Key News Overnight:
U.S. stocks rose toward all-time highs and the US dollar fell as comments by Powell cemented market bets for a rate cut this month. Treasuries were mixed. Equities that had slumped since Friday’s strong jobs report rallied back to intraday records.
S&P/ASX 200 Index futures rose 0.1% to 6,635 as of 6:59 a.m. Futures relative to fair value suggest early gain of 0.2%. The S&P/ASX 200 Index has surged over 18% this year, adding about $210b in value despite a sluggish economy and housing slump.
Gold rose after Federal Reserve Chairman Jerome Powell cited a cooling global economy, trade issues, and no sign of overheating in the U.S. jobs market, spurring bets on a cut in interest rates this month.
Southern Copper Corp., Latin America’s second-largest copper miner, received the green light to start building its $1.4b Tia Maria mine, which is key to its plans for becoming one of the world’s top three producers of the metal.
Oil rode a tide of bullish news to its highest price in almost two months as a potential hurricane roiled the Gulf of Mexico and U.S. crude inventories dropped. Futures advanced 4.5% to the highest settlement since May 22.
In This Issue:
Oz Minerals (OZL) | Brazil projects update| BUY | Analyst | James Wilson
Dacian Gold (DCN) | Mt Morgans Life of Mine Plan update | HOLD | Analyst | James Wilson
Cooper Energy (COE) | New Sole Gas Contract | Not covered | Michael Eidne
Bellevue Gold (BGL) | Resource upgrade | Not covered | James Wilson
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