Wall Street ended higher on Friday as upbeat earnings from Amazon lifted major indexes. The Nasdaq Composite gained 0.61%, the S&P 500 rose 0.26%, and the Dow Jones added 0.09%. Amazon shares surged 9.6% after its cloud division, Amazon Web Services, posted 20% year-on-year revenue growth. Other AI-linked companies, including Palantir and Oracle, also advanced, while Netflix climbed after announcing a 10-for-1 stock split and Tesla gained 3.7%. For the week, the S&P rose 0.7%, the Nasdaq 2.2%, and the Dow 0.8%. October closed with all three benchmarks extending gains, marking the Dow’s sixth consecutive positive month, its longest streak since 2018.
In Australia, focus turns to the Reserve Bank’s Tuesday meeting after inflation data surprised to the upside, leading economists to expect higher revised forecasts and ruling out a Melbourne Cup Day rate cut. Core inflation rose 1% in the September quarter against the RBA’s 0.6% projection, prompting bond markets to price in no change to the 3.6% cash rate. Futures point to a slightly weaker ASX 200 open, down five points to 8887. Meanwhile, Westpac posted a full-year net profit of $6.97bn, down 2% but above expectations. Excluding notable items, profit slipped 1% to $6.92bn, with a fully franked dividend of $1.53 per share. Lending rose 6% year-on-year, but home loan growth lagged the market, and the net interest margin edged lower to 1.94% amid continued competition.
In company news,
Vulcan secures final permit for Germany’s first commercial lithium extraction plant
Vulcan Energy (ASX:VUL) has secured the construction permit for its Lithium Extraction Plant (LEP) at the Phase One Lionheart Project in Landau, Germany, marking the final approval needed to commence building. The integrated geothermal and lithium operation will generate 275 GWh of power, 560 GWh of heat and 24,000 t pa of lithium hydroxide, enough to supply about 500,000 EVs annually. Using proprietary VULSORB® adsorption technology, the project is designed to be fully carbon-neutral and fossil-fuel-free. The LEP permit completes Vulcan’s construction approval suite following earlier approvals for its geothermal plant, electrical substation, and downstream Central Lithium Plant in Frankfurt.
Mandrake Resources signs US supply deal for Utah lithium project
Mandrake Resources (ASX:MAN) has entered a non-binding Letter of Intent with Nasdaq-listed Stardust Power to supply 7,500 t pa of lithium chloride from its 100%-owned Utah Lithium Project. Stardust Power is constructing a 50,000 t pa lithium carbonate refinery in Muskogee, Oklahoma, aimed at strengthening the US domestic battery supply chain. The initial 12-year LOI, extendable by six years, uses a cost-plus pricing model and aligns with US policy to onshore critical minerals. Managing Director James Allchurch said the deal underscores Utah’s strategic importance as a large-scale US lithium brine asset with low capital intensity and strong infrastructure.
Future Battery Minerals confirms multiple large gold systems at Randalls
Future Battery Minerals (ASX:FBM) has identified multiple large-scale mineralised gold trends at its Randalls Gold Project near Kalgoorlie after reviewing historical drill data. The study revealed extensive gold-in-regolith anomalies along the 30 km Randalls Fault, with key zones such as Lone Pine Dam, Venetian, Campese, and Lake Yindarlgooda showing continuous intercepts including 8 m @ 3.1 g/t Au and 2 m @ 5.55 g/t Au. Most targets remain lightly drilled, offering significant upside through modern exploration. A litho-magnetic interpretation is under way to refine structural targets, with results expected in December 2025. FBM said Randalls complements its nearby Coolgardie Gold Project and is fully funded through 2026.
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