Market Wrap / record high

The S&P/ASX 200 reset its record closing high this Tuesday. The index was up 0.7% to 9,094.70 points, after Australia and the US signed a critical materials agreement. The agreement will see both countries each invest US$1 billion over the next six months into mining and processing projects. This sent the rare earths stocks higher, but Arafura Rare Earths fell back from it's high towards the end of the session, down 0.5% today. Miners in general had a positive session. BHP advanced by 2.6% after it affirmed its confidence in iron ore demand, despite China's economy slowing down.Other companies reporting on the September quarter included South32, which reaffirmed its FY26 guidance and jumped by 4.8%. Elsewhere, HUB24 closed 10.6% higher after saying its platform ranked first for quarterly and annual net inflows.And defence stocks received a boost after the US President affirmed its commitment to AUKUS. Droneshield added 9.2% ahead of its investor briefing tomorrow. Looking ahead, the AGMs for the APA Group and Fletcher Building are due this Wednesday.