Morning Notes

05/12/2018 - Argonaut Morning Note

Market Update: 

US markets plummeted overnight as a result of increased angst regarding the meaningful progress made between the US and China on trade. The Dow Jones fell 3.1% to 25,027 and the S&P 500 decreased 3.2% to 2,700; President Donald Trump’s administration is recommending the U.S. Postal Service increase prices for shipping packages, a move that will hurt online retailers such as Amazon Inc; OPEC and its allies are meet in Vienna this week to discuss production cuts following the largest monthly drop in oil prices in a decade. Brent crude fell 0.7% to 61.25 US$/bbl overnight and WTI gained 0.6% to 53.25 US$/bbl; Copper retreated overnight as a result of increased scepticism over claims that a US- China trade truce will re-ignite demand concerns. Copper fell 1.6% to 6,213 US$/t on the London Metals Exchange; The US gold price gained 0.6% overnight to 1,238 US$/oz as concerns mounted over the US–China trade situation  

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Argonaut Morning Note