Market Update & Important Indicators:
U.S. and Canadian markets were closed overnight for the Labor Day Holiday.
Stocks in Europe started the week on firm footing, supported by a rise in oil prices and expectations that the Federal Reserve will keep interest rates low for longer. The Stoxx Europe 600 inched up 0.1% to close at a four-month high on Monday, after shares in Hong Kong, Australia and South Korea notched their greatest daily gains since July. Markets in the U.S. and Canada were closed for Labor Day. Oil and gas companies led gains after Saudi Arabia and Russia said at the G-20 summit that they had agreed to cooperate to stabilize the oil market. Brent crude oil jumped more than 5% during early European trading hours, but pared gains significantly after the two nations stopped short of outlining specific limits on their petroleum production.
Shares in Asia were broadly higher Monday, as weaker-than-expected U.S. jobs data eased worries over an imminent interest-rate increase by the Federal Reserve. The Nikkei Stock Average ended up 0.7%, Hong Kong's Hang Seng Index added 1.7%, while the South Korean Kospi gained 1.1%. The U.S. added about 151,000 jobs in August, a number unlikely to be strong enough for the U.S. Federal Reserve to move toward raising interest rates in September, analysts say. Comments by Bank of Japan Gov. Haruhiko Kuroda, who alluded to more room for monetary easing, also helped support some buying interest in Asia. In Japan, shares were boosted by robust labour data released Monday that showed cash wages rising for the second straight month in July due to an increase in special bonus payments.
Australian shares Monday snapped a three-session losing streak, rallying as the region's markets gained after weaker-than-expected U.S. jobs data dispelled worries that an interest-rate increase was imminent there. In its strongest advance since July 11, the S&P/ASX 200 climbed 56.8 points, or 1.1%, to 5429.6. The index dropped by 2.6% last week before the release of the U.S. jobs figures and after recent comments from Federal Reserve officials that the case for an increase in short-term interest rates had strengthened in recent months.
Copper prices started the week on the rise, lifted by a weaker dollar and stronger oil prices. Copper prices often move alongside oil, because many investors buy and sell broad baskets or indexes of commodities. Oil typically accounts for a large portion of those baskets, so big moves in the oil market can affect other commodities. Other base metals were mixed on Monday. Aluminium was down 0.7% at 1,564/t, zinc was down 0.4% at 2,360/t, lead was up 1.3% 1,961/t, tin was up 0.4% at 19,423/t and nickel was up 0.1% at 10,015/t.
Recent Contacts & Presentations:
Metal Bank Ltd (MBK), Actinogen Medical (ACW), St. George Mining Ltd (SGQ), Resapp Health Ltd (RAP), Orecorp Limited (ORR), Dimerix Limited (DXB), Genesis Minerals Ltd (GMD), Dakota Minerals Ltd (DKO), Breaker Resources NL (BRB), Bard1 Life Sciences Ltd (BD1), Alto Metals Ltd (AME), Birimian Limited (BGS), Antipa Minerals Ltd (AZY), Vault Intelligence Ltd (VLT), Noxopharm Ltd (NOX), Gage Roads Brewing Co. (GRB), West African Resources (WAF), Cedar Woods Properties Ltd (CWP), Sino Gas & Energy Holdings Ltd (SEH), Salt Lake Potash Ltd (SO4), Kalina Power Ltd (KPO), Austal Limited (ASB), Agrimin Ltd (AMN), Stavely Minerals Ltd (SVY), MGC Pharmaceuticals Ltd (MXC), Vital Metals Ltd (VML)