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PRE-MARKET AUSTRALIAN STOCKS NEWS

BHP's decision not to pursue a bid for Glencore indicates a potential strategic pivot, where they're likely focusing on Rio Tinto's ongoing discussions instead.

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Fed's Williams (Voter, Neutral) says monetary policy well positioned amid a favourable outlook and that policy is now closer to neutral, well-positioned ahead of January rate decision; expect that we’ll see [the labor market] stabilize this year"

SK Hynix (000660 KS) has decided to stick with its advanced MR-MUF process for the 16-stack HBM4 instead of adopting fluxless bonding following an evaluation that fell short of expectations

PRE-MARKET AUSTRALIAN STOCKS NEWS

At least two unsanctioned supertankers are departing Venezuelan waters carrying crude oil, according to reports citing TankerTrackers

US Treasury Secretary Bessent posts that he was pleased to hear a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains; "I am optimistic that nations will pursue prudent derisking over decoupling"

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Australia

BHP (BHP AT) / Rio Tinto (RIO AT) - BHP is reportedly not planning a bid for Glencore (GLEN LN), Reuters reports citing sources. The Co. is said to be waiting out Rio Tinto's (RIO AT) talks around Glencore. (Reuters)

BlueScope (BSL AT) - AustralianSuper looks to have ended the Stokes family’s USD 30/shr takeover bid for BlueScope by buying shares at that price, signalling the steel giant could be worth as much as USD 50/shr. (The Australian)

Lynas Rare Earths (LYC AT) – CEO Lacaze has told the Board that she intends to retire after 12 years as CEO. (Lynas Rare Earths)

Suncorp (SUN AT) – The insurer reports 80 claims and is warning that it has surpassed its budgets for disasters for the six months to December. This comes following the recent bushfires in Victoria. (The Australian)

Context

Meanwhile, BlueScope's recent stock activity suggests confidence in its valuation, possibly laying the groundwork for a higher market expectation. Additionally, Suncorp's claims exceeding budgets highlight ongoing risks in the insurance sector, which could impact sentiment towards insurers in the region.

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