Key News Overnight:
US share markets fell sharply on Wednesday as investors reacted to fears that the inverted yield curve may signal that a recession lies ahead. Banks fell 4.3% and energy lost 4.1%, The Dow Jones fell by 800.5 points or 3.1%.
Oil tumbled the most in a week as swelling U.S. crude inventories reinforced panic about an economic slowdown.The unexpected nationwide stock build of 1.58m barrels, driven by lower refinery runs and elevated net imports.
The gold futures price rose by US$13.50 or 0.9% to US$1,527.60/oz. The spot gold price was trading near US$1,516/oz in late US trade.
Copper dropped with most other base metals as data from across the globe pointed to slower economic growth, casting a shadow over the outlook for demand. In Germany, the world’s third-largest consumer of copper, the economy contracted in the second quarter.
In This Issue:
Equities slide overnight | Ian Christie
Evolution Mining (EVN) | FY19 Result | SELL | Analyst | James Wilson
Ausdrill (ASL) | Expiry of Barminco escrow period | BUY | Analyst | Ian Christie
Woodside Petroleum (WPL) | WPL releases 2019 1 Half Results | Not covered | No rating
Saracen Mineral Holdings (SAR) | Reserve update underpins 7-year life | SELL | Analyst | Matthew Keane