China Issued First Batch of Rare Earth Export Licenses

MACROECONOMY 
China Issued First Batch of Rare Earth Export Licenses 
China reportedly issued the first batch of rare earth export licenses, allowing JL Mag, Ningbo Yunsheng, and Zhong Ke San Huan to accelerate shipments to selected clients under the revised licensing regime post the Trump–Xi meeting in late Oct-25. The step indicated partial easing of trade frictions and potential normalization of export flows, although official confirmation from the commerce ministry and producers remained pending. (Reuters) 

Indonesia Tourist Arrivals Rose 11.19% YoY in Oct-25 
Indonesia recorded 1.33 mn foreign tourist arrivals in Oct-25 (+11.19% YoY vs Sep-25; +9.04%), supported by strong inflows from Malaysia (+17.19%), Singapore (+17.70%), China (+23.08%), Japan (+16.16%), South Korea (+26.64%), and Australia (+5.37%), while arrivals softened from India (–2.31%), the U.S. (–0.84%), and the UK (–0.05%). Total arrivals reached 12.76 mn in 10M25 (+10.32% YoY), with the govt. targeting 14–16 mn visitors for 2025 after a 19.1% rebound to 13.9 mn in 2024. (Trading Economics) 

US ISM Manufacturing PMI Fell to 48.2 in Nov-25 
The US ISM Manufacturing PMI declined to 48.2 in Nov-25 (vs Sep-25; 48.7), marking a ninth consecutive month of contraction and the weakest reading in four months. The downturn was driven by sharper declines in supplier deliveries (49.3 vs 54.2), new orders (47.4 vs 49.4), and employment (44 vs 46), with 67% of panelists continuing headcount reductions rather than hiring. Price pressures edged up (58.5 vs 58), backlogs shrank further (44 vs 47.9), while production rebounded (51.4 vs 48.2) and inventory drawdowns eased (48.9 vs 45.8). (Trading Economics) 

INDUSTRY 
Indonesia’s Cocoa Reference and Export Benchmark Prices Declined 6% in Dec-25 
Kemendag set the cocoa bean reference price for Dec-25 at USD 5,977.46/MT and the export benchmark price at USD 5,604/MT, down 6.23% and 6.45% MoM respectively, driven by rising global supply as production improves across major West African growers. The ministry noted weakening demand concerns also weighed on pricing, while the Dec-25 export levy and export duty were each set at 7.5% pursuant to PMK 38/2024, PMK 68/2025, and PMK 69/2025, with details stipulated in Kepmendag 2241/2025. (Kontan) 

COMPANY 
Chandra Daya (CDIA) Began Construction of 12,000 m³ Bitumen Facility, Operating in 2026 
CDIA started construction of a 12,000 m³ bitumen storage facility through its subsidiary RPU, supporting the co.’s strategy to strengthen integrated industrial infrastructure and national bitumen supply handling. The facility, scheduled to operate in 3Q26, comprises three tanks of 3,000 m³, 4,000 m³, and 5,000 m³ and will integrate with Chandra Asri Group’s asset ecosystem, including Aster Chemicals and Energy as bitumen supplier. With this addition, RPU will operate 75 storage tanks covering petrochemicals, petroleum, lubricants, and newly bitumen, supported by two connected jetties that enable efficient loading operations. (Kontan)