Market Pulse - Commodities
Credit Suisse stays at 'hold' on Hunting, expects only 'modest' recovery in US shale
Analysts at Credit Suisse kept their recommendation for shares of Hunting at 'hold', warning clients to expect only a "modest" recovery in activity in the US shale oil sector.
Shell to write down assets by up to $22bn after review
Shell said it planned to write down the value of its assets by up to $22bn after lowering its outlook for oil and gas prices amid the Covid-19 pandemic.
Hunting cuts workforce by a quarter
Energy services group Hunting cut its workforce by 25% on Monday as a result of lower oil prices due to the Covid-19 pandemic.
US trade deficit widens unexpectedly in May on oil
America's foreign trade balance in goods increased sharply last month amid a slide in exports, but likely driven only by oil.
Director dealings: Polymetal COO sells shares, Volex director ups stake
Polymetal International revealed on Tuesday that chief operating officer Vitaly Savchenko had disposed of 10,000 ordinary shares in the FTSE 100-listed precious metals miner.
i3 Energy acquires Toscana Energy in reverse takeover
Oil and gas company i3 Energy exercised its option to acquire all of the issued and outstanding common shares of Toscana Energy on Tuesday.
Petropavlovsk to seek secondary listing on Moscow Exchange
Russia focused miner Petropavlovsk is seeking a secondary listing on Moscow's stock exchange with a view to expanding its investor base in that country and the positive knock-on effects on the the shares' liquidity, shares trading volumes and for the visibility of its brand.
Trinity Exploration on track to break even in 2020
Oil company Trinity Exploration said on Friday that it was on track to break even in 2020 following a "strong operational and financial performance" during the prior year.
Growth in US oil stockpiles slowed last week, DoE says
Oil stockpiles in the US rose during the preceding week despite a sharp fall in domestic output, linked to tropical storm Cristobal, and a reduction in net imports.
Canaccord raises target on Premier Oil but sees shares 'fully valued'
Analysts at Canaccord Genuity raised their target price for shares of Premier Oil, but kept their recommendation at a 'hold', arguing that they were fully valued.
EU responds to Chinese state aid for two Egypt-based exporters with tarriffs
The European Union has announced its first ever levy in response to Chinese state aid for firms exporting to the bloc from outside the Asian giant.
Unilever to invest €1bn in environmentally friendly projects
Unilever pledged to invest €1bn over the next decade in environmental projects that will improve the “health of the planet”.
Berlin invests 300.0m euro in Covid-19 maker CureVac
Berlin unveiled a multi-million dollar investment into German biotechnology outfit CureVac, alongside dievini Hopp BioTech, SAP co-founder Dietmar Hopp's holding company.
Berenberg raises target price for Johnson Matthey, hails reduction in net debt
Analysts at Berenberg raised their target price on diversified chemicals group Johnson Matthey from 2,400. 0p to 2,700. 0p on Monday, but stated that it was "a bad day for good news".
Chinese output may have recovered to 2019 levels in May, economists say
The latest batch of Chinese economic indicators came in below economists' forecasts but some analysts said they would still lead to upwards forecast revisions.
Deutsche Bank ups targets for miners, positive on Chinese growth
Analysts at Deutsche Bank hiked their target prices for a raft of miners on Thursday, despite what it termed the "clear risks and uncertainties" around Covid-19 and the outlook for global demand.
Canaccord raises target price on Hurricane Energy
Analysts at Canaccord Genuity slightly lowered their target price on oil exploration company Hurricane Energy from 16. 0p to 14. 0p on Thursday following the firm's recent change in leadership.
Chinese money supply data point to faster growth in 2021
Money supply growth in the People's Republic of China picked up noticeably last month, leading some economists to push back on expectations for further interest rate cuts - at least for the moment.
Director dealings: Solgold director ups stake
Solgold revealed on Tuesday that head of exploration Jason Ward had acquired 116,279 ordinary shares in the AIM-listed precious metals group.
US-EU trade talks stall
Brussels's attempt to soothe strained transatlantic trade ties have stalled and a successful conclusion to the talks may have to wait until after the upcoming US presidential contest, the European Union's chief trade negotiator said.