The U.S. Geological Survey published its final 2025 List of Critical Minerals with 10 additions to the ’22 list: copper, silver, uranium, metallurgical coal, potash, rhenium, silicon, lead, phosphate and boron. The updated list now includes 60 minerals (including 15 rare earths) and provides a roadmap of which commodities the Trump administration can now invoke Section 232 probes for potential tariffs, and where the Trump administration is likely to direct investment in resource recovery from mine waste, stockpiles, tax incentives and streamlined mine permitting.
We predict quick resolution of the U.S. government shutdown (at 38 days the longest on record) now that the Transportation Department and Federal Aviation Administration have ordered airlines to cut 10% of flight capacity across 40 major airports due to air traffic controller staffing shortages (unpaid for over one month). Roughly 3% of Friday’s 25,375 scheduled flights in the U.S. have already been canceled, and lawmakers are unlikely to let this total rise much further heading into the busy holiday travel season.
Bank of England consensus remained on knife’s edge as the Monetary Policy Committee voted 5-4 to keep its Bank Rate at 4.0%, while Governor Bailey was the lone voice among 9 stating inflation risks had moved down, making a December cut more likely.
The total value of cryptocurrencies monitored by Bloomberg hit a record of $4.4T at its Oct. 6 peak, but a 20% decline since than has nearly evaporated ’25 ytd gains for the asset class (now +2.5%). Bitcoin ($99,700) is trading below the benchmark $100k level and has now declined 9.7% for the week and 21.0% from its 10/6 high ($126,251).
Euro Stoxx 50 -0.7%, S&P futures -0.3% and Nasdaq futures -0.4%. DXY dollar index -0.07%, spot gold +0.5% and spot silver +1.1%.
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