Wall Street closed higher on Wednesday, with the S&P 500 hitting a record 6,711.20 despite the start of a U.S. government shutdown. The Nasdaq gained 0.42% and the Dow added 43 points, reversing early losses as healthcare stocks, including Regeneron and Moderna, led the rebound. September ended strongly, with the S&P rising more than 3.5%. The shutdown followed a failed Senate bid to pass a temporary spending bill, and while Vice President JD Vance signalled potential layoffs if it drags on, he suggested the closure may be brief. Analysts warn this shutdown could carry greater risks, with key economic data—such as nonfarm payrolls—halted, leaving the Federal Reserve to make its late-October policy decision with limited visibility.
In Australia, shares are expected to track Wall Street higher, with futures pointing to a 0.5% gain at the open. Gold prices hit a record US$3,895 an ounce, likely boosting local miners. Investors will also focus on the Reserve Bank of Australia’s Financial Stability Review, alongside fresh data on household spending and the goods trade balance.
In company news,
Metallium strikes recycling MOU with Glencore
Metallium’s (ASX:MTM) U.S. subsidiary, Flash Metals, has signed an MOU with Glencore, one of the world’s largest recyclers of e-waste and batteries. The deal positions Glencore as a key feedstock supplier for Metallium’s first Texas facility and commits to purchase up to 75% of its recycled metal output. Metallium retains rights over niche products such as gallium and rare earths. The agreement validates Metallium’s proprietary Flash Joule Heating technology and supports its U.S. expansion plan to build a national network of recycling hubs. A binding agreement is targeted by year-end.
Koba Resources unveils new high-grade uranium prospect at Yarramba
Koba Resources (ASX:KOB) discovered a new high-grade uranium prospect, Delord, at its Yarramba Uranium Project in South Australia. Step-out drilling intersected grades above 1,000ppm eU3O8, with mineralisation remaining open along strike. The program also returned encouraging results at the Chivas and Berber prospects, and identified a roll-front geological signature that could refine future drill targeting. With over 250km of underexplored palaeochannels across its 5,000km² project, Koba plans additional drilling in the coming months to test extensions and link prospects.
Auravelle Metals confirms bonanza gold grades at Sheoak
Auravelle Metals (ASX:AUV) confirmed very high-grade gold results at the Sheoak prospect within its Nuckulla Hill Gold Project in South Australia. Resampling delivered assays of up to 25.4 g/t gold, with mineralisation intersected across at least 150m of strike and open in multiple directions. Follow-up drilling completed in September will report results in October, with additional drilling planned for November pending heritage approvals. Beyond Sheoak, the company is ramping up exploration across South Australia and WA, including soil sampling at Nuckulla Hill and drilling at its Crown Project.
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