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03/10/2018 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 03/10/2018 – Argonaut Morning Note
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    03/10/2018 – Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 3 October, 2018 | 0

    Market Update & Important Indicators:

    US stocks edge lower as Amazon’s wage increase pressured retailers and small caps slumped to a two-month low post NAFTA deal as trade tensions ease; Oil prices take a breather from its ascent to the highest level in almost four years, as investors weigh OPEC’s ability to replace falling Iranian exports (Iranian crude and concentrate exports declined to their lowest in 2.5 years); Since Trump’s announcement of 232 import tariffs on steel, ~$7bn in investments and 9Mt of new capacity have come online; Copper rebounds 6% to $6,200/t from its early September low of $5,800/t supported by sliding LME stockpiles (9 month low); Conditions in the copper spot market have picked up in the past few weeks with inventories tumbling and Chinese buyers accepting premiums to cover the cost of importing the metal; Precious metals rally (gold and silver both up 1.2%) as investors seek safe haven from budget turmoil in Italy; Trump clears deck for China trade war – In just the last few weeks, he’s struck a last-minute deal with Canada and Mexico, signed a trade agreement with South Korea and convinced Japan to begin bilateral economic negotiations

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