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EU defence stocks rise on German military boost
The German government has cleared more than €50 million (A$88.5 million) in defence contracts over the next few years, as Russia’s war on Ukraine puts pressure on the nation to boost military spending. The proposed expenditure, which is expected to be passed, will include €22 billion for personal protective equipment for military personnel and about €10 billion in upgrades to infantry fighter vehicles, air defence and missile systems, according to German media. The new military budget is likely to be approved due to European stocks rallying on Wednesday as investors awaited the outcome of the meeting. The Stoxx Europe Aerospace Defence index was up 1.2% on Wednesday by 11:22 am London time and was led by defence giants Renk, which rose 2.8%, Hensoldt, with an increase of 2.4% and Rheinmetall, which gained 1.8%. This follows the sector shedding 1.8% on Tuesday amid rising hopes of a peace deal to end the war in Ukraine. Following countries ramping up military spending, with some regional defence players even doubling in value amid commitments from regional governments and the NATO military alliance to ramp up defence spending, the Stoxx Europe Aerospace and Defence Index rose more than 50% since the start of the year
Industries
Trump admin set to lower restrictions on marijuana
United States President Donald Trump’s administration is reportedly set to reclassify marijuana to lower restrictions on the industry, with cannabis-related stocks soaring. Trump could issue an executive order directing federal agencies to reclassify marijuana as a Schedule III substance as soon as Monday, the Washington Post and CNBC reported. The White House has said that no final decisions have been made. Trump previously said in August that the administration was considering reclassifying marijuana. “We're looking at reclassification and we'll make a determination over the next few weeks,” he said. He spoke to Republican House Speaker Mike Johnson last week about the executive order, along with cannabis industry executives, Health and Human Services Secretary Robert F. Kennedy Jr, and Centers for Medicare and Medicaid Services head Mehmet Oz. Johnson has opposed reclassifying marijuana. Reclassifying marijuana would allow producer companies similar tax deductions to other businesses, avoiding the high tax rate the industry is subject to while it remains a Schedule I substance. As a Schedule I drug, marijuana is in the same category as heroin and LSD. The U.S. Drug Enforcement Administration (DEA) considers Sched
Industries
2035 EU engine ban could be relaxed under new deal
Multiple nations have written to the European Commission asking for a softer version of the current plan to completely phase out combustion engines by 2035. The letters, seen in reporting by Reuters, come from the member nations of Bulgaria, Czechia, Hungary, Italy, Poland and Slovakia, and join the voices from within the auto industry already calling for changes to the phase out. As it stands currently, the EC has implemented that there will be a ban on combustion engines in all new vehicles by 2035, with a focus on pivoting to electric vehicles and hybrids instead. However, concerns have been raised over job losses and EV sales starting to slow across the world, and are echoed again in these latest letters. The key request of the letters is for permission to continue selling combustion engine vehicles past the deadline, along with a shift to low-carbon and renewable fuels in the effort to reduce emissions. "We can and we must pursue our climate goal in an effective way, while not killing our competitiveness in the meanwhile since there is nothing green in an industrial desert," the letter read. A package of measures to support the European auto industry was already expected to be published this week, but could
Industries
South Korean giants make bold pledge after major US deal
Samsung Electronics and several other major firms announced new domestic investment plans yesterday during a meeting with President Lee Jae Myung, who expects the move to ease concerns that Korean companies might excessively refocus their attention and money towards the United States after the recent trade agreement. In his meeting with the companies’ chiefs, Lee praised the country’s business sector for helping his government negotiate the trade deal with Washington, but urged them to maintain strong domestic investments amid concerns they might cut spending at home to invest more in America. President Lee told media his government is exploring various policy steps, including easing regulations, to help create a more favourable business environment for the companies. The meeting followed Seoul’s decision to invest US$350 billion in American industries, a move that helped the country avoid the highest tariffs threatened by the Trump administration. The two governments on Friday released the details of the trade agreement, including US$150 billion in South Korean investments in the U.S. shipbuilding sector and an additional US$200 billion in other American industries, which Seoul says will be capped at US$20 billion an
Industries
ESG focus: Sustainable investments up 49% in 2yrs
While the market has had a love-hate relationship with sustainable investing - an approach that integrates environmental, social, and governance (ESG) factors - a new report published during COP30 in Belém, Brazil, earlier this week reveals that a sustainable economic transition is currently underway. According to the Global Sustainable Investment Alliance (GSIA), sustainable investments have jumped 49% over the last two years to US$16.7 trillion, with the GSIA attributing the increase to a tectonic shift in underlying thinking towards the sector. No longer seen as a niche practice, the GSIA is witnessing greater market appreciation of the role renewables and all-things-ESG related will play in supporting technological growth needed to advance the world’s climate change goals. The GSIA’s biennial Global Sustainable Investment Review report reveals a steep rise in investment allocated to the clean energy sector.Second fastest-growing industryDespite the highly volatile and fragmented global economic, political, and sustainability landscape since 2023, the report’s data suggests the green economy is now the second fastest growing industry globally. “This report demonstrates that the sustainable investment industry is on

Industries
Toyota opens US battery plant, will invest US$10bn
Toyota has started production at its new battery plant in North Carolina, its first outside Japan, and will invest up to $10 billion in the United States over the next five years. The $13.9 billion site is Toyota’s 11th factory in the U.S. Its U.S. investments now total almost $60 billion over the past seven decades, the company said. “Today’s launch of Toyota’s first U.S. battery plant and additional U.S. investment up to $10 billion marks a pivotal moment in our company’s history,” said Toyota Motor North America CEO Ted Ogawa. “Toyota is a pioneer in electrified vehicles, and the company’s significant manufacturing investment in the U.S. and North Carolina further solidifies our commitment to team members, customers, dealers, communities, and suppliers.” U.S. President Donald Trump first said last month that Toyota planned a $10 billion investment in the U.S., though the company said it had not made a specific promise at that time. The investment will “support future mobility efforts”, Toyota said. The North Carolina facility will create up to 5,100 new jobs, according to Toyota. It is located in Liberty, near Greensboro, in the centre of the state. The site’s 14 production lines will build batteries for hy
Industries
US subprime car loan delinquencies hit record highs
Americans with the lowest credit scores or limited credit histories, typically known as subprime borrowers, are falling behind on their car loans at the highest level in decades, with record numbers missing their payments last month. The growing number of Americans struggling to afford their monthly car payments is the latest sign that lower-income borrowers are being hit hardest by high borrowing costs, rising living expenses and shrinking savings that have seen total household debt in the United States climb to US$18.6 trillion. According to Fitch Ratings data that goes back to the early 1990s, the share of subprime borrowers - typically charged higher interest rates to offset a greater likelihood of default - at least two months (60 days) behind on their car loans rose to 6.65% in October. A recent report from the Federal Reserve Bank of New York reveals that in the third quarter, around 3% of auto loans - the second-largest category of consumer debt, behind mortgages - became seriously delinquent (90 days or more past due), the highest rate since 2010. However, while subprime borrowers are increasingly vulnerable, for those with stronger credit histories, the rate held steady at 0.37%, unchanged from both the previ
Industries
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