BHP Abandons $60B Anglo-American Merger Amid Volatile Markets and Regulatory Hurdles

China's third-ranking official, Zhao Leji, has called for enhanced economic collaboration with New Zealand during a landmark visit, emphasizing green energy, digital innovation, and connectivity as key areas for partnership according to reports. The trip, the first in two decades by the head of China's top legislative body, culminated in a meeting with Prime Minister Christopher Luxon, where Zhao highlighted opportunities under Beijing's upcoming five-year plan. This aligns with broader efforts to strengthen ties with Pacific nations, as China remains New Zealand's largest trading partner.

Meanwhile, global markets reacted to a major corporate shift as BHP Group (BHP) abruptly abandoned plans to pursue a merger with Anglo American, less than three weeks before shareholders of both companies were set to vote on a $60 billion copper-focused deal. The decision, announced Monday, reverses a 2024 proposal BHP had previously withdrawn after repeated rejections. Analysts speculate the move reflects strategic recalibration amid volatile commodity prices and regulatory complexities.

In Asia, India's Prime Minister Narendra Modi praised the outcomes of the G20 Summit in Johannesburg, framing the event as a milestone for global cooperation on trade, technology, and climate action. Modi emphasized "fruitful" bilateral engagements with leaders including Japan's Fumio Kishida and Italy's Giorgia Meloni, signaling a renewed focus on strategic alliances. The summit also saw South Africa's President Cyril Ramaphosa highlighted for his diplomatic leadership.

A separate regulatory development in Australia saw Snapchat (SNAP) introduce a bank-linked age verification tool to comply with impending restrictions on social media platforms according to Reuters. The system, leveraging ConnectID-a service used by major banks-aims to verify users over 16 without exposing sensitive data. The move comes as platforms like Meta face fines for noncompliance ahead of a December 10 deadline.

Cryptocurrency markets faced fresh turbulence as Strategy, a Bitcoin-focused firm, joined calls to boycott JP Morgan over proposed MSCI index changes according to Cointelegraph. The firm argued that the criteria, which would exclude companies with 50% or more crypto assets, could trigger sell-offs and destabilize prices. This follows surging inflows into Solana-based ETFs, which have drawn $476 million in 17 consecutive days despite a 30% price drop for SOL. Analysts warn that technical indicators suggest further corrections, with resistance at $140 posing a key challenge.

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