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OPEC+ halts 2026 output hikes amid oversupply concerns
OPEC+ has announced plans to pause any further hikes during the first quarter of next year – after making modest hikes next month – in an attempt to balance its push for market share with growing worries of an emerging global oil surplus. With the first quarter typically being a period of weaker demand, coupled with current uncertainty for oil traders, key OPEC+ members led by Saudi Arabia have agreed to revive 137,000 barrels a day next month, matching increases scheduled for October and November, before hitting the pause button between January to March. “Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February, and March 2026,” OPEC+ said in a statement. Since April, the alliance has boosted output targets by approximately 2.9 million barrels per day (bpd) — equal to about 2.7% of global demand. However, production growth began to slow in October with analysts warning of an imminent oversupply. What's making it more difficult for OPEC+ to accurately gauge supply dynamics are the new Western sanctions on Russia, one of the group’s key members. Oil prices slipped to a five-month low of around US$60 per barrel on October 20 as fears of oversup
Industries
China's industrial profits up 21.6% even as mining sinks
China’s industrial enterprise profits grew by 21.6% year-over-year in September, its largest monthly gain since November 2023, even as mining profits have plummeted. In the first nine months of 2025, these enterprises’ total profit increased by 3.2% to CN¥537.30 billion (A$115.2 billion), according to China’s National Bureau of Statistics. “At the end of September, the total assets of industrial enterprises above the designated size were 186.27 trillion yuan, an increase of 5.0% year-on-year; the total liabilities were 107.96 trillion yuan, an increase of 5.2%,” wrote the National Bureau of Statistics. “At the end of September, the operating income per 100 yuan of assets of industrial enterprises above the designated size was 74.7 yuan, a year-on-year decrease of 1.9 yuan.” Industrial profits were up 20.4% in August, following year-over-year losses during May, June, and July. The inventory of finished products at these major companies was ¥6.71 trillion at the end of September, rising 2.8%. Mining enterprises’ total profits dropped by 29.3% year-over-year from January to September, while their operating income sank by 12.5%. The coal mining and washing industry reported the largest fall in profit of any sector, d
Industries
Canada grants tariff relief to steel, aluminium products
Canada has granted tariff exemptions to some steel and aluminium imports from the United States and China, which it has said will sustain its supply chains. Products from China that cannot be made in Canada and products from the U.S. related to critical industries have been granted remission. Canada added 25% retaliatory tariffs on U.S. steel and aluminium products in March, after the U.S. announced tariffs on Canadian steel and aluminium. Current exemptions for U.S. imports used in manufacturing and by the health and national security sectors were extended for two months on Friday. “As negotiations to reach a trade deal with the U.S. continue, Canada’s new government is taking immediate action,” said Canada’s Minister of Finance François-Philippe Champagne. The remission order for steel and aluminium entered into effect on 15 October. It has offered tariff relief to an additional 160 Canadian businesses, according to the order-in-council. These exemptions are targeted at “exceptional circumstances”, according to Champagne, and are intended to maintain supply chains. Some U.S. steel and aluminium products used by the public health, national security, agriculture, manufacturing, and food packaging sectors have been g
Industries
EU private equity giants tumble on US credit fears
Shares in some of Europe’s largest private equity firms fell on Friday as anxiety over tightening credit conditions in the United States financial sector began to unsettle global markets. Intermediate Capital Group (ICG), listed in London, saw its stock tumble 5.5%, while Jersey-based CVC Capital Partners experienced a 6.6% decline. Switzerland’s Partners Group also slipped 3.4%, and Swedish investment firm EQT lost 4.6%. These declines followed a major sell-off in U.S. regional banks earlier in the week, driven by mounting fears over bad loans lurking within Wall Street’s private credit sector and their potential to impact the broader banking system. ICG, which oversees over $30 billion in private debt - roughly a quarter of its total assets under management as of late June - was among the largest casualties. Partners Group handles around $38 billion in private credit, while CVC’s direct lending arm manages approximately €17 billion ($19.9 billion). What recently spooked Wall Street investors is a spate of corporate collapses in the U.S., with the credit quality across the private equity sector now under intense scrutiny. Notably, First Brands, a U.S. auto parts supplier, recently failed due to a complex labyr
Industries
Private credit shock deepens after First Brands collapse
While car parts aren’t something that typically keep financial markets awake at night, last month’s bankruptcy of United States auto parts maker First Brands - owing between US$10 to $50 billion – has clearly spooked investors who fear the same fate could await other players with hidden exposures to private credit. Details of First Brands' collapse highlight how the boom in the U.S. private credit industry during the past decade has turbocharged private companies’ ability to borrow money. While First Brands held $6 billion in high-yield, or “junk”, debt on its balance sheet, the company’s current crisis stems from its “off balance sheet” debt courtesy of private credit lenders. It was only when the company hired mid-sized Wall Street lender, Jefferies, to help renegotiate the terms of the debt on its balance sheet, that its lenders started asking further questions about its finances.Undisclosed additional loansWhat they discovered was that the company had been carrying billions of dollars in hitherto undisclosed additional loans – a la private debt. Lenders also discovered that the company had pledged future proceeds from some of its unpaid invoices to multiple creditors. An investigation has since been establis

Industries
Trump’s US farmer bailout thwarted by govt shutdown
The Trump administration's plans for a hefty bailout package to rescue United States farmers blindsided by trade disputes and big harvests could be delayed with the government shutdown preventing congressional action needed to approve such large payouts. While farmers welcome President Donald Trump’s bailout initiatives to rescue them from potential financial calamity, they have been urging his administration to pursue trade deals that rectify China's ongoing rejection of U.S. soybean purchases with tariffs, and a record corn harvest threatening to sink farmer profits. The current grain glut has seen U.S. growers struggle with low crop prices and rising costs for inputs such as fertiliser and seeds. It’s understood that the bailout package to get farmers through the harvest months – which Treasury Secretary Scott Bessent said the White House could announce any day now - would total somewhere between US$10 billion and $15 billion of U.S. taxpayer funds, however, additional aid may also follow. The funds are expected to go to soybean farmers directly in the crosshairs of the China trade row, plus other types of commodity farmers. However, despite the China trade row, it’s understood that U.S. farmers are currently be
Industries
Plans unveiled for $1.7bn underwater drone fleet
The Australian government has earmarked $1.7 billion to locally build a fleet of long-range lethal underwater drones that will be in the service of the Australian Navy by January 2026. Dubbed "Ghost Sharks", an undisclosed number of uncrewed underwater drones – aka extra-large autonomous undersea vehicles (XL - AUL) - will be deployed to conduct intelligence, surveillance, reconnaissance, and strike measures. These Australian-designed and built Ghost Sharks can be deployed from warships or launched off the coast. “This is a world-class capability that has the capability to conduct intelligence, surveillance, reconnaissance and strike at extremely long distances from the Australian continent,” said the defence industry minister, Pat Conroy, emphasising the final point. “Let me repeat that: we will have the ability to strike at extremely long distances from the continent of Australia.” It’s understood that defence forces around the world are opting for cheaper to build and run autonomous technologies with crewless platforms that can be deployed at scale. Countries are also investing heavily in improving submarine detection technologies, undermining the stealth capability that has been crewed submarines’ decisive a
Industries
AusPost to resume shipping to US after suspension
Australia Post will resume all shipping to the United States by 25 September, after suspending postage in August amid the U.S.’ tariff policies. The U.S. ended its tax exemption on parcels worth under US$800 (A$1,213) last month, with these packages now subjected to country-specific tariffs. Australia Post halted services to the U.S. alongside carriers from countries like the United Kingdom and France, due to a lack of guidelines on collecting the new taxes. “Along with more than 190 other postal providers internationally, we’ve been caught in a fast-moving situation not of our making,” said Australia Post executive general manager of Parcel, Post & eCommerce services, Gary Starr. “The real impact has been on our customers who export their goods to the U.S. accessing our cost-efficient postal service, so we’ve been working around the clock to find a solution.” “While we are planning to lift the temporary suspension on Thursday 25 September, if we are able to lift this earlier, we absolutely will.” Australia Post has been working with cross-border commerce platform Zonos to resume Business Contract and My Post Business deliveries, it said. It also plans to resume non-business parcel deliveries to the U.S. under a for
Industries
War Trades pt 2: US Golden Dome spurs spending spree
President Donald Trump’s US$175 billion (A$268.5 billion) Golden Dome missile defence initiative is triggering a seismic shift across the American defence sector, fusing space, artificial intelligence, and next-generation missile technology into an ambitious new strategic vision. As NATO similarly reaffirms a significant increase in defence spending, the U.S.’s move signals a ramp-up of investment into new-age warfare technologies. Set against a backdrop of new military technologies and emerging hypersonic threats, the project is fuelling a surge in defence funding, reinvigorating public-private partnerships, and rewriting the playbook for future military deterrence.Supercharging Space and SecurityFormally launched on January 27, 2025 and and partially funded by Trump’s sweeping “One Big Beautiful Bill”, the Golden Dome initiative began as an executive order instructing the Secretary of Defense to deliver “a reference architecture, capabilities-based requirements, and an implementation plan for the next-generation missile defense shield”. The project has already secured US$24.4 billion in startup funds from Congress, part of a broader $157 billion defence boost. The funding is designated “for enhancement of Department