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30 September 2019 08:17 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,82026,891-71.00-0.261.58
S&P 5002,9622,978-16.00-0.531.21
FTSE 100 Index7,4267,35175.001.023.04
DAX 3012,38112,28992.000.753.70
CAC 40 Index5,6415,62120.000.362.92
Nikkei 225 (Japan)21,87922,048-169.00-0.775.67
SSE Composite Index2,9322,9293.000.111.59
S&P/TSX Composite Index16,69416,790-96.00-0.571.53
NZ 5010,84810,83612.000.110.84
US Volatility (Vix)17
Overseas Market Report

US sharemarkets fell on Friday on reports that the White House was considering the delisting of Chinese companies from US stock exchanges. High level US-China trade talks will be held October 10- 11. Economic data was mixed. The Dow Jones fell by almost 71 points or 0.3%. The S&P500 index fell by 0.5% and the Nasdaq lost 91 points or 1.1%. Over the week the Dow lost 0.4%, the S&P 500 lost 1.0% and the Nasdaq fell by 2.2%.

Global oil prices fell by around 1% on Friday on reports of a faster-than-expected recovery in Saudi production. The Brent crude price fell by US83 cents or 1.3% to US$61.91 a barrel. And the US Nymex price fell by US50 cents or 0.9% to US$58.09 a barrel. Over the week Brent fell by 3.7% and Nymex fell by 3.8%. 

Base metal prices were mixed on the London Metal Exchange on Friday. Lead and tin fell by up to 1.3%. But other metals rose by up to 0.8% with copper up the most. Over the week metals fell by up to 3.7% with tin and aluminium down the most. But zinc rose 1.6%. 

The gold futures price fell by US$8.80 or 0.6% to US$1,506.40 an ounce. The spot gold price was trading near US$1,496 an ounce in late US trade. Over the week gold fell by US$8.70 an ounce or 0.6%. Iron ore rose by US30 cents or 0.3% to US$91.50 a tonne. Over the week iron ore fell by US10 cents.

PreviousChangeDaily %
Monthly %
Oil Brent62.1261.910.210.342.80
Oil - West Texas crude56.0955.910.180.321.80
Gold Spot $/OZ1,497.001,497.000.100.01-1.52
Silver Spot $/OZ17.6017.500.000.05-4.47
Iron Ore92.1092.80-0.60-0.684.85
Thermal Coal Newcastle68.2067.500.700.964.20
APAC Hard Coking Coal FOB137.00136.001.000.74-9.87
Aluminium ($US/t)1,7171,7170.00-0.01-0.92
Copper Mar-18 ($US/lb)2.602.600.400.152.70
Lead ($US/t)2,0572,084-27.00-1.28-2.13
Nickel ($US/t)17,33817,340-2.00-0.019.88
Zinc ($US/t)2,3502,3409.000.383.15
Tin ($US/t)16,10816,270-162.00-1.002.12
Uranium ($US/lb)26.0026.000.00-0.581.19
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,8276,8243.000.051.93
S&P/ASX 2006,7186,7162.000.021.72
ASX 24 Futures6,691
Australian Market Report

Friday 27 September 2019 - close. The Australian share market has closed higher, with gains across the board, but the ASX still ended up suffering its first losing week since mid-August. The benchmark S&P/ASX200 index finished Friday up 38.5 points, or 0.58 per cent, to 6,716.1 points, while the broader All Ordinaries was also up 38.5 points, or 0.57 per cent, to 6,824.1 points.

Ashanti Headlines

US Rare Earths Imports from China Spike in August

  • In August, shipments from China to the US totalled 452,473 kilograms, up 1.2% from July's export total
  • The US imported more rare earth magnets in August than in the previous three years.
  • The increase will be down to the increase in production in Tesla Model 3 cars which are now using permanent magnets and general growth in the use of permanent magnets in consumer, industrial and military applications.
  • China has previously threatened to restrict exports of rare earths to the US as it has previously threatened with Japan.
  • China also tries to use the availability of raw material supplies combined with access to Chinese markets to persuade / coerce manufacturers into setting up facilities in China. Tesla’s new Shanghai Gigafactory and many other facilities demonstrates the policy clearly works.
  • China’s Rare Earth exports are 6.2% higher yoy according to Chinese customs data.
  • Back in 2010 when China represented some 97% of global supply the nation reduced rare earth exports by about 40% giving some manufacturers a bit of a scare though the move was principally aimed at Japan over territorial rights
  • The World Trade Organisation then acted to force China to lift its export limits in 2015

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