Key News Overnight:
There is a sense of positivity that COVID-19 is coming under containment and is driving a broad recovery in risk assets.
US Crude inventory data was released last night, and showed that stores of oil in the US built once again last week. Inventories expanded by 7.5 million barrels – well above the 3.5m barrels tipped by analysts.
On Wall Street, the gains for the US stock market were broad-based, with the benchmark S&P500 hitting fresh all-time highs. It was a recovery in tech-stocks, after Tuesday’s losses, that underpinned the market’s strength.
BP pledged to be carbon neutral by 2050. The decision deepens the divide between major European and American oil producers on climate change, increasing the pressure for others to do more.
Chinese companies are flocking to issue new bonds in the name of fighting the coronavirus, taking advantage of a policy easing by Beijing to mobilise financial resources to contain the outbreak.
In This Issue:
Perenti (PRN) | Open pit mining ramping up at Sanbrado | BUY | Analyst | Ian Christie
West African Resources (WAF) | Forecast commissioning of Sanbrado in Q2 | BUY | Analyst |James Wilson
Woodside Petroleum (WPL) | WPL Full Year 2019 Results | Not covered | No rating
Alkane Resources (ALK) | Boda step out hole replicates mineralised intercept | Not covered | No rating
Apollo Consolidated (AOP)
Please read Argonaut’s Important Disclaimers & disclosures
Log in to the client area below to download the full Morning Note