OpenAI agreed to buy its custom chips<\/a> and networking equipment in a multi-year agreement. S&P 500 futures rose 0.1 per cent as of 10.05 am in Tokyo (12.05pm AEDT).<\/p>\n\u201cThere\u2019s a renewed TACO [Trump always chickens out] trade going on, with the US clearly worried China will act aggressively (even if somewhat self-destructively) on rare earths curbs,\u201d said Capital.com market analyst Kyle Rodda.<\/p>\n
\u201cThat\u2019s got the markets pricing in that the mooted 100 per cent tariff on China will not go ahead on November 1, and that this is all a speed bump that will, in time, allow equity markets to regain Friday\u2019s lost ground.\u201d<\/p>\n
Traders also digested the latest ANZ-Roy Morgan consumer confidence survey, which showed sentiment weakened in October to a one-year low.<\/p>\n
On the ASX, Rio Tinto<\/strong> jumped 1.7 per cent, BHP<\/strong> 1.9 per cent and Fortescue<\/strong> 0.8 per cent after \u201cbenchmark\u201d ore with 62 per cent iron rose to $US109.20 ($167.23) a tonne on October 13, according to S&P Global Platts, which is the highest price recorded since February 21. Rio on Tuesday said that Chinese steel production in the first nine months of the year was up 4 per cent on last year, while Chinese steel exports were up 9 per cent, suggesting domestic demand for steel was failing to keep pace.<\/p>\nSpot gold held near $US4109 an ounce at 7.06 am in Singapore (10.06am AEDT), after climbing as much as 2.5 per cent on Monday to a fresh record as simmering US-China trade tensions erupted. ASX gold miners surged higher on Tuesday, with Newmont<\/strong> up 3.5 per cent, Northern Star<\/strong> 2.3 per cent, Evolution<\/strong> 1.6 per cent, Genesis Minerals<\/strong> 4.5 per cent, and Vault<\/strong> 1.8 per cent.<\/p>\nSilver prices also touched an all-time high above $US52.50 an ounce, as a historic short squeeze in London added momentum to a rally that\u2019s been fuelled by surging demand for safe-haven assets. Silver Mines<\/strong> and Sun Silver<\/strong> both surged 7.1 per cent, while Andean Silver<\/strong> jumped 8.3 per cent, and Unico Silver<\/strong> gained 4.8 per cent.<\/p>\nThe big four banks all fell, led by Westpac<\/strong>, which dropped 1.5 per cent, and National Australia Bank<\/strong>, down 1.2 per cent. Commonwealth Bank<\/strong> edged down 0.8 per cent, while ANZ<\/strong> dipped 0.2 per cent as UBS increased its share price target for the major bank to $30, from $26.50, after chief executive Nuno Matos on Monday revealed an ambitious cost-cutting plan to lift performance.<\/p>\nStocks in focus<\/p>\n
SRG Global<\/strong> rocketed 25.4 per cent after announcing it would buy marine infrastructure group TAMS for $85 million in a cash-scrip deal.<\/p>\nPaladin Energy<\/strong> jumped 7.6 per cent after its quarterly production report released on Tuesday showed that the ramp-up at the Langer Heinrich Mine in Namibia continued to plan with a more than 60 per cent increase in production year on year. Other ASX uranium stocks also surged, with Deep Yellow<\/strong> up 12.1 per cent, Bannerman<\/strong> 7 per cent and Boss Energy<\/strong> 7.3 per cent.<\/p>\nDroneShield<\/strong> lost 4.6 per cent as investors took profits, with the stock having already jumped more than 660 per cent this year.<\/p>\nAussie Broadband<\/strong> fell 2.9 per cent despite reporting that it had added 22,000 net new broadband customers since July 1, including 3600 customers since the start of October.<\/p>\nBrazilian Rare Earths<\/strong> jumped 8.8 per cent after the Gina Rinehart-backed company announced it has raised $120 million selling new shares as it seeks to develop a project for the key materials used in electric vehicles and defence equipment. Other rare earth producers also fired, with Iluka<\/strong> up 14.5 per cent, Arafura<\/strong> 18.9 per cent, and Lynas<\/strong> 4.7 per cent.<\/p>\nCapstone Copper<\/strong> rose 4.4 per cent after announcing that it had agreed to sell a 25 per cent stake in its Santo Domingo copper-iron-gold project in Chile to Orion Resource Partners for a cash consideration of up to $US360 million ($552 million). Fellow copper producer Sandfire Resources<\/strong> rose 2.9 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"The Australian sharemarket has seesawed after the US and China signalled willingness to keep trade negotiations alive, Middle…\n","protected":false},"author":2,"featured_media":79591,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[79,18,19,17,188],"class_list":{"0":"post-120620","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-markets"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/120620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=120620"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/120620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/79591"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=120620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=120620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=120620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}