Key News Overnight:
The big swings in stock markets have continued, with US equities bouncing once again overnight. It would appear on the surface, coordinated policy action from global central banks is beginning to settle trader’s nerves.
ASX set to rebound this morning: Wall Street’s lead is setting up the ASX200 for a jump of about 100 points at the open this morning. It follows on from the 1.7 per cent the stock market gave up yesterday, in the shadows of the fear elicited by the US Fed’s surprise 50-point rate cut during the night prior. The banks have proven the biggest drag on the ASX200 overall recently.
Coronavirus news, and the clear trend higher in the number of cases ex-China now, remains the markets primary concern. However, the secondary news-flow was, on aggregate, supportive of market sentiment overnight
Global oil prices were down by as much as 1.4% on Wednesday ahead of the OPEC+ meeting to decide production cuts. The OPEC+ technical committee has recommended cuts of at least 600,000 barrels per day.
The gold price fell by US$1.00/oz or 0.1% to US$1,641.10 an ounce. Iron ore rose by US$3.10 or 3.5% to US$90.95 a tonne, base metal prices were firmer by up to 1% on Wednesday, but lead bucked the trend, down by 1.7%.
In This Issue:
Newcrest Mining (NCM) | Finalisation of Gosowong sale | Not covered | No rating
De Grey Mining (DEG) | Hemi discovery grows in scale | Not covered | No rating
Mako Gold (MKG) | High grade gold intercepts at Tchaga prospect | Not covered | No rating
Recent Research:
CTI Logistics (CLX) | Peet (PPC) | SCEE (SXE) | Matrix (MCE) | Valmec (VMX) Australian Gold Sector | Perenti (PRN) | GR Engineering (GNG) | SRG Global (SRG)
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