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22 October 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,82826,77057.000.21-0.40
S&P 5003,0072,98621.000.690.49
NASDAQ8,1638,09073.000.910.56
FTSE 100 Index7,1647,15113.000.18-2.47
DAX 3012,7480114.000.912.25
CAC 40 Index5,6485,63612.000.21-0.75
Nikkei 225 (Japan)22,54922,49356.000.252.13
HKSE26,72626,7206.000.021.10
SSE Composite Index2,9402,9381.000.05-2.22
S&P/TSX Composite Index16,41816,37741.000.25-2.85
NZ 5011,07411,06311.000.102.26
US Volatility (Vix)14
Overseas Market Report

US sharemarkets rose on Monday. White House economic adviser Larry Kudlow said that tariffs on China that are scheduled for December could be withdrawn if trade talks continue to go well. Shares in Boeing fell again, down by 3.6% on broker downgrades. But the energy sector drove markets higher with Haliburton up 6.0%. Technology shares out-performed with shares in Apple at record highs in the session. The Dow Jones rose by 57 points or 0.2%. The S&P500 index rose by 0.7% with the Nasdaq up by 73 points or 0.9%. 

Global oil prices were weaker by up to 0.9% on Monday. There is concern that OPEC production cuts won't be sufficient to match slowing world demand for oil. Brent crude fell by US46 cents or 0.8% to US$58.96 a barrel. And the US Nymex price fell by US47 cents or 0.9% to US$53.31 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Monday. Nickel fell by 1.4% with tin down 1.1% and aluminium down 0.7%. But other metals rose by between 0.3-1.6%.

The gold futures price fell by US$6.00 or 0.4% to US$1,488.10 an ounce. The spot gold price was trading near US$1,482 an ounce in late US trade. Iron ore fell by US65 cents or 0.8% on Monday to US$85.05 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.9659.42-0.46-0.77-8.28
Oil - West Texas crude53.3953.310.080.15-8.09
Gold Spot $/OZ1,484.001,485.00-0.40-0.02-2.15
Silver Spot $/OZ17.6017.600.000.08-2.36
Iron Ore86.3087.80-1.50-1.74-10.24
Thermal Coal Newcastle67.6067.500.100.153.28
APAC Hard Coking Coal FOB155.00157.00-2.00-1.2716.54
Aluminium ($US/t)1,7221,734-13.00-0.75-2.97
Copper Mar-18 ($US/lb)2.652.65-0.10-0.042.14
Lead ($US/t)2,2322,19736.001.625.84
Nickel ($US/t)16,08016,303-223.00-1.37-8.95
Zinc ($US/t)2,5042,48816.000.648.30
Tin ($US/t)16,73216,917-185.00-1.090.04
Uranium ($US/lb)25.0025.000.00-0.60-3.89
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7586,758-1.00-0.01-1.19
S&P/ASX 2006,6536,6503.000.04-1.16
ASX 24 Futures6,639
Australian Market Report

Monday 21 October 2019 - close. The Australian share market has closed flat, boosted by the property sector and dragged by turmoil in tech stocks. The benchmark S&P/ASX200 index shrugged off early losses to finish Monday on the highs of the day, up 2.8 points, or 0.04 per cent, to 6,652.5 point. The broader All Ordinaries was down 0.7 points, or 0.01 per cent, to 6,757.7 points.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 10.5cps, m.cap A$125.1m with 1,190.9m SOI, Cash $10.7m (post placement), Rare Earth's Developer)

  • GGG have announced positive developments regarding the review of the EIA for its Kvanefjeld rare earth project in southern Greenland.:
  • Environmental Impact Assessment (EIA) review completed by Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA) and their advisors 
  • Significant progress towards finalising the EIA with supplementary information requested in respect of a small number of outstanding issues  
  • EAMRA has provided a structured approach to assist in finalising outstanding issues  
  • Company anticipates additional work can be completed within a few months
  • MD John Mair commented: “Kvanefjeld is a significant project for Greenland and is therefore of considerable public interest. As such, the EIA review process has been thorough and detailed in order to ensure that the EIA provides confidence to Greenland stakeholders and regulators. We are pleased that, after several years of working closely with the Greenland regulators and their advisers, the range of outstanding issues has been significantly narrowed and that clear guidance has been provided to close out the outstanding items.   We welcome the increasingly structured approach to the review process which has more effectively aligned Greenland’s approach with how reviews of this nature are undertaken in other mining jurisdictions. This provides us with confidence that remaining issues will be resolved early in 2020 and a clear path to public consultation will be defined as we move towards completing the licensing process.”  

Quantum XYZ Increases eFlyer Purchase Deposits, Expands Bye Aerospace Partnership

  • Bye Aerospace and Quantum XYZ announced that Quantum has increased the amount of purchase deposits for Bye Aerospace’s two-seat and four-seat eFlyer aircraft. The companies also announced an expanded partnership under which Quantum will use Bye Aerospace’s all-electric aircraft to launch the coming urban air mobility revolution.  

  • “The additional purchase deposits are the second in a series toward an expanded agreement for a fleet of hundreds of aircraft,” said Tony Thompson, CEO of Quantum. He added that the partnership includes future purchase deposits to be made by Quantum for an expanded fleet of eFlyer 2s, eFlyer 4s, and a yet-to-be announced Bye Aerospace aircraft.

  • Thompson hailed the transaction as the next step in Quantum’s push to make local and point-to-point air transportation a reality. “eFlyer aircraft will be a cornerstone of Quantum’s multi-modal aeromobility fleet, a fleet which will include electric and hybrid-electric aircraft, fixed-wing and rotary aircraft, land and sea aircraft,” he said. “This transaction cements Bye Aerospace’s status as the foremost electric aircraft manufacturer, and Quantum’s status as the foremost aeromobility operator, in the nation.”

  • George E. Bye, CEO of Bye Aerospace, thanked Thompson for his forward-thinking vision. “Amidst the flurry of interest in improving urban aviation, Quantum is pursuing a practical, near-term, achievable path,” he said. “Bye Aerospace is pleased to expand this important partnership with Quantum.”

  • “Electric aircraft, Bye aircraft, will create the whole new industry of urban aviation, and will fundamentally reshape the economics of regional aviation,” added James Hopkins, a key Quantum advisor and investor, “and at the same time will play a key role in America’s ongoing transition to renewable energy sources.”

About Quantum: Quantum XYZ is a Los Angeles-based urban air taxi operator. The company is building a fleet of electric and hybrid-electric aircraft to disrupt and fundamentally restructure commercial aviation. The company was founded by Tony Thompson, who is also CEO, and co-founded by Zeeshan Moha, Napp Da, and Scott Akina.


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ERA Communications