Welcome back to Morning Trade Live. It's time now for the big picture. So, let's welcome in the team from Charles Schwab, Cooper Howard, director of fixed income research and strategy, Schwab Center for Financial Research, and Michelle Gibli, the director of international equity research and strategy, Schwab Center for Financial Research.Michelle, I suppose we better start with you just because of course we got this data out of China overnight showing that while it does continue to operate over a $1 trillio ...

Core Points - The company is changing its name from First American Uranium Inc. to North American Niobium and Critical Minerals Corp. effective November 20, 2025 [1] - The common shares began trading under the new stock symbol "NIOB" on November 5, 2025 [2] - The CEO stated that the acquisition of a strategic niobium and critical minerals land package in Quebec marks a significant evolution for the company, transitioning from a uranium-focused explorer to a leader in the critical minerals sector [3] - Niobium and related metals are highlighted as essential for the clean energy transition and advanced manufacturing [3] - The company is committed to responsible exploration and building a secure domestic supply of critical minerals for North America [3] Company Overview - First American Uranium Inc. is focused on the acquisition and development of precious, base, and critical mineral assets [4] - The company's portfolio includes the Silver Lake property in British Columbia and a newly acquired land package in Quebec, which adds exposure to rare earth elements, niobium, and nickel-copper occurrences [4] - The Quebec properties are strategically important for energy and defense applications [4]

Core Insights - Vallourec has committed to investing at least $39 million to expand its operations in Youngstown, Ohio, with a potential total investment of up to $48 million [1][2] - The expansion will increase capacity for threading VAM® high-torque connections and is expected to create 40 full-time jobs, enhancing the local supply chain and supporting the regional energy industry [2][3] - Vallourec's investment reflects confidence in Ohio's manufacturing capabilities and the Mahoning Valley's skilled workforce, with over $1.5 billion invested in Ohio over the past 15 years [3][5] Company Overview - Vallourec is a global leader in premium tubular solutions, specializing in seamless pipes made from recycled scrap metal, designed for extreme environments in the energy and industrial sectors [3][7] - The company employs nearly 2,000 people in North America and is committed to strengthening its industrial base in Youngstown, contributing to the region's manufacturing legacy [5][6] Economic Impact - The expansion project has been approved for a tax credit by the Ohio Tax Credit Authority, and JobsOhio plans to provide additional assistance upon final agreement [4] - The investment is part of a broader trend of growth and modernization in Ohio's advanced manufacturing economy, which ranks 3 in the nation for manufacturing workforce and 4 for manufacturing GDP [5][6]

Core Insights - The Hyundai Mobility Training Center in Georgia aims to equip thousands of individuals with skills necessary for advanced manufacturing, particularly in electric vehicle (EV) production [1][4] - The center is part of a broader strategy to enhance Georgia's workforce capabilities and solidify its leadership in the global mobility and EV manufacturing sectors [4][5] - The project is expected to create approximately 8,500 jobs by 2031, with the facility capable of training up to 824 individuals simultaneously [1][8] Training Infrastructure - The training center features a variety of specialized facilities, including a robotics lab, welding lab, paint lab, and a 5,764-square-foot multipurpose "Momentum Room" [3][6] - Training programs are designed in collaboration with Hyundai Motor Group Metaplant America (HMGMA) to closely mirror real-world production processes [2][3] - Key training lines include the STEP Line for skill development and the IMPACT Line for immersive manufacturing process training [6] Economic Impact - The establishment of the training center reflects Georgia's commitment to innovation and long-term economic opportunity for its residents [2][4] - The initiative is supported by Georgia Quick Start, a renowned workforce development program that provides customized training to enhance job creation [7] Technological Advancements - The training center incorporates advanced technologies, including a VR Experience Lab for safety training and a High Voltage Battery and Safety Lab for hands-on learning [6] - HMGMA's facility is designed to be an intelligent manufacturing plant, utilizing AI and data to optimize production processes and create a human-centered work environment [8]

Economic Strategy & Policy Focus - China's top policymakers are creating a 5-year roadmap, focusing on economic priorities from 2026 to 2030 [1][2] - The primary goal is to transform China into a global tech leader, dominating in technologies like AI, semiconductors, robotics, and new energy [3] - There's an expectation that the 5-year plan will acknowledge the need to encourage more household consumption, potentially setting consumption growth targets at a local level [4] Economic Performance & Stimulus - Q3 economic growth came in at 48%, slightly slower than Q2, with an overall economic growth target of 5% [6] - Many economists believe that there won't be much more stimulus for the rest of the year, partly due to the Q3 economic growth number [6]

Core Insights - Fabrinet announced the retirement of its founder and Chairman, David T. ("Tom") Mitchell, after 25 years of leadership, marking a significant transition for the company [1][5] - Under Mr. Mitchell's guidance, Fabrinet transformed from a startup in 2000 to a public company with revenues exceeding $3.4 billion in fiscal year 2025, showcasing a strong commitment to innovation and customer service [2][4] - Seamus Grady, the current CEO, has been appointed as the new Chairman, ensuring continuity in leadership and the continuation of the company's core values [5][6] Company Overview - Fabrinet specializes in advanced optical packaging and precision manufacturing services for original equipment manufacturers (OEMs) in various sectors, including optical communications, automotive, and medical devices [7] - The company has expanded its manufacturing capabilities globally, with over 16,000 employees and facilities in Thailand, the USA, China, and Israel [5][7] - Fabrinet's operational excellence is reflected in its successful initial public offering in 2010 and its sustained profitable growth trajectory [4][7]

Core Viewpoint - Linamar Corporation has announced a definitive agreement to acquire select assets of Aludyne Incorporated's North American operations for $300 million USD, enhancing its manufacturing capabilities in the automotive sector [1][2]. Group 1: Acquisition Details - The acquisition is valued at $300 million USD and will significantly expand Linamar's manufacturing footprint in North America, particularly in the United States [1]. - Aludyne specializes in lightweight aluminum chassis and structural technologies, which complements Linamar's existing Structures and Chassis business [2]. - The integration of Aludyne's facilities into Linamar's Structures Group is part of the company's broader Mobility Segment strategy [2]. Group 2: Strategic Benefits - The addition of U.S.-based manufacturing assets will strengthen Linamar's local support for customers, which is crucial in the current global trade environment [3]. - A diversified geographic footprint will enhance resilience and flexibility in response to geopolitical and regulatory changes while maintaining high quality and delivery standards [3]. - The acquisition will also create new collaborative business opportunities for Linamar's Canadian operations, reinforcing its commitment to domestic manufacturing [4]. Group 3: Operational Integration - Linamar has a history of successful integrations and plans to follow a proven model for this acquisition, ensuring continuity and growth [5]. - The highly qualified Aludyne teams are expected to be valuable additions to Linamar's global workforce [5]. - The transaction is anticipated to be accretive soon after the acquisition [5]. Group 4: Leadership Comments - Linda Hasenfratz, Executive Chair of Linamar, expressed enthusiasm about the acquisition, highlighting its potential to enhance leadership in lightweight aluminum casting and machining technologies [5]. - Jim Jarrell, CEO of Linamar, noted that the acquisition reinforces supply chain stability for OEM customers and reflects Linamar's strong financial position [5]. - Eric Showalter, CEO of Aludyne, emphasized the growth and innovation opportunities presented by joining Linamar [5]. Group 5: Transaction Timeline - The transaction is subject to customary regulatory approvals and is expected to close within 30 days [5]. - Linamar will fund the acquisition using available liquidity under its existing credit facilities and cash on hand [5].

Core Viewpoint - Linamar Corporation has announced a definitive agreement to acquire select assets of Aludyne Incorporated's North American operations for $300 million USD, enhancing its manufacturing capabilities in the automotive sector [1][2]. Group 1: Acquisition Details - The acquisition is valued at $300 million USD and will significantly expand Linamar's manufacturing footprint in North America, particularly in the United States [1]. - Aludyne specializes in lightweight aluminum chassis and structural technologies, which complements Linamar's existing Structures and Chassis business [2]. - The integration of Aludyne's facilities into Linamar's Structures Group is part of the company's broader Mobility Segment strategy [2]. Group 2: Strategic Benefits - The addition of U.S.-based manufacturing assets will strengthen Linamar's local support for customers, which is crucial in the current global trade environment [3]. - A diversified geographic footprint will enhance resilience and flexibility in response to geopolitical and regulatory changes while maintaining high quality and delivery standards [3]. - The acquisition will also create new collaborative business opportunities for Linamar's Canadian operations, reinforcing its commitment to domestic manufacturing [4]. Group 3: Operational Integration - Linamar has a history of successful integrations and plans to follow a proven model for this acquisition, ensuring continuity and growth [5]. - The highly qualified Aludyne teams are expected to be valuable additions to Linamar's global workforce [5]. - The transaction is anticipated to be accretive soon after the acquisition is completed [5]. Group 4: Leadership Comments - Linda Hasenfratz, Executive Chair of Linamar, expressed enthusiasm about the acquisition, highlighting its potential to enhance Linamar's leadership in lightweight aluminum casting and machining technologies [5]. - Jim Jarrell, CEO and President of Linamar, noted that the acquisition reinforces supply chain stability for OEM customers and reflects Linamar's strong financial position [5]. - Eric Showalter, CEO of Aludyne, emphasized the growth and innovation opportunities presented by joining Linamar [5]. Group 5: Transaction Timeline - The transaction is subject to customary regulatory approvals and is expected to close within 30 days [5]. - Linamar will fund the acquisition using available liquidity under its existing credit facilities and cash on hand [5].

Core Viewpoint - Amaero Ltd has entered into a five-year exclusive supplier and development agreement with Titomic Limited to supply refractory and titanium alloy spherical powders for advanced manufacturing in defense, space, and aviation industries [1][3]. Group 1: Agreement Details - The agreement establishes Amaero as Titomic's exclusive supplier of spherical refractory and titanium alloy powders, which will be used in Titomic's cold spray technology for mission-critical applications [7][8]. - Amaero will produce the powders while Titomic will manufacture coatings and parts using its cold spray technology, with both companies collaborating on testing and sharing resulting data and intellectual property [8]. - Pricing for the powders will vary based on the landed cost of feedstock, with a set markup, and the two companies will meet biannually to review prices [8]. Group 2: Strategic Importance - The collaboration aims to enhance supply chain resilience by ensuring a consistent domestic production of powders, which is crucial for advanced manufacturing [7][8]. - This partnership positions both companies to accelerate the adoption of cold spray technologies in defense, space, and aerospace applications, addressing national security and manufacturing challenges [6][7]. - The agreement is expected to contribute approximately 5%-10% to Amaero's revenue for FY2026 [8]. Group 3: Industry Context - The partnership aligns with U.S. government initiatives to re-shore and scale domestic manufacturing capabilities, particularly in the defense sector [4][5]. - The collaboration is part of a broader effort to adopt advanced manufacturing modalities, including cold spray and metal 3D printing, to meet national security objectives [5].

Core Insights - Key Tronic Corporation has opened a new manufacturing facility in Springdale, Arkansas, marking a significant milestone in its operational growth and commitment to innovation [1][2][3] - The new facility represents an investment of over $28 million and is expected to create more than 400 jobs over the next five years, increasing the company's U.S. production capacity by approximately 40% [3][4] Company Overview - Key Tronic has a history of over 55 years in manufacturing, with roots in Arkansas dating back to the 1980s [2][5] - The company provides electronic manufacturing services and has facilities in the United States, Mexico, China, and Vietnam, serving leading original equipment manufacturers [5] Facility Details - The new facility is located at 601 W. Apple Blossom Avenue in Springdale and spans 300,000 square feet [3] - It will serve as a hub for advanced manufacturing, process optimization, and workforce development, offering skill-building opportunities for employees [2][3] Economic Impact - The opening of the facility is expected to enhance support for customers and employees, contributing to the local economy and workforce development initiatives in Arkansas [4] - State officials and community leaders have expressed strong support for Key Tronic's investment, highlighting its alignment with Arkansas's mission to attract technology-focused employers [4]