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(Reuters) -Several cargoes of BHP iron ore were put up for sale in China on Thursday and at least one was sold to a local trader, potentially defusing concerns in Australia that Beijing had imposed a ban on iron ore sales from the world's biggest miner. BHP sold a 170,000-metric-ton cargo to a Chinese trader on Thursday, the first day of trading after China's week-long national holiday, according to two traders with direct knowledge of the matter. The cargo was paid for in dollars, they said. The same day, the Shanghai branch of China Mineral Resources Group (CMRG) – set up in 2022 to centralise iron ore purchasing and win better terms from miners – offered eight cargoes of BHP iron ore totaling 1.14 million tons to steelmakers, according to an offer sheet reviewed by Reuters. AUSTRALIAN FEARS OF CHINESE BAN ON ITS IRON EXPORTS Bloomberg reported last month that CMRG had told major steelmakers and traders to temporarily halt purchases of all new BHP cargoes, escalating an earlier pause on purchases of BHP's Jimblebar fines product, a type of iron ore, during a standoff in negotiations over new term contracts. That news triggered fears in Canberra that China was preparing a ban on Australia's most profitable export, much as it did with coal and other commodities in 2020. While CMRG told steelmakers last month during negotiations with BHP not to buy BHP's Jimblebar fines, purchases of other grades of iron ore can be made with permission from CMRG, two other sources with direct knowledge of the matter told Reuters. TRADE IN BHP'S JIMBLEBAR FINES STILL FROZEN None of the cargoes sold or offered on Thursday were Jimblebar fines, whose trade remains frozen according to all four sources. Reuters could not determine when CMRG bought its cargoes from BHP or how many cargoes have been sold.  CMRG did not respond to Reuters' emailed request for comment. A BHP spokesperson said that BHP does not comment on commercial negotiations. Jimblebar is a small but liquid product, with roughly 40 million tons a year produced, for which a limited shortage would be unlikely to trigger a rally in iron ore prices, the two trader sources said. Rio Tinto's flagship Pilbara fines product could also act as a substitute, they added. Last week, BHP CEO Mike Henry doused concerns about CMRG's decision in talks with Australian Treasurer Jim Chalmers, according to local media, saying the move was part of commercial negotiations. The Treasurer's office did not respond to a request for comment.  (Reporting by Reuters staff in Beijing and Melbourne; Editing by Joe Bavier)

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By Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar recovered from a selloff in early trade on Monday as investors hoped Washington may temper its latest escalation of the trade war with Beijing, while political developments in France and Japan undermined the euro and the yen. The dollar index, which measures the greenback's strength against a basket of six currencies, edged higher to 99.002, retracing some losses sustained after U.S. President Trump announced 100% tariffs on China. That revived fears of Trump's Liberation Day rollout of sweeping tariffs in April, sparking a selloff in stocks and cryptocurrencies on Friday. "Certainly it's pretty nervous out there," said Tim Kelleher, head of institutional FX Sales at Commonwealth Bank in Auckland. "If you look at the U.S. and China stuff, it looks like Trump has done a bit of a TACO again and softened his tone," he added, referring to a trading rule of thumb that "Trump always chickens out." Earlier in the day, Trump said: "Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment," he posted on the Truth Social network. "He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!" Market liquidity may be affected by holidays as the U.S. observes Columbus Day/Indigenous Peoples’ Day today, while Japan is also closed to mark Health and Sports Day. Against the yen, the dollar fetched 151.985 yen, up 0.5% as markets assessed the path ahead for new Liberal Democratic Party leader Sanae Takaichi after Komeito quit the ruling coalition on Friday, dealing a blow to her hopes to become the first female prime minister of the world's fourth largest economy. The euro stood at $1.1609, down 0.1%, after the French presidency announced Prime Minister Sebastien Lecornu's new cabinet line-up on Sunday, reappointing Roland Lescure, a close ally of Emmanuel Macron, as finance minister. Cryptocurrency markets fluctuated between gains and losses after a sharp selloff on Friday, with bitcoin last trading up 0.4% at $115,486.04. Gold hit a fresh record of $4,059.30 and was last up 0.8%. The offshore yuan traded at 7.137 yuan per dollar, tacking on 0.1% in early Asian trade. The Australian dollar fetched $0.6513, rising 0.6% in early trade, while the kiwi traded at $0.57345, up 0.3%. Sterling changed hands at $1.33415, up 0.1% so far on the day. (Reporting by Gregor Stuart HunterEditing by Shri Navaratnam)

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By Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar recovered from a selloff in early trade on Monday as investors hoped Washington may temper its latest escalation of the trade war with Beijing, while political developments in France and Japan undermined the euro and the yen. The dollar index, which measures the greenback's strength against a basket of six currencies, edged higher to 99.002, retracing some losses sustained after U.S. President Trump announced 100% tariffs on China. That revived fears of Trump's Liberation Day rollout of sweeping tariffs in April, sparking a selloff in stocks and cryptocurrencies on Friday. "Certainly it's pretty nervous out there," said Tim Kelleher, head of institutional FX Sales at Commonwealth Bank in Auckland. "If you look at the U.S. and China stuff, it looks like Trump has done a bit of a TACO again and softened his tone," he added, referring to a trading rule of thumb that "Trump always chickens out." Earlier in the day, Trump said: "Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment," he posted on the Truth Social network. "He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!" Market liquidity may be affected by holidays as the U.S. observes Columbus Day/Indigenous Peoples’ Day today, while Japan is also closed to mark Health and Sports Day. Against the yen, the dollar fetched 151.985 yen, up 0.5% as markets assessed the path ahead for new Liberal Democratic Party leader Sanae Takaichi after Komeito quit the ruling coalition on Friday, dealing a blow to her hopes to become the first female prime minister of the world's fourth largest economy. The euro stood at $1.1609, down 0.1%, after the French presidency announced Prime Minister Sebastien Lecornu's new cabinet line-up on Sunday, reappointing Roland Lescure, a close ally of Emmanuel Macron, as finance minister. Cryptocurrency markets fluctuated between gains and losses after a sharp selloff on Friday, with bitcoin last trading up 0.4% at $115,486.04. Gold hit a fresh record of $4,059.30 and was last up 0.8%. The offshore yuan traded at 7.137 yuan per dollar, tacking on 0.1% in early Asian trade. The Australian dollar fetched $0.6513, rising 0.6% in early trade, while the kiwi traded at $0.57345, up 0.3%. Sterling changed hands at $1.33415, up 0.1% so far on the day. (Reporting by Gregor Stuart HunterEditing by Shri Navaratnam)

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By Scott Murdoch SYDNEY (Reuters) -Australia's ANZ Group said it would stop the remaining A$800 million ($520 million) of a share buyback but maintain its dividend as CEO Nuno Matos moves to build cash levels, simplify the bank and win back market share from its rivals. ANZ on Monday also outlined plans for A$800 million of pre-tax cost savings this financial year that would come from previously announced job cuts as well as team restructurings and exiting non-core businesses like online shopping cashback platform Cashrewards. "Our company has become too complex and at times disintermediated from our customers and we clearly need to improve how we manage our non-financial risks," Matos told an investor briefing. Shares in Australia's fourth-largest bank fell in early trading but turned positive, up 0.3% by 0017 GMT. The S&P/ASX200 was down 0.6%. Investors had expected the bank would announce plans to cut its dividend or stop the share buyback to help conserve cash. "For the bank to come out that it is not cutting the dividend is a positive result for shareholders and confirms that the bank is in reasonable shape," said Michael Haynes, analyst at Atlas Funds Management, which holds ANZ shares. Matos said the lender said it would increase its mortgage and business banker numbers by up to 50% in each division as it bids to win back market share it has lost to major rivals. The bank will also reduce reliance on mortgage brokers and aim to write more loans directly to boost its revenue from home lending. ANZ's shares had underperformed its major rivals but have risen nearly 20% since Matos took over on June 1. The bank's year-to-date gains of 24% outrank the share price rises of its "Big Four" Australian bank rivals Commonwealth Bank of Australia, National Australia Bank and Westpac. ANZ last month unveiled plans to slash 3,500 jobs at a one-off cost of A$560 million. Matos said on Monday about 60% of the job cuts would come from the retail bank and technology division. The former top HSBC executive has launched the reset at ANZ at a time when it is tackling major reputational issues and regulatory wrangles. The agency in charge of issuing Australian government debt said last week it would not work with ANZ until the bank improved its risk culture, after a 2023 bond trading scandal. ANZ agreed with Australia's corporate regulator to a A$125 million penalty after it was accused of acting "unconscionably" during a syndicated government bond deal in 2023. The fine was part of a A$240 million penalty the bank agreed to pay after it was also accused charging fees to thousands of dead customers and miscalculating bonus interest payments. The bank said on Monday it expected its final dividend to be in line with its half-year payout and it would apply a 1.5% discount on its next two dividend reinvestment plans. ANZ unveiled a new A$2 billion share buyback in May 2024 after the bank's first-half cash earnings largely met analyst estimates, but it had only completed about A$1.2 billion of share purchases before cancelling the buyback on Monday. ($1 = 1.5389 Australian dollars) (Reporting by Rishav Chatterjee in Bengaluru and Scott Murdoch in Sydney; Editing by Diane Craft, Jamie Freed and Sonali Paul)

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By Florence Tan SINGAPORE (Reuters) -Oil prices clawed back some gains on Monday after hitting five-month lows in the previous session as investors hoped potential talks between the presidents of the U.S. and China could ease trade tensions between the world's two largest economies and oil consumers. Brent crude futures rose 87 cents, or 1.39%, to $63.60 a barrel by 0045 GMT after settling down 3.82% on Friday to the lowest since May 7. U.S. West Texas Intermediate crude was at $59.77 a barrel, up 87 cents, or 1.48%, following a 4.24% loss to reach its lowest since May 7. U.S.-China trade tensions flared up last week after China expanded its rare earth export controls and drew a response from U.S. President Donald Trump on Friday to impose 100% tariffs on China's U.S.-bound exports, along with new export controls on "any and all critical software" by November 1. The moves come ahead of a potential Trump-Xi meeting on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea, which U.S. Trade Representative Jamison Greer said could still happen later this month. "The key question for markets is whether these are ultimately implemented, with severe effects on global supply chains and especially high-tech production, or remain just efforts to gain negotiating leverage ahead of bilateral talks on the sidelines of the APEC meeting in South Korea late this month," Goldman Sachs analysts said in a note. "The most likely scenario seems to be that both sides pull back on the most aggressive policies and that talks lead to a further – and possibly indefinite – extension of the tariff escalation pause reached in May," they said, although there is still the risk of trade tensions escalating that may lead to higher tariffs or more serious export restrictions, at least temporarily. Oil prices tumbled in March and April during the height of trade tensions between the two countries. In the Middle East, Trump declared on Sunday that the Gaza war has ended as he heads to Israel ahead of the expected release of Israeli hostages and Palestinian prisoners as part of the fragile ceasefire he brokered. (Reporting by Florence Tan; Editing by Lincoln Feast.)

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By Hyunjoo Jin and Joyce Lee SEOUL (Reuters) -Battery maker LG Energy Solution (LGES) said on Monday its third-quarter operating profit likely rose 34% as U.S. consumers rushed to buy electric vehicles to take advantage of government incentives that expired on September 30. The South Korean company, which supplies EV batteries to General Motors and Tesla, estimated its operating profit was 601 billion won ($420 million) during the July to September period, up from 448 billion won in profit a year earlier. The preliminary figure beat a 528 billion won profit forecast compiled by LSEG SmartEstimate that was weighted toward analysts who are more consistently accurate. Its profit may have been boosted by the surge in U.S. EV sales ahead of the end of a $7,500 federal tax credit in September, analysts said. LGES warned in July of a further slowdown in EV demand by early next year due to the elimination of the tax credits as well as U.S. import tariffs imposed by President Donald Trump's administration. LGES shares were up 1.5% in a wider market that was down 1.4%. The company would have made a 236 billion won operating profit excluding U.S. battery manufacturing incentives it received under the U.S. Inflation Reduction Act, the company said in a regulatory filing. LGES will release detailed earnings on October 30. ENERGY STORAGE, GEORGIA RAID LGES has tried to boost production of batteries for energy storage systems (ESS) to offset sluggish EV demand and improve profits in the second half of this year. The company has signed a $4.3 billion deal to supply Tesla with energy storage system batteries, as the U.S. automaker looks to reduce reliance on Chinese imports due to tariffs. In September, LGES suffered a setback with its joint battery factory with Hyundai Motor in the United States. Construction has been suspended in the wake of an immigration raid on the Georgia facility in early September that led to the arrest of hundreds of South Korean workers. Hyundai Motor CEO Jose Munoz said last month the factory was facing a minimum startup delay of two to three months after the raid. LGES said early this month that it would gradually resume U.S. business trips for its employees and subcontractors, a day after the Trump administration agreed to allow South Koreans to work on equipment at U.S. sites under existing temporary visas. ($1 = 1,429.9300 won) (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Kim Coghill and Jamie Freed)

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