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01 October 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,91726,82097.000.361.95
S&P 5002,9772,96215.000.501.72
NASDAQ7,9997,94060.000.750.46
FTSE 100 Index7,4087,426-18.00-0.242.79
DAX 3012,428047.000.384.09
CAC 40 Index5,6785,64137.000.663.60
Nikkei 225 (Japan)21,75621,879-123.00-0.565.08
HKSE26,09225,955137.000.531.43
SSE Composite Index2,9052,932-27.00-0.920.66
S&P/TSX Composite Index16,65916,694-36.00-0.211.32
NZ 5010,92410,926-1.00-0.011.55
US Volatility (Vix)16
Overseas Market Report

US sharemarkets were firmer on Monday. US trade negotiator Peter Navarro said reports that the White House was considering the delisting of Chinese companies from US stock exchanges was "fake news". Reuters reported that shares of Apple rose 2.4% after "Chief Executive Officer Tim Cook told a German daily that sales of the company's newest iPhones were off to a strong start". The Dow Jones rose by 97 points or 0.4%. The S&P500 index rose by 0.5% and the Nasdaq gained 60 points or 0.8%. 

Global oil prices fell by 2-3% on Monday. There were reduced concerns about supply disruptions following the drone attack on Saudi Arabian production facilities. Saudi production has come back on-line more quickly than expected. And Chinese purchasing manager indexes for September were soft. The Brent crude price fell by US$1.13 or 1.8% to US$60.78 a barrel. And the US Nymex price fell by US$1.84 or 3.3% to US$54.07 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Monday. Lead and tin zinc rose by 3.4% but other metals fell by between 0.7-1.2% with tin down the most. 

The gold futures price fell by US$33.50 an ounce or 2.2% to US$1,472.90 an ounce. The spot gold price was trading near US$1,472 an ounce in late US trade. Iron ore rose by US$1.70 or 1.9% to US$93.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent59.2561.04-1.79-2.93-1.95
Oil - West Texas crude54.2754.070.200.37-1.51
Gold Spot $/OZ1,473.001,472.000.600.04-3.11
Silver Spot $/OZ17.0017.000.000.14-7.39
Iron Ore92.1092.80-0.60-0.684.85
Thermal Coal Newcastle70.0068.201.902.796.54
APAC Hard Coking Coal FOB137.00136.001.000.74-9.87
Aluminium ($US/t)1,7021,717-15.00-0.89-1.32
Copper Mar-18 ($US/lb)2.582.58-0.40-0.141.66
Lead ($US/t)2,1272,05770.003.405.65
Nickel ($US/t)17,21917,338-120.00-0.69-4.36
Zinc ($US/t)2,4282,35079.003.369.79
Tin ($US/t)15,91016,108-198.00-1.23-2.69
Uranium ($US/lb)26.0026.000.00-0.390.99
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8016,824-24.00-0.341.53
S&P/ASX 2006,6886,716-28.00-0.411.27
ASX 24 Futures6,687
Australian Market Report

Monday 30 September 2019 - close. The Australian share market has closed lower ahead of a possible third cash rate cut by the Reserve Bank, with tech stocks leading losses. The benchmark S&P/ASX200 index finished Monday down 27.8 points, or 0.41 per cent, to 6,688.3 points, while the broader All Ordinaries was down 23.5 points, or 0.34 per cent, to 6,800.6 points.

Ashanti Headlines

Australia points to holes in US rare earth supply chain (AFR)

  • A report from the Morrison government has outlined how reliant the US has become on China in rare earths and exposes gaping holes in the supply chain for the materials that are important in electric vehicles, electronics and military applications.
  • The report comes as Lynas, the biggest supplier of rare earths outside China, edges closer to making an official call on building a first stage processing plant next door to BHP’s Nickel West operations outside Kalgoorlie in Western Australia.
  • The Morrsion government has put a heavy focus on downstream investment in rare earths and other so-called critical minerals processing since their supply emerged as a flashpoint in the trade war between Washington and Beijing.
  • US President Donald Trump made developing non-Chinese supply chains a top priority in July when he cleared the way for the Department of Defence to fund rare earth technology and resources.
  • Lynas is the only non-Chinese supplier of any scale for rare earth materials such as neodymium and praseodymium (NdPr) used in permanent magnets, In partnership with Blue Line Corporation, the company is working on plans to develop a heavy rare earth separation capacity at a plant in Texas.
  • The development of processing facilities outside China should create competition for rare earth concentrates raising prices that will ultimately benefit rare earth development projects globally.  

Have a question? admin@ashanticapital.com.au

ERA Communications