Key News Overnight:
Stimulus hopes and another draw in Chinese port inventories saw iron ore prices surge by the most in six months on Monday. The spot price for benchmark 62 per cent iron ore fines leapt 5.9 per cent to $US88.93 per tonne, according to Fastmarlkets MB, the largest one-day percentage increase since September 2 last year.
Modelling by NSW treasury shows the combined impact of the bushfires and coronavirus, or COVID-19, will detract between one third of a percentage point and two-thirds of a percentage point from state growth this financial year.
Lazard Asset Management’s head of US equity Ron Temple has warned investors against comparing the impact of coronavirus to SARS, as the ongoing health crisis continues to rattle markets and force companies to reconsider supply chains.
A number of highly indebted companies face an incipient funding shock and risk being shut out of the capital markets as the COVID-19 epidemic mushrooms into a global crisis, Standard & Poor’s has warned.
Ahead of the Reserve Bank of Australia’s (RBA) March interest rate decision at 2.30pm AEDT today, markets continue to deem the prospect of a rate cut as a near-certainty. According to Australian interbank futures, the implied probability of a 25 basis point reduction, taking the cash rate to a record-low 0.5%, is currently 97%, down noticeably from this time yesterday when they were ascribing around a one-in-four chance of a 50 basis point rate cut being delivered.
In This Issue:
Image Resources (IMA) | Sales to China back on track | Not covered | No rating
Dimerix (DXB) | Patients continue treatment under TGA Scheme | Not covered | No rating
Galileo Mining (GAL) | Drilling commencing at Lantern Prospect in Fraser Range | Not covered | No rating
EcoGraf Ltd (EGR) | Australian Govt. debt funding in principle | Not covered | No rating
Valmec (VMX) Australian Gold Sector | Perenti (PRN) | GR Engineering (GNG) | SRG Global (SRG) | Hot Chili (HCH) | Exore Resources (ERX) | MacMahon (MAH)