Key News Overnight:
US stocks fell as investors assessed mixed corporate earnings amid US-China trade concerns. Treasuries rallied. Industrials led the S&P 500 Index below 3,000; CSX Corp. plunged 10% after a weakened sales forecast stoked fears of prolonged freight slump
The US dollar weakened against most G10 countries as yields dropped and traders weighed the potential for trade conflicts and rate cuts. The pound rebounded as the UK’s House of Lords backed a move that would make a no-deal Brexit more difficult
Mining companies fell as raw-material prices climbed, a possible sign of markdowns in growth expectations. The Stoxx Europe 600 Basic Resources Index lost almost 2% in July, as investors weighed the prospect of lower revenue against long-term costs
Gold may rally further as the Federal Reserve cuts interest rates. Acacia Mining Plc hit another roadblock as Tanzania ordered the company’s core gold mine, North Mara, to stop using its tailings storage due to alleged seepage
Oil futures slid 1.5% in New York on Wednesday to the lowest in two weeks after the US Energy Information Administration reported inventories of gasoline and distillate fuels grew by a combined 9.25m barrels last week. US consumption fell short
In This Issue:
Woodside’s Burrup Hub vision positive for WA | Analyst | Ian Christie
Stanmore Coal (SMR) | Strong June Q | BUY | Analyst |Matthew Keane
SRG Global (SRG) | Potential beneficiary of cladding issues | HOLD | Analyst | Ian Christie
Pantoro Ltd (PNR) |Norseman Site Visit| BUY | Analyst | James Wilson
Recent Research:
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
Please read Argonaut’s Important Disclaimers & disclosures
Log in to the client area below to download the full Morning Note
