M Update Morgan Stanley Asia Limited Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com +852 2239-7820 Harry Zhao Economist Harry.Zhao@morganstanley.com +852 2239-7229 Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Morgan Stanley appreciates your support in the 2026 Extel (ex-Institutional Investor) Asia Research Survey. Voting opens 12 November 2025. Exhibit 1 : Summary Table November 7, 2025 06:00 AM G ...

Trade Policy Developments - Former President Donald Trump announced a new 10% tariff on Canadian goods, citing an anti-tariff advertisement from Ontario as the catalyst for this decision [2][3] - This new tariff adds to existing tariffs, including a 35% base tariff on many Canadian goods, 50% on steel and aluminum, and 25% on automobiles [3] Market Reactions - Despite the announcement of new tariffs, the TSX Composite Index rose by 166.79 points to 30,353.07, indicating resilience in Canadian markets [4] - U.S. futures and Asian equities surged following the announcement of a substantial trade framework with China, with major U.S. indices experiencing significant gains [6] U.S.-China Trade Relations - High-level talks in Kuala Lumpur led to a substantial framework for a trade deal between the U.S. and China, averting previously threatened 100% tariffs on Chinese goods [5] - Analysts predict that the U.S.-China trade framework could ignite a global market rally, providing optimism for investors [11] Canadian Trade Dynamics - Canadian trade representatives expressed frustration over the new tariffs, with some suggesting that businesses should prepare for a permanent 5-10% tariff [12] - The contrasting U.S. approach towards Canada and China highlights the unpredictable nature of Trump's trade agenda [13] Strategic Partnerships in Southeast Asia - Trump's visit to Southeast Asia resulted in trade agreements with Malaysia and Cambodia, aimed at diversifying supply chains away from China [10] - Malaysia's rare earth deposits position it as a key partner in U.S. efforts to reduce dependence on Chinese resources [10]

Core Insights - Two stocks in the energy sector are showing signs of being overbought, which may concern momentum-focused investors [1][2] Company Summaries - **American Resources Corp (AREC)**: - Secured a $20 million equipment lease to expand production of rare earth, lithium, and defense minerals in Indiana [7] - Stock gained approximately 93% over the past month, reaching a 52-week high of $2.49 [7] - RSI value is at 76.3, indicating overbought conditions [7] - Price action shows shares gained 20.7% to close at $2.45 [7] - Momentum score is 99.24 [7] - **Energy Fuels Inc (UUUU)**: - Announced that U.S.-produced NdPr oxide qualified for use in EV drive motors by a major automotive supplier [8] - Stock gained around 34% over the past month, with a 52-week high of $14.12 [8] - RSI value is at 75.9, also indicating overbought conditions [8] - Price action shows shares gained 15.8% to close at $13.82 [8]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [1][2] - The news team covers key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive specializes in medium and small-cap markets while also keeping the community updated on blue-chip companies, commodities, and broader investment stories [2][3] Group 2 - The team delivers news and insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Group 1 - The core point of the articles revolves around the ongoing trade negotiations between the US and China, particularly focusing on the expiration of a 90-day tariff suspension on August 12 and the implications for future talks [1][3]. - US Treasury Secretary Mnuchin indicated that the August 12 deadline for the tariff suspension is flexible, suggesting potential for further negotiations [1]. - The third round of negotiations is set to occur in August, with a primary focus on military-grade rare earth exports, which are critical to both nations [3]. Group 2 - The US has been perceived as using the invitation for President Trump to attend a military parade in China as leverage in negotiations over rare earth exports [5]. - China has firmly stated that its rare earth export policies are based on national security considerations and should not be politicized or linked to diplomatic events [5][7]. - The Chinese government has reiterated its stance that economic issues should not be weaponized in political contexts, emphasizing the importance of equality and respect in negotiations [7].