Key News Overnight:
The RBA disappointed investors betting on a rally for national debt by cooling speculation that it’s considering adopting quantitative easing. Governor Philip Lowe spelled out his reluctance to launch bond-buying in the near-term and warned that there was no appetite for outright purchases of private sector assets. However, he indicated that a QE program at a 0.25% cash rate was a possibility for the future, even if now was not the time.
U.S. stocks extended gains into record territory after President Trump said he and Xi Jinping are still talking and working on a trade deal. Treasuries advanced modestly, with 10-year yields down about two basis points.
China’s economic performance looks sluggish. Bloomberg Economics’ gauge aggregating the earliest November data from financial markets and businesses shows a worsening picture for trade, sales manager sentiment and factory prices. The faster fall in the prices of goods from Chinese factories this month also indicates that domestic demand is weak.
Oil rose on signs of progress in trade talks between the U.S. and China, and estimates that American crude inventories retreated for the first time in five weeks. Base and precious metals were higher across the board, led by platinum, with tin the only outlier.
In This Issue:
Emeco (EHL) | Presentation highlights ageing industry fleet | Not covered | No rating
Comet Ridge (COI) | COI Raises $10m | Not covered | No rating
Rare earth: China’s mining quota increases | Analyst | Helen Lau
Gage Roads (GRB) | Angel Seafood (AS1) | Saracen Mineral Holdings (SAR) | Argonaut’s 2019 Best Undeveloped Projects