Key News Overnight:
U.S. stocks approached all-time highs on optimism that President Donald Trump will de-escalate his trade war with China, adding to gains sparked by the ECB’s signal it is ready to cut interest rates if warranted.
Boris Johnson surged ahead in the race to become Britain’s next prime minister after coming first in the latest ballot of Conservative party MPs.
Oil surged to its biggest gain in five months as OPEC and its allies moved closer to a meeting to extend supply cuts. WTI increased up to US$53.90/bbl while Brent Crude moved up to US$62.14/bbl.
Gold rose on dovish signals from central banks, capping a fifth increase in six sessions. Additional stimulus may be needed if the economic outlook doesn’t improve, ECB President Mario Draghi said Tuesday.
Copper posted the biggest gain since March, leading base metals higher as a labour dispute at one of Codelco’s mines turned violent and U.S.-China trade concerns eased. Protesters clashed with police at the entrance to the Chuquicamata mine in Chile.
In This Issue:
Syrah Resources (SYR) | New offtake agreement | Not covered | No rating
Valmec (VMX) | Newmont Goldcorp contract | BUY | Analyst | Ian Christie
Downside Pressure on Zinc | Analyst | Helen Lau
Saracen Mineral Holdings (SAR), Atrum Coal NL (ATU), Ausdrill (ASL)