News Sims Group will merge with Metal Management in the US has not changed the broking community’s mixed opinion on the stock, some arguing it is overvalued while others see further upside.
A slew of poor economic data and profit reports sent the Dow off into negative territory last night, before everybody remembered the Fed was standing ready.
The run in copper prices has not finished according to Barclays Capital as while resistance levels are approaching the group expects further gains.
Gold is suddenly under the global spotlight once more, as the believers argue blue sky and the non-believers are bemused.
The only way seems down for US interest rates and thus also for the greenback. SVB’s senior strategist Dave Bhagat agrees, but only for the medium term.
There were economic data released last night, but there will be quite a lot more this week. After posting solid gains it was time to take some money out. The IMF also disappointed the financial sector.
If we need an interest rate rise this year we’ll have one. That seems to be the message from a dismissive RBA financial stability report.
The upcoming float of China Yunnan Copper Australia offers investors a chance to share the exploration ride with Yunnan Copper Industry, China’s third largest copper producer.
Stephen Koukoulas at TD Securities suggests there is little chance of the US sliding into recession, so any rate cut cycle in coming months should be moderate as growth may surprise on the upside.
There is a raft of economic data being released in the US this week which will go some way to fuelling the argument of whether the Fed goes again. Australia takes a rest.
