Key News Overnight:
The S&P 500 slowed after high expectations of a US-China trade deal propelled its main indices to record highs earlier this week. The presidents of both nations are expected to sign a “phase one” deal, to de-escalate their economically damaging trade war, later this month.
The RBA met yesterday, but delivered no big surprises. Interest rates were kept steady at 0.75% as expected. According to the RBA, the economy is “at a gentle turning point” but rates will probably remain low for an “extended period”.
Brent crude oil jumped 1.3 per cent (or US80c) to $US62.93 per barrel on hopes of a trade deal between the world’s two biggest economies. OPEC Secretary-General Mohammad Barkindo said the oil market outlook for 2020 may be brighter than previously forecast, appearing to downplay any need for deeper production cuts.
Gold prices fell sharply as bullish investors decided to abandon safe haven assets. Gold closed at US$1,483.2oz, down US$26.4, its biggest one-day slump in over a month
In This Issue:
Resources contracts awarded | Analyst | Ian Christie
Metro Mining (MMI) | October Production Results | BUY | Analyst | Matthew Keane
GR Engineering (GNG) | Carosue Dam contract | BUY | Analyst | Ian Christie
Zijin Mining (2899 HK/BUY): Earnings Growth Underpinned by Inorganic Expansion | Analyst | Helen Lau
Cardinal Resources (CDV) | Triangle Energy (TEG) | SCEE (SXE)