Today’s Market View – Chaarat Gold; Savannah Resources and more…
Economics
US – Durable goods orders rise 1.9% in September
Data released by the Commerce Department on Tuesday showed new orders for US manufactured durable goods rose 1.9% in Sept vs 0.4% in August and 0.5% expected.
SP Angel . Morning View . Wednesday 28 10 20
Risk sentiment pulls back on COIVD concerns
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* () – BUY – 132p (from 115p) – Good Diba metallurgical testwork points to better project economics
( LN) – Feasibility study on new cathode production technology
Chaarat Gold* () – BUY – Robust Q3 results with FY20 guidance reiterated
Empire Metals* () – Gold grades from drilling at Eclipse indicate potential for further discovery
Gem Diamonds () – Improving diamond prices from Letšeng
KAZ Minerals () – to buy Kaz Minerals in £3bn deal
Rainbow Rare Earths* (LON:RBW) – Results
Savannah Resources* () – Advances on the Mina do Barroso lithium project
(TSG LN) – High grade drilling results from V25 to potentially upgrade Asacha resource
APEX survey rankings for SP Angel commodity forecasts:
2nd in Gold, 2nd in Copper, 2nd in Nickel, 1st in Tin, 5th in Iron ore
Recent interviews:
EV revolution, gold and other ideas (Interactive Investor): https://www.youtube.com/watch?v=ja0IdjszfCc
Metals Markets: Are they totally dependent on stimulus? (IG TV): https://youtu.be/TOiSwRpgfKM
Tesla Battery Day (IG TV): https://youtu.be/8su0PtyZLIM
SolGold interview: : https://youtu.be/wK3SDPKADgM
Stock ideas (VOX, 21/10/20): https://www.voxmarkets.co.uk/media/5f913cebb9f74a03c9dfcb4d/?context=/listings/LON/AAZ/multimedia/
(VOX, 14/10/20): https://audioboom.com/posts/7705483-john-meyer-talks-the-imf-anglo-asian-mining-orosur-mining-scotgold-resources
Economics
US – Durable goods orders rise 1.9% in September
Data released by the Commerce Department on Tuesday showed new orders for US manufactured durable goods rose 1.9% in Sept vs 0.4% in August and 0.5% expected.
The stronger than expected growth came as orders for transportation equipment rose 4.1% in September vs -0.9% in August.
Separately, data released yesterday showed US Consumer Confidence fell to 100.9 vs 101.3 last and 101.5 expected.
Germany – Merkel pushes for partial lockdown
Chancellor Merkel is expected to demand that measures are introduced that drastically reduce social contacts, when she meets government officials later today.
The new measures would see bars and restaurants closing entirely, although schools would remain open.
Germany’s DAX sank 3.2% in early trade on Wednesday to its lowest In five months.
Italy – Further stimulus approved to support business hit by new restrictions
Italy’s government approved a new package of measures to support businesses on Tuesday, including: grants, tax breaks and additional funds for temporary lay-off schemes worth €5.4bn
The announcement came after Prime Minister Conte introduced the harshest measures since the Spring lockdown, which included the closing or bars and restaurants at 6pm, and the total closure of cinemas, theatres and gyms.
Monday saw protests by small businesses owners and affected workers in cities across Italy as a result of the new restrictions.
Zambia – October debt repayment due to CDB deferred
Zambia has reached a deal with the China Development Bank (CDB) to defer debt repayments that were due this month, with interest and principal due on the 25th of October now payable on the 25th of April 2021.
The country has been plunged into a debt crisis as the Africa’s second-largest struggles to deal with the health and economic consequences of the coronavirus pandemic.
Zambia’s external debt is nearly $12bn, including $3bn of outstanding Eurobonds, $3.5bn of bilateral debt, $2.9bn of other commercial debt and $2.1bn owed to multilateral institutions.
Currencies
US$1.1765/eur vs 1.1810/eur yesterday. …
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