2025-10-09 05:45

China curbs export of five new rare earth elements New rules come weeks ahead of Trump-Xi meeting Foreign producers who use Chinese tech, material required to comply Foreign semiconductor users will face more scrutiny BEIJING, Oct 9 (Reuters) - China dramatically expanded its rare earths export controls on Thursday, adding five new elements and extra scrutiny for semiconductor users as Beijing tightens control over the sector ahead of talks between Presidents Donald Trump and Xi Jinping. The world's largest rare earths producer also added dozens of pieces of refining technology to its control list and announced rules that will require compliance from foreign rare earth producers who use Chinese materials. Sign up here. The Ministry of Commerce's announcements follow U.S. lawmakers' call on Tuesday for broader bans on the export of chipmaking equipment to China. They expand controls Beijing announced in April that caused shortages around the world, before a series of deals with Europe and the U.S. eased the supply crunch. "The White House and relevant agencies are closely assessing any impact from the new rules, which were announced without any notice and imposed in an apparent effort to exert control over the entire world's technology supply chains," a White House official told Reuters on Thursday. The new curbs come ahead of a scheduled face-to-face meeting between Trump and Xi in South Korea at the end of October. "This helps with increasing leverage for Beijing ahead of the anticipated Trump-Xi summit in (South) Korea later this month," said Tim Zhang, founder of Singapore-based Edge Research. China produces over 90% of the world's processed rare earths and rare earth magnets. The 17 rare earths are vital materials in products ranging from electric vehicles to aircraft engines and military radars. Exports of 12 of them are now restricted after the ministry added five - holmium, erbium, thulium, europium and ytterbium - along with related materials. Foreign companies producing some of the rare earths and related magnets on the list will now also need a Chinese export licence if the final product contains or is made with Chinese equipment or material. This applies even if the transaction includes no Chinese companies. The regulations mimic rules the U.S. has implemented to restrict other countries' exports of semiconductor-related products to China. It was not immediately clear how Beijing intends to enforce its new regime, especially as the U.S., the European Union and others race to build alternatives , opens new tab to the Chinese rare earth supply chain. "We're likely entering a period of structural bifurcation — with China localizing its value chain and the U.S. and allies accelerating their own," said Neha Mukherjee, a rare earths analyst with Benchmark Mineral Intelligence. In a nod to concerns about supply shortages, the ministry said the scope of items in its latest restrictions was limited and "a variety of licensing facilitation measures will be adopted". China's latest restrictions on the five additional elements and processing equipment will take effect on November 8, just before a 90-day trade truce with Washington expires. The rules on foreign companies that make products using Chinese rare earths equipment or material are to take effect on December 1. Shares in China Northern Rare Earth Group (600111.SS) , opens new tab, China Rare Earth Resources and Technology (000831.SZ) , opens new tab and Shenghe Resources (600392.SS) , opens new tab surged by 10%, 9.97% and 9.4%, respectively, on Thursday. Shares in U.S.-based rare earths companies jumped as well in New York afternoon trading, with Critical Metals Corp (CRML.O) , opens new tab gaining 25%, Energy Fuels (UUUU.A) , opens new tab adding 9%, MP Materials (MP.N) , opens new tab gaining 2.5% and USA Rare Earth (USAR.O) , opens new tab up 15%. Energy Fuels, which owns a uranium and rare earths processing facility in Utah, said in a statement to Reuters that it is working to boost U.S. rare earths production and that its recent pilot project "showcases the technical capabilities of an American company on American soil." NioCorp (NB.O) , opens new tab, which is developing a Nebraska rare earths mine, said: "It's clear that the People's Liberation Army is increasingly calling the shots on rare earth policy in China. That means even more difficult times both for the Pentagon and for a wide range of commercial manufacturers." CHIPS AND DEFENSE The ministry also said overseas defense users will not be granted licences, while applications related to advanced semiconductors will be approved on a case-by-case basis. The new rules apply to 14-nanometer chips or more advanced chips, memory chips with 256 layers or more, and equipment used in production of such chips, as well as to related research and development. These advanced chips are used in products from smartphones to AI chipsets that require powerful computing performance. The rules will also apply to research and development of artificial intelligence with potential military applications. South Korea, home to major memory chipmakers Samsung Electronics (005930.KS) , opens new tab and SK Hynix (000660.KS) , opens new tab, is assessing the details of the new restrictions and will continue discussions with China to minimise their impact, its industry ministry said in a statement to Reuters. Samsung declined to comment. SK Hynix and Taiwan's TSMC (2330.TW) , opens new tab did not immediately respond to questions. Shares in TSMC rose 1.8% on Thursday, as the company reported forecast-beating third-quarter revenue. South Korea's financial markets were closed on Thursday for a public holiday. https://www.reuters.com/world/china/china-tightens-rare-earth-export-controls-2025-10-09/

2025-10-09 05:34

Gold falls over 2%, profit-taking seen after 50% rise this year Gaza ceasefire 'reduces the temperature' in volatile region Silver eases from $50 following gold's fall and ceasefire deal Oct 9 (Reuters) - Gold prices fell 2% on Thursday, dipping below the $4,000/oz milestone breached for the first time in the previous session, as the dollar pushed higher and gold investors booked profits following a ceasefire deal between Israel and Hamas. Silver eased from its record high of $51.22 per ounce as well, pressured by the same factors as gold. Sign up here. Spot gold fell nearly 2% to $3,959.48 per ounce by 01:53 p.m. ET (17:53 GMT). U.S. gold futures for December delivery fell 2.4% to settle at $3,972.6. Silver was flat at $48.93 per ounce. The dollar index (.DXY) , opens new tab was up 0.5% near a two-month high, making dollar-priced bullion more expensive for overseas buyers. "Speculators are taking some gold chips off the table as the Gaza ceasefire takes effect since it reduces the temperature in a historically volatile region," said Tai Wong, an independent metals trader. Israel and Hamas signed an agreement on Thursday to cease fire, the first phase of U.S. President Donald Trump's initiative to end the war in Gaza. "Gold and silver may need to consolidate further, but the primary drivers of the rally, reserve diversification and large, growing global sovereign debt, remain entirely valid and keep the bullish outlook intact," Wong said. Bullion surged past $4,000 per ounce for the first time on Wednesday, reaching a record high of $4,059.05. The non-yielding asset, traditionally considered a hedge during geopolitical and economic uncertainty, has gained about 52% this year. Its rally has been fueled by geopolitical tension, robust central bank buying, rising ETF inflows, expectations of U.S. rate cuts and tariff-related economic uncertainties. Minutes of the U.S. central bank's September meeting, released on Wednesday, showed Fed officials agreeing that risks to the U.S. job market were high enough to warrant a rate cut, but remained wary amid stubborn inflation. The Fed resumed its rate-cutting cycle in September, with a 25 basis point cut. Traders see a 25 basis point cut in October and another in December, with a 95% and 80% chance, respectively. FEDWATCH Silver has risen 69% this year, driven by the same macroeconomic forces fueling gold's rally and tight supply in the spot market. "Liquidity in the London silver market is thin due to ETF buying and metal still being moved to the U.S.," a precious metals trader said. India's Kotak Mahindra has temporarily halted new investments in silver ETF amid a shortage. Platinum eased 2.4% to $1,622.25 and palladium dropped 1.7% to $1,425.36. https://www.reuters.com/world/india/gold-takes-breather-after-safe-haven-demand-fuels-record-run-2025-10-09/

2025-10-09 05:05

LITTLETON, Colorado, Oct 9 (Reuters) - China's longstanding dominance of clean energy manufacturing is translating into a behemoth export business, with close to $1 trillion worth of batteries, solar components, electric vehicles and wind power systems shipped globally since 2018. Below are seven charts showing the types of clean energy technology components Chinese firms are exporting, and the destinations. Sign up here. FULLY CHARGED Of all the clean energy tech manufactured by China, battery systems have emerged as the most lucrative export item. China has shipped out roughly $330 billion worth of batteries and battery storage systems since 2018, according to data from energy think tank Ember. That is by far the largest export value tied to China's clean energy products during that period, and accounts for just over a third of the country's annual earnings from clean energy technology shipments. Solar panels, inverters and rack systems are the next largest export segment in China's clean tech arena, with total exports since 2018 amounting to roughly $242 billion. Electric vehicles generated around $195 billion in export revenues since 2018, heating and cooling system exports about $105 billion, grid management equipment around $77 billion and wind farm components a further $27 billion. GLOBAL REACH Europe has been the top destination for Chinese clean energy tech exports since 2018, with the region snapping up nearly $370 billion of China-made products over that time span. Other Asian nations account for the next-largest share of exports, with North America a distant third. Due to trade tensions with the United States and Europe, the pace of China's export growth to Europe and North America has slowed notably from earlier this decade. However, exports to elsewhere in Asia, the Middle East, Africa and Oceania have all hit new highs this year, helping to lift China's total revenues from global clean tech exports to a record. EBBS AND FLOWS While the total value of China's clean energy tech exports has steadily expanded since 2018, there have been notable swings in the export volumes of particular products over that period. From 2018 through 2022, solar parts were the dominant export earner among China's clean energy suite, but since then a drop-off in solar sales as key markets hit saturation point has meant that batteries are now in the top spot. However, battery sales momentum has also been choppy due to trade spats with Brussels and Washington, D.C., and as battery producers in Europe, the United States and other regions eat into China's market share. In contrast to the turbulent trajectories of China's solar and battery export earnings, the value of China's exports of EVs has climbed steadily to sequential annual records since 2019. During the first eight months of 2025, China's EV exports generated roughly $52 billion, which marks a 26% rise from the same months in 2024 and a 1,600% rise from 2019's total, Ember data shows. Trade tensions and slowing global consumer spending threaten to clip China's EV export growth pace going forward, but aggressive discounting by Chinese EV manufacturers looks set to ensure solid EV export growth for 2025 as a whole. OTHER KEY CLEAN COMPONENTS China's exports of power grid technologies and heating and cooling systems have also scaled record highs so far in 2025, and look set for further steep growth in the decades ahead. Nearly all global electricity systems are in the midst of a years-long campaign of upgrades and expansions as utilities try to keep up with surging electricity demand from homes, transport systems and businesses. At the same time, climate change is leading to longer and more intense heatwaves that are sparking a surge in demand for space cooling systems in hot and humid areas, especially across South and Southeast Asia, the Middle East, and Africa. China's manufacturing dominance in both the grid tech and space cooling segments means the country is well-placed for further export growth in those areas, even if other countries also compete for market share. China's world-leading wind turbine manufacturing base has also recorded robust export sales growth so far in 2025, even amid sharp anti-wind policy moves in the United States and a slowdown in wind farm installations in Europe. Altogether, China's diverse offerings of top-tier equipment across the renewable power generation, energy storage, EV, space cooling and grid management sectors leave the country primed for further robust export growth for years to come. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/tracking-chinas-clean-energy-export-dominance-seven-charts-2025-10-09/

2025-10-09 05:04

ISTANBUL, Oct 9 (Reuters) - Turkey's planned highway from the capital Ankara to Delice has secured a 974 million euro ($1.13 billion) loan in a project with a total investment of 1.4 billion euros, Transport Minister Abdulkadir Uraloglu said on Wednesday. Speaking at the signing ceremony for the closing agreement, Uraloglu said the other 30% of the project, or 417 million euros, will be financed with equity. Sign up here. The loan acquisition work was conducted by Fernas Insaat and FNS Otoyol Yatirim, he said. The highway, from Ankara via Kirikkale to Delice, will be 120 km (75 miles) long with 101 km of main trunk roads and 19 km of connecting roads. Banks providing the loan to the project include Ziraat Bank, Isbank (ISCTR.IS) , opens new tab, Yapi Kredi (YKBNK.IS) , opens new tab and Akbank (AKBNK.IS) , opens new tab. ($1 = 0.8589 euros) https://www.reuters.com/world/middle-east/highway-project-central-turkey-secures-974-million-euro-loan-2025-10-09/

2025-10-09 04:40

JPMorgan CEO warns of market risks Three major US stock indexes end down Argentina international dollar bonds rally; US Treasury's Bessent says US bought pesos NEW YORK, Oct 9 (Reuters) - Major stock indexes eased on Thursday, while the dollar climbed to its highest level against the Japanese yen since mid-February as the newly elected leader of Japan's ruling party failed to boost market confidence about the currency's direction. Argentina's international dollar bonds rallied and the local peso strengthened late on Thursday after direct participation from the U.S. Treasury in the foreign exchange market. Sign up here. U.S. Treasury Secretary Scott Bessent made the announcement after the market closed, as part of previously pledged support for Argentine President Javier Milei's reform programs. All three of the main U.S. stock indexes ended lower, and European stocks finished in the red as well. Stocks have been mostly rising in recent sessions despite an ongoing U.S. government shutdown and political risk in Japan and France that has made investors nervous. Oil prices fell as investors weighed a ceasefire deal in Gaza that could ease Middle East tensions against stalled peace talks in Ukraine, while spot gold drifted lower after safe-haven demand drove the metal above $4,000 an ounce for the first time this week. In Japan, Sanae Takaichi, the newly elected leader of the country's ruling party, said she did not want to trigger excessive declines in the Japanese currency, which led to a brief fall in the dollar versus the yen before the move reversed. The yen has tumbled this week on concerns that Takaichi will introduce more fiscally expansive policies. The dollar was last up 0.27% at 153.09 yen after earlier reaching 153.23, the highest since February 13. Argentina's 2035 bond rose 4.6 cents to trade at 60.58 cents on the dollar, while the peso closed at 1,425 per dollar, up 0.8% on the day, following sessions of managed weakness with intervention from the local Treasury. "It makes sense for the Argentinian peso to jump as it has after a currency swap of $20 billion to alleviate the financial crisis Argentina is going through. And this goes along with the U.S. administration's policy of aiding those who are aligning with its agenda on trade, diplomacy, and other American interests," said Juan Perez, director of trading at Monex USA in Washington. In the U.S., the federal government shutdown that began last week has left investors without key economic reports. Despite Thursday's weakness, the stock market remains buoyant, said Adam Sarhan, chief executive of 50 Park Investments in New York, adding that stocks could weaken if the government shutdown lasts for a substantial period of time. "We're in a very strong bull market that refuses to fall in a meaningful fashion," he said. "I'm expecting a pullback at some point but for now the environment is very strong." JPMorgan Chase (JPM.N) , opens new tab CEO Jamie Dimon said there was a heightened risk of a significant correction in the U.S. stock market within the next six months to two years, citing factors including geopolitical tensions, government spending and remilitarization around the world. The Dow Jones Industrial Average (.DJI) , opens new tab fell 243.36 points, or 0.52%, to 46,358.42, the S&P 500 (.SPX) , opens new tab fell 18.61 points, or 0.28%, to 6,735.11 and the Nasdaq Composite (.IXIC) , opens new tab fell 18.75 points, or 0.08%, to 23,024.63. Sunday will mark the current U.S. bull market's third anniversary. The benchmark S&P 500 touched the nadir of its current market cycle on October 12, 2022. The pan-European STOXX 600 (.STOXX) , opens new tab index ended 0.43% lower, read more by steep losses in HSBC (HSBA.L) , opens new tab and Ferrari (RACE.MI) , opens new tab. The euro was down again against the dollar on Thursday. The currency has dropped since French Prime Minister Sebastien Lecornu tendered his resignation and that of his government on Monday. French President Emmanuel Macron’s office said on Wednesday he would appoint a new prime minister within 48 hours. The single currency was last down 0.61% at $1.1555 and reached $1.1545, the lowest since August 5. French bonds held on to gains from the day before on optimism the country can avoid a snap election. France's 10-year bond yield was 0.2% higher on the day at 3.529%. U.S. crude futures fell $1.04 to settle at $61.51 a barrel and Brent declined $1.03 to settle at $65.22. Spot gold was last down 1.56% at $3,975.04. U.S. Treasury yields were little changed as the government shutdown dragged on. The 10-year yield was up marginally at 4.142% . https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-09/

2025-10-09 04:34

Oct 9 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Thursday's new headlines have been dominated by a ceasefire agreement between Israel and Hamas that is touted as a first step to ending the two-year conflict and the ultimate rebuilding of war-torn Gaza. Much could still go wrong, but the easing of geopolitical risk was enough to see oil prices slip 0.6% or so. Sign up here. In equity markets, the AI effect was still dominant as tech shares lifted the Nikkei <,N225> back to near record peaks, while Taiwan (.TWII) , opens new tab climbed 1.2% to an all-time high. Chinese blue chips (.CSI300) , opens new tab returned from holidays with gains of 1.7%, reaching levels last seen in early 2022. Analysts cautioned early reads on holiday spending were "underwhelming", though the data is very patchy. Beijing continued playing hard ball with rare earth minerals, tightening export controls on processing technology, while barring unauthorised overseas cooperation and underlining its intention to limit exports to overseas defence and semiconductor users. The minerals have been a flash point in trade talks with the United States and the new restrictions might not be taken well by the White House. Futures for S&P 500 and Nasdaq were steady after hitting more record highs overnight, led by chip stocks. Analysts at JPMorgan noted estimates for the looming Q3 reporting season see earnings growth in the tech sector of 20.9%, up from 15.9% back in June. Some 81% of stocks in the tech sector have seen estimates increase, led by Nvidia (NVDA.O) , opens new tab and Apple (AAPL.O) , opens new tab. Earnings overall are expected to grow 8%, with revenue up 6.3%. Currencies have been calmer as the U.S. dollar digests a chunky 3.6% gain on the yen so far this week. It's holding around 152.50 , having briefly tested 153.00 overnight. It's fast approaching levels that usually draw howls of complaints from the finance ministry, though it was notable that an economist advising the policy circle of Japan's likely new premier had touted the benefits of a weaker currency. The euro was parked at $1.1650 , having just survived a test of $1.1600 support after some dire industrial data from Germany. Markets are now waiting to see if French President Macron can name a prime minister who will last more than a few days in the search for a budget deal. Markets will again keenly feel the loss of U.S. economic data, in the knowledge the longer the government shutdown lasts the more likely future releases will get pushed back too. Key developments that could influence markets on Thursday: https://www.reuters.com/markets/europe/global-markets-view-europe-2025-10-09/