Market Pulse - Commodities
Week ahead: UK Withdrawal, China data in focus
All eyes will shift back towards Westminster this coming week, with the Prime Minister set to present her 'Plan B' for Britain's withdrawal from the European Union on Monday, even as she comes under pressure from many sides to cede on some of her 'red lines'.
BofA-ML forecasts stronger Russian rouble
Analysts at Bank of America-Merrill Lynch forecast a stronger rouble for 2019, pointing to upwards revisions to their projections for the Russia Federation's current account surplus and perhaps also a 'hawkish' central bank.
Commodities: Brent gains on trade hopes, drop in US rig count
Energy and base metals moved higher at the end of the week on the back of positive-sounding news around the US-China trade talks and as more details emerged regarding the first round of talks between Beijing and Washington at the beginning of January.
China offers six-year plan to cut trade surplus with US to zero, Bloomberg reports
China has offered to embark on a six-year $1. 0trn buying spree of US goods in a bid to reconfigure the trade relationship between the two economic giants and reduce its trade surplus with America to zero by 2024, Bloomberg reported.
Tesla cuts staff by 7% as Musk sees hard times ahead
Tesla announced on Friday a 7% cut in staff numbers with Musk saying he sees a “very difficult road” ahead for the company.
IEA sticks to forecast for slight pick-up in global oil demand for 2019
The rich world's energy watchdog reiterated its forecast for global oil demand growth in 2019, even as it highlighted the multiple sources of uncertainty which existed on both the demand and supply sides of the equation.
Washington may be open to lifting some tariffs on China, Journal says
Washington might be prepared to make concessions of its own should Beijing decide to 'play ball' in upcoming trade talks.
France triggers no-deal Brexit contingency plan
France put its Brexit contingency plans into motion on Thursday, amid growing concerns of a no-deal scenario.
US crude oil stockpiles shrink, but product inventories jump further
US crude oil inventories fell by more than was expected last week as net imports dropped, but product stockpiles continued to build rapidly, helped by another leg up in domestic oil production.
Commodities: Oil, copper gain on China stimulus
Energy futures snapped higher in late trading as the Greenback cut its earlier advance following news of a landslide rejection of the British Prime Minister's Brexit proposal.
Eden Research dips as loss widens despite 'pleasing growth'
Biopesticide products developer Eden Research’s shares dipped on Tuesday after it reported that its annual losses deepened despite an increase in revenue.
Newmont Mining to buy Goldcorp in $10bn deal
Newmont Mining has agreed to buy Goldcorp in a $10bn that would create the world's leading gold business.
China's trade surplus surges in December amid weak imports
Both exports and imports from Asia's largest economy slowed much more rapidly than anticipated at the end of 2018, amid softer growth around the world and as the tariffs imposed by Washington took an increasing toll.
Commodities: Relief rally in oil pauses despite risk of further sanctions on Ayatollahs
A rally in global energy prices paused at the end of the week as investors took stock of recent market developments.
BofA-ML sees Brent at $70 in 2019, but says global recession could result in $35
There are risks, but analysts at Bank of America-Merrill Lynch on Friday reiterated their forecast for an average price of Brent crude oil in 2019 of $70 a barrel, pointing to a combination of potentially supportive factors, including a weaker US dollar, and the then current 'bearish' investor set-up.
Commodities: Oil trims early losses, gold and corn move lower
Commodities were a tad softer on Thursday as the Greenback stabilised a bit following its recent correction, although both remained near their 52-week lows and highs, respectively.
Bonds: Investors mulling possible Norway-plus Brexit, keeping close eye on Fedspeak
These were the movements in some of the most widely-followed 10-year sovereign bond yields:.
Commodities: Oil trims early losses, gold and corn move lower
Commodities were a tad softer on Thursday as the Greenback stabilised a bit following its recent correction, although both remained near their 52-week lows and highs, respectively.
China December CPI and factory gate prices undershoot forecasts
The cost of living in the People's Republic of China fell more quickly than anticipated last month as energy prices fell back, alongside a more broad-based drop in factory gate inflation which analysts said was "consistent" with other evidence of softer demand.
Commodities: Saudi's Al-Falih doesn't rule out 'further measures'
Energy futures were again the most sought-out segment in the commodity space on Wednesday as the Greenback extended its recent correction on the back of 'dovish' remarks from multiple top officials from the US Federal Reserve.