Arm Stock Falls After HSBC Downgrade, Citing Limited Near-Term AI Upside 
ASML Raises 2026 Outlook as AI Chip Demand Lifts Q2 Earnings 
Paramount-Warner Bros. Discovery Merger Faces Lawsuit From 12 States 
Volkswagen Launches €28,000 ID. Cross EV as Europe’s Electric Vehicle Demand Accelerates 
Genesis Minerals to Acquire Vault in A$5.6 Billion Deal After Regis Withdraws 
Australia Flags Child Safety Gaps at Apple, Meta, Google Over Online Sexual Extortion 
Deutsche Bank Fined A$2 Million by ASIC Over OTC Derivatives Reporting Errors 
UBS Starts CarTrade Tech With Buy Rating, Sees Strong Earnings Growth and ₹4,000 Target 
SoftBank Corp Partners With Sierra to Expand AI Customer Support Across Japan 
SEB Q2 Profit Rises on Strong Lending, Record Fee Income, Announces New Share Buyback 
Stripe, Advent Offer $53 Billion Deal to Acquire PayPal: Reuters 
DBS Targets S$1 Trillion Wealth AUM by 2030 Amid Asia Wealth Boom 
Nvidia Tightens AI Chip Sales in Asia With Stricter Customer Approval Process 
Morgan Stanley Says China’s Reusable Rocket Progress Poses Long-Term Challenge to SpaceX 
DeepSeek Eyes China IPO as AI Startup Seeks $71 Billion Valuation in New Funding Round 
Muji Owner Ryohin Keikaku Stock Soars After Raising Full-Year Earnings Forecast 
TSMC Q2 Revenue Surges 36% as AI Chip Demand Powers Growth Ahead of Earnings 
Australia’s Fortescue has reported record fourth-quarter iron ore shipments, reaching 55.2 million metric tons, up from 53.7 million a year earlier and surpassing Visible Alpha’s 52.5 million-ton forecast. This performance pushed full-year shipments to 198.4 million tons, achieving the top end of its 190–200 million-ton guidance for fiscal 2025.
The Perth-based miner also announced it will abandon its U.S. and Australian green hydrogen projects, including the Arizona Hydrogen Project and the PEM50 Project in Gladstone, following a strategic review. The company plans to assess options for repurposing related land and assets.
As a result of the cancellations, Fortescue expects a preliminary pre-tax writedown of about $150 million in second-half results, tied to expenditures on the PEM50 Project, electrolyser equipment, and engineering costs.
Looking ahead, Fortescue forecasts fiscal 2026 shipments between 195 million and 205 million metric tons, including 10–12 million tons from its Iron Bridge magnetite project in Western Australia’s Pilbara region. Metals capital expenditure for the same period is projected at $3.3–$4 billion.
Fortescue’s record output comes amid strong competition from major rivals. BHP recently posted record copper output, while Rio Tinto reported its strongest second-quarter iron ore production since 2018.
The announcement underscores Fortescue’s pivot back to its core iron ore business as it scales back ambitious green hydrogen plans amid shifting market dynamics.
