Key News Overnight:
Attention to global markets has become transfixed on the evolving outbreak of Coronavirus throughout China and across the globe. Risk aversion continued to be fuelled yesterday, as the reported number of cases of the virus in China approached 3000.
Concerns regarding the potential impacts of the Coronavirus outbreak has caused sentiment to flip in global markets, driving equities down, and safe-havens higher.
The S&P500 registered its first day’s loss of over 1% since October last night. It was a day of broad-based losses, and very high activity, for US equities, with every sector within the S&P500 falling.
Safe-havens considerably outperformed risk-assets in the broader financial markets yesterday. Government bond yields fell on a search for safety, with the yield on 10 Year US Treasuries dropping to nearly 1.6%.
The price of crude has dropped around 20% since its January highs, to enter what is technical bear correction, largely as concerns mount about the impact to energy demand from the Coronavirus.
In This Issue:
Saracen Mineral Holdings (SAR) | December Q results | BUY | Analyst | Matthew Keane
Western Areas (WSA) | December Q results | Under Review | Analyst | Matthew Keane
St George Mining (SGQ) | Exploration Update | SPEC BUY | Analyst | Matthew Keane
Copper to lead the charge in 2020 | SCEE (SXE) | Matrix (MCE) | Regis Resources (RRL) | St Barbara (SBM)
Please read Argonaut’s Important Disclaimers & disclosures
Log in to the client area below to download the full Morning Note