Key News Overnight:
Sentiment in financial markets has flipped categorically to “risk-off”. Having challenged record highs on Wednesday, stocks in the US and Europe tumbled fell overnight.
Market sentiment reversed from bullish to bearish during Asian trade, upon news that the number of cases of coronavirus in South Korea unexpectedly grew.
The PBOC lowered its 1-year and 5-year prime lending rate by 10 and 5 points respectively. It comes as the latest action by the PBOC to sure-up China’s financial system in the face of increased stress to the financial system amidst the coronavirus outbreak.
The WHO urged countries to boost funding to fight the spread of the coronavirus, saying response to its call for $675 million has been surprisingly low and that countries aren’t treating the outbreak seriously enough.
Gold reached a seven-year high as concern over the outbreak boosted demand for haven assets and fueled speculation that the Fed will ease monetary policy before year-end.
In This Issue:
Perenti (PRN) | Contracts | BUY | Analyst | Ian Christie
Panoramic Resources (PAN) | Savannah North Development Update | Not Covered, No Rating
Metals X (MLX) | FY20 half year results | Not Covered, No Rating
Cobalt: Limited Impact from Tesla’s Cobalt-Free Battery Adoption in China | Analyst | Helen Lau
Austal (ASB) | Maintains momentum | HOLD | Analyst | Ian Christie
Bellevue Gold (BGL) | Expansion and increased confidence| SPEC BUY| Analyst | Matthew Keane