Hot Stocks: Metals X, Lovisa, Minerals 260

Wall Street closed higher on Tuesday, buoyed by strong gains in semiconductor stocks and hopes for renewed dialogue between the US and China. The S&P 500 rose 0.58% to 5,970.37, the Dow added 214 points, and the Nasdaq led with a 0.81% gain. Nvidia jumped nearly 3%, briefly surpassing Microsoft in market value, while other chipmakers like Broadcom and Micron also rallied. Despite this optimism, the OECD issued a cautionary note, cutting its global growth outlook and forecasting just 1.6% US GDP growth in 2025—citing rising tariffs, weak investment, and inflation now expected to reach 3.9% next year.

In Europe, easing inflation has shifted expectations ahead of the ECB’s upcoming decision. Headline inflation fell to 1.9% in May, below target for the first time since September, fuelling bets on a 25 basis point rate cut. Meanwhile, the OECD also downgraded growth projections for Australia, the UK, and China, highlighting shared concerns including falling investment and rising debt. Brent crude rose 1.5% to US$65.60, while gold pulled back. The Australian dollar is buying 64.67 US cents, and SPI futures suggest a 24-point rise for the ASX at today’s open.

Metals X (ASX:MLX) has announced a pre-conditional voluntary cash partial offer to acquire 28% of Greentech Technology International Ltd (listed in Hong Kong), amounting to 382.5 million shares at HK$0.35 per share, for a total of HK$133.9 million. Greentech owns a 50% interest in the Renison Tin Mine in Tasmania via a subsidiary. The offer proceeds despite Greentech failing to meet pre-conditions laid out in an earlier possible offer letter. The offer is subject to regulatory approvals in Hong Kong. Metals X does not currently hold shares in Greentech.

Lovisa (ASX:LOV) has appointed John Cheston as its new Global CEO and Managing Director, effective 4 June 2025, following the departure of Victor Herrero. In a concurrent move, Mark McInnes has been named Executive Deputy Chairman. McInnes is currently the Global CEO of BB Retail Capital (which owns 39% of Lovisa) and will receive an annual cash salary of A$2 million. Chairman Brett Blundy praised McInnes’s experience and leadership. The Board is also considering the addition of a new independent non-executive director.

Minerals 260 (ASX:MI6) has reported strong assay results from its maiden drilling campaign at the 2.3Moz Bullabulling Gold Project in WA. Highlights include 62m @ 1.1g/t Au, including 1m @ 23.9g/t Au. A total of 70 holes have been completed so far (15,264m), with assays pending for 51 holes. Six rigs are active onsite, and drilling aims to extend and upgrade the resource. An updated mineral resource estimate is expected in December 2025.