Key News Overnight:
U.S. stocks pushed lower in the final hour of trading as investors struggled to put an optimistic spin on Federal Reserve Chairman Jerome Powell’s testimony before Congress. The Dow Jones declined 0.1% to 26,058 and the S&P500 finished 0.1% lower at 2,794;
Federal Reserve Chairman Jerome Powell expressed the Fed is taking a patient approach on changing interest rates;
Crude oil posted a small gain overnight, a day after falling the most in a month as U.S. President Donald Trump called on OPEC to assist in stopping a price rally. Brent crude gained 1.4% to US$ 65.65/bbl. and WTI increased 0.3% to US$ 55.50/bbl;
Gold gained 0.1% overnight to US$ 1,328.40/oz;
Base metal prices were mainly mixed overnight on the LME with Zinc being the largest gainer, adding 1% to US$ 2,765/t;
The ASX All Ords dropped 0.9 percent to close at 6,209 yesterday driven by declines in oil and iron ore price;
In This Issue:
Wall Street Pulls back from Lending to US Shale Drillers – Wall Street Journal | Analyst| Michael Eidne;
SCEE (SXE) | Interim results | BUY | Analyst | Ian Christie;
OZ Minerals l (OZL) | Full Year FY18 results |BUY | Analyst | Matthew Keane;
Paladin Energy l (PDN) | Decision to proceed with Langer restart PFS |BUY | Analyst | Matthew Keane;
Otto Energy (OEL) | Winx-1 Well Drilling Update| BUY | Analyst | Michael Eidne;
Nzuri Copper (NZC) | Cash Takeover Proposal | Not covered | No rating
Recent Research:
West Side Stories – China Copper Thematic SXE, OZL, PDN, OEL, NZC, PDN, SRG, GNG, PEA, MCE, FMG, ASL
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