Key News Overnight:
The OECD downgraded its global economic growth forecasts for this year and next on Thursday, including that for Australia. The group now sees Australia’s economy expanding by 1.7 per cent this year and 2.0 per cent in 2020, down sharply from those offered four months ago.
The number of economists forecasting a RBA rate cut next month is growing. Citibank is the latest, citing not only increased global risks and elevated slack in the Australian labour market but also the unlikely prospect of additional fiscal stimulus.
Undermined by weaker steel prices and uncertainty over industrial output restrictions in China ahead of a week-long holiday early next month, bulk commodity prices fell heavily on Thursday.
Oil prices rose on Thursday, supported by supply risks brought by last weekend’s drone attacks on Saudi oil supply and a U.S. rate cut. Brent closed at US$64.40 while WTI closed at US$58.13.
Palladium peaked to an all-time high on Thursday, while gold gained on a weaker dollar and as investors looked for clarity on future U.S. interest rates.
In This Issue:
WA immigration picking up | Analyst | Ian Christie
Sandfire Resources (SFR) | Farm-in to Auris tenements | HOLD | Analyst | Matthew Keane
Swick (SWK) | Raises $15m to support growth | SPEC BUY | Analyst | Ian Christie
Sovereign Metals (SVM) | Piloting produces graphite for customer samples | SPEC BUY | Analyst | Matthew Keane
Good Oil Conference 2019 Wrap: STX, FAR, OEL, TEG, COI | Atrum Coal (ATU) | Argonaut Quarterly Oil and Gas Sector Update