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Morning Notes

U.S. stocks slipped intraday as fresh trade threats between the U.S. and China stoked caution among investors. Signs that the U.S. trade fight with China was set to escalate this week capped stock gains and sent the dollar lower. The Trump administration is planning to unveil new tariffs on $200 billion in Chinese goods, with President Trump saying Monday that he would make an announcement after the end of the trading day. Chinese officials have said they could pull out of trade talks if President Trump carries out his plans. The Dow Jones Industrial Average fell 93 points, or 0.4%, to 26062, extending declines after Mr. Trump said he would make his announcement later in the day. The S&P 500 was down 0.6% and the Nasdaq Composite dropped 1.3%, hurt by a decline in shares of technology companies. So far, the U.S. stock market has managed to hold its ground and remain near all-time highs, in part because trade developments have been incremental and the economic impact on the U.S. has so far been minimal, analysts said. Even with Monday's decline, the S&P 500 is off less than 1% from a record. Shares of technology-focused companies retreated Monday, weighing on the Nasdaq. The US gold price advanced 0.7% to 1201.10 US$/oz.

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Latest Research

Nickel prices have recently undergone some downward pressure due to concern about demand a slow-down from stainless steel producers. We highlighted this price weakness in our Asia Morning Note on 4 September. However, the recent stainless-steel inventory drawdown should support an increase in the nickel price in the short-term. Meanwhile, the nickel sulphate premium to the nickel price has started to increase, reflecting growing demand from the battery sector.

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Latest News

Argonaut Congratulates Dacian Gold on a Highly Successful Capital Raising
Argonaut acted as Joint Lead Manager to successfully raise A$40 million for Dacian Gold Limited (ASX:DCN) (“Dacian” or “the Company”). The Company raised funds from Australian and international institutional and professional investors by way of a placement at an issue price of A$2.70 per share. The placement was heavily oversubscribed with significant demand generated from new major domestic and international institutional investors.

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