Enjoy this email? We’d love you to forward it to someone else who may enjoy it.

Forwarded this email? You can sign up here. 

Here’s what you need to know today

• The Trump Administration continues to gesture towards being open to a trade deal with China, however Treasury Secretary Scott Bessent has said it is up to China to de-escalate trade tensions and propose a deal. (CNBC)
  
  

• In response, China has said there are no tariff talks underway, despite an earlier suggestion from President Trump that negotiations had begun. Chinese Foreign Ministry spokesman Guo Jiakun told reporters, “Let me make it clear one more time that China and the U.S. are not engaged in any consultation or negotiation on tariffs.” (CNBC)
  
  

• The impact of Trump’s tariffs are starting to be felt by Chinese manufacturers. Reports are that many manufacturers are pausing production and sending employees home as they turn to new markets to make up for US demand. Goldman Sachs estimate 10-20 million Chinese workers are involved with US-bound export businsCNBC)
  
  

• Earlier this week, Australian Prime Minister Anthony Albanese announced a $1.2 billion critical minerals strategic reserve. However, one of the largest potential beneficiaries of the Australian government adding demand to the market, is now panning the idea. Australia’s only producer of rare earths, Lynas, has criticised the government for not consulting it or briefing it on the policy. (AFR)
  
  

• It appears US President Trump is getting over Russian President Putin. He posted on Truth Social, “There was no reason for Putin to be shooting missiles into civilian areas, cities and towns, over the last few days. It makes me think that maybe he doesn’t want to stop the war, he’s just tapping me along." (Truth Social)

  
  

• Canadians have chosen Mark Carney to lead them, securing a rare fourth consecutive term for the Liberal Party. Carney took over from Justin Trudeau earlier this year and was able to see off a challenge from the Conservative Party’s Pierre Poilievre. (SMH)
  
  

• Consolidation in the Australian sports betting market continues. Last year, News Corp-backed Betr merged with ASX-listed BlueBet. Now the combined company, which kept the name Betr, has made a second attempt at buying PointsBet and announced a 19.9% stake in the company. (Capital Brief)
  
  

• Australian mining services giant Mineral Resources saw shares jump 14% yesterday after it reported a set of third quarter results that reassured investors. Concern about MinRes’ debt was allayed as the company reported liquidity of $1.25 billion and positive news from both their iron ore and lithium operations. MinRes is still down 71% over the past 12 months. (Australian Mining)
  
  

• British food delivery app Deliveroo saw shares jump 16% in a day after it revealed American rival DoorDash had approached it about a takeover. (Reuters)

What the…?

There is an infamous business story that starts with America’s Domino’s Pizza entering the Italian market in 2015 with plans to open 880 stores by 2030. The home of pizza did not take kindly to America’s version of it, and by 2022 it closed the 29 stores it had opened.

We were reminded of this story as America’s fast-casual Mexican chain Chipotle announced plans to enter Mexico. Will Mexicans take to the self-appointed “Mexican Grill”? We’ll find out in early 2026, which is when Chipotle expect to open their first Mexican location. (Quartz)

Investing is a lifelong journey

Here’s what you can learn today.

Twiggy Forrest’s vision for Australia

This is an excerpt from our conversation with Andrew ‘Twiggy’ Forrest AO, the Chairman of Fortescue (Listen on Apple | Spotify | YouTube)

Question: What's your vision for Australia's future in green steel and hydrogen?

We alone, let alone the country, Fortescue alone ships overseas 200 million tonnes of iron ore a year that gets reduced down to about a hundred million tonnes of green metal or steel.

We can do that with hydrogen in Australia. We have got the radiance or the sunshine. China has an average of say, 1200 sun or radiance hours a year. We have an average of 3,603 times. It's like having the coal fields and the iron ore fields all together, but one is sun and the other is iron ore.

So it's setting itself up, I think to be one of the largest, if not the largest industries Australia's ever seen. And it's all made possible by hydrogen.

Whether you agree with Twiggy or not, his ideas are certainly worth engaging with. Watch the full interview on the Equity Mates YouTube:

Today’s sponsor is Bamboo

Is timing the market stressing you out? 

There’s a smarter way to invest—Dollar Cost Averaging (DCA) with Bamboo. Instead of guessing the best moment to buy, the app rounds up your everyday purchases, automates savings and helps you invest consistently over time, reducing risk and smoothing out market volatility.

With Bamboo, it’s effortless:
✅ Round-ups – Invest spare change from everyday purchases
✅ Recurring top-ups – Set automatic weekly or monthly deposits
✅ Instant investments – Add funds anytime with a tap

Whether the market is up or down, you’re always in the game. Start investing today and let small, steady investments in Bitcoin, Ethereum, Gold or Silver build towards big financial goals! 🚀

Want more Equity Mates?