>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • AMC +58%, SPWR +15.3%, HROW +14.3%, PSFE +11.6%, ONON +11.4%, ALLO +5.5%, INFN +5%, LLAP +4.8%, VYGR +4.7%, DDD +4.6%, LBAI +3.8%, VOD +3.4%, PACS +2.9%, STLA +2.4%, STXS +2.3%, SONY +1.9%, IAUX +1.7%, AGYS +1.5%, MPC +1.2%, FTI +1.1%, HCM +0.9%
  • Gapping down:
    • NOTV -33.8%, JAMF -11.5%, MBIN -9.7%, STNE -6.9%, NGD -3.2%, RILY -2.8%, PBR -2%, RXT -1.5%, GROY -1.1%, KOD -0.8%, LQDA -0.7%, U -0.6%

>>> President Biden to increase tariffs on steel, aluminum, semiconductors, EVs,

President Biden to increase tariffs on steel, aluminum, semiconductors, EVs, batteries, solar cells, and some medical equipment (520.91)
  • The tariff rate on certain steel and aluminum products under Section 301 will increase from 0--7.5% to 25% in 2024 (X, NUE, STLD, CLF, AA, CENX, KALU)
  • The tariff rate on semiconductors will increase from 25% to 50% by 2025 (SMH, INTC, AMD, TSM, NVDA)
  • The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024 (TSLA, NIO, LI, XPEV, BYDDY)
  • The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024 (BLNK, CHPT)
  • The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.
  • The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024 (TAN, FSLR, SPWR, CSIQ)
  • The tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.
  • The tariff rates on syringes and needles will increase from 0% to 50% in 2024. For certain personal protective equipment (PPE), including certain respirators and face masks, the tariff rates will increase from 0--7.5% to 25% in 2024. Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026 (MMM, APT, BDX, CAH)

>>> Europe : Brokers Upgrades & Downgrades - 14th of May 2024 V3(++)

>>> Up
* ADP Raised to Hold at HSBC; PT 135 euros
* EQT Raised to Overweight at JPMorgan; PT 374 kronor
* Ferrovial Raised to Buy at Bestinver; PT 41.05 euros
* Lanxess Raised to Buy at DZ Bank; PT 31 euros
* Mediobanca PT Raised to 16.90 euros at Morgan Stanley
* Nordex Raised to Outperform at Oddo BHF (++)
* OMV Raised to Equal-Weight at Morgan Stanley; PT 46.10 euros
* Poste Italiane PT Raised to 14.80 euros at Morgan Stanley
* Royal Unibrew PT Raised to 680 kroner from 580 kroner at Nordea (+)
* Skan Group Raised to Add at Baader Helvea; PT 87 Swiss francs
* Solwers Raised to Buy at Inderes; PT 5 euros (++)

>>> Down
* Agfa-Gevaert Cut to Accumulate at KBC Securities; PT 2 euros (+)
* Carel Cut to Neutral at Goldman; PT 18.60 euros (++)
* Castellum Cut to Hold at Arctic Securities; PT 140 kronor
* DHL Group Cut to Neutral at BNPP Exane (+)
* Elica Cut to Hold at Intesa Sanpaolo; PT 2.20 euros (++)
* Knorr-Bremse Cut to Sell at Hauck & Aufhaeuser; PT 65.50 euros (+)
* OX2 Cut to Hold at ABG; PT 60 kronor
* OX2 Cut to Hold at Deutsche Bank (+)
* OX2 Cut to Hold at DNB Markets; PT 60 kronor (+)
* Sampo Cut to Reduce at AlphaValue/Baader
* SpareBank 1 SMN Cut to Hold at ABG; PT 153 kroner
* SpareBank 1 Nord Norge Cut to Hold at Arctic Securities (+)
* SpareBank 1 SMN Cut to Hold at Arctic Securities; PT 160 kroner (+)
* Tesco Rated New Buy at Bryan Garnier; PT 349 pence

>>> Initiation
* BioNTech ADRs Rated New Inline at Evercore ISI; PT $100
* Bourse Direct Rated New Buy at TP ICAP Midcap; PT 7.30 euros (+)
* Heidelberg Materials Rated New Outperform at RBC; PT 133 euros
* Holcim Rated New Sector Perform at RBC; PT 91 Swiss francs
* Moderna Rated New Inline at Evercore ISI; PT $120
* Neste Rated New Hold at Deutsche Bank; PT 25 euros (+)
* Svitzer Rated New Sell at SEB Equities; PT 170 kroner
* Svitzer Rated New Buy at Danske Bank Markets; PT 300 kroner (++)
* Svitzer Rated New Outperform at BNPP Exane; PT 325 kroner (++)
* WDP Rated New Buy at Goldman; PT 30.80 euros

>>> Call
* Bayer 1Q Earnings Beat Helped by Crop Science: Jefferies (+)
* Citi’s Montagu Says Bullish Bets on European Stocks Are Rising (+)
* DHL Group Cut at BNPP Exane, High Risk of Profit Warning Ahead (+)
* Holcim Rated New Sector Perform at RBC; Sees Post Split Upside (+)
* JPMorgan’s Kolanovic Says Not Worth ‘Taking on Equity Risk’ Now
* Svitzer Gains as Nordea, Danske Initiate at Buy; SEB Says Sell (++)

Reuters : Anglo CEO says BHP bid forced his hand on demerger of S.Africa assets

Anglo CEO says BHP bid forced his hand on demerger of S.Africa assets

JOHANNESBURG, May 14 (Reuters) - The boss of Anglo American (AAL.L), opens new tab said on Tuesday a bid by rival BHP (BHP.AX), opens new tab to take over the company forced him to accelerate plans for a spin-off of its South Africa's platinum assets, a move set to cause concerns in Pretoria weeks before a national election.

While Anglo was already working on its own review of its assets including the platinum and diamonds businesses, the timeline for the plan had to be speeded up after the approach from BHP, the world's No. 1, Anglo's CEO Duncan Wanblad said.

As a condition for its bid, BHP had requested that Anglo exit its platinum and iron ore units in South Africa.

After rebuffing two proposals from BHP which Anglo said undervalued the company and were too complicated to execute, the London-listed mining giant laid out a strategy that includes a potential break-up of the company by demerging or selling its steelmaking coal, nickel, diamonds and platinum businesses.

As part of the plan, Anglo said it was exploring a demerger of its troubled platinum unit, Johannesburg-listed Amplats, sending its shares down 10%.

"The only thing that the BHP approach did is that it forced the timeline on work that we were already doing," Wanblad said on a conference call after Tuesday's announcement.

"This is an acceleration of a strategy process that we were already executing. I have to say that I would probably not have announced it at this particular point of time."

Shares in Anglo unit Kumba Iron Ore (KIOJ.J), opens new tab were trading about 2.3% higher, reversing earlier losses. Under the strategic review laid out on Tuesday Kumba would stay within the Anglo group.

South Africa holds a national election on May 29, with weak economic growth and high unemployment among the key issues on voters' minds.

>>> Europe : Brokers Upgrades & Downgrades - 14th of May 2024 V2(+)

>>> Up
* ADP Raised to Hold at HSBC; PT 135 euros
* EQT Raised to Overweight at JPMorgan; PT 374 kronor
* Ferrovial Raised to Buy at Bestinver; PT 41.05 euros
* Lanxess Raised to Buy at DZ Bank; PT 31 euros
* Mediobanca PT Raised to 16.90 euros at Morgan Stanley
* OMV Raised to Equal-Weight at Morgan Stanley; PT 46.10 euros
* Poste Italiane PT Raised to 14.80 euros at Morgan Stanley
* Royal Unibrew PT Raised to 680 kroner from 580 kroner at Nordea (+)
* Skan Group Raised to Add at Baader Helvea; PT 87 Swiss francs

>>> Down
* Agfa-Gevaert Cut to Accumulate at KBC Securities; PT 2 euros (+)
* Castellum Cut to Hold at Arctic Securities; PT 140 kronor
* DHL Group Cut to Neutral at BNPP Exane (+)
* Knorr-Bremse Cut to Sell at Hauck & Aufhaeuser; PT 65.50 euros (+)
* OX2 Cut to Hold at ABG; PT 60 kronor
* OX2 Cut to Hold at Deutsche Bank (+)
* OX2 Cut to Hold at DNB Markets; PT 60 kronor (+)
* Sampo Cut to Reduce at AlphaValue/Baader
* SpareBank 1 SMN Cut to Hold at ABG; PT 153 kroner
* SpareBank 1 Nord Norge Cut to Hold at Arctic Securities (+)
* SpareBank 1 SMN Cut to Hold at Arctic Securities; PT 160 kroner (+)
* Tesco Rated New Buy at Bryan Garnier; PT 349 pence

>>> Initiation
* BioNTech ADRs Rated New Inline at Evercore ISI; PT $100
* Bourse Direct Rated New Buy at TP ICAP Midcap; PT 7.30 euros (+)
* Heidelberg Materials Rated New Outperform at RBC; PT 133 euros
* Holcim Rated New Sector Perform at RBC; PT 91 Swiss francs
* Moderna Rated New Inline at Evercore ISI; PT $120
* Neste Rated New Hold at Deutsche Bank; PT 25 euros (+)
* Svitzer Rated New Sell at SEB Equities; PT 170 kroner
* WDP Rated New Buy at Goldman; PT 30.80 euros

>>> Call
* Bayer 1Q Earnings Beat Helped by Crop Science: Jefferies (+)
* Citi’s Montagu Says Bullish Bets on European Stocks Are Rising (+)
* DHL Group Cut at BNPP Exane, High Risk of Profit Warning Ahead (+)
* Holcim Rated New Sector Perform at RBC; Sees Post Split Upside (+)
* JPMorgan’s Kolanovic Says Not Worth ‘Taking on Equity Risk’ Now

WSJ : Israel’s Rafah Offensive Strains 45 Years of Peace With Egypt

Israel’s Rafah Offensive Strains 45 Years of Peace With Egypt
Cairo considers downgrading diplomatic ties and joining an international court case accusing Israel of genocide

In the almost 45 years since their historic peace deal, Israel and Egypt have become essential partners, a close though never warm relationship that underpins both countries’ national security. Israel’s Rafah offensive is threatening to undo all of that.

Egypt, a center of Arab military, political and cultural power, is now considering a downgrade to its diplomatic ties with Israel, Egyptian officials say. Egypt has in recent days said it would join South Africa’s court case charging Israel with genocide. And Egypt has refused to reopen its border with Gaza after Israeli forces seized the Palestinian side of the crossing.

Mohammed Anwar Sadat, nephew of the Egyptian president of the same name who negotiated the Egypt-Israel peace treaty of 1979, said the current dispute was the countries’ worst bilateral crisis since then.

“There is now a lack of trust,” said Sadat, a former member of Egypt’s Parliament. “And there is now a kind of suspicion from both sides actually.”

The current standoff began when Israel gave Egypt just hours notice before launching the military operation last week in which the Israeli military seized control of the Gazan side of the Rafah border crossing with Egypt, Egyptian officials say.

The abrupt message, relayed unexpectedly to Egyptian intelligence officials on May 6, followed months of careful negotiations between Israeli and Egyptian military and intelligence officials over the long-threatened attack on Rafah, where more than a million Palestinians are sheltering.

Israel had previously briefed Egypt about its plans for Rafah, assuring Cairo that the crossing point, a key entry point for humanitarian aid into the besieged enclave, wouldn’t be affected and that Palestinians there would be given weeks to evacuate the area safely.

“None of these assurances materialized, with Israel giving us a very short notice about entering the crossing,” said an Egyptian official familiar with the events.

Israel’s military declined to comment. The Israeli Foreign Ministry didn’t respond to a request for comment. Israeli Prime Minister Benjamin Netanyahu has said that taking control of the Rafah crossing was necessary to cut off smuggling by Hamas.

After fighting a series of wars, Israel and Egypt have developed an important security partnership since 1979. The nations’ militaries have worked closely together, particularly over the last decade under President Abdel Fattah Al Sisi, during which they shared intelligence to help defeat Islamic State extremists in Egypt’s north Sinai region.

The countries still cooperate on intelligence sharing and security issues. And Egypt depends on billions of dollars in U.S. military aid that depends on the peace treaty.

But the Rafah operation has piled more stress on the deeply strained relationship. Egypt is a key mediator in indirect talks between Israel and Hamas over a deal aiming to free Israeli hostages held by Hamas and impose a cease-fire in Gaza.

“They don’t like to be caught by surprise, and they make their point vocally and by other means,” said retired Israeli Brig. Gen. Assaf Orion, who formerly oversaw Israel’s military liaison with Egypt.

The Egypt-Israel divisions add to the challenges facing the Biden administration, which has struggled to help broker a cease-fire deal and last week decided to pause delivery to Israel of some bombs used in the war in Gaza to pressure it to back away from the attack on Rafah. The U.S., which brokered the 1979 treaty between the two countries, has commended Egypt’s role as a mediator in the conflict.

Egypt has protested Israel’s Rafah invasion to the U.S. and European countries, saying the operation puts the peace treaty in jeopardy. In another sign of worsening ties, the Egyptian foreign ministry on Sunday also said it would join South Africa’s case charging Israel with genocide at the International Court of Justice. Israel strongly rejects the accusations.

Israel says that the current operation in Rafah isn’t yet a full-blown ground invasion of the city, though the attack has already displaced nearly 360,000 Palestinians, according to the United Nations.

Egypt also is refusing to cooperate with Israel to operate the Rafah crossing point, which until last week had been the last remaining entry point to the strip that wasn’t under full Israeli control. The crossing was one of very few entry points for humanitarian aid into the strip, and the only exit for the tiny number of Gazans that Egypt and Israel would allow to leave the territory.

Egyptian officials also say they are considering downgrading diplomatic relations with Israel by pulling the country’s ambassador in Tel Aviv.

“As we stand, there are no plans to suspend ties or throw away Camp David,” said another Egyptian official, referring to the Camp David Accords that led to the 1979 peace treaty. “But as long as Israeli forces remain at Rafah crossing, Egypt will not send a single truck to Rafah.”

The war in Gaza has heaped economic and political pressure on Egypt, the Middle East’s most populous nation.

The assault, which has forced most of the strip’s 2.2 million residents to flee their homes, has raised fears in Cairo of a mass displacement of Palestinians into Egypt.

“The risks for Egypt are really high,” said Yezid Sayigh, a senior fellow at the Carnegie Middle East Center in Beirut. “And I think they resent enormously that the Israelis are paying no attention whatsoever to Egyptian interests or advice.”

The crisis in the wider Middle East sparked by the war has also squeezed an Egyptian economy that was already struggling under Sisi, a former general who came to power in a 2013 coup.

Attacks by Yemen’s Houthi rebels on ships in the Red Sea have forced ships to divert around the Horn of Africa, approximately halving Egypt’s transit fees from the Suez Canal, a critical source of foreign currency, Sisi said in February.

Israel’s seizure of the Rafah crossing has also aggravated Egypt by removing one of the country’s points of leverage over Hamas and a key means for it to demonstrate its solidarity with Palestinians, say observers on both sides.

An Israeli official said that providing aid to Palestinians and achieving a truce remained priorities for Egypt.

“There is no deal, and Israel is endangering [aid flows], it puts them in a really hard position,” the Israeli official said. “The fact that aid hasn’t come in, it’s bad for them, but it’s very bad for us,” the Israeli official added, noting that Israel is required by the International Court of Justice to bring aid into Gaza.

Because both Egypt and Israel have an interest in maintaining their peace treaty, diplomatic measures such as joining South Africa’s case against Israel, analysts say, are a means of pressuring both Israel and the U.S., without fully cutting off ties.

“The Egyptians can say what do you want us to do, would you rather us send a tank battalion to Sinai?” said Sayigh.

Without an understanding between the two countries about how the war will unfold, relations will continue to deteriorate, said Ofir Winter, an expert on Israel-Egypt ties at the Institute for National Security Studies in Tel Aviv.

“Israel needs Egypt as a mediator in the hostages’ exchange deal, and it will need it to stabilize the situation in Gaza in any future scenario after the war,” Winter said.

>>> Stoxx 600 Pre-Market Indications

  • Delivery Hero (DHER TH) +13%
    • Uber to Buy Delivery Hero’s Taiwan Business for $950 Million (2)
  • Gerresheimer (GXI TH) +1.9%
  • Bayer (BAYN TH) +1.7%
    • *BAYER 1Q ADJ. EBITDA EU4.41B, EST. EU4.2B
  • HelloFresh (HFG TH) +1.4%
  • BCP (BCPN TH) +1%
  • Equinor (DNQ TH) +1%
  • OMV (OMV TH) +0.9%
  • Evotec SE (EVT TH) +0.8%
  • Heidelberg Materials (HEI TH) +0.7%
    • Heidelberg Materials Rated New Outperform at RBC; PT 133 euros
  • Vestas (VWSB TH) +0.7%
  • Knorr-Bremse (KBX TH) -0.7%
  • FUCHS SE (FPE3 TH) -0.7%
  • Zalando (ZAL TH) -0.8%
  • Siemens Energy (ENR TH) -0.9%
  • Rheinmetall (RHM TH) -0.9%
    • Rheinmetall 1Q Backlog EU40.2B Vs. EU28.2B Y/y
  • Unilever (UNVB TH) -1%
  • Mowi (PND TH) -1.2%
  • DHL Group (DHL TH) -1.3%
    • DHL Group Cut to Neutral at BNPP Exane
  • Hannover Re (HNR1 TH) -2%
    • Hannover Re Maintains FY Net Income Forecast
  • Brenntag (BNR TH) -6.2%
    • Brenntag Sees FY Operating Ebita Low End of EU1.23B to EU1.43B

>>> TradeGate Pre-Market Indications

DAX:
  • Bayer (BAYN TH) +1.7%
    • *BAYER 1Q ADJ. EBITDA EU4.41B, EST. EU4.2B
  • Heidelberg Materials (HEI TH) +0.7%
    • Heidelberg Materials Rated New Outperform at RBC; PT 133 euros
  • BMW (BMW TH) +0.7%
    • BMW CEO Says Europe’s Auto Value Chain to Halve on ICE Ban
  • DHL Group (DHL TH) -1%
    • DHL Group Cut to Neutral at BNPP Exane
  • Hannover Re (HNR1 TH) -2.1%
    • Hannover Re Maintains FY Net Income Forecast
  • Rheinmetall (RHM TH) -2.1%
    • Rheinmetall 1Q Backlog EU40.2B Vs. EU28.2B Y/y
  • Brenntag (BNR TH) -5.6%
    • Brenntag Sees FY Operating Ebita Low End of EU1.23B to EU1.43B
MDAX:
  • Delivery Hero (DHER TH) +12%
    • Uber to Buy Delivery Hero’s Taiwan Business for $950 Million (2)
  • Nordex (NDX1 TH) +4%
    • Nordex 1Q Sales Beats Estimates
  • HelloFresh (HFG TH) +2.9%
  • Gerresheimer (GXI TH) +1.9%
  • Fraport (FRA TH) +1.2%
    • Fraport 1Q Ebitda Beats Estimates
  • Lanxess (LXS TH) -0.7%
    • Lanxess Raised to Buy at DZ Bank; PT 31 euros
  • Hensoldt (HAG TH) -0.8%
SDAX:
  • Verbio SE (VBK TH) +2.5%
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +1%
  • Eckert & Ziegler (EUZ TH) -1.9%
    • Eckert & Ziegler 1Q Revenue EU67.6M Vs. EU57.9M Y/y

WSJ : Why the World Has Gone Cuckoo for Copper

Why the World Has Gone Cuckoo for Copper
The U.S. and China are competing to acquire the metal essential for EVs and data centers. It is also at the center of a $43 billion takeover battle.

After one of the world’s top copper producers recently hit a financial crunch, the Biden administration started huddling with potential investors about taking a stake in the company’s Zambian mines worth as much as $3 billion.

The search isn’t restricted to American companies, with entities from the United Arab Emirates, Japan and Saudi Arabia—all viewed as friendly to U.S. interests—expressing interest in the stake in First Quantum Minerals’ FM -1.48%decrease; red down pointing triangle assets, according to people familiar with the matter.

The goal is simple: to keep it out of Chinese control and prevent the Asian superpower from tightening its grip over the global supply of crucial metals and minerals.

The bidding, expected to be concluded later this year, is part of a global rush to acquire more copper, a key component in everything from electric cars to transmission lines and the data centers powering the AI revolution.

BHP Group’s record nearly $43 billion takeover bid for Anglo American, which was rejected Monday, puts a fresh spotlight on the intense demand for copper. While London-listed Anglo produces a range of commodities, from diamonds to nickel, Australia’s BHP has made clear that it most prizes the company’s copper assets. Anglo rebuffed BHP’s first offer last month, and other companies are believed to be weighing rival bids.

While the U.S. government doesn’t have any oversight over a proposed deal, officials have communicated to Anglo executives that they are concerned consolidation could limit the overall supply of copper, said people familiar with the matter. The U.S. is also concerned that China could put pressure on BHP to sell some assets or agree to sell more of its copper to the country to address potential anticompetitive concerns.

For the U.S., the current frenzy highlights the importance of its yearslong effort to build up supplies of the metals and minerals critical to the green-energy transition.

Demand for copper is expected to rise as certain mines close or scale back production. Copper futures are up 20% this year.

The U.S. doesn’t have a ministry for mining, a sovereign wealth-fund or much of a domestic mining industry. That has put it at a disadvantage with China, which can direct its state-owned enterprises to invest heavily no matter how commodity prices are performing.

The U.S. government is limited in how much money it can directly pump into projects of national security. That means it must work with private companies at home and abroad, as well as friendly countries with sovereign-wealth funds, to entice them to invest in assets helpful to national interests.

The Wall Street Journal reported last year, for example, that the U.S. and Saudi Arabia have held talks for potential agreements in the Democratic Republic of Congo, under which Saudi Arabia would take stakes in mines and U.S. companies would be guaranteed some of the rights to production.

One of President Biden’s senior advisers, Amos Hochstein, is a linchpin of this effort. Hochstein and a small team at the State Department have been flying around the world, meeting with government officials in sub-Saharan Africa one day and with U.S. investors the next.

Regarding copper, “We don’t have a lot of new supply coming online around the world,” Hochstein said in an interview. “What concerns me is even when a discovery is made, it could take between seven and 15 years before the first copper comes out.”

The U.S. has committed more than $1 billion to the Lobito Corridor to develop local infrastructure, including clean power and a railroad connecting Angola, Congo and Zambia to export critical minerals. Also in Zambia, the U.S. last year urged the U.A.E. to consider investing in Mopani Copper Mines, according to people familiar with the matter.

The effort was successful: Zambia in December chose the U.A.E.’s International Resources Holding as a new equity partner.

Hochstein declined to comment on specific deals.

Hochstein said he and his team have made clear to African governments that the U.S. is trying to put forward an alternative model that won’t result in debt, corruption and environmental degradation.

“We are putting our money where our mouth is,” he said.

A central part of the U.S. effort is the International Development Finance Corp., a federal agency that helps finance projects overseas. The agency agreed to invest $740 million last year in the mining sector, up from $245 million it had committed to legacy mining projects.

It is currently in talks to finance a multibillion-dollar copper mine in Pakistan that, when it comes online in 2028, will be among the world’s largest copper projects, according to people familiar with the matter.

An Irish company called TechMet is one of its signature investments. Under the Trump and Biden administrations, the agency has given TechMet some $105 million in funding and become its second-largest shareholder. An investment firm backed by a scion of the Walton family also invested in the most recent fundraising round, which valued the company at more than $1 billion.

“We are in a second Cold War,” said TechMet CEO Brian Menell, a South African. “One has to increasingly pick sides. For me it’s never been a moment’s doubt. It is a competition between Western values and dictatorship.”

TechMet owns stakes in lithium, cobalt, nickel, vanadium and rare-earth miners.

Meanwhile, Chinese miners, with government backing, are rapidly snapping up assets. In Belt and Road countries, which don’t include Brazil or Australia, China spent more than $19 billion last year on metals and mining investments, up 158% from 2022, according to the Green Finance & Development Center at Fudan University in Shanghai. That is the highest level since 2013.

In the latest example, a Chinese firm is in advanced talks to buy Chemaf, a metals producer that is developing a cobalt and copper mine in Congo, according to people familiar with the matter.

At least two Western suitors were interested in buying the company, according to people familiar with the matter, including Chilean Cobalt Corp., or C3, a U.S. company with copper-cobalt operations in northern Chile.

Duncan Blount, chief executive of C3, said he spoke with the International Development Finance Corp and State Department about making a bid, but concluded it would have been too expensive. Still, he said, “They were incredibly helpful on this venture and other projects. They’re keen to see American businesses and entrepreneurs go back into Congo.”