Key News Overnight:
The Fed stayed on hold and indicated it will remain that way. Officials did raise the IOER rate five bps to 1.6% to keep the main rate within its target range and the overnight repo rate by the same amount to 1.5%.
U.S. stocks erased early gains amid speculation the recent rally has outpaced global growth risks. Treasuries climbed, with 10-year yields dropping almost seven basis points after the Fed expressed concern over reaching its 2% inflation target.
In Donald Trump’s impeachment trial, senators kicked off two days of questioning the prosecution and the defence. Mitch McConnell has told his colleagues he does not have the whip count to block calling witnesses, a person familiar said. That vote could happen Friday.
Australia’s export price index may have dropped 5.2% during the fourth quarter, according to a survey, after gaining 1.3% in the prior three months. Consensus is for the increase in import prices to repeat at 0.4%.
Oil closed down after fluctuating throughout the day as investors weighed the threat of supply disruptions in the Mideast against rising U.S. inventories. Gold and most other precious metals rose, while base metals waned.
In This Issue:
Fortescue Metals (FMG) | December Q results | BUY | Analyst | James Wilson
Independence Group (IGO) | December Q results | BUY | Analyst | Matthew Keane
Gold Road Resources (GOR) | December Quarterly | BUY (under review) | Analyst | James Wilson
Orocobre (ORE) | 31 December 2019 Quarterly Report | Not covered | No rating
OZ Minerals (OZL) | Northern Star (NST) | Oil and Gas Sector Update | Saracen Mineral Holdings (SAR) | Western Areas (WSA) | Copper to lead the charge in 2020 | SCEE (SXE) | Matrix (MCE)