Good morning, and welcome to Friday. From China’s reported pause on BHP’s iron-ore shipments to a boom in battery storage investment, here’s what you need to know before the market opens.

Morning update from Peter Switzer

Elevator Pitch: what you need to know to start your day

• Top Australian headline: China has reportedly paused purchases of iron ore from BHP during annual negotiations. Reuters
• Overseas: Australian battery storage is experiencing a surge in investment under the energy transition push. Reuters
• ASX open focus: SPI futures point to a weaker open, putting pressure on resources and cyclical names.

Overnight markets and ASX outlook

• US: S&P 500 closed at **6,711.20**, +0.34 % (as at US close, Oct 1 ET); Nasdaq Composite closed at **22,755.16**, +0.42 % (as at US close, Oct 1 ET). Google Finance
• Europe/Asia: Euro Stoxx 50 closed at **5581.21** (up 0.93 %) (as at Oct 1 CET). Bloomberg

• FX: AUD/USD ~0.6538 at 7:00am AEST (Investing.com).
• ASX200 futures (SPI): 8930.5 at 7:00am AEST

What else is making news today?

• PM presses China to resume ore imports: Anthony Albanese urged China to reverse its pause on BHP purchases to avoid trade fallout. AP News
• BHP invests in copper expansion: The miner will inject A$840 million into its Olympic Dam copper operations. Adelaide Now
• Opposition accuses PM of siding with China: Politics heats up as criticism mounts over how the government is handling trade tensions. News.com.au

In the diary: today’s key data and events

• Australia:

International goods trade balance (August)
A trade surplus of $5.0bn is expected. Commodities and export demand remain key drivers.

Monthly household spending indicator (August)
Spending could lift 0.3%, reflecting still-strong consumption despite high rates.

RBA Financial Stability Review
The central bank’s twice-yearly update on household and financial system risks.

• Global:

(note: US government shutdown may impact ongoing releases of economic data. Below is what was scheduled)

US construction spending (August)
Spending may dip 0.1%, with residential and infrastructure trends in focus.

US Challenger job cuts (September)
Most August job cuts were the highest since 2020—will September hold steady?

Keep an eye on these today

• BHP (BHP): The China pause on ore buying places volume guidance and margin sensitivity in focus. BHP
• Rio Tinto (RIO): Could be dragged down by sector pressure despite its diversified base. Reuters
• Fortescue Metals (FMG): Pure-play iron ore exposure puts it at risk in a softer ore market. Mining.com
• Battery / energy storage names: The strong flow into energy storage investment may favor names tied to grid-scale projects and electrolytes.

Today’s big number

• 840 million AUD: the size of the investment BHP will put into expanding Olympic Dam’s copper operations. Adelaide Now