Key News Overnight:
U.S. stocks rallied and Treasuries fell as investor concern over an economic downturn showed signs of easing. The dollar rose. Energy shares led gains in the S&P 500 Index as oil surged after Russia signalled commitment to output cuts;
The inversion of the U.S. yield curve has released frustration among some investors who say the recession indicator is shot. The three-month to 10-year curve has reliably inverted before a downturn. That’s due to weakening expectations for growth and inflation raise demand for long-term securities, driving their yields below those on shorter maturities;
Oil continued its torrid start to the year as bullish supply news from the world’s second-biggest producer and disruptions to refiners along the Houston Ship Channel kept futures on pace for the best first quarter since 2002;
Gold dropped as investor concerns about the global growth outlook eased, sending treasury yields higher and dimming the metal’s haven appeal;
Copper posted a fourth decline in five sessions on easing supply concerns and further signs of weakness in the U.S. housing market;
In This Issue:
Dacian Gold (DCN) | FY19 Guidance | BUY | Analyst | James Wilson
Finbar (FRI) | Going into property management | Not covered | No rating
Antipa Minerals (AZY) | 2019 Citadel exploration program | Not covered | No rating
Cardinal Resources (CDV) | Ndongo East results | BUY | Analyst | James Wilson
Recent Research:
St Barbara (SBM), Commodity Prices, FX & Discount Rate Revision
Please read Argonaut's Important Disclaimers & disclosures
Log in to the client area below to download the full Morning Note PDF
