Wall Street ended Thursday on a cautious note as investors digested the economic implications of President Trump’s newly passed “One Big Beautiful Bill”, a sweeping tax and spending package that cleared the House by a narrow 215–214 vote. While the S&P 500 closed flat and the Dow dipped by a single point, bond yields surged to multi-year highs, driven by market fears that the legislation—estimated to add nearly US$4 trillion to the deficit over the next decade—could destabilise US fiscal credibility. The bill extends Trump-era tax cuts permanently, expands tax relief for families and tipped workers, and dramatically increases spending on defence and immigration enforcement, but at the cost of deep cuts to social safety net programs like Medicaid and SNAP. This combination has alarmed deficit hawks and triggered fierce political debate as the bill heads to a contentious Senate review.
Global markets are now reacting to a wave of fiscal shocks from the US, including Moody’s credit downgrade, a weak Treasury auction, and soaring long-term yields. The 30-year Treasury yield spiked past 5.14%, with similar reverberations seen in Germany and Japan, signalling a broader retreat from long-dated government debt. Investor confidence has been shaken, with concerns that the US is entering a debt spiral akin to emerging markets, where rising borrowing costs feed into worsening deficits. The pressure is already affecting consumer borrowing, with mortgage and credit rates rising sharply. Meanwhile, capital is flowing toward emerging markets like India and Indonesia, as investors seek stability and returns away from increasingly volatile US assets.
3Q25 Trading Update
100% Acquisition of Comet Vale
Gorilla Gold Mines Ltd (unlisted) announced completion of its acquisition of the remaining 49% of the Comet Vale Project from Sand Queen Gold Mines, securing full ownership. Located in Western Australia, the project has historical production exceeding 200,000 ounces at over 20g/t and currently holds a resource of 96,000 ounces at 4.8g/t gold. With mining leases in place and proximity to operational mills, Gorilla sees significant upside and aims to grow the high-grade resource base, leveraging recent discoveries at nearby Lakeview and Sovereign prospects.
2H25 Trading Update
