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12 July 2019 08:04 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,08826,860228.000.854.17
S&P 5003,0002,9937.000.234.17
NASDAQ8,1968,203-6.00-0.085.18
FTSE 100 Index7,5107,531-21.00-0.281.93
DAX 3012,33212,373-41.00-0.331.79
CAC 40 Index5,5525,568-16.00-0.283.29
Nikkei 225 (Japan)21,64421,533110.000.512.43
HKSE28,43228,205227.000.814.11
SSE Composite Index2,9182,9152.000.080.29
S&P/TSX Composite Index16,52816,563-35.00-0.211.85
NZ 5010,66710,687-20.00-0.194.53
US Volatility (Vix)13
Overseas Market Report

US sharemarkets were mixed on Thursday, but the Dow Jones rallied to a record high, breaching 27,000 points for the first time. UnitedHealth shares rose 5.5% after the White House dropped a proposal to eliminate drug rebates. Cigna (+9.2%) also jumped on the news, leading gains on the S&P500. But drugmakers Merck (- 4.5%) and Pfizer (-2.5%) both fell, weighing on the Nasdaq biotech index (-1.5%). Shares of Delta Air Lines rose by 1.2% after a betterthan-expected earnings result. The Dow Jones rose by 227 points or 0.9%. The S&P500 was up by 0.2%. But the Nasdaq fell by 6 points or 0.1%. 

Global oil prices fell on Thursday. US oil firms shut more than 1 million barrels per day (bpd) of production in the Gulf of Mexico due to Tropical Storm Barry. OPEC gave its 2020 forecasts, projecting demand of 29.27 million bpd of crude next year, down 1.34 million bpd from this year. The Brent crude price fell by US49 cents or 0.7% to US$66.52 a barrel. The US Nymex price fell by US23 cents or 0.4% to US$60.20 a barrel. 

Base metal prices were mixed on the London Metal Exchange (LME) on Thursday. Zinc (+1.3%) and nickel (+1.1%) led gains. But aluminium (-1.4%) and lead (-0.3%) both fell. 

The gold futures price fell by US$5.80 an ounce or 0.4% to US$1,406.70 an ounce. The spot gold price was trading near US$1,406 an ounce in late US trade. Iron ore fell by US$1.95 or 1.6% to US$119.25 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent66.5267.01-0.49-0.736.79
Oil - West Texas crude60.4260.200.220.3718.15
Gold Spot $/OZ1,405.001,404.000.800.065.32
Silver Spot $/OZ15.1015.100.000.012.35
Iron Ore118.30115.602.702.3421.10
Thermal Coal Newcastle75.0075.50-0.40-0.531.21
APAC Hard Coking Coal FOB182.50183.50-1.00-0.54-5.68
Aluminium ($US/t)1,8081,833-26.00-1.393.39
Copper Mar-18 ($US/lb)2.682.69-1.10-0.390.41
Lead ($US/t)1,9681,974-5.00-0.251.13
Nickel ($US/t)13,07312,928145.001.1210.72
Zinc ($US/t)2,4372,40532.001.33-8.19
Tin ($US/t)18,29718,148149.000.82-5.12
Uranium ($US/lb)25.0025.000.000.20-0.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7986,806-7.00-0.112.56
S&P/ASX 2006,7086,716-8.00-0.122.51
ASX 24 Futures6,638
Australian Market Report

Thursday 11 July - close. The Australian share market has risen for a second day, with gains across the board after US Federal Reserve Chairman Jerome Powell sent a strong signal overnight that the central bank was ready to cut interest rates. The benchmark S&P/ASX200 index was up 26.3 points, or 0.39 per cent, to 6,716.1 points at 1615 AEST on Thursday, while the broader All Ordinaries was up 28.1 points, or 0.41 per cent, to 6,805.8.

Ashanti Headlines

Bye Aerospace - Live US$5m Capital Raise and Conference Call | First fully FAA certified electric aircraft in the world | 2021 NASDAQ IPO

  • Bye Aerospace (“Bye”) is conducting a capital raising by way of a Series A2 Preferred Stock Offering to raise US$5m. Please reach out should you want a copy of the term sheet.
  • By way of background, Bye Aerospace has developed and is in the process of obtaining FAA certification for the world’s first, commercially certified electric aircraft called the eFlyer 2 - https://byeaerospace.com/
    • George Bye, Founder and CEO of Bye Aerospace has assembled an impressive team of experienced senior aviation executives, business, legal and investment professionals including COO Charles B. Johnson (former President of Cessna), CFO Paul McAuliffe (former Principle at Morgan Stanley, CS First Boston), SVP, Gen Counsel John Knudsen (former FAA attorney) & VP Strategy & BD Tom Calgaard (ex-Lockheed Martin Head of Strategy & BD). 
    • Bye has an agreement with Rolls Royce (which purchased Siemens’ electric/hybrid propulsion business two weeks ago and is the second largest manufacturer of aircraft engines after GE) to provide the electric propulsion motor plus inverter and Garmin for the supply of avionics. 
    • The eFlyer 2 has seen strong initial demand from industry, with over 605 combined customer commitments and options representing over US$200m backlog. 
    • Bye remains on track to achieve its target of FAA certification by the end of 2021 which will coincide with a listing on the NASDAQ. 

Ashanti has arranged a conference call with George Bye for 7.30am AWST Thursday 18th July (9.30am AEST). Please reach out or contact your adviser on +61 8 6319 7807 should you be interested to join the call.


Have a question? admin@ashanticapital.com.au

ERA Communications