Trump & Albanese Sign Critical Minerals Deal

• US President Trump and Prime Minister Albanese met overnight, signing a rare earths partnership designed to strengthen Australia’s role in the global supply chain and reduce reliance on China’s dominance in critical minerals.
• Global bond markets firmed slightly, with yields edging lower as oil prices slipped to a five-month low and earlier fears around smaller US banks continued to calm.
• US Treasuries saw modest gains, with the 10-year yield easing 3bps to 3.98%, while the 2-year held near 3.46%, reflecting a steadier risk tone across markets.
• In China, Q3 GDP surprised on the upside at 4.8% year-on-year, underpinned by solid exports and stronger industrial production. However, domestic demand remains patchy, with retail spending and investment still trailing expectations.
• Locally, the ANZ-Roy Morgan Consumer Confidence survey is the key data point today, offering an early read on household sentiment ahead of next week’s Q3 CPI release.