US Posted 3.8% GDP Growth in 2Q25

MACROECONOMY 
US Posted 3.8% GDP Growth in 2Q25 
The US economy grew 3.8% in 2Q25 (vs 1Q25; 1.4%; +2.4 pp QoQ), marking the strongest pace since 3Q23 and above the prior estimate of 3.3%. Growth was mainly supported by stronger consumer spending (PCE +2.5%), led by services (+2.6%) and goods (+2.2%). Fixed investment also rose (+4.4%), with notable gains in equipment (+8.5%) and intellectual property (+15%), while residential investment contracted (-5.1%). Meanwhile, net trade contribution was revised down as exports fell (-1.8%) alongside a sharp drop in imports (-29.3%). (Trading Economics)

COMPANY 
BCAS: UNTR IJ - 8M25 Operational Update 
UNTR’s Komatsu and coking coal sales volumes booked solid growth, while mining contracting and saprolite ore sales trailed expectations. Details are as follows: 
- Komatsu Sales: In Aug-25, Komatsu sales moderated to 310 units (-16.2% MoM, -28.7% YoY). This brought 8M25 volumes to 3,408 units (+15.5% YoY), broadly in line with expectations, supported by strong early-year sales offsetting weaker demand in 2H25. 
- Mining Contracting: Overburden (OB) removal softened to 96.0 mn bcm in Aug-25 (-8.5% MoM, -12.8% YoY), resulting in cumulative 8M25 volumes of 732.8 mn bcm (-9.5% YoY). Performance remained below expectations, reflecting subdued coal market activities. 
- Coal Sales: Thermal coal sales dropped to 0.6 mn tons in Aug-25 (-55.1% MoM, -3.7% YoY), with 8M25 volumes at 7.7 mn tons (+8.8% YoY). Coking coal reached 0.3 mn tons (-14.2% MoM, +394.5% YoY), lifting 8M25 volumes to 2.7 mn tons (+28.0% YoY). Overall coal sales were broadly in line, with stronger coking coal offsetting thermal weakness. 
- Nickel Sales: Saprolite ore sales fell sharply to 34.0 Kwmt in Aug-25 (-38.2% MoM, -50.0% YoY), pushing 8M25 volumes down to 449.0 Kwmt (-20.4% YoY), below expectations on weaker offtake. Limonite ore sales remained relatively robust at 111.0 Kwmt (-25.5% MoM, +85.0% YoY), bringing cumulative 8M25 volumes to 987.0 Kwmt (+48.9% YoY), broadly in line. 
- Gold Sales: Gold sales stayed flat at 18.0 Koz in Aug-25 (0.0% MoM, 0.0% YoY). Cumulative 8M25 sales reached 161.0 Koz (+11.0% YoY), broadly in line with expectations, reflecting steady production.