0320 GMT - Rio Tinto is expected to outline medium-term plans for raising volumes from its Oyu Tolgoi and Simandou mines, as well as its lithium assets, at an investor briefing Thursday, Citi analyst Ephrem Ravi says. Citi expects a 3% increase in copper-equivalent volumes in 2025 and for Rio Tinto to maintain "a steady pace" of 3%-4% annual growth until the end of the decade, he says. That should reduce Rio's reliance on iron ore to 42% of Ebitda by 2027, he adds. The market will also "be looking out for plans to narrow the cost gap with BHP in Australian iron ore and [a] significant reduction in central costs through self-help measures," Ravi says. Citi has a neutral rating on Rio, with a A$140/share target. The stock is up 0.5% at A$132.93. ([email protected]; @RhiannonHoyle)

0144 GMT - UBS highlights some reasons why investors shouldn't fret too much about a potential oversupply of rare-earth oxides. In a note, the bank's analysts say they are "sympathetic to concerns about oversupply" and acknowledge "a large range of outcomes remains possible." They reckon that policies will support the development of ex-China magnet capacity in parallel with upstream rare-earth processing. Those magnet makers will need feedstock, they say. Projects for new rare-earths plants will take longer than expected, given technical complexity. "We remain of the view that magnet capacity will be quicker to come on vs. upstream assets," say the analysts. They reiterate a buy rating on miner Lynas, highlighting low costs and growing heavy rare-earths separation capacity "that is likely not fully appreciated yet." ([email protected]; @RhiannonHoyle)

0038 GMT - QBE Insurance gets a new bull at Bell Potter, where analyst Marcus Barnard sees the Australian company increasingly focusing on profitability and returns. Barnard raises his recommendation on the stock to buy from hold, telling clients in a note that QBE's A$450 million buyback is further evidence that it has shifted from retaining capital for growth to writing for profit. He is cheered by management's confidence that it can sustain a combined operating ratio at 92.5% in fiscal 2026, and points out that the company's valuation looks much less stretched than in the past. Bell Potter raises its target price by 2.8% to A$21.80. Shares are up 0.2% at A$19.29. ([email protected])

0018 GMT - Electronic equipment maker Rakon's 1H result displayed broadening growth that confirms to Forsyth Barr that a cyclical recovery is underway. Revenue rebounded 30% on year to NZ$54.2 million. Rakon's gross margin expanded sharply to 48.8% from 37.8%. That reflected economies of scale. "We believe 1H confirms a cyclical rebound, which, alongside the ramping of new products (as the Aerospace and AI-data center markets develop), sees our estimates lift," analyst James Lindsay says. Forsyth Barr's forecast for FY 2026 underlying Ebitda moves up 15%. That contributes to a 20% increase in its price target to NZ$1.09/share. Rakon is down 3.4% at NZ$0.86. ([email protected]; @dwinningWSJ)

0016 GMT - Mining "is back in vogue," Jefferies analysts say in a note. Stocks of mining companies significantly outperformed over the past week, as investors bet the Fed will cut interest rates at its upcoming meeting. "This could be a preview of things to come in 2026 as Fed Chair Powell's successor is likely to support more aggressive rate cuts (arguably the most important thing that Trump will look for in a new Fed Chair)," the Jefferies analysts say. That would be a bullish driver for miners, they say, given rate cuts tend to support economic growth. The analysts say there has been "a significant positive shift in buyside consensus" for miners over the past month. In Sydney, BHP and Rio Tinto are up 0.9% and 0.3%, respectively. ([email protected]; @RhiannonHoyle)

0005 GMT - Treasury Wine Estates' decision to write down its U.S. assets by at least A$687.4 million reinforces a view that it materially overpaid to acquire Americas brands in the past, RBC Capital Markets says. Treasury Wine says the impairment is necessary because it doesn't expect U.S. earnings growth to be as strong as previously thought. "While non-cash in nature, and we believe headwinds to U.S. wine market fundamentals are well understood, the announcement is negative in that it reflects increased pessimism by Treasury Wine regarding long-term market fundamentals," analyst Michael Toner says. Treasury Wine falls 1.4% to A$5.74 today. ([email protected]; @dwinningWSJ)

2335 GMT - Corporate Travel Management's new bears at Macquarie warn that the Australian company faces material downside risks to future revenue and earnings from the overcharging by its U.K. unit. Lowering their recommendation to underperform from neutral, the Macquarie analysts point to the potential loss of existing customers, increased challenges in winning new contracts, and the chance that rectification costs increase further. They cut the midpoint of their Ebitda valuation multiple range to 7x from 10x. Target price falls by 27% to A$11.50. Shares last traded in August at A$16.07. ([email protected])

2253 GMT - ANZ's strategy reset under its new chief executive may already be weighing on the Australian bank's underlying performance, Macquarie analysts suggest. They tell clients in a note that data show ANZ is lagging its major bank peers on growth in mortgages, business lending and deposits. They acknowledge ANZ had guided for its mortgage lending to grow more slowly than the overall market, but nonetheless think the data overall point to early signs of revenue underperformance amid CEO Nuno Matos's overhaul. ANZ and NAB remain Macquarie's preferred picks among the majors. ([email protected])

2242 GMT - The risks facing Corporate Travel Management over the problems at its U.K. business turn its bull at Shaw & Partners into a bear. Analyst Philip Pepe cuts his recommendation to sell from buy, pointing to the material financial impacts and potential reputational damage from the revenue reversals the Australia-listed company says it needs to make. Pepe makes no changes to his earnings forecasts because CTM has yet to finalize the amounts involved. However, a 50% discount applied to his valuation slashes Shaw's target price to A$7.60, from A$15.20. Shares last traded in August at A$16.07. ([email protected])

2224 GMT - The risk that the next move by Australia's central bank will be to raise interest rates has Macquarie assessing what this could mean for equities investors. It notes that equities typically rise in the year before rate hikes begin. "Stocks have a median total shareholder return in the year leading to hikes of nearly 8%," Macquarie says. Zeroing in on specific sectors, Macquarie highlights that Resources have beaten All Industrials in the last five cycles, led by gains in Mining. That reflects the benefits of stronger growth and Resources acting as a hedge against higher inflation.Also, Resources are less at risk of shrinking price-to-earnings multiples that can impact All Industrials when bond yields rise in anticipation of that rate hikes will happen, Macquarie says.([email protected]; @dwinningWSJ)

2122 GMT - Flight Centre can benefit from Corporate Travel Management's difficulties, says Jefferies. CTM last week stood down the boss of its U.K. operations and said it will reverse more than US$100 million in previously recognized revenue after an auditor change led to the discovery of errors in its accounts. "We anticipate that there is a significant probability of existing CTM customers leaving to another provider (such as Flight Centre) given risk of reputational damage to CTM following revenue restatements," analyst Michael Simotas says. CTM is also likely to be less competitive in new client tenders, and will be distracted by managing the issue. "With CTM's uncertainty and Webjet's subject to a takeover bid investor options to gain exposure to the travel sector have reduced," Jefferies adds.([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires