Key News Overnight:
U.S. stocks rose after a mixed session as Treasuries spiked amid concerns of a trade-induced global slowdown. Ten-year yields briefly touched a three-year low under 1.48%, while 30-year yields dropped below 2% for the first time.
Donald Trump said he doesn’t expect China to retaliate to impending U.S. tariffs, though Beijing threatened to do that very thing. The president said that if Xi Jinping’s government does take action, “there’s a long way” he can go. The longer the conflict goes on, the weaker the Chinese economy will get, he added.
The benchmark S&P/ASX200 index tumbled 187.8 points, or 2.85%, to 6,408.1 points, while the broader All Ordinaries shed 186.7 points, or 2.8%, to 6,490.8 points. Yesterday’s losses were the biggest one day drop in 18 months.
Goldman Sachs Group upgraded its gold forecast for the first time this year, upping its 3-month and 6-month projections to $1,575 and $1,600 an ounce in light of escalating trade war tensions.
Russian oil giant Gazprom saw the highest production growth over the last five years, followed by shale gas players in the US and China, while BP dominated among the majors, in a study by Rystad Energy that ranked all global E&P companies.
In This Issue:
ASX Golds – US$2,001 a Gold Odyssey | Analyst | James Wilson
Newcrest Mining (NCM) | Full year result | Not covered | No rating
Strike Energy (STX) | West Errugulla-2 Update | Not covered | No rating
Atrum Coal (ATU) | Strong results from Elan drilling | SPEC BUY | Analyst | Matthew Keane
Pt Merdeka Copper & Gold Tbk (MDKA.IDX) | June Quarter Report | BUY | Analyst | James Wilson
Macmahon (MAH) | Re-initiation | BUY | Analyst | Ian Christie