Good morning, Rich Henderson from Bloomberg’s Melbourne Bureau. Here are the latest headlines...

Today’s must-reads:

• Rare earths stocks soar
• BHP boosts copper output
• Chalmers threads US-China needle

What’s happening now

Rare earths stocks soared after Prime Minister Anthony Albanese and President Donald Trump signed an $8.5 billion agreement set to support projects in Australia. VMH and Gina Rinehart-backed Arafura Rare Earths were among the Sydney-listed companies driving the rally Tuesday.

BHP boosted its copper output in the September quarter as it ramps up production from the massive Escondida project in Chile.

Australia can balance its engagement with Washington while stabilizing relations with Beijing, Treasurer Jim Chalmers said Tuesday, as the government navigates competing interests from the two superpowers.

Officials from Saudi Arabia will meet with Australian counterparts this week in Riyadh to discuss trade deals and investment as the kingdom looks to deepen ties with Australia.

The implications of Trump’s pact with Australia on rare earths and other critical minerals is discussed on Bloomberg Television’s Australia Ahead with Hayley Channer, Director of the Economic Security Program at Sydney University’s US Studies Centre. Click image to play.

Bloomberg

Queensland’s decision to extend the life of its coal-fired power fleet could weaken renewable investments required to meet national climate targets, energy ministers from other states warned.

Australia leapfrogged the US to become New Zealand’s second-biggest export market after China last month, as trade flows are buffeted by White House tariff policies and heightened economic uncertainty.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

The rally in precious metals halted as gold fell about 6% and silver 8%, although most analysts see the broader advance very much intact. The move weighed on Treasury yields, with the 10-year benchmark slipping two basis points. Stocks held steady, just below record highs with strong earnings still featuring. With no local economic data due today and the US government shutdown now going for 21 days to make it the second longest on record, Aussie and kiwi may continue to trade within recent ranges. ASX futures point to a soft opening for equities.

President Trump said a potential meeting with Chinese counterpart Xi Jinping would herald a ”good deal″ on trade, but conceded the talks may fail to eventuate.

Gold and silver suffered their steepest selloff in years in a sign investors are locking in profits following the recent historic rally in the metals.

Netflix said a tax dispute with Brazil weakened third-quarter earnings that would have otherwise fallen in line with Wall Street estimates.

China reassured foreign businesses its new export controls aren’t meant to restrict normal trade, as policymakers tried to calm a backlash over the decision.

One more thing...

Photographer: Dave Starbuck/Cover Images/AP

Mattel and Hasbro will produce toys, collectibles, games and role-play products based on Netflix’s popular KPop Demon Hunters film. The first products from the collaboration will be released in 2026, Netflix said in a statement Tuesday. Since its debut in June, KPop Demon Hunters is the most popular film in history on the streaming platform, with 325 million views, Netflix said.

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