Key News Overnight
US stocks were mixed overnight following the latest corporate earnings results and increasing concern over the chances of a trade breakthrough between China and the US. The Dow Jones climbed 0.2% to 24,580 while the S&P 500 slipped 0.1% to 2,640;
Theresa May has promised to re-negotiate Brexit after Parliament ripped up her deal with eight weeks until the UK is scheduled to exit the EU;
Gold extended its rally to reach an eight-month high as trade tensions and Brexit continue to support demand for the metal as a haven. Gold rose 0.7% overnight to $US 1,311.3/oz;
Iron Ore investors are attempting to gauge the fallout from the dam burst at one of Vale SA’s mines. The tragedy is expected to have ramifications beyond the affected operation in Brazil, which could tighten the market in the short-term. Iron Ore 62% Fe remained at US$ 78.80/t;
Oil prices jumped as the US imposed sanctions on Venezuelan state-owned company PDVSA, alleviating concerns about global oversupply of crude. Brent crude rose 2.1% to US$ 61.21/bbl
Recent Research:
SFR, DCN, OEL, NCM, MLD, MMI, EVN, NST, OZL, WSA, SBM, RRL, SWK, MOD
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