Key News Overnight:
US stocks failed to sustain early gains, sending the S&P 500 and Dow lower for a fifth day as jittery investors digested coronavirus developments.
Signs of distress regarding the impacts of the coronavirus were evident in areas outside of the stock market last night. Gold prices spiked 0.8%, copper prices fell, iron ore plunged, and oil prices fell in excess of 2%.
The Aussie dollar dropped 0.7% yesterday, to trade as low as 0.6552—at lows not witnessed since the very depths of the Global Financial Crisis.
The $2.6 trillion international bond market has come to a virtual standstill as the coronavirus spreads fear through company boardrooms. In the U.S., Wall Street banks faced their third straight day without any bond offerings, a rarity outside of holiday and seasonal slowdowns. European debt bankers had their first day of 2020 without a deal on Wednesday.
Saudi Aramco is starting early preparations for an international IPO and is discussing with Wall Street banks scenarios for a second listing. An overseas listing is seen as unlikely to take place this year given market conditions and a weak outlook for commodity prices.
In This Issue:
SRG Global (SRG) | $72m construction package | BUY | Analyst | Ian Christie
CTI Logistics (CLX) | Interim results | HOLD | Analyst | Ian Christie
St George Mining (SGQ) | Exploring in the Patterson Province | SPEC BUY | Matthew Keane
GR Engineering (GNG) | SRG Global (SRG) | Hot Chili (HCH) | Exore Resources (ERX) | MacMahon (MAH)
Please read Argonaut’s Important Disclaimers & disclosures
Log in to the client area below to download the full Morning Note