Key News Overnight:
US stocks fell from a record high as President Donald Trump said he could impose more tariffs on China. Treasuries dropped and the US dollar rose. The S&P 500 Index halted a five-day rally, with energy producers joining an oil sell-off.
S&P/ASX 200 Index futures fell 0.2% to close at 6,641, the longest losing streak since March 13. The benchmark declined for a third day in a row. Galaxy Resources Ltd. was the best performer after second-quarter production exceeded guidance.
Gold fell as stronger-than-expected US retail sales data and rising Treasury yields weighed against signs of an enduring slowdown in China. Focus now shifts to commentary on monetary policy ahead of the Federal Reserve meeting later this month.
Oil slid for a second day as the US raised hopes of easing tensions with OPEC member Iran, while President Donald Trump’s threat of new tariffs on China rekindled fears about demand. Futures declined 3.3% in New York on Tuesday.
Materials stocks in the US and Canada outperformed their respective benchmarks. Steel extended its rally for a second day after President Donald Trump signed an executive order boosting requirement to buy American iron ore and steel.
In This Issue:
Otto Energy (OEL) | SM71 Operations resume post-Hurricane Barry| BUY | Analyst | Michael Eidne
BHP Group (BHP) | South Flank on schedule and budget | Not covered | No rating
St George Mining (SGQ) | Trading Halt: capital raising | RESTRICTED | Analyst | Matthew Keane
Austal (ASB) | Strong guidance | SELL | Analyst | Ian Christie
Carnarvon Petroleum (CVN) | Quarterly Report June 2019| SPEC BUY | Analyst | Michael Eidne
Botanix (BOT)| Encouraging results lead to a valuation update| SPEC BUY | Analyst | Michael Eidne