ChiNext Index pulled back in the afternoon, down more than 0.5% after earlier gains of over 1%; Shenzhen Composite Index fell 0.8% and Shanghai Composite Index fell 0.07%.

Despite the Trump administration push to build a domestic supply chain, U.S. demand for rare earths has yet to materialize and output from MP Materials, Energy Fuels and Phoenix Tailings is being sold to Japanese and South Korean buyers. The three firms, backed by billions of dollars in U.S. government support, are supplying Asian magnet makers whose production scale still far exceeds the nascent U.S. industry. Phoenix Tailings CEO Nick Myers said Chinese rare-earth metal exports have fallen sharply this year and Japanese customers are scrambling to buy the company’s metals. He warned that unless major U.S. defence contractors act quickly, the company’s product will be sold out, with other buyers paying higher prices and moving faster. Industry sources say U.S. companies have announced plans to mine rare earths and make magnets domestically, but it will take time for a scaled U.S. rare-earth supply chain to form.

新西蘭聯儲主席佈雷曼：中性利率水平存在不確定性，區間爲2.5%-3.5%。