Market Pulse - Commodities
UK car production plunges 20% in first half of 2019 due to Brexit uncertainty
UK car production fell for a 13th consecutive month in June new data showed, with companies left holding a £330m 'no deal' mitigation bill.
Director dealings: Industry vet ups stake in Rockrose Energy
Rockrose Energy revealed on Wednesday that senior non-executive director John Morrow had purchased 5,014 ordinary shares in the London-listed oil and gas production firm.
Jefferies upgrades BP to 'buy', spies possible dividend increase
Analysts at Jefferies upgraded their recommendation for shares of BP from 'hold' to buy', telling clients that the firm's gearing had likely already peaked "in the near term" and that a dividend hike was possible in the third or fourth quarter of 2019.
Glencore to launch African turnaround programme after disappointing performance
Glencore on Wednesday said it plans to tackle issues at its African copper business after its performance failed to meet expectations, while the company also flagged a $350m hit on its cobalt business.
Centamin confident on outlook, raises interim dividend
Investors reacted positively as Centamin posted a sharp drop in first half profits , but raised its dividend payout and sounded a confident note on the outlook for the back half of 2019, standing by its guidance for full-year output and costs and raising its dividend.
Canaccord lowers target price on 'speculative buy' Tullow Oil
Analysts at Canaccord Genuity lowered their target price on exploration and production firm Tullow Oil from 275p to 260p on Wednesday, stating the group's first-half results highlighted the company's need to "unstick" its East African projects and find a new area of growth.
Samsung's profits dive amid memory chip market weakness
Samsung on Wednesday reported that its second quarter profits plunged on the back of lower memory chip prices, though overall figures were better than the guidance provided by the company earlier this month.
Evraz steel sales grow on the back of increased demand
Steel producer Evraz reported flat consolidated crude steel output in the second quarter of its trading year, while sales rose on the back of increased demand for the metal.
Morgan Stanley stays at 'overweight' on BP
Analysts at Morgan Stanley reiterated their 'overweight' recommendation for shares of BP on Tuesday, pointing to its sustained organic free cash flow generation, likely fall in gearing going forwards, scheduled divestments most of which still lay ahead and "significant" remaining leeway for share buybacks in the second half of 2019.
Jupiter Fund Management beats on first half revenues and profits
Jupiter Fund Management saw its assets under management grow over the first half of the year, despite bigger than expected outflows, which helped the firm to deliver higher than expected earnings, its dividend payout underwhelmed.
China claims it has increased US soy imports
Chinese state media said on Sunday that the Asian country had purchased several million tonnes of US soybeans since 28 June, when Donald Trump and Xi Jinping met in Osaka, although those volumes had yet to show up in US government data.
Commodities: WTI and grains wanted in thin trading ahead of Fed
Commodities found a bid at the start of the week, even as the Greenback edged higher, as traders positioned themselves ahead of the US Federal Reserve's rate announcement scheduled for the following Wednesday.
Huawei not a sticking point in US-China trade talks, Mnuchin says
US and Chinese trade negotiators were set to hold telephone talks on Thursday night, US Treasury Secretary, Steve Mnuchin told broadcaster CNBC.
US-China tarde talks hit a snag over Huawei, WSJ says
Trade talks between Washington and Beijing have reportedly hit a snag amid Chinese demands for the US administration to ease its restrictions on Huawei, the country's largest telecommunications equipment maker.
Commodities: Oil futures fall and stay down
Commodity prices were little changed overall on Wednesday, with gains in the metals space helping to offset losses in energy and agricultural futures.
Director dealings: Hurricane Energy investor offloads 51.0m shares
Hurricane Energy revealed on Wednesday that Kerogen Investments, a company closely associated with non-executive director Roy Kelly, had disposed of 110m ordinary shares in the UK-based oil and gas company.
Berenberg initiates coverage on miners Hochschild and Polymetal
Analysts at Berenberg initiated coverage on precious metals producers Hochschild Mining and Polymetal on Wednesday.
WTO rules against US in pre-trade war dispute with China
The World Trade Organization said some US tariffs on Chinese goods do not comply with its rules and that it will authorise retaliatory sanctions.
IMF's Lipton warns of particularly slow global trade growth
A top International Monetary Fund official warned central banks that they should stand ready to help should economic growth slow even more rapidly.
James Fisher secures roughly £30m of new contracts
Marine engineering services provider James Fisher & Sons said on Tuesday that it had inked approximately £30m-worth of contracts in the offshore renewable energy sector.