Morning Notes

30/01/2019 - Argonaut Morning Note

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 

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29/01/2019 - Argonaut Morning Note

U.S. stocks fell overnight, with top companies blaming slowing global growth for disappointing results, augmenting concerns that the trade war with China is dragging on corporate profits. The Dow Jones fell 0.8% to 24,528 with the S&P 500 also slipping 0.8% to 2,644;  President Donald Trump agreed to re-open the federal government for around three weeks without any guarantee Congress would provide money for his proposed border wall, capitulating to House Speaker Nancy Pelosi;  Iron Ore surged following a deadly dam collapse at a mine run by top producer Vale SA, spurrig concern that global supplies will be interrupted. Iron Ore 62% Fe gained 4.0% overnight to US$ 78.80/t; 

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25/01/2019 - Argonaut Morning Note

US Equity markets were mixed overnight as a rally in semiconductor shares helped mediate concerns around the US and China trade resolution. The S&P 500 climbed 0.1% to 2,642 while the Dow Jones slipped a slight 0.1% to 24,553;  The Senate blocked two rival proposals to reopen U.S. government agencies, leaving President Donald Trump and lawmakers in deadlock with the government shutdown on its 34th day;  Copper and aluminium retreated overnight as trade tensions between Washington and Beijing continue to cloud the global economic outlook. Aluminium fell 1.2% to US$1,873/t while Copper decreased 0.4% to US$5,894/t

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24/01/2019 - Argonaut Morning Note

US stocks closed higher overnight as investor concern eased over the outlook for global growth. The Dow Jones rose 0.7% to 24,576, while the S&P 500 climbed a modest 0.2% to 2,639;  The feud between Nancy Pelosi and Donald Trump has escalated as the speaker claimed she won’t let the President give his State of the Union address in her chamber unless government agencies have been reopened; Japan’s exports fell for the second time in four months in December as softening demand from China and trade-war risks cloud the outlook. According to the finance ministry, the value of exports declined 3.8% from the previous year

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23/01/2019 - Argonaut Morning Note

US stocks fell overnight to a three-week low as rising pessimism that trade tensions with China will persist had caused technology and multinational companies to tumble. The Dow Jones fell 1.2% to 24,404 and the S&P 500 slipped 1.4% to 2,633; Senate leaders have agreed to vote on rival proposals for reopening the US government since the shutdown last month. Lawmakers are considering a Democratic proposal including $5.7bn for border wall funding and would keep agencies open until February 8;Oil plunged by the most in almost a month following concerns over US - China trade talks and the US housing market. Brent crude fell 2.0% to US$61.50/bbl

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