, and also owns upstream, downstream and other projects in Central Asia and Africa. Reporting by Oksana Kobieva in Moscow, and Dmitry Zhdannikov at London; Writing and editing by Vladimir Soldatkin and Guy Faulconbridge.
Gold prices rise as the dollar falls and Fed rate cuts buoy appeal
Gold prices rose Thursday on the back of a weaker dollar and a rate cut by the U.S. Federal Reserve. However, signs of progress in U.S. China trade negotiations kept gains in check.
As of 0529 GMT, spot gold was up by 0.6% to $3,953.04 an ounce. U.S. Gold Futures for December Delivery fell 0.9% to $3964.50 an ounce.
The dollar index dropped 0.2%, after reaching a two-week peak against its rivals during the previous session. This made gold cheaper for holders of other currencies.
"There is no catalyst other than a little technical bounce. This week, gold has been under pressure. The U.S. China trade deal is a negative for geopolitics and trade, according to Capital.com analyst Kyle Rodda.
Gold is also negatively affected by the Federal Reserve's hawkish stance and the decline in odds of another rate reduction in December. This dynamic could cause gold to continue its decline. "Gold is on the rise in the long term."
The U.S. Central Bank cut interest rates for the second consecutive time by a quarter percentage point, bringing benchmark overnight rates to a range of target 3.75%-4.00%.
Fed Chair Jerome Powell stated that officials are still struggling to come up with a consensus on what the future holds for monetary policies and that the financial markets shouldn't assume another rate reduction will occur at the end the year.
Gold that does not yield is a good investment in low-interest rate environments and economic uncertainty.
In the meantime, U.S. president Donald Trump announced that he had reached a deal with China to reduce tariffs in exchange for Beijing continuing U.S. soy bean purchases, maintaining rare earth exports and crackingdown on illicit fentanyl trade.
Trump's remarks following face-to-face meetings with Chinese President Xi Jinping, in the South Korean town of Busan, marked a conclusion to his whirlwind Asia tour, during which he touted the trade gains he had made with South Korea and Japan, as well as Southeast Asian countries.
Silver spot fell 0.2% at $47.48 an ounce. Platinum rose 0.6% to $1.595.20, and palladium increased 0.9% to $1.413.43. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
(source: Reuters)