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08/02/2019 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 08/02/2019 – Argonaut Morning Note
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    08/02/2019 – Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 8 February, 2019 | 0

    Key News Overnight:

    US stocks fell overnight as investors grew anxious that the Trump administration won’t reach a trade deal to avert new US tariffs on Chinese goods. The Dow Jones and S&P 500 both slipped 0.9% to 25,170 and 2,706 respectively as President Donald Trump said a meeting with Chinese President Xi Jinping is unlikely before the March 1 deadline;

    Brexit talks were pushed closer to the brink after Prime Minister Theresa May’s day of negotiations in Brussels failed to make any significant breakthrough;

    Global oil prices fell overnight amid increasing concerns that a softening global economy will lead to reduced demand for oil. Brent crude fell 1.6% to $US 61.70/bbl;

    Major global steel producers are sounding the alarm over weakening conditions, particularly in China. The country, which uses half of the world’s steel is expected to see a fall in demand, the first contraction since 2015;

    Bullish sentiment is growing louder for copper prices in 2019 despite slipping 0.5% to $US 6,228/t overnight. The metal’s value is expected to rise as stockpiles dwindle, equity markets rebound and the pace for US Fed rate hikes slows

    In This Issue:

    Peet (PPC) | Interims preview | BUY | Analyst: Ian Christie;

    Gascoyne Resources (GCY) | Site Visit | SPEC BUY | Analyst: James Wilson;

    Austal (ASB) | Longer term confidence boost | BUY | Analyst: Ian Christie;

    Otto Energy (OEL) | Otto Energy – Lightning Strikes: Green#1 is a discovery | BUY | Analyst: Michael Eidne;

    Gage Roads (GRB) | First half update | BUY | Analyst: Ian Christie

    Recent Research:

    PPC, GCY, ASB, OEL, GRB

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