Overview

• President Donald Trump also vowed export controls on critical U.S. software from November 1 in response to China’s new rare‑earth export curbs.
• Wall Street logged its worst session in six months with the S&P 500 down 2.7%, the Nasdaq off 3.6% and the VIX above 20, though several strategists expect the pullback to be brief.
• ASX 200 futures point to about a 0.9% fall on Monday’s open and the Australian dollar softened toward US$0.65.
• China urged Washington to halt tariff threats and pursue negotiations and warned it would retaliate if measures proceed, while Trump posted comments attempting to calm tensions.
• Rare‑earth producers such as Lynas and Iluka are in focus after reports the Albanese government is weighing minimum prices and funding for critical‑minerals projects in a potential U.S. resources deal.