Key News Overnight:
The S & P 500 closed slightly higher after treading water for most of the session as markets braced for an onslaught of central bank news this week. The US dollar strengthened to its highest level since mid-June while Treasuries slipped.
Banks pushed Aussie shares to a one-week low on Tuesday after the financial regulator slapped new capital requirements on the sector, while miners gained on upbeat outlook for iron ore prices. The S&P/ASX 200 index ticked lower 0.1%.
For the first time in 40 years, coal production in the US is expected to slide below 700m tons as power producers shut down plants and exports decline. The U.S. Energy Information Administration on Tuesday cut its 2019 output estimate to 684m tons.
Gold futures struggled to eke out a gain Tuesday as the dollar strengthened and investors awaited testimony from U.S. Federal Reserve Chairman Jerome Powell. The metal earlier declined as much as 0.9% before settling little changed.
Latin America’s second-largest copper producer got the green light to build a giant mine that’s key to plans to become one of the world’s top three producers of the metal. The Peruvian government awarded Southern Copper Corp. the license to start building its $1.4 billion Tia Maria project.
In This Issue:
Evolution Mining (EVN) | June Q production update | SELL | Analyst | James Wilson
Oceana Gold (OGC) | Didipio Injunction hearing | Not covered | No rating
Ramelius Resources (RMS) | June Q production update | Not covered | No rating
Industrials – Factoring risks into valuations | Analyst | Ian Christie
June Quarter Preview and Commodity Outlook | Analysts | Matthew Keane, Helen Lau & James Wilson
Gold Sector Update & June Quarter | Analysts | James Wilson & Matthew Keane