2025-10-30 06:50
ABU DHABI, Oct 30 (Reuters) - Saudi Arabia's economy grew 5% in the third quarter from a year earlier, according to flash government estimates released on Thursday, with oil-related growth surging as output ramps up. Oil activities expanded 8.2% year-on-year, followed by growth of 4.5% in non-oil activity and 1.8% growth in government activity, preliminary data from the statistics authority showed. Sign up here. Seasonally adjusted real GDP increased 1.4% in the third quarter, compared to the previous quarter, due to an increase in oil activities of 3.1%. Non-oil activity growth was 0.6% on a quarterly basis. Saudi Arabia's economic growth is expected to be boosted this year by the gradual unwinding of oil production cuts by the OPEC+ group of nations of which the kingdom is a leading member. Having curbed production over several years in a bid to support the oil market, the group, which also includes Russia, started easing those curbs in April. The ministry of finance has forecast real GDP growth of 4.4% in 2025, up from 2% last year, driven by the growth of non-oil activities. The International Monetary Fund raised its forecast for real GDP growth in 2025 to 4% earlier this month on increased oil output. The world's top oil exporter is in the midst of a massive economic transformation spearheaded by Crown Prince Mohammed bin Salman - Vision 2030 - designed to increase non-oil growth and revenue, and reduce hydrocarbon dependence. The economy minister said on Wednesday the country was on a long term restructuring journey towards economic diversification. https://www.reuters.com/world/middle-east/saudi-arabias-economy-grew-5-third-quarter-government-estimates-2025-10-30/
2025-10-30 06:43
MUMBAI, Oct 30 (Reuters) - Rising gold prices are spurring Indian investors to buy bars and coins, with record purchases worth $10 billion in the September quarter lifting their share of total consumption to an all-time high, the World Gold Council said on Thursday. Gold has become a mainstream asset as investors diversify portfolios and boost allocations, even among those with little prior exposure, said Sachin Jain, CEO of WGC’s India operations. Sign up here. "We believe investors' interest in gold will continue and grow in the coming quarters," he said. Investment demand in the world's second-largest gold consumer jumped 20% year on year in September quarter to 91.6 metric tons, or 67% in value terms to $10.2 billion, the WGC said. Overall gold consumption, however, fell 16% to 209.4 tons as jewellery demand slumped 31% to 117.7 tons due to record-high prices. Local gold prices , which hit a record 132,294 rupees per 10 grams earlier this month, have surged 56% so far in 2025 after a 21% rise last year. Investment demand accounted for 40% of total gold consumption in the first nine months of 2025, the highest on record, the WGC said. Physically backed gold exchange-traded funds are also gaining traction amid the rally, Jain added. Gold ETFs drew record monthly inflows of 83.63 billion rupees in September, data compiled by the Association of Mutual Funds in India (AMFI) showed. Demand in the December quarter is expected to exceed that of the September quarter, supported by festivals and the wedding season, said Jain. However, despite this seasonal recovery, total gold demand in 2025 could range between 600 and 700 metric tons, the lowest since 2020, and down from last year's 802.8 tons, Jain said. https://www.reuters.com/markets/asia/indias-gold-investment-demand-surges-above-10-billion-sept-qtr-says-wgc-2025-10-30/
2025-10-30 06:42
MELBOURNE, Oct 30 (Reuters) - U.S. President Donald Trump's adviser on critical minerals is set to meet officials of about 30 critical minerals companies in Sydney on Friday, two sources familiar with the matter said, as the U.S. and Australia step up cooperation to diversify supply. Joshua Kroon, deputy assistant secretary for critical minerals and metals at the U.S. Department of Commerce’s International Trade Administration, has been travelling in Australia despite the U.S. government shutdown. He was in Perth earlier this week, local media reported. Sign up here. A U.S. embassy spokesperson in Australia declined to comment. The meeting in Sydney, which has not been previously reported, comes after the U.S. and Australia last week agreed a wide-ranging critical minerals deal aimed at countering China's dominance in the sector, and as companies jostle to get on Trump's radar ahead of a slew of expected funding opportunities. Kroon last month met several mining and processing companies as part of an Australian trade delegation to Washington and New York, Reuters reported. https://www.reuters.com/world/us/trumps-critical-minerals-adviser-meet-companies-sydney-friday-sources-say-2025-10-30/
2025-10-30 06:38
TOKYO, Oct 30 (Reuters) - Japan's Sojitz (2768.T) , opens new tab has begun importing heavy rare earths from Australia's Lynas Rare Earths (LYC.AX) , opens new tab, it said on Thursday, the first such imports produced from Australian ore separated and refined in Malaysia. The move aims to help Japan secure supplies of key materials for electric vehicles and solar panels from sources other than China, which dominates the market. Sign up here. As Beijing tightens export controls on critical minerals, Japan, the United States, and their allies have been working to build supply chains outside China. "We will continue promoting diversification of the rare earth supply chain and contribute to a stable supply of critical materials," Sojitz said in a statement on Wednesday, but declined to disclose import volumes or prices. This week, U.S. President Donald Trump and Japan Prime Minister Sanae Takaichi signed a framework agreement to secure the supply of critical minerals and rare earths through mining and processing. Since 2011, when Sojitz signed an exclusive sales deal with Lynas for light rare earths for the Japanese market, it has made investments and provided financing to the latter. In 2023, it secured supplies of the heavy rare earths dysprosium and terbium, used in neodymium magnets. https://www.reuters.com/world/asia-pacific/japans-sojitz-begins-importing-heavy-rare-earths-australia-2025-10-30/
2025-10-30 06:12
Trump says tariffs on China cut to 47% from 57% Reprieve due to Xi's actions on fentanyl trade, Trump says China will pause latest rare earth export curbs for a year Summit in South Korea lasted nearly two hours Global markets shrug off hotly-anticipated meet BUSAN, South Korea, Oct 30 (Reuters) - U.S. President Donald Trump said on Thursday he had agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing. Trump's face-to-face talks with Xi in the South Korean city of Busan, their first since 2019, marked the finale of a whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations. Sign up here. "It was an amazing meeting," Trump told reporters aboard Air Force One shortly after he left South Korea, ranking the talks a "12 out of 10". Trump said tariffs on Chinese imports would be cut to 47% from 57%, by halving to 10% the rate of tariffs related to trade in fentanyl precursor drugs. Xi will work "very hard to stop the flow" of fentanyl, a deadly synthetic opioid that is the leading cause of American overdose deaths, Trump said. China agreed to pause export controls unveiled this month on rare earths, elements with vital roles in cars, planes and weapons that have become Beijing's most potent source of leverage in its trade war with the United States. The pause would last for a year, China's commerce ministry said in a statement. It added that the two sides had also reached consensus on expanding agricultural trade and would work to resolve issues around short video app TikTok, which Trump seeks to bring under U.S.-controlled ownership. MUTED RESPONSE FROM GLOBAL MARKETS Trump's meeting with Xi followed a summit with South Korean President Lee Jae Myung, where the two allies said they had finalised most details on a tariff deal they had been wrangling over for months. The reaction to the detente with China, meanwhile, was muted in global stock markets. China's Shanghai Composite Index (.SSEC) , opens new tab slipped from a 10-year high, while U.S. soybean futures were weaker. "The response from markets has been cautious in contrast to Trump's enthusiastic characterisation of the meeting," said Besa Deda, chief economist at advisory firm William Buck in Sydney. U.S. Senate Democratic Leader Chuck Schumer, in a post on X Thursday, said Trump's statements on the summit should not be believed. "Trump folded on China," he wrote. Among major U.S. trading partners, only Brazil and India are still subject to higher tariffs. In the run-up to the meeting, world stock markets from Wall Street to Tokyo had hit records on hopes of a breakthrough in a trade war between the world's two largest economies that has disrupted supply chains and rocked global business confidence. Trump repeatedly talked up prospects of reaching agreement with Xi since U.S. negotiators on Sunday said they had agreed a framework with China to avoid 100% U.S. tariffs on its goods and defer China's export curbs on rare earths. The cordial meeting between the leaders, at a South Korean air base on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum, lasted more than 1-1/2 hours. FRICTIONS NOW AND THEN ARE NORMAL It was normal for the two sides to have frictions now and then, Xi told Trump via a translator, as they faced each other, flanked by their delegations. "China's development and rejuvenation are not incompatible with President Trump's goal of 'Making America Great Again,'" Xi added. They also agreed to pause tit-for-tat port fees on shipping, designed to thwart dominance in shipbuilding, ocean freight and logistics. China will begin the process of purchasing U.S. energy, Trump said in a post on Truth Social on Thursday, hinting at a big deal in Alaska where his administration has been touting a proposed $44-billion LNG export project. Trump said he would travel to China in April before he receives Xi in the United States. Chinese state media portrayed the meeting as a triumph of Xi's policymaking. "We have the confidence and capability to navigate all kinds of risks and challenges," the official news agency, Xinhua, quoted him as saying. NO NVIDIA CHIP, TAIWAN DISCUSSIONS The agreement broadly returns ties to their status before Trump's "Liberation Day" offensive in April triggered tit-for-tat escalation. But it may be no more than a fragile truce in a trade war with root causes still unresolved, analysts say. Trump said he did not discuss Nvidia's state-of-the-art Blackwell chip with Xi, in a further blow to the firm's hopes of maintaining its presence in China's $50-billion AI market. Nvidia (NVDA.O) , opens new tab CEO Jensen Huang, who arrived in South Korea shortly after Trump departed on Thursday, said he was confident that Trump and Xi had a good conversation and would protect their countries' interests. The contentious issue of Taiwan, the democratic island claimed by China that is a U.S. partner and high-tech powerhouse, also did not surface in the talks, Trump said. Taiwan's top trade negotiator said on Thursday that she had met with a senior U.S. trade official on the sidelines of the APEC summit, but could not provide any details of what they discussed. Minutes before starting the meeting, Trump ordered the U.S. military to resume testing nuclear weapons after a gap of 33 years, pointing to the growing arsenals of Russia and China. China's foreign ministry said on Thursday it hoped the U.S. would stick to a moratorium on nuclear testing. https://www.reuters.com/world/china/looming-trump-xi-meeting-revives-hope-us-china-trade-truce-2025-10-29/
2025-10-30 06:05
Total investment demand up 47% y/y, led by ETFs Gold jewellery fabrication fell 23%, the WGC estimates Buying by central banks up 10% Oct 30 (Reuters) - Global gold demand rose by 3% year-on-year to 1,313 metric tons, the highest quarterly number on record, in the third quarter as investment demand soared, the World Gold Council said on Thursday. Spot gold prices are up 50% so far this year after hitting a record high of $4,381 a troy ounce on October 20 on safe-haven demand driven by geopolitical tensions, U.S. tariff uncertainty and more recently a wave of fear-of-missing-out or "FOMO" buying. Sign up here. "The outlook for gold remains optimistic, as continued US dollar weakness, lower interest rate expectations, and the threat of stagflation could further propel investment demand," said Louise Street, senior markets analyst at the World Gold Council. "Our research indicates the market is not yet saturated." Demand for gold bars and coins rose 17% in the third quarter, led by India and China, while inflows into physically backed gold exchange-traded funds jumped by 134%, said the WGC, an industry body whose members are global gold miners. Together these categories offset a continuing sharp fall in gold jewellery fabrication, the largest category of physical demand, which fell 23% to 419.2 tons as high prices affected purchases by buyers all other the world. Central banks, another major source of gold demand, increased purchases by 10% to 219.9 tons in the third quarter, the WGC estimated, based on reported purchases and its assessment of unreported buying. Central banks have bought 634 tons in January-September, "trailing behind the exceptional highs of the last three years, but comfortably above pre-2022 levels," the WGC said. On the supply front, recycling added 6% and mine production increased by 2% in the third quarter, bringing the quarterly gold supply to a record high. Gold supply and demand by WGC*: *Source: Metals Focus, ICE Benchmark Administration, World Gold Council. https://www.reuters.com/world/china/global-gold-demand-climbs-3-quarterly-record-investment-soars-wgc-says-2025-10-30/
