Key News Overnight:
Markets seem to be adopting a more hopeful view towards the coronavirus outbreak. Market participants appear more comfortable with the notion that the virus’ spread, and therefore its impacts to global economic growth, has been contained.
US and European stocks rallied considerably last night, during what was a day of high market activity. The benchmark S&P500 climbed back above the 3300 mark, led by a considerable rally in tech stocks.
Chinese policymakers proved their willingness to throw the kitchen sink at the country’s financial markets. On Tuesday, PBOC pumped in another ~400b Yuan of liquidity into the financial system.
China’s determination to support its economy brought optimism to commodity markets. Copper jumped 1.7% in London, its first gain in 15 days. Palladium climbed 4.6% and agriculture markets were broadly higher.
Oil shrugged off earlier gains and slid 1% to close below $50 a barrel in for the first time in a year on coronavirus fears. Natural gas futures climbed and most base metals rose, buoyed by China’s determination to support its economy, and gold dropped.
In This Issue:
Perenti (PRN) | Response to M&A speculation | HOLD | Analyst | Ian Christie
Orthocell (OCC) | OCC expands its patents for CelGro® | SPEC BUY | Analyst | Michael Eidne
Valmec (VMX) | Strong interim numbers | SPEC BUY | Analyst | Ian Christie
Gage Roads (GRB) | Orthocell (OCC) | Hazer (HZN) | Construction – Risky Business | Botanix (BOT) | Salt Lake Potash (SO4) | Otto Energy (OEL) | West African Resources (WAF) | Independence Group (IGO) | Gold Road Resources (GOR)