Key News Overnight:
U.S. stocks retreated further on Thursday as investors sought refuge in gold and bonds as the world’s two largest economies hardened their trade-war stances. The S&P 500 Index dropped for a fourth session in five, and the Dow Jones Industrial Average lost 286 points. European and Asian indexes were also down.
Theresa May is set to announce a timetable for her resignation as U.K. Conservative Party leader and prime minister on Friday after a backlash over her Brexit plans. May plans to quit after President Trumps visit to Britain in early June.
Oil fell to its worst daily performance of the year as mounting trade tensions between the US & China sent investors fleeing from risky assets. Futures in New York fell almost 6%.
Gold was lifted by signs that the trade conflict is worsening, boosting its safe haven appeal, while Nickel and Zinc slipped.
The world’s second-largest lithium producer, Soc. Quimica y Minera de Chile SA (SQM), says the price decline for the mineral used in electric-vehicle batteries isn’t over. Prices, which fell 8% last quarter, and could drop as much as 25% in coming months.
In This Issue:
Oil Search (OSH) | Oil receives approval for the Pikka Development Project | Not covered | Michael Eidne
Metals X (MLX) | Renison Resource Update | Not covered | Matthew Keane
Iron ore/Steel: More Price Upside for Iron ore | Analyst | Helen Lau
Recent Research:
Otto Energy Ltd (OEL)
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