James Hardie chair ousted, Trump says trade deal reached with China — as it happenedBy business reportersStephanie ChalmersandYiying LiTopic:Stock MarketWed 29 OctWednesday 29 OctoberWed 29 Oct 2025 at 9:08pmSkip to timelineJames Hardie investors have ousted the company's chair and several directors in a backlash against a controversial takeover deal.US President Donald Trump says he has reached a trade deal with China's leader Xi Jinping after less than two hours of talks in South Korea.See how the trading day unfolded on our blog.Disclaimer: this blog is not intended as investment advice.Key EventsAustralian shares end lower despite reports of US-China trade dealYesterday at 5:40amThu 30 Oct 2025 at 5:40amWesfarmers shares falls over 7pc despite $2.7bn net profitYesterday at 5:35amThu 30 Oct 2025 at 5:35amTrump: 'We have a deal' with ChinaYesterday at 5:17amThu 30 Oct 2025 at 5:17amShow all key eventsLive updatesLatestOldestPinnedYesterday, 5:46amThu 30 Oct 2025 at 5:46amMarket snapshotMBy Michael JandaASX 200:-0.5%to 8,886 pointsAustralian dollar: +0.3% at65.92 US centsTokyo:+0.1% to 51,334 pointsShanghai:-0.3% to 4,006 pointsHong Kong:-0.2% to 26,305 pointsS&P 500:Flat at 6,890 pointsNasdaq:+0.6% to 23,958 pointsFTSE:+0.6% to 9,756 pointsEuroStoxx:-0.1% to 575 pointsSpot gold:+0.7% to $US3,958/ounceBrent crude:-0.5% at $US64.62/barrelIron ore:-0.1% to $US105.80/tonneBitcoin:-1.5% to $US109,827Prices current around 4:45pm AEDT.Live updates from key ASX indices:Yesterday, 6:05amThu 30 Oct 2025 at 6:05amWesfarmers leads market slide after trading update at AGMMBy Michael JandaAs we wind down for the day, let's take a look at the big winners and losers on the ASX.Lithium and uranium miners led the gains, while CSL had a partial bounce-back after being smashed earlier this week.ASX 200 top movers at the close.(Refinitiv)The biggest loser among the top 200 was Wesfarmers, after the company's managing director delivered a cautious trading update at its AGM in Perth.ASX 200 bottom movers.(Refinitiv)I'm going to call it a day there.We'll be back tomorrow morning, hopefully with some more details and market reaction from Europe and the US to Donald Trump's apparent trade deal with Xi Jinping.LoadingYesterday, 5:42amThu 30 Oct 2025 at 5:42amMore reporting on US-China talksMBy Michael JandaThis blog will close soon, but the ABC will keep updating our stories on the outcome of US President Donald Trump's talks with Chinese president Xi Jinping.You can read the latest version here:Key EventYesterday, 5:40amThu 30 Oct 2025 at 5:40amAustralian shares end lower despite reports of US-China trade dealMBy Michael JandaLate reports of a US-China trade deal were not enough to swing the Australian market into the positive, with other Asia-Pacific markets also in the red.At the close, the ASX 200 was 0.5% lower at 8,886 points.Elsewhere in the region, Shanghai's benchmark share index was down 0.4% by 4,000 points around 4:30pm AEDT.Hong Kong's Hang Seng was 0.5% lower and Tokyo's Nikkei was off 0.2%.The Australian dollar was 0.3% higher at 65.92 US cents.Key EventYesterday, 5:35amThu 30 Oct 2025 at 5:35amWesfarmers shares falls over 7pc despite $2.7bn net profitYBy Yiying LiWesfarmers' shares have slipped as much as 7% to $86.13 per share despite its chairman,Michael Chaney, declaring the group delivered "a record net profit after tax" of $2.7 billion.It shows a 3.8% increase in Wesfarmers' net profit compared to the prior year.Mr Chaney told shareholders that the company would make an additional $1.50 per share distribution in December.The chairman also announced his retirement after next year’s AGM.Yesterday, 5:30amThu 30 Oct 2025 at 5:30amMore from Reuters on outcome of Trump-Xi trade talksMBy Michael JandaThis is the latest update from the Reuters newsdesk, asDonald Trumpbriefs reporters on Air Force One about the outcome of his trade talks withChinese president Xi Jinping:US president Donald Trump said on Thursday he had agreed toreduce tariffs on China to 47%in exchange for Beijing resuming US soybean purchases, keeping rare earths exports flowing and cracking down on the illicit trade of fentanyl.His remarks after face-to-face talks with Chinese president Xi Jinping in the South Korean city of Busan, their first since 2019, marked the finale of Trump's whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations."I thought it was an amazing meeting," Trump told reporters aboard Air Force One shortly after he departed Busan, adding that tariffs imposed on Chinese imports would be cut to 47% from 57%.Trading in global stocks was choppy as Trump revealed details of the deal, with major Asian indexes and European futures swinging between gains and losses. China's Shanghai Composite Index slipped from a 10-year high, while US soybean futures were weaker.World stock markets from Wall Street to Tokyo had hit record highs leading up to the meeting on hopes of a breakthrough in a trade war between the world's two largest economies that has upended supply chains and rocked global business confidence.The meeting, which took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, lasted nearly two hours. Trump shook hands and escorted Xi to his car before the US president was given a red carpet send-off at the airport.If the 47% tariff rate is a total, that would be a lot lower than the cumulative retaliatory tariff rate of 145% that is scheduled to take effect from November 10, unless president Trump makes a new executive order before then modifying existing ones.Key EventYesterday, 5:17amThu 30 Oct 2025 at 5:17amTrump: 'We have a deal' with ChinaMBy Michael JandaAccording toReuters, US President Donald Trump told reporters on Air Force One that he and Chinese President Xi Jinping had reached a trade deal.The US has a one-year trade pact with China, which will be routinely extended, the news outlet reports."We have a deal," Trump is reported to have said.China tariffs to drop to 47% from 57%, according to the report.Trump says he will visit China in April, with Xi to visit the US "sometime after that".The US president also reportedly said the rare earths issue has been settled.US financial news outletCNBChas a similar report, but we will endeavour to confirm the details with further sources.Yesterday, 4:39amThu 30 Oct 2025 at 4:39amEnvironmental protection laws backed by O&G peak bodyYBy Yiying LiOil and gas peak bodyAustralian Energy Producers(AEP) has welcomed the federal government’s proposed reforms to the Environment Protection and Biodiversity Conservation (EPBC) Act, calling it "an opportunity to fix the broken environmental approvals system"."It is essential that we get these reforms right to end the delays and duplication in our current system, and ensure Australians continue to have reliable and affordable energy," AEP chief executiveSamantha McCullochsaid."Australia has some of the most stringent environmental laws in the world, but the current system is no longer fit for purpose."It has become increasingly complex, duplicative and subject to activist lawfare."Environment MinisterMurray Watthas declared the opportunity to pass the government's overhauled environment laws is a "now or never" moment.Here is what he toldABC Radio National Breakfast:"We can't let this go around in circles for five more years because every time we wait and every time we get delayed we see the environment suffer, and we see really important housing, renewables, and other projects get held up in red tape."The federal government has introduced the law reform for the EPBC Act to parliament today.Yesterday, 4:17amThu 30 Oct 2025 at 4:17amChinese stocks climb to 10-year peak as Trump-Xi meeting beginsYBy Yiying LiChinese shares climbed to a decade high on Thursday as US PresidentDonald Trumpand Chinese PresidentXi Jinpingbegan a high-stakes meeting, fuelling cautious optimism for a potential trade-war truce that will help sustain bullish market sentiment.Investors appeared heartened by early signs of cooling tensions between the world's top two economies after recent escalations, while also positioning defensively with a sense of deja vu that the real deal may offer far less to celebrate."We are going to have a very successful meeting," Mr Trump said as he shook hands with Mr Xi, adding that the pair might sign a trade deal on Thursday, local time.Mr Xi said via a translator that he's ready to "continue working with Trump to build a solid foundation for China-US relations".The meeting in the southern port city of Busan was the first between the leaders since President Trump returned to office in January.The benchmark Shanghai Composite reversed early losses, rising as much as 0.2% to 4,025.70 in morning trading, reaching its highest since 2015, driven by hopes for de-escalation in the US-China trade dispute.The Banking, insurance, and liquor sectors led gains while sentiment remained cautious.Hong Kong's Hang Seng Index 0.6% after resuming trade following a holiday on Wednesday.Reporting with ReutersYesterday, 3:56amThu 30 Oct 2025 at 3:56amAlphabet beats quarterly revenue estimates on strong ad and cloud demandYBy Yiying LiGoogle-parentAlphabethas beaten Wall Street estimates for third-quarter revenue, as both its core advertising business and cloud computing unit showed steady growth.The company reported total revenue of $US102.35 billion for the quarter, compared with analysts' average estimate of $US99.89 billion, according to LSEG data.Google Cloud remained one of Alphabet's fastest-growing segments, benefiting from surging enterprise demand for AI-powered infrastructure and data analytics services.The unit posted revenue of $US15.16 billion, topping estimates of $US14.72 billion.The performance was likely boosted by burgeoning enterprise demand for its AI infrastructure.The unit continues to close the gap with larger rivals Microsoft Azure and Amazon Web Services, aided by strong take-up of Vertex AI and custom Tensor Processing Units.Alphabet's advertising unit, which brings the vast majority of the company's revenue, has been competing in a crowded field of rivals vying for more ad dollars as lower interest rates are expected to lift the economy.However, analysts have pointed to cautious spending from advertisers in some sectors grappling with economic uncertainty due to pressures from tariff costs and a rapidly evolving global trading landscape.Still, Wall Street expects the company to benefit from advertisers moving away from experimental ad platforms like Snapchat and others.Reporting with ReutersYesterday, 3:38amThu 30 Oct 2025 at 3:38amGold queuesDBy David TaylorWith the price of gold (in AUD) now down over 10% from its peak, how are the lines for buying gold now compared to the other week?- CharlesHi Charles,I can't speak to today, but the line outside one gold buyer/seller yesterday in Sydney's CBD was roughly 30 people deep.Over the past few weeks, the line, at this particular store, has snaked around the corner ... so roughly 50 metres long in total and around 50 to 60 or so people deep.So slightly fewer people recently.Having spoken to the managers of the store, the line seems representative of interest in gold, but you can also buy gold online.Hope that helps.Key EventYesterday, 3:20amThu 30 Oct 2025 at 3:20amAmpol slips on lower quarterly retail volumesYBy Yiying LiAustralian fuel retailer Ampol's shares have dropped 2.5% to $30.28 per share afterreporting sales volume of 6,028 million litres, a 7.6% dip from the same period in 2024.The company also posted an increase in its refining margins at Lytton Refinery in Queensland to $US10.64 per barrel in the third quarter, up from $US8.71 in the previous quarter.Key EventYesterday, 3:06amThu 30 Oct 2025 at 3:06amOPEC+ countries likely agree modest increase on oil output: analystYBy Yiying LiA RBC Capital Markets analyst saysOPEC+ countrieswill likely opt for another modest137 thousand barrels per day increase for December, ahead of theOPEC voluntary cut meeting."We think that the sanctions on the two Russian oil exporters will prove material if enforced," saidHelima Croft, head of global commodity strategy at RBC."We do not think Saudi Arabia and its OPEC partners would look to surge output before seeing clear evidence of a supply disruption."While the White House might like Saudi Arabia to accelerate the return of supply to the market, any move to do so would leave very thin spare capacity buffers to offset any additional outages."Key EventYesterday, 2:47amThu 30 Oct 2025 at 2:47amTop and bottom moversYBy Yiying LiLet's take a look at the top five and bottom movers.Top:Mineral Resources, +12.2%Champion Iron, +10.5%Liontown Resources, +10.4%Paladin Energy, +6.4%Pilbara Minerals, +6%Bottom:Data#3, -7%Wesfarmers, -5.6%JB Hi-Fi, -5.3%DroneShield, -4.6%Dexus, -4.5%Meanwhile, six of 11 sectors are lower today, along with the Index.Energy is thebest-performing sector, gaining 1.1% as well as 1.1% over the past five days.Yesterday, 2:37amThu 30 Oct 2025 at 2:37amCoverage of Trump-Xi talks on ABC News ChannelSBy Stephanie ChalmersABC News Channel is broadcasting comments from the presidents of the US and China as they meet in South Korea.So far there's lots of compliments and talk of mutual benefits going back and forth.We'll keep you across it but you can also tune in here:Yesterday, 2:36amThu 30 Oct 2025 at 2:36amMarket snapshotYBy Yiying LiASX 200:-0.2%to 8,910 points (live values below)Australian dollar: +0.3% at65.91 US centsS&P 500:flat at 6,890 pointsNasdaq:+0.6% to 23,958 pointsFTSE:+0.6% to 9,756 pointsEuroStoxx:-0.1% to 575 pointsSpot gold:+0.2% to $US3,938/ounceBrent crude:-0.6% at $US64.52/barrelIron ore:-0.1% to $US105.90/tonneBitcoin:-0.5% to $US110,973Prices current from 1:34pm AEDTLive updates from key ASX indices:Key EventYesterday, 2:29amThu 30 Oct 2025 at 2:29amASX pares losses, Aussie dollar up as Trump and Xi meetSBy Stephanie ChalmersTrade talksareunderway between Donald TrumpandXi Jinping.The Australian dollar has gained some ground over the last few hours ahead of the meeting, currently up near 65.9 US cents, while the local share market is now down just 0.1%.The leaders were briefly pictured heading into the meeting and theUS President said a deal could be signed today.Trump and Xi meet in Busan, South Korea(Reuters: Evelyn Hockstein)Key EventYesterday, 2:16amThu 30 Oct 2025 at 2:16amPepper Money in talks with Westpac over 'potential' RAMS dealYBy Yiying LiAustralia's non-bank lenderPepper Moneyhas confirmed it is part of a consortium that is in negotiations withWestpacto acquire its home loan businessRAMS."The negotiations are preliminary and incomplete, and no agreement has been reached in relation to the proposal," Pepper Money said in an ASX statement."There is no certainty that [an] agreement will be reached or that the transaction will eventuate."Last Friday, the Federal Court ordered RAMS to pay a $20 million penalty after admitting to widespread compliance failures.Corporate regulatorASICtook legal action against RAMS in June, alleging it engaged in systemic misconduct when arranging home loans.Yesterday, 1:59amThu 30 Oct 2025 at 1:59amMeta forecasts bigger capital costs next year as Zuckerberg lays out aggressive AI buildoutYBy Yiying LiMetahas forecast "notably larger" capital expenses next year, thanks to investments in artificial intelligence, including aggressively building data centres to power its AI push.TheFacebookandInstagramparent reported third-quarter revenue growth of 26% that beat market estimates, but that jump was outpaced by a 32% increase in costs.Shares of the company — which have risen 28% so far this year — fell 8% after the bell.Meta also recorded a nearly $US16 billion one-time charge related to US President Donald Trump's 'Big Beautiful Bill' that pummeled its third-quarter profit.Excluding the charge, net income in the quarter would have increased to $US18.64 billion, compared with the reported net income of $US2.71 billion.Meta has doubled down on AI, with a target of achieving superintelligence, a theoretical milestone where machines outthink humans.To that end, it has pledged tospend hundreds of billions of dollars to build several massive AI data centres for superintelligence and is planning for bigger financial outlays to meet big compute needs."There's a range of timelines for when people think that we're going to get superintelligence," CEOMark Zuckerbergsaid on a conference call with analysts."I think that it's the right strategy to aggressively front-load building capacity, so that way we're prepared for the most optimistic cases."If superintelligence takes longer than expected, then Meta will use the extra compute to accelerate its core business, and in the worst-case scenario, the company would slow building new infrastructure for some periods, MrZuckerbergsaid.Reporting with ReutersYesterday, 1:41amThu 30 Oct 2025 at 1:41amHere's what ACSI says about James Hardie AGM overnightYBy Yiying LiAustralian Council of Superannuation Investors (ACSI)executive manager —stewardshipEd Johnsays the market has spoken, responding to James Hardie's annual general meeting overnight.As we reported earlier,ChairAnne Lloydand directorsRada RodriguezandPeter-John Daviswill leave the board after a majority of investors voted against their re-election."Investors have sent the strongest possible signal of the need for accountability and change at James Hardie," Mr John said."The critical issue is who comes next."Now the Chair and two other directors have been voted off the board, shareholders will need to work hard to find a group of skilled independent directors to right the ship."Show more posts