Key News Overnight:
US President Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on a further $300b in Chinese imports in a move set to hit American consumers more directly than any other in his trade wars so far.
The S&P/ASX 200 index fell 0.4% to close at 6,788.9 after Federal Reserve Chairman Jerome Powell dented hopes the central bank is poised to continue easing after delivering the first interest-rate cut in over a decade.
Gold miners rose to session highs after President Donald Trump tweeted that he would impose a 10% tariff on $300b in Chinese imports that aren’t yet subject to U.S. duties. * Gold spot price rallied as much as 1.9%, the most in a month.
Oil plunged almost 8% for the steepest one day drop in more than four years after U.S. President Trump escalated the trade war with China with a new tariff threat, concerns about an economic slowdown that would be a drag on energy demand.
Top U.S. iron-ore producer Cleveland-Cliffs Inc. sank the most in 19 months after global rival Vale SA forecast higher production and a report that a shuttered Brazilian operation may reopen. That put a dent in the price of the steelmaking.
In This Issue:
Genesis Minerals (GMD) | Placement and strategic investment to raise up to $7.5m | SPEC BUY | Analyst| James Wilson
Monadelphous (MND) | Contract with RIO | Not covered | No rating
Lynas Corp (LYC) | No longer required to export WLP residue | Not covered | No rating
Alacer Gold (AQG) | Sulphide plant passes lenders test | Not covered | Matthew Keane
Saracen (SAR) | Independence Group (IGO) | Swick (SWK) | Pacific Energy (PEA) | Evolution Mining (EVN) | St Barbara Ltd (SBM)