Key News Overnight:
The Australian economy expanded by 0.4% in the September quarter, with annual growth at a below trend 1.7%. This undershot the market consensus of 0.5%.
The U.S. and China are closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal even amid tension over Hong Kong and Xinjiang. President Trump’s comments downplaying the urgency of a deal should not be understood to mean the talks were stalling. U.S. negotiators expect a phase one deal to be completed before American tariffs rise on Dec. 15.
U.S. stocks rebounded from a three-day slump, buoyed by fresh trade optimism. Treasuries dropped, with 10-year yields up more than five basis points and the S&P/ASX 200 Index post its largest two-day percentage slide since early August.
Iraq backed away from a proposal to deepen supply cuts after Saudi Arabia and the U.A.E. remained silent over the plan before the OPEC+ alliance meets on Thursday and Friday in Vienna. Oil Minister Thamir Ghadhban said his country would prefer a rollover of the current deal for one year. Oil futures advanced on renewed trade deal prospects and the EIA report that U.S. crude inventories fell last week.
In This Issue:
Sandfire Resources, Adriatic Metals (SFR/ADT) | SFR increases stake | HOLD | Analyst | Michael Keane
Gage Roads (GRB) | Big brewers continue to add craft beer brands | BUY | Analyst | Ian Christie
Whitehaven Coal (WHC) | Guidance update | Not covered | No rating
Perenti (PRN) | Aspire Mining (AKM) | Otto Energy (OEL) | Cardinal Resources (CDV)