Key News Overnight:
US equities finished lower in Tuesday trading after giving back earlier gains. Financials the worst performer along with laggards in the Energy, healthcare and retail sectors. Precious metals and miners were higher on the back of a 1% gain in spot gold. Treasuries were firmer with curve flattening. 30-year below 2% and 2-10 spread has inverted further (~4 bps). The U.S. Dollar was weaker vs yen and a touch higher vs euro.
Still a significant focus on US-China trade, with some discussion that China stimulus measures announced today (including restrictions on auto purchases) might imply less incentive for China to strike a deal. Also continued scepticism at Trump’s assertion about China calls and that country’s willingness to negotiate.
Base metal prices were mixed on the London Metal Exchange on Tuesday. Tin fell 0.8% and aluminium fell 0.7% but other metals rose by up to 1.5% with lead up the most. The gold futures price rose by US$14.60 or 0.9% to US$1,551.80 an ounce. The spot gold price was trading near US$1,543 an ounce in late US trade. Iron ore fell by US$2.90 or 3.4% to US$83.10 a tonne.
In This Issue:
OZ Minerals (OZL) | FY19 Financial Results | BUY | Analyst | Matthew Keane
SCEE (SXE) | FY19 results | BUY | Analyst | Ian Christie
Carnarvon Petroleum (CVN) | Dorado-3 Drilling Update | SPEC BUY | Analyst | Michael Eidne
Sandfire Resources (SFR) | SRG Global (SRG) | Austin Engineering (ANG) | GR Engineering (GNG) | Matrix (MCE) | Pacific Energy (PEA)