Market Pulse - Commodities
Orosur Mining continues to dig itself out of its financial hole in 2016
Orosur Mining continued to dig itself out of the hole it had fallen into as the company progressed on cost-cutting.
Sirius Minerals reports comfortable cash position ahead of key milestones
Sirius Minerals reported what some analysts described as a comfortable liquidity position at the half-year stage, as the company continued to progress on its plans to develop its North Yorkshire polyhalite project.
RockHopper buys Egypt's Beach Petroleum for $11.9m
Oil and gas explorer RockHopper Exploration bought Egypt’s Beach Petroleum for $11. 9m to increase its “exposure to low cost, cash generative production assets” in the region.
Ithaca Energy reports better than expected average production at half-year stage
Ithaca Energy reported a sharp increase in cash flows and reduction in net debt at the half-year stage ahead of the start of production at its Stella field, which management forecast would lead to a step-change in production and hence cash flows.
AP Moeller-Maersk launches strategic review after unsatisfactory results
Maersk Group launched a strategic review after posting what the company itself described as "unsatisfactory results" in the second quarter, amid low growth and price falls in almost all its markets.
Credit Suisse has tactical worries about gold, highlights prospect of higher fiscal spending
Credit Suisse advised clients investing in gold and related equities to keep their eye on real, or inflation-adjusted, bond yields instead of on so-called inflation break-evens or nominal yields, calling attention to the potential impact that increased fiscal spending worldwide might have the prices of both.
Chinese credit growth slows sharply in July
Chinese credit growth slowed sharply in May as the impact of earlier monetary easing by the country´s central bank waned, some economists said.
Chinese investment, retail sales slow in July
A raft of data on the Chinese economy released at the tail-end of the week undershot economists´ forecasts by a wide margin, raising doubts in some corners of the market about the efficacy of recent stimulus and highlighting the need for structural reforms in order to boost growth.
Oil futures slip on US inventory data, reports of higher output
Crude oil futures dropped following the release of better-than-expected weekly stockpile data Stateside and a raft of new reports pointing to higher global supplies.
Restructuring continues apace at Hargreaves Services
Full-year profits at Hargreaves Services sank as the company continued to restructure its operations in the face of low coal prices and UK coal generation-based power plant closures.
OPEC to hold informal talks at conference in September
The president of the oil cartel said on Monday informal talks would be held at an energy conference in September in response to plummeting oil prices.
Commodities: Oil futures advance on speculation around informal OPEC meeting
All eyes were on the energy patch at the start of the week, after a report from the Journal indicated that the Organisation for Petroleum Exporting Countries would hold informal talks on the sidelines of an industry event in September.
China trade data for July misses forecasts
Chinese trade data released on Monday morning pointed to still soft economic conditions in Asia´s largest economy, although some economists were sanguine regarding the immediate outlook.
Commodities: Gold loses lustre after US jobs data, corn, wheat futures find a bid
The strong July jobs data Stateside pushed the dollar index higher, weighing on the commodities patch but not unduly so.
Petro Matad reaches $10m settlement with Shell's Mongolian affiliate
Petroleum explorer Petro Matad’s reached a $10m settlement with Shell’s affiliate BG Mongolian Holdings (BGMH).
Rio Tinto completes sale of Mount Pleasant thermal coal assets
Rio Tinto completed the sale of its Mount Pleasant thermal coal assets to MACH Energy Australia Pty, taking its tally for divestments since January 2013 to $4. 7bn.
Credit Suisse and Jefferies weigh in on Ferrexpo
Analysts at Credit Suisse boosted their target price for Ferrexpo shares sharply higher to reflect the recent rise in iron ore prices and the outfit´s ability to generate cash.
MPC decision and August Inflation Report: Analysts´ reactions
"The stock of the APF programme was increased by £70bn from its present £375bn, with an unexpected move into corporate bonds. The expectation regarding QE was split but generally short of our call of a £100-150bn increase in asset purchases, although we had expected the Committee to focus purely on gilts. [. ] The Bank of England released its new macro forecasts in the accompanied Inflation Report. [. ] Overall, this results in a growth forecast above consensus but an inflation profile broadly in-line with consensus.
Scotgold Resources places 62.5m shares on AIM, ASX to raise £500,000
Scotgold Resources announced a sharply discounted share placing and delays in the proceeds from gold sales, sending the stock sharply lower.
Swiss miner Ferrexpo's profits drop despite record sales volumes
Iron ore pellet producer Ferrexpo’s half year revenues and profits fell despite a rise in sales volumes to record highs.