Morning Notes

15/01/2019 - Argonaut Morning Note

US markets declined overnight as weak Chinese trade data fuelled concerns about slowing global growth. The Dow Jones decreased 0.4% to 23,910 and the S&P 500 fell 0.5% to 2,583; Base metals tumbled in London as a drop in Chinese trade underscored risks for demand and forward spreads on the London Metal Exchange pointed to a loosening supply. Lead declined the most overnight by 1.1% to US$ 1,968/t on the LME;  British investors are buying gold as increasing uncertainty over the outcome of Brexit boosts market volatility, according to The Royal Mint. The US gold price gained 0.3% overnight to US$ 1,291.20/oz 

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14/01/2019 - Argonaut Morning Note

 
The Australian share market is expected to open higher, after base metals prices rose last Friday amid hopes of easing trade tensions between the US and China. The ASX fell 0.3% to 5,835 on Friday; US and China officials have discussed restarting American ethanol shipments as part of the latest round of trade talks; US Senate Minority Leader Chuck Schumer will force a vote next week on a measure to block the Treasury Department’s plans to lift sanctions on three Russian companies linked to oligarch Oleg Deripaska

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11/01/2019 - Argonaut Morning Note

The US stock rally continues; the Dow and S&P 500 were both up a further 0.5% overnight after a seesaw session; The Fed maintaining its softer stance with regard to rate hikes no doubt helped offset angst over the government shutdown; However, retailers in the US had a bad night on weak numbers, with Macy’s dropping 18% after giving lower guidance; Oil stabilised after its recent run, and gold dropped slightly to US$1,286/oz

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10/01/2019 - Argonaut Morning Note

China / US trade talks ended yesterday, with some optimism but little detail; The divide between the border wall proponents and the Democrats is as wide as ever, extending the US Government shutdown; US stocks rose on trade and the more dovish approach outlined in minutes of the latest Fed meeting; The Dow climbed 0.4% (92 points) to 23,879 and the S&P 500 by a similar amount to 2,585; The oil price continues to surge, up 23% since its pre-Christmas low, with WTI now at $52.36/bbl and Brent at $61.35/bbl

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09/01/2019 - Argonaut Morning Note

Stocks in the US rose for a second day, with the Dow up 98 points (+0.4%) and the S&P 500 up 18 points (+0.7%); The US expressed optimism a trade deal with China can be reached; talks have a March 1st deadline; The partial government shut-down in the US drags on, and Trump will be addressing the Nation on Tuesday night; Oil closed higher for a sixth day on optimism a global supply glut will be avoided.

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