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11/07/2019 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 11/07/2019 – Argonaut Morning Note
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    11/07/2019 – Argonaut Morning Note

    By Jonas Dorling | Morning Notes | 0 comment | 11 July, 2019 | 0

    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

    Recent Research:

    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

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