Morning Notes

06/12/2018 - Argonaut Morning Note

Market Update: 

US markets were closed overnight to honour the late President George H.W. Bush; Oil finished lower following the first phase of talks between OPEC and allied producers regarding crude supply limits. Brent crude fell 0.8% overnight to US$ 61.57 bbl and WTI decreased 0.7% to US$ 52.89 bbl; UK Prime Minister, Theresa May is searching for a compromise on a key vote in parliament next week to avoid a crushing defeat on her Brexit deal; Copper declined overnight on the (LME) as a result of lingering doubts over the credibility of the trade truce between the US and China which impacted demand levels. Copper fell 0.6% to US$ 6,175/t; Credit markets are reportedly entering bubble status, according to Bloomberg as investors begin to chase yield in response to the current volatility of global equity markets

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