Key News Overnight:
Westpac Banking Corp. remains under pressure over a money-laundering scandal even after the resignation of its Chief Executive Officer, with powerful shareholder advisers calling for more changes to the Board.
The U.S. economy grew faster than previously estimated last quarter, recording a 2.1% annualised pace in the second reading, up from 1.9% in the initial report.
China’s recent data releases have continued to point to the need for further policy support. Profits registered the sharpest year-on-year decline in data dating back to October 2011, which sounds an alarm for investment and employment in the industrial sector. Elevated uncertainty about the outcome of U.S.-China trade talks has been weighing on business sentiment and investment.
Oil dropped as EIA data showed large stock builds in crude and especially gasoline. Precious metals were mostly lower, except for palladium. Iron ore futures extended their retreat in Singapore, and nickel dropped in London.
In This Issue:
OZ Minerals (OZL) | Gaining momentum in the Carajás | BUY | Analyst | Matthew Keane
NRW Holdings (NWH) | Acquisition of BGC Contracting | Not covered | No rating
State Gas (GAS) | GAS wins appeal and flow testing preparations are ongoing | Not covered | No rating
Encounter Resources (ENR) | Interesting targets in Paterson Province | Not covered | No rating
Gage Roads (GRB) | Angel Seafood (AS1) | Saracen Mineral Holdings (SAR) | Argonaut’s 2019 Best Undeveloped Projects