Key News Overnight:
U.S. stocks fell with Treasuries, while the dollar advanced as the Fed pushed back on market expectations that its next move would be a rate cut. The S&P 500 Index posted its biggest decline in almost six weeks after Fed Chairman Jerome Powell said the central bank has no bias to either tighten or ease policy.
Oil slid Wednesday as a report showed U.S. crude stockpiles swelled to their highest levels since 2017 while American production set a new record.
Copper futures posted the biggest drop in eight months as global manufacturing slumps just as supply is set to get a boost. A measure of U.S. factories fell in April to the weakest since late 2016.
Base metal prices were lower by up to 3.7% on Wednesday with lead down the most and copper and zinc down more than 3%. However, aluminium rose by up to 1.3%.
Gold fell after swinging between gains and losses as investors awaited the Federal Reserve’s rate decision following a stronger-than-expected U.S. jobs report.
In This Issue:
Kidman Resources (KDR) | Wesfarmers Takeover Offer| BUY | Analyst: Matthew Keane
Swick (SWK) | 3Q19 update and FY19 guidance | SPEC BUY | Analyst | Ian Christie
Hazer Group (HZR) | Site Visit to Hazer’s new facility in Perth| SPEC BUY | Analyst | Michael Eidne
Recent Research:
Kidman Resources (KDR), Independence Group (IGO), Regis Resources (RRL), Western Areas (WSA), Dacian Gold (DCN)
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