Australian materials sector thrives with record ASX highs; gold exports surge, while lithium rallies amidst economic concerns.

The Australian materials sector is showing surprising strength, with the ASX Materials Index hitting a new record high despite a weak earnings season. Investors are returning to miners even as profits soften, driven by confidence in long-term commodity demand.

Gold remains a standout, with exports forecast to reach $60 billion next year — a $12 billion increase — cementing its place as Australia’s second-largest export earner. Prices near US$2,400 per ounce have kept margins strong for producers like Newcrest and Northern Star.

Meanwhile, lithium is rebounding with its strongest rally since 2023, and small-cap miners are outperforming larger players. However, economists warn that a potential rate cut in December signals slowing growth and underlying cracks in the broader economy.

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Aid restrictions in Gaza worsen humanitarian crisis as Hamas tightens control amid ongoing conflict and international peace efforts.

Aid restrictions into Gaza have tightened further as Israel reduces the number of permitted aid trucks and keeps border crossings closed. Humanitarian organisations warn that food and medical supplies are running dangerously low, with conditions worsening for civilians trapped inside the enclave.

Meanwhile, reports indicate that Hamas has reasserted its control through public executions, a stark reminder of its grip on the territory. The developments come as international pressure mounts for sustained peace and accountability under the ongoing ceasefire framework.

U.S. President Donald Trump has announced Phase Two of the ceasefire deal despite delays in the return of deceased hostages. However, Israeli air strikes have continued, adding to the mounting toll of the conflict and casting doubt on hopes for lasting stability.

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Trump and Xi seek de-escalation as U.S.-China trade tensions rise amid new tariffs and market instability

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After threatening a 100% tariff on Chinese imports effective November 1, Trump has engaged in discussions with senior officials, including Treasury Secretary Scott Bessent, about reducing tensions and stabilising markets.

Despite the tariff threat following China’s export restrictions on rare-earth minerals, both countries have shown interest in detente. Chinese officials are keen to preserve a planned summit between Trump and Xi Jinping, while the U.S. administration is motivated to avoid stock market turmoil and refocus on other global matters.

Response Considerations

Strengthening audit processes for Chinese firms operating in the U.S. has been discussed, alongside potential executive actions against Chinese investments linked to Russian oil. Senior advisers, including Bessent, are now prioritising global market stability while offering a more conciliatory tone towards China.

Trump indicated willingness to engage in talks despite previous statements suggesting a severed meeting with Xi.

The lack of specific retaliatory threats from the Chinese government in response to Trump’s tariff announcement signals a desire for tempered relations. China’s Ministry of Commerce has stated that the export controls are not outright bans and will be moderated. Signs of this intention are reflected in lower-profile media coverage of the trade tensions within China.

Both nations face a choice between escalating tensions or pursuing negotiations that could benefit their economies significantly. Business leaders hope the focus will shift towards collaboration rather than another cycle of retaliation.