FT reports US defense contractors warn a planned US strategic-minerals reserve could push up raw-material prices and pit the government against industrial buyers for scarce minerals. The Aerospace Industries Association, in a members’ position paper, urged caution to avoid market disruption. This year the US Export-Import Bank unveiled a $12 billion Project Vault to build a domestic strategic metals reserve to supply civilian industry during shortages; members say Project Vault could compete wit

Japanese stocks fell for a second session as a Wall Street sell-off and rising oil renewed inflation concerns; equities had been trading near record highs. Cyclical sectors led losses, notably trading houses, banks and materials. Nomura senior strategist Takashi Ito said AI and semiconductor names, plus steelmakers and nonferrous-metal producers, could remain under selling pressure. He added that solid domestic corporate earnings prospects should cap declines, making a repeat of Wednesday’s sharp sell-off unlikely.

FTSE China A50 index futures gains widened to 1%.