Key News Overnight:
US stocks pushed higher for a third day as investors looked past weak economic data and mixed corporate results, including an unexpected quarterly loss for Boeing. US treasuries advanced along with bonds in Europe.
Asian stocks rose following news that US-China trade talks will resume next week. Nasdaq futures fell after the US opened an antitrust probe into big tech companies. The US dollar hit a two-week high against the euro ahead of Thursday’s ECB meeting.
The price of gold has advanced 11% this year, driven by geopolitical tensions and expectations that a global slowdown will prompt monetary easing.
Iron ore’s sell-off picked up pace, with downgrades to share targets at top producers including Rio Tinto Group, and a forecast from UBS Group AG that prices will sink below $100 a ton. Futures in Singapore and China both sank more than 4%.
Oil posted the biggest drop in almost a week as uncertainty over the global economy and the prospect of more Middle East output offset a drop in US supply. Futures in New York closed down 1.6% on Wednesday, snapping a three-day rally.
In This Issue:
Fortescue Metals (FMG) | June Q Report| SELL | Analyst | James Wilson
Newcrest Mining (NCM) | June Quarter Report | Not covered | No rating
Base Resources (BSE) | June Q Results | Not covered | No rating
Evolution Mining (EVN) | June Q Report| SELL | Analyst | James Wilson
St Barbara Ltd (SBM) | June Q Report |HOLD | Analyst | James Wilson
OZ Minerals (OZL) | Trending Well | BUY | Analyst | Matthew Keane