Tag Archives: Energy

Why Would Woodside Want Scarborough?

Woodside Petroleum has surprised by acquiring a stake in the Scarborough gas fields, although brokers do see possible benefits for the North West Shelf.

-Economic and technical challenges a major hurdle at Scarborough field
-Varied interests create complexity in operational arrangements, options
-Scarborough likely to be low priority for JV partners ExxonMobil and BHP
-Transaction crystalises value in the asset for BHP

By Eva Brocklehurst

Woodside Petroleum ((WPL)) has bought a seat at the Scarborough gas field table, offshore Western Australia, from BHP Billiton ((BHP)). The transaction is in line with the company's previously stated focus on acquisitions in the sub US$1bn market and within its core competency. Brokers note it may bring a potential source of third party gas to be toll-treated at North West Shelf (NWS) once spare capacity is available as early as 2019/20.

The details of the transaction are thus: Woodside will pay US$250m on completion of the deal and another US$150m if final investment decision (FID) is reached, and the interests include half of all BHP's tenements in the Scarborough area.

This comprises a 25% interest in the majority of the Scarborough resource, with BHP retaining 25% and ExxonMobil holding the remaining 50% and operatorship. Woodside will acquire 50% of BHP's Thebe and Jupiter resources, adjacent to the main Scarborough resource, and become operator of these fields.

At first glance the decision to buy the stake may appear questionable, UBS asserts, given Woodside already has a 31.3% stake in the nearby undeveloped Browse gas fields. Yet, after the Scarborough JV delayed its plans to progress a 6-7mtpa floating LNG (FLNG) development, the broker believes the gas could find its way to the NWS as back-fill for existing LNG trains. In this way the acquisition metrics appear cheap to the broker, but only if there is a reasonable chance it eventually leads to commercialisation.

Scarborough gas is dry and the field is remote, with the economic and technical challenges a major hurdle. The current JV partners have flagged an FLNG facility as the preferred option, yet several brokers estimate that tying back the fields to an existing LNG terminal such as NWS, Pluto, Wheatstone or Gorgon would save substantial downstream investment.

The relationships are complex, with the likely operator, ExxonMobil, not holding any equity in Wheatstone, NWS or Pluto and BHP not holding an interest in Gorgon. Morgans does highlight the fact that Woodside has agreed to purchase the interests on the basis that it supports FLNG as the preferred, pre-concept, option.

Morgans, for one, would be surprised if Scarborough FLNG could be sanctioned at current market prices. Moreover, significant risk could emerge if development is initiated under the assumption that LNG prices will eventually rise to a level justifying investment.

A tie-back to NWS is likely to be more economic, with Macquarie calculating the cost would be in the vicinity of US$12-15bn as opposed to US$15-20bn for a FLNG development. Yet the broker highlights the fact the acquisition is long dated. Based on the current development scenario, FID is scheduled for 2019/20 and development 3-5 years, with the ultimate decision dependent on ExxonMobil.

Macquarie suggests first gas would not be available before 2023-25, around three years following the plateau decline anticipated at NWS. Still, the obtaining of an equity interest gives Woodside a handle on the project and the broker envisages the company will push for a NWS back-fill development.

While Woodside may be keen on the potential of Scarborough, the question for brokers such as Morgans is what it means for the two potential joint venture partners. ExxonMobil is observed to be cautious about Scarborough, having flagged development of both PNG LNG and Gorgon as higher priorities. Morgans also suspects the company's current brownfield growth prospects in PNG are likely to monopolise its attention.

BHP, in selling down its interest, is observed to be continuing its shift away from gas and towards liquids. The company has discussed at length its transition to a liquids focus amid preserving its free cash flow. Hence, Scarborough is also likely to be a lower priority, in the broker's view.

The transaction captures value for BHP from an undeveloped asset and reduces the company's capex obligations, Morgan Stanley notes, assuming the field is developed. While there has not been a gas asset deal in the region for several years by which to measure the transaction, the price per bcf, at around 2.5-3.0% of the current LNG price, is considered fair for an asset yet to reach FID.

The broker assumes Woodside's long-term goal is to back-fill NWS trains but notes this cannot be guaranteed, as ExxonMobil does not have an interest in NWS. Still, The Scarborough transaction displays similar qualities to the recent transaction in Senegal, Morgan Stanley observes, with a large resource being acquired for a relatively low price and with time on its side to compare options.

Ord Minnett agrees the transaction helps BHP crystalise value for an asset the market does not ascribe much weight to, but also highlights the fact BHP continues to envisage its advantage lies in North America for gas developments, once markets improve. Shale gas offers a shorter time to pay back and potentially higher internal rates of return with flexibility to ramp spending up or down. On this basis, Ord Minnett believes North America remains a more attractive long-term growth option for BHP.

Given the hurdles facing the development of Scarborough most brokers do not attribute much value to the asset in their models at present, either for BHP or Woodside. There are three Buy ratings, four Hold and one Sell (Credit Suisse, yet to update on the acquisition) for Woodside on FNArena's database. The consensus target is $29.96, suggesting 4.1% upside to the last share price. Targets range from $26.80 (Credit Suisse) to $34.15 (Citi, yet to update on the deal).

For BHP there are four Buy ratings and four Hold. The consensus target is $22.13, signalling 8.5% upside to the last share price. Targets range from $20 (Ord Minnett, Macquarie) to $26 (Morgans).

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The Overnight Report: Labor Day Lull

By Greg Peel

Odd Jobs

The difference between 151,000 jobs added in the US in August and the 185,000 predicted led to a 1% rally for the Australian stock market yesterday. Go figure.

The point is Australian stocks sensitive to US interest rates – resource companies producing US dollar-denominated commodities and yield payers attractive to US investors – had been sold down last week on building speculation, post Jackson Hole, that the Fed was moving to raise its cash rate at the September FOMC meeting. The shortfall in jobs had many, but not everyone, in the market now assuming September is off the table.

So, as you were. Everything that was sold down came roaring back yesterday – the resource sectors, the banks, the telcos – to ensure the ASX200 made it comfortably back above critical support at 5400. Now we wait for the actual Fed meeting.

It was not, however, a good day for all sectors.

We’ve seen it in medical services, we’ve seen it in childcare, we’ve seen it in vehicle leasing and now we’ve seen it in residential aged care. Adding insult to the injury of disappointing earnings results last month, yesterday the three listed residential aged care stocks were absolutely trashed on the implication of likely new government regulations. At one point Estia Health ((EHE)) was down 30%, having already fallen a long way from its pre-result peak, and peers Japara Healthcare ((JHC)) and Regis Healthcare ((REG)) were not faring much better.

At the final bell each closed down 12%, 15% and 17% respectively. It was a capitulation. Not helping either recently was news the founder of Estia had sold his entire stake post-result.

In economic news yesterday, Australia’s service sector PMI went the same way as manufacturing PMI and collapsed, to 45.0 in August from 53.9 in July. Given tomorrow will see a GDP print in the order of 3% growth, we’ll also ignore this one.

Meanwhile, company profits rose over the June quarter by a greater than expected 6.9%, to be flat year on year. Manufacturing was the star performer with a 23% leap (See: PMI joke?) while mining chimed in with 14% thanks to the commodity price recovery. Construction fell 28% because the ongoing decline in resource sector construction out-weighed the residential construction boom.

The June quarter GDP remains on track to be over 3% (annual).

ANZ’s job ads series showed a solid 1.8% rebound in August after a weak July, to be up 8% year on year.

The RBA will meet today and do nothing, for the various reasons I outlined yesterday, and because Glenn Stevens is unlikely to do anything unexpected in his last statement.

Brexit Worries?

Caixin’s take on China’s service sector PMI showed a rise to 52.1 in August from 51.7 in July, in contrast to the official number. Japan still can’t take a trick – its equivalent fell into contraction at 49.6 from 50.4.

The eurozone saw a dip to 52.9 from 53.2 but the star of the show was the UK, which saw a jump back into expansion at 52.9 from 47.4. Once again we say Brexit Schmexit.

The US PMI is out tonight.

Commodities

Oil prices shot up by 5% at one point last night, in a thin market in the absence of the US, as it was reported the Saudis were set to make a “significant statement” at the G20 meeting. The assumption was an agreement between the Saudis and Russia to freeze production.

Prices soon retreated nonetheless when the announcement turned out to be one of agreeing to set up a working group to monitor the oil market. Led, one presumes, by Sir Humphrey Appleby. But West Texas crude is still up a net US87c or 2% at US$45.09/bbl.

Elsewhere, commodity markets were largely quiet in the absence of the US. In London, aluminium fell 1% and lead rose 1% but the other base metals moved little.

Iron ore fell US20c to US$58.80/t.

Gold is roughly steady at US$1326.70/oz.

The US dollar index is off 0.1% at 95.77 and the Aussie is up 0.2% at US$0.7584.

Today

The SPI Overnight closed down 20 points or 0.4%, probably suggesting yesterday’s bounce-back was a bit over-enthusiastic.

The last of the local GDP component releases is due today in the form of the June quarter current account, which includes the terms of trade.

As noted, the RBA statement will be released at 2.30pm today and the board will shoot off to the pub to toast Stevo.

There are a few more stocks going ex locally today.

Rudi will appear on Sky Business, via Skype-link, at around 11.15am to discuss broker calls.

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The Monday Report

By Greg Peel

Running in Fear

Fear of a September Fed rate rise had been building in the local market as we moved towards Friday, evident in selling in yield stocks. Things came to a head on Friday with forecasts of 185,000 jobs to have been added in the US in August which, it was assumed, would be enough to force the FOMC’s hand.

Nor did it help that the ASX200 broke strong technical support at 5400 from the opening bell, ensuring a weak session. A brief attempt by the buyers to push the index back was destined to fail and when it was all said and done it was a Friday – always a good day to sell, and this time more so given the US long weekend.

The banks led the selling on a cap-weight basis with a 1.0% fall while telcos and healthcare each fell 2.1% to be joint losers among the sectors. Utilities backed up with 0.9% and industrials, which includes some faithful dividend payers, lost 1.1%. Only the resource sectors finished in the green, slightly, thanks to supportive commodity prices and the fact they’d already had a bad week.

But all is forgiven. The US jobs number fell short, and the futures are suggesting an opening gain of 31 points, which would take the ASX200 back over 5400 and potentially stave off more substantial weakness.

Couldn’t have been worse

As far as US monthly jobs results go, August’s result on Friday night was nothing short of frustrating. At 151,000, the number fell short of 185,000 estimates.

But not that short. The bottom line is, 151,000 is not a number to end Fed speculation one way or the other. Indeed it is a number that has divided economists and ensured we’ll be arguing the case back and forward for another two weeks.

Had the number been in excess of 250,000, as was the case in both June and July, the assumption would be yes, the Fed will raise this month, and now we can all get on with it. Had the number been something like 120,000 we could have said no, clearly the Fed won’t raise this month, and now we can all get on with it, at least until it’s time to start discussing December.

But at 151,000, and an unchanged unemployment rate of 4.9%, half the market is saying yes, it’s still enough, and the Fed has been setting us up for a hike. The other half of the market is saying that a number short of estimates, and a drop-back in wages growth to 0.1% for the month, means no, a hesitant Fed will have an excuse to hesitate once more.

So take your pick.

The various markets took their picks on Friday night, in either direction.

The US dollar index initially plunged on the jobs release, suggesting no hike, before turning around and closing up 0.3% at 95.88. A stronger dollar should be a drag on gold, but gold is up US$11.20 at US$1324.80/oz, suggesting no hike.

The US ten-year bond yield closed up 3 basis points at 1.60%, suggesting a hike. Commodity prices were both up and down. The US stock markets opened up on the news – probably suggesting relief that there would not be a hike, before dropping mid-session as the debate raged, and finally recovering to a modest gain on the day.

The Dow closed up 72 points or 0.4%, the S&P gained 0.4% to 2179, and the Nasdaq rose 0.4%.

Not even a US jobs number day could break the Dow/S&P run of sessions of no move in excess of 1% in either direction, which has now extended to forty.

So how do we interpret these moves? We don’t. We’ll likely just have to wait till September 22.

Commodities

West Texas crude closed up US69c at US$44.22/bbl, suggesting the technical bounce off 43 was more influential than jobs.

Aluminium fell 1.5% but lead rose 0.5% and nickel and zinc rose 1%, with copper off a tad.

Iron ore rose US60c to US$59.00/t.

As noted, gold jumped US$11.20.

With the US dollar index up 0.3%, the Aussie is actually up 0.2% at US$0.7570.

And also as noted, the SPI Overnight closed up 31 points or 0.6% on Saturday morning.

The Week Ahead

US markets are closed tonight. It’s a quiet week thereafter for US data, but the Fed’s Beige Book will be released on Wednesday.

It’s far from a quiet week in terms of Australian data.

Today we’ll see the service sector PMI, along with everyone else except the US, which will publish tomorrow night. We’ll see the local construction PMI on Wednesday.

In terms of other monthly data, today it’s ANZ job ads, on Thursday it’s the trade balance, and on Friday it’s housing finance.

In terms of June quarter data, today we’ll see company profits and inventories and tomorrow the current account, including the terms of trade. On Wednesday the GDP result will be released. Expectations are for an ease-back in quarterly growth to 0.4%, down from March’s shock 1.1%, but for the annual rate to increase to 3.2% from 3.1%.

The RBA will hold a policy meeting tomorrow but no change is likely, given (a) they moved last month, (b) they usually don’t move ahead of a GDP result and (c), there’s no clarity around Fed policy.

The ECB will hold a policy meeting on Thursday, just to add to the fun.

China will release trade numbers on Thursday and inflation on Friday.

On the local stock front, we’ll see out-of-cycle earnings reports from Karoon Gas ((KAR)) tomorrow, Sigma Pharmaceutical ((SIP)) and Xero ((XRO)) on Thursday and Premier Investments ((PMV)) on Friday.

It’s a big week for companies going ex-dividend, acting as a natural drag on the index.

Rudi will appear on Sky Business on Tuesday, via Skype-link, to discuss broker calls at 11.15am. He'll be in the studio twice on Thursday. First from 12.30-2.30pm and again for an interview on Switzer TV between 7-8pm. He'll repeat the Skype-link up around 11.05am on Friday.

For further global economic release dates and local company events please refer to the FNArena Calendar.

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The Overnight Report: Mixed Messages

By Greg Peel

The Dow closed up 18 points or 0.1% while the S&P was flat at 2170 and the Nasdaq rose 0.3%.

Holding On

Yesterday’s weakness on the local market was all about the resource sectors, which in turn is all about Fed policy. Lower commodity prices ensured both energy and materials fell 1.7% although in the case of materials, we have to count back the effect of BHP Billiton ((BHP)) going ex.

Having had a solid run from the Brexit rebound on better than expected commodity prices, the resource sector names have now suffered an investor exit. While demand/supply fundamentals still underpin – oil being the obvious case in point – commodity prices have over that period been supported by the assumption the Fed would not be raising its cash rate in September and perhaps not in December either.

Now that assumption has reversed, the US dollar has thus risen, and dollar-denominated commodity prices have come under mathematical pressure. We note also the next worst performing sector on the local market yesterday was utilities, down 0.5%, which suffers via the the Australia-US interest rate differential.

Elsewhere, sector moves were mixed and less dramatic. It is notable that the ASX200 was down 32 points late morning before turning around to come back almost to square mid-afternoon, ahead of a final drift-off. At its nadir the index hit 5405 and technically, 5400 is the support line.

Whereas the month of August was dominated by individual stock moves during results season, September has opened with a return to the macro influence of economic data. Australia’s data releases were quite mixed.

The mass media were calling the June quarter private capital expenditure result (-5.4%) another shocker – sky’s falling and all of that – but indeed quite the opposite is true. We know that resource sector spending is continuing to fall as mining investment exits its boom and LNG projects reach completion. But the fall in June quarter “mining” spending was actually not as great as forecast.

We are looking to non-mining spending to carry the can and indeed it rose during the quarter. The other important element of yesterday’s capex data is capex intentions, and here we saw an upgrade to FY17 spending intentions. The June quarter represents the third estimate, and things are heading in the right direction.

We know that the decline in “mining” spending will soon exhaust itself. While it won’t reverse, it will stop dragging down the net numbers, It’s then up to non-mining to drive economic growth. Here, a lot depends on just how sharply the housing boom cools off, and on the positive side, just how helpful other sectors can be, for example, inbound tourism.

Because Australian consumers are not exactly doing their bit at the moment. Retail sales growth was flat in July when 0.3% growth was forecast. Following only 0.1% gains in both May and June, annual sales growth has fallen to a tepid 2.7%.

Aside from being a reflection of stiff retail competition (down, down etc) in dollar terms, weak sales growth is a reflection of just how misleading the current unemployment rate is. The ongoing increase in part time jobs at the expense of full-time jobs – both counted equally as a “job” in the official unemployment rate number – is resulting in weak wages growth and subsequently, weak consumption.

What is the RBA to do? The capex data were pleasing but the sales data were not. And Sydney/Melbourne house prices continued to rise in July despite assumptions a peak must surely soon be reached. Having staved off concerns over a housing investment bubble via stricter lending standards, the RBA is now faced with owner-occupiers piling in to fill the gap. These O-Os, as they’re called, are more likely to stretch their budgets to accommodate a hefty mortgage than investors who at least pick up rent, and negative gearing.

Can the RBA afford to cut rates again?

The central bank can probably afford to ignore yesterday’s Australian manufacturing PMI for August which indicated a collapse into contraction at 46.9, down from 55.4. I’ve said this before, but it seems very strange that every other economy on the planet manages to only ever post incremental monthly PMI changes but Australia’s manufacturing PMI leaps all about the place like a cricket on steroids. Maybe it’s because Australia’s manufacturing sector is so tiny, or it’s just too small a sample, but either way, credibility is lacking.

It’s a different story in China, albeit there are other doubts about the value of Beijing’s data. Beijing’s official manufacturing PMI sparked all sorts of excitement yesterday by rising back to 50.4 from 49.9 in July. Big whoop. Aside from Caixin’s equivalent falling to 50.0 from 50.6, Beijing is trying to shift away from being an export economy. Beijing’s service sector PMI fell to 53.5 from 53.9.

And that’s more concerning.

PMI Plunge

Japan’s manufacturing sector managed to slow its pace of decline in August. The PMI rose to 49.5 from 49.3, but Japan is totally reliant on exports so it’s hardly a good result. The eurozone equivalent slipped to 51.7 from 52.0 which we might say was all about Brexit but if it is, the Poms have clearly made the right decision.

The UK PMI shocked everyone in rebounding to 53.3 from 48.8.

The US equivalent, on the other hand, fell to 49.4 from 52.6, when economists had forecast 52.0.

On this news, early in the session on Wall Street, the US dollar index plunged 0.4% and stayed there. The Dow plunged a hundred points. But hang on, if the Fed is data-dependent then surely here is clear evidence a rate rise is not a good idea. Subsequently, the US stock indices rallied back again.

It’s just what we need – more confusion over what the Fed might do this month. And tonight we have the jobs report.

In the meantime, last night represented the 39^th consecutive session in which the neither the Dow nor S&P has moved more than 1%.

Commodities

The US dollar index is down 0.4% at 95.64 on the assumption a September rate rise is by no means a given, if indeed it ever was. This is good for commodity prices.

All base metals moved to the upside in London, with lead, nickel and zinc each rising more than 1%.

Gold rose US$5.10 to US$1313.60/oz.

Iron ore dropped US60c to US$58.40/t but as I often note, iron ore does its own thing. But clearly no one told the oil market a weaker greenback is a good thing.

West Texas crude has lost another 3%, down US$1.30 at US$43.53/bbl. Once 45 was breached it was going to take more than Fed policy to calm the nerves.

The Aussie has matched the greenback’s fall in rising 0.4% to US$0.7550.

Today

The SPI Overnight closed down 12 points.

US jobs tonight, which is about all that really matters, but note that S&P/ASX will announce pending index component changes today before they become effective in two weeks.

And Fortescue Metals ((FMG)) goes ex.

Rudi will Skype-link with Sky Business to discuss broker calls at around 11.05am.

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The Overnight Report: Under Pressure

By Greg Peel

The Dow closed down 53 points or 0.3% while the S&P lost 0.2% to 2170 and the Nasdaq fell 0.2%.

Fed Fear

Welcome to September, historically the worst month of the year for stocks. Indeed, over the hundred year history of the Dow, only one month of the year has averaged a loss, and that is September.

But it’s just an average.

The last day of the local earnings season ended with a bit of a whimper. There were not that many companies left to report but it’s the first time in the last three weeks there have not been some significant up/down moves in reporting stocks to highlight.

There were still some moves – Harvey Norman ((HVN)) rose 2.7%, Independence Group ((IGO)) fell 3.7%, Adelaide Brighton ((ABC)) fell 4.2% -- but nothing in the teens or worse as we have seen often this season.

It was otherwise a weak session, on a beta rather than alpha basis. Late morning the ASX200 was down 66 points and it was looking like the market was set to book a real shocker, with technical selling backing up fundamental nerves. Chartists have been calling the market lower if the index failed to hold above 5500, which it hasn’t.

Some buying came in to stabilise things through the afternoon but across the sectors, ultimate weakness can very much be put down to Fed fears. As we entered the August result season, the assumption was the Fed was no chance of raising in September and possibly not in December either. As we exited the result season, there now is a very real chance the Fed could hike this month and maybe even in December as well.

Even if the Fed funds futures are still only pricing in around a 33% chance of a September hike, it pays to be safe. And for many an Australian company impacted by US interest rates, there’s a lot of premium to give back.

A Fed rate hike means a stronger US dollar and that means weaker commodity prices, particularly gold. Gold has drifted down since Jackson Hole but not yet tanked. It is nevertheless hard to find any Australian gold stock with a Buy rating from a stock analyst. Result season featured many a solid operational result from the goldminers, but a consistent call of overvaluation from analysts, even on a bullish gold price forecast.

Result season featured many a strong result from defensive yield-payers in the market, but again, Buy ratings were very hard to find. REITs in particular have drawn a lot of overvaluation calls. If the US rate rises the value of Australian yield stocks to offshore investors slips slightly, and many are carrying premiums.

Then we have the double-whammy stocks. They include resource sector names paying solid dividends, such as the Big Two miners and a couple of Big Gas names, and they include yield stocks with direct US exposure, which would lose out on both the currency translation and the interest rate differential.

Yesterday saw materials lead the market down with a 2.4% drop, backed up by energy with 1.1%. Utilities lost 1.0% and defensive consumer staples 1.3%. The banks and telcos were also sold, but hung in there with only 0.4% drops.

We may only have to wait until tomorrow night to decide whether there will indeed be a Fed rate hike this month. If the US jobs report comes in as anything other than very bad, Wall Street is going to start to lock a rate rise in. Unfortunately the FOMC decision will not be announced until September 22, so we’ll have to suffer three weeks of tedious Fed speculation.

On a brighter note, yesterday’s release of local July sector credit numbers showed steady, if not surging, credit demand.

In annual growth rate terms, overall credit is up 6.0%, down from 6.2% in June. Total housing credit growth has slipped to 6.6% from 6.7% (and 7.5% a year ago) because investor loan growth has fallen to 4.8% from 5.0% in June and double-digits in the first three quarters of 2015. Owner-occupier loan growth has slipped to 7.6% from 7.7% but June marked the highest rate in six years. At 6.2%, business loan growth is up from 4.9% a year ago.

Not shooting the lights out, but enough to be comfortable with.

Weak Close

After five consecutive months of rallies, August saw the Dow close lower, having featured fresh all-time highs mid-month.

All talk on Wall Street is, of course, about the Fed, and specifically about tomorrow night’s jobs report and just what it might imply. The current forecast is for 185,000 new jobs and that is considered enough to keep the Fed talking rate rise.

Last night the ADP private sector report showed 175,000 new jobs created in August, in line with non-farm payroll predictions.

As we have witnessed this year, US jobs reports can be extremely volatile and often their veracity is questioned, particularly given large revisions are common in subsequent months. But again, Wall Street is looking at being safe rather than sorry.

With pressure on commodity prices it didn’t help that the weekly US oil inventory numbers showed a greater than expected build in crude and a lesser than expected drawdown of gasoline. The US dollar index was flat last night at 96.02 but risk is to the upside and thus commodity price risk is to the downside. Oil prices fell 3%.

Fedheads were also out and about again pursuing their favourite pastime of trying to confuse Wall Street into submission. The bottom line is two spoke with dovish tones and one with hawkish tones but of the three, only the hawk is an FOMC voting member.

US stock markets thus continued their modest correction. There is no great expectation a September rate rise would unleash a major plunge – most agree 25 basis points is neither here nor there and everyone would just like to settle the matter one way or the other – but September is the month of volatility so the jitters, at least, may run through the markets.

Tonight will probably be a quiet one on Wall Street ahead of the jobs report, but that is never certain.

Commodities

West Texas crude is down US$1.43 at US$44.83/bbl.

The build-up of commodity price fear is being reflected in mining stocks but metal prices have not exactly buckled. Last night saw aluminium fall 1% but lead rise 1.5% and the other base metal were little moved.

Iron ore is unchanged at US$59.00/t.

Gold is down US$2.00 at US$1308.50/oz.

The Aussie is up 0.1% at US$0.7520.

Today

The SPI Overnight closed down 19 points or 0.4%. Aside from current momentum to the downside, and technical weakness, the energy sector will be under pressure today.

It’s the first of the month so across the globe, including in Australia and the US, manufacturing PMIs will be released. China will release both its manufacturing PMI and service sector PMI.

In Australia we’ll also see August house prices and June quarter private sector capex, the latter being one of the RBA’s most closely watched data sets.

No more earnings reports. Woohoo! But do be reminded we are now very much into that which comes after – the ex-dividend season. Among those stocks going ex today is BHP Billiton ((BHP)).

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The Overnight Report: Still Fisching

By Greg Peel

The Dow closed down 48 points or 0.3% while the S&P lost 0.2% to 2176 and the Nasdaq fell 0.2%.

Surf’s Down

SurfStich ((SRF)) floated not quite two years ago at a dollar, hit two dollars at the beginning of this year, and proceeded to step-jump down on a series of profit warnings before losing half its value yesterday in one fell swoop, to now be trading at ten cents. Echoes of another well-known surf wear company.

It doesn’t pay to miss guidance in this market.

The bigger story yesterday on the local market was a case of another one bites the dust. Gateway Lifestyle ((GTY)) became another member of the fledgling residential aged care sub-sector to disappoint with its result, sending its shares down 13%. Having already dropped 17% the day before for the same reason, peer Estia Health ((EHE)) copped another 15% beating, while Japara Healthcare ((JHC)) and Regis Healthcare ((REG)) rounded out the sub-sector whitewash with 3.5% falls.

It was a great story – ageing population, lack of affordable housing, longer time spent in retirement – and initially analysts were very keen on these names. That is until share prices started to run ahead of value. It’s still a great story, but not at any price.

It was left to healthcare stalwart Ramsay Health Care ((RHC)) to right the sector ship, rising 8% on a strong result despite having already rallied 34% from its February low. Hospitals are safer than retirement villages it would seem.

It’s been a difficult year for financier FlexiGroup ((FXL)) but a good result saw its shares up 8%. The winner on the day was nevertheless naval boat builder Austal ((ASB)), which had a torrid year and having popped 13% on its result on Tuesday, kicked another 14% yesterday.

Beyond yesterday’s round of alpha moves was the underlying beta story of an ASX200 trying to get back to 5500 on a strong lead from Wall Street. It did, for a heartbeat on the open, before drifting back again all day. Sector moves were mixed and showed little coherence.

Today is effectively the last day of the result season. From here on it’s mostly penny dreadfuls reporting before we hit a few out-of-cycle larger name reporters next month. Then it will be back to focusing on the macro, which simply means central bank watching.

United We Stand

There’s a photo doing the rounds that has Wall Street’s attention. It shows the three top-end Fedheads – chair Janet Yellen, vice chair Stanley Fischer and New York Fed president William Dudley -- sharing a drink and a joke before a backdrop of Wyoming pasture at Jackson Hole. A typical happy snap from one of those annoying photographers ever present at conference drinkies?

No, say commentators. It represents a staged attempt to convey unity. And therefore it is an implicit indication that what Stanley Fischer said on Friday about the possibility of two rates hikes, and his suggestion that Janet Yellen’s speech backed up this possibility, is real. Fischer spoke again last night, effectively reiterating his comments by suggesting it is impossible to say the next Fed rate hike would be “one and done”.

Markets are beginning to pay attention. The US dollar index jumped another 0.5% to 96.05 last night and, finally, gold responded, falling US$12.70 to US$1310.50/oz. Only the bond market remains unconvinced, with the ten-year yield unmoved at 1.57%.

For stock markets it’s really a case of “25 basis points, so what?” Wall Street has had all year to prepare for this minor tightening that’s never come. But maybe 50 basis points might be a different story. The biggest movers up over 2016 have been the US yield stocks, particularly utilities and telcos.

And tomorrow is September – historically the worst month of the year for stocks. The next FOMC decision will be released on September 22 and being a quarterly meeting, will also feature a press conference from Janet Yellen. These relatively new press conferences are seen as the perfect opportunity to make a policy change and then explain it. If Friday night’s US jobs report is a biggie, things could get interesting.

But it wasn’t really the Fed that spooked Wall Street into some mild selling last night, again on negligible volume. The biggest influence was the US$14.5bn tax battle between Apple, Ireland and EU. Apple shares fell and dragged down other Big Tech names as tax fears flooded Silicon Valley.

Then there was that US dollar jump, which sent commodity prices south and thus prompted falls in the energy and material sectors.

Commodities

West Texas crude is down US69c at US$46.26/bbl.

Base metal traders had their first real chance to respond to Jackson Hole last night given the LME was closed on Monday night, but price falls were relatively mild.

Iron ore rose US20c to US$59.00/t.

It was left to gold to post the bigger fall.

The Aussie is pleasingly down 0.8% to US$0.7510 on greenback strength.

Today

Those US resource sector falls will likely flow over into the local market today, with the Big Two miners being sold heavily overnight. However, the SPI Overnight closed up 6 points.

Private sector credit data for July are due locally today while the ADP private sector jobs report in the US will provide a precursor for Friday’s non-farm payrolls.

The results season wraps up today with last hurrah reports from Adelaide Brighton ((ABC)), Harvey Norman ((HVN)) and Independence Group ((IGO)) among a handful of others.

Rudi's weekly appearance on Sky Business has been pulled forward by 24 hours. Watch him on the channel today, 12.30-2.30pm.

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The Overnight Report: Confusion Reigns

By Greg Peel

Breakdown

The ASX200 opened weaker yesterday and once 5500 was breached, technical selling was swiftly triggered. It is the first big macro move the local market has seen since the beginning of August. Yesterday had little to do with the final throes of result season.

Initial weakness was all about the Fed. The wash-up from the Jackson Hole symposium is that there will be a rate rise in 2016, maybe even two. Or at least, that’s what the Fed wants markets to believe. Reality may yet be quite different.

The Australian market is very much yield-based and thus attractive to investors from low interest rate economies. Even the big-cap resource companies are major dividend payers. Each incremental move up in US interest rates reduces the US-Australia interest rate differential gap, making Australian yield stocks incrementally less attractive.

Beyond this macro theme, we could say it was a case of a market that hasn’t been able to go up for a month, so it had to go down. Patience ran out. On balance, the earnings result season has been seen as a positive one, featuring a solid net gain in earnings if we take out BHP Billiton. Yet all month the index has struggled to move much above 5550, frustrating investors. Time to sell and regroup.

There were still some notable individual stock stories among those reporting yesterday.

When you’re in a hot new sub-sector, you can’t afford to miss guidance. Residential aged care provider Estia Health ((EHE)) found this out the hard way yesterday and dropped 17%. Peers Gateway Lifestyle Group ((GTY)) and Japara Healthcare ((JHC)) were dragged down in the wash, falling 4% and 6% respectively.

On the other side of the ledger, naval boat builder Austal ((ASB)) has had a torrid 2016 so a good result for that company saw the stock up 13%. It’s been a very up and down year for biotech Mesoblast ((MSB)), which is not surprising given the stock is basically a binary bet on stem cell technology. It jumped 8%.

Another big loser was popular gold stock Evolution Mining ((EVN)), but a 9% plunge was all about a dilutive rights issue.

Outside of these individual moves, the selling on the day was market-wide. Interestingly, the only sector to finish in the green yesterday, slightly, was telcos, despite Telstra ((TLS)) being the daddy of all yield stocks.

Is the Fed really going to hike? That is the question upon which there is no agreement.

Each Way Bet

On further contemplation, Wall Street has decided that what Janet Yellen said at Jackson Hole on Friday night was no different to what she’s being saying for months. For months she’s been saying a rate rise is possible and yet one never comes.

It was Stanley Fischer who threw the spanner in the works by suggesting not only is there likely to be a rate rise before year-end, there could well be two, and that Janet Yellen’s speech corroborates such an assumption. On that basis, Wall Street is now primed for this Friday night’s jobs report which, if solid, could signal the rate rise in September no one was expecting last week.

Yet still there are those scoffing at the suggestion there could be any rate hike in 2016.

If Brexit fears killed off the possibility in June, and July was too early to be safe the Brexit shrug-off would last, then November is clearly not a possibility as it is right before the presidential election, and that may well also rule out September in the run-up to the election. That just leaves December, until some other excuse comes along.

It will, of course, come down to the data, or so the Fed keeps telling us despite seemingly paying no attention to any numbers. Last night’s data release showed US personal consumption rose 0.3% in July as expected and incomes rose 0.4%.

The Fed’s preferred measure of inflation, personal consumption & expenditure (PCE), was flat on the headline and up 0.1% on the core. Annually, headline inflation was up 0.8% (still carrying the oil price drop) and core inflation was up 1.6%, still well shy of the Fed’s 2% target.

Recently the Fed has been contemplating whether 2% is really the right target to have. Bottom line, there was nothing in last night’s data to settle any rate rise dispute.

Last night investors piled into US banks. Why? Because they benefit from rising rates. Two days to think about it, and US stock markets have decided yes, there will be a rate rise.

Last night saw the US ten-year yield fall 7 basis points to 1.57%, having risen 6bps on Friday night in response to Jackson Hole. Friday night’s knee-jerk reaction probably reflected just how long everyone is in the bond market. Last night’s move suggests the bond market has decided nah, there’s not going to be a rate rise.

Take your pick. Gold has still not moved, in either direction, and that’s usually where nerves are on display.

When it was all said and done, the Dow rallied a hundred points on one of the lowest volume days of the year. It’s the last week of the summer holidays and Friday night’s jobs report be likely be critical, so what bother playing?

Commodities

West Texas crude is down US34c at US$46.95/bbl.

It was August bank Holiday in the UK last night, so the London Metals Exchange was closed.

Iron ore fell US30c to US$58.80/t.

Gold is up US$2.70 at US$1323.20/oz.

Having shot up on Friday night, the US dollar index is up 0.1% at 95.58. The Aussie is up 0.2% at US$0.7573.

Today

The SPI Overnight closed up 18 points or 0.3%. Can 5500 be regained on Wall Street strength?

Locally we’ll see building approvals numbers today. The US will see house prices and consumer confidence tonight.

Ramsay Health Care ((RHC)) is the big name reporting today while FlexiGroup ((FXL)) and Slater & Gordon ((SGH)) should provide some interest, among others.

Rudi will Skype-link with Sky Business at around 11.15am to discuss broker calls.

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The Monday Report

Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.

By Greg Peel

Testing Support

For the last three weeks, which have been dominated by result season, the ASX200 has traded largely sideways. On a couple of occasions the index has had a good look at the 5500 support level on the downside but quickly recovered back into the range.

After two consecutive sessions on the weaker side, the index is now sitting at 5515 with the futures showing down 4 points this morning, suggesting, today’s earnings reports notwithstanding, that 5500 level is chance of coming into play. A breach would be short- term bearish.

The 26 point fall for the index on Friday was mostly to do with the banks. Over the last couple of weeks the big banks have seen some buying, despite three of them not participating in the August round of August reports, and late last week they were sold again, taking the financials index down 0.8% on Friday. Investors possibly decided it best to take profits in case Janet Yellen confirmed a rate hike at Jackson Hole on Friday night.

Yet we didn’t see the same reaction in the other yield sectors, with utilities flat and telcos actually the best performer on the day, rising 0.7%. Meanwhile, industrials posted the biggest percentage fall of the session in dropping 1.0%.

Among the stocks reporting on Friday, the biggest winner was Super Retail ((SUL)) with a 6% jump while Coca-Cola Amatil ((CCL)) featured on the downside with a 4% fall and Select Harvests ((SHV)) was the biggest loser on the day with a 7% drop. Otherwise, the tables of biggest gainers and decliners were dominated by moves in stocks that had already reported over the week.

It reminds us that reporting season is not just a one day picnic for reporting companies.

With 250 of the 300-odd August reporting stocks covered by FNArena database brokers now having reported, it is notable that the percentage of beats (on FNArena’s assessment) has slipped back to 31% from having run at a consistent 36% ahead of last week. Misses remain fairly stable on 25%.

We also note that recommendation upgrades from brokers have made up a little bit of ground against downgrades, with the up/down ratio slipping to 1.7 from above 2.0 a week ago.

There are three more days to go in the season, but we are very much in wind-down mode such that the volume of companies reporting drops way down from the dramatic peaks of late last week. We’ve also seen almost all of the bigger names now done and dusted.

As the week progresses, economic data will again begin to take centre stage.

Fisching

Fed chair Janet Yellen declared in Jackson Hole on Friday night the case for a Fed rate hike is “strengthening”. As such, a move to normalisation would be “appropriate” but any move would be “gradual” and, of course, dependent on the data.

Wall Street yawned. Nothing new here, as expected. There might be a rate hike in December. But then…

Speaking in a TV interview following Yellen’s speech, Fed vice chair Stanley Fischer suggested Yellen’s remarks were consistent with the chance of two rate hikes this year, in September and December.

Nobody saw that coming. In response, the US dollar index shot up 0.8% and the US ten-year bond yield jumped 6 basis points to 1.63%, leaving behind the range in the 1.50s it’s held for about a month. The Dow closed down 53 points or 0.3% and the S&P -0.2% to 2169 while the Nasdaq rose 0.1%.

Not that anyone really believes Stanley Fischer. The prevailing view is that it’s better to talk up a rate hike to ensure Wall Street is prepared for one when it comes, even if that’s not until December. There remains a lot of talk in the market about there not being a rate hike in 2016 at all, and that’s even the view of at least one rogue FOMC member.

But it’s jobs week in the US this week. On the strength of Fischer’s comments, if Friday night’s non-farm payroll number proves to be a solid or better than expected result, Wall Street will likely prepare for a September rate hike just in case.

Interestingly, Fischer’s comments were also made in the context of the first revision of US June quarter GDP, released on Friday night, which showed a dip to 1.1% from an initial 1.2% estimate. If the Fed is data-dependent… But in the same interview, Fischer dismissed the June quarter GDP as being too long ago to be relevant.

Commodities

An 0.8% jump in the US dollar index to 95.48 was always going to be a big headwind for commodity prices on Friday night, and the prospect of two rate hikes a more medium term breeze. But as it was, commodity prices fell by very little.

West Texas crude fell US9c to US$47.29/bbl.

Base metal prices were mostly weaker, but not by much.

Iron ore did fall US$2.00 to US$59.10/t, but iron ore tends to play its own game.

The interesting one is gold, which only fell a dollar to US$1320.50/oz. By rights it should have fallen a lot more, but watch gold tonight. It has a habit of waiting an extra day to respond.

The Aussie’s fall of 0.7% to US$0.7560 matched the greenback’s gain.

The SPI Overnight closed down 4 points on Saturday morning.

The Week Ahead

It will be a big week in the US for a data dependent Fed.

Tonight sees personal income & spending, and the Fed’s preferred PCE measure of inflation. Tuesday it’s house prices and consumer confidence, Wednesday the Chicago PMI, pending home sales and the private sector jobs report, and Thursday sees construction spending, chain store sales, vehicle sales and the manufacturing PMI.

Friday it’s that all-important jobs number, alongside factory orders and trade. There follows the Labor Day long weekend in the US, unofficially signalling the end of the summer holidays.

Thursday is the first of the month so it’s manufacturing PMI day across the globe, as well as both manufacturing and the services PMI from China.

In Australia we’ll see building approvals tomorrow and private sector credit On Wednesday. On Thursday, June quarter private sector capex will have the RBA’s attention alongside retail sales, house prices and the manufacturing PMI.

On Friday S&P/ASX will announce pending quarterly changes to the components of the ASX200 and other indices, ahead of the changes becoming effective two weeks hence.

In the last three days of result season, numbers are due from the likes of Beach Energy ((BPT)), Macquarie Atlas ((MQA)), Ramsay Health Care ((RHC)) and Adelaide Brighton ((ABC)) amidst many more small names.

Investors should otherwise be aware we will now hit a heavy period of stocks going ex-dividend, and that index handicap will extend all the way through September.

Wesfarmers ((WES)) and Woodside Petroleum ((WPL)) will go ex today and BHP Billiton ((BHP)) on Thursday, alongside many more this week.

Rudi will appear on Sky Business on Tuesday morning 11.15am, via Skype-link, to discuss broker calls. He'll re-appear on Thursday between 12.30pm-2.30pm and again on Friday, via Skype-link, at around 11.05am.

For further global economic release dates and local company events please refer to the FNArena Calendar.

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Weekly Broker Wrap: Thermal Coal, Oil, Gold And Banks

Thermal coal deficit looms; output freeze in oil?; central banks and gold; Moody's puts major banks on negative outlook.

-Australian thermal coal exporters to benefit from market deficit
-Co-ordinated output freeze on oil production considered unlikely
-Central banks likely to remain net purchasers of gold
-Moody's downgrade limited in impact on major banks

By Eva Brocklehurst

Thermal Coal

The cut back to thermal coal supply appears to have been more severe than the decline in import demand, leading to a short term deficit in the market, Commonwealth Bank analysts note. They cite estimates from BP which indicate thermal coal production has contracted 4% in 2016, the largest annual decline since 1981.

China’s transition to a services economy and growing pollution concerns have meant its imports are falling while India plans to be independent of thermal coal imports and has cancelled plans for four proposed coal-fired power plants. These trends are countered by Japanese and Korean plans, in the short term, to boost coal power capacity. Japan and Korea account for 60% of Australia’s thermal coal exports.

Meanwhile, Indonesia, the largest thermal coal exporter, has experienced a contraction in exports, as loss-making supply exits the market and a preference for higher quality coal increases. Australian thermal coal exporters are expected to benefit the most in the absence of Indonesian supply because the coal is higher quality.

The analysts expect the current deficit will sustain higher thermal coal prices over the next year and upgrade forecasts by 9% to US$55/t for 2016 and by 13% to US$52/t for 2017.

Oil

Deutsche Bank notes renewed talk of a co-ordinated output freeze by OPEC and non OPEC producers. The broker cannot measure the extent to which this speculation has helped boost oil prices yet suspects the fundamental impact of any co-ordinated outcome will be minimal.

The terms of a deal are unlikely to pose upside constraints on Libya, Iraq or Nigeria and the broker suspects OPEC production could still exceed its 2017 assumptions of 33.5mmb/day in the event of agreement.

Deutsche Bank expects that after the September talks on the sidelines of the International Energy Forum in Algeria fail to provide any meaningful outcome, attention will return to the weak data sets in the US. After two weeks of counter-seasonal build up in inventory, the production side in the US looks less promising to the broker while net imports remain high.

Gold

Macquarie observes central banks were buying gold in the first half of 2016, although falling reserves in Venezuela were a drag. The broker notes there is no appetite for sales and, outside of Russia and China, not much buying.

The analysts estimate central banks bought 166 tonnes of gold and sold 22t, making a net purchase of 144t in the half. This is in line with 2013 and 2014 but behind 2015. Importantly, calculations in 2015 and 2016 exclude Venezuela.

The broker does not believe the numbers have any implications for the sector’s attitude to gold and it is unlikely Venezuela wants to get rid of its reserves. In 2016 so far there is an absence of sellers besides Venezuela.

With gross purchases over the last few years entirely down to Russia and China the concentration does pose a risk if either change policy, Macquarie contends. While there is some evidence high prices are deterring China, a radical change of view appears unlikely. Hence, the broker suspects central banks are likely to remain net purchasers of gold but at a slower rate than in the last few years.

Banks

Over the last month, Australia’s major banks have delivered a total return of 2.8% on average, outperforming the ASX200 Accumulation Index. On an absolute basis, Deutsche Bank observes the major banks’ return of 2.0% has underperformed US large cap banks, Hong Kong and UK banks.

Moody’s has placed the major bank credit ratings on negative outlook but the broker believes this will have a limited impact. While the coveted Aa2 senior unsecured debt rating may assist in raising funds offshore at tight spreads, Deutsche Bank notes the majors are currently rated one notch lower by both Standard & Poor’s and Fitch anyway.

So, the broker suspects the market has already priced the banks' senior unsecured debt on the latter two's lower rung. Deutsche Bank expects the major banks will not face capacity constraints in the wholesale markets but may face more competition from issuers in the lower rating band.

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The Overnight Report: All Eyes On The Hole

By Greg Peel

The Dow closed down 33 points or 0.2% while the S&P lost 0.1% to 2172 and the Nasdaq fell 0.1%.

Another Mixed Bag

A fall of 21 points represents one of the big moves for the ASX200 over the course of this result season but the market started with a handicap yesterday of lower oil and metals prices. The banks also saw some selling after having been bought up this week. Outside of these influences, it was another familiar day of sharp moves both up and down amongst the day’s individual earnings reporters.

The biggest sector fall on the day was registered by the smallest of all sectors, info tech. It fell 2.0% thanks to a miss from accounting software company MYOB ((MYO)) and a subsequent 10% share price drop.

The biggest move up was registered by consumer staples. It rose 2.4% thanks to a 4% gain for big cap Woolworths ((WOW)). Woolies actually missed consensus but did show signs of some sales improvement, which was enough to worry the many shorters of the stock. Woolies is the most heavily shorted Top 20 stock by a margin.

Western Areas ((WSA)) picked a bad day to disappoint given nickel prices were also down 3% overnight. The stock has flown these past months on the nickel price recovery and thus fell 13% yesterday. The biggest fall was reserved for oil explorer AWE ((AWE)), down 15%.

Education provider 3P Learning ((3PL)) has been sold down all year so a beat was worth a 15% pop, while Southern Cross Media ((SXL)) has traded sideways all year but jumped 12%.

Other notable moves among the big boys were a 4% gain for perpetual performer Amcor ((AMC)) and a 4% gain for underperformer Perpetual ((PPT)).

No macro themes amongst the results, and no sector themes either. Although we should acknowledge a sector theme that has been emerging all year and has perhaps now caught the attention of those who hadn’t been paying much up to now. Software is the new black.

Discounting MYOB, which has been around for as long as we’ve all had to do a BAS, we note two stocks that took off on their results on Wednesday kicked on with it yesterday. Altium ((ALU)) gained another 8% and iSentia ((ISD)) 5%.

Watch the weather, it’s clouding over.

Tell us about it Janet

Wall Street is setting itself up for disappointment, and knows it.

Tonight Fed chair Janet Yellen will deliver a prepared speech on the subject of the policy tools available to central banks and whether or not they remain relevant in today’s world. She is not there to make a policy commitment. The Jackson Hole symposium is academic in nature. It’s not an FOMC meeting.

The problem is former chair Ben Bernanke used Jackson Hole as means of flagging major, experimental policy changes to give markets a heads-up and to dampen volatility. A rate hike is not QE. The fact that Janet Yellen is attending the symposium this year when she doesn’t have to, and didn’t in her first year, has led Wall Street to believe she’s there to make a definitive statement on interest rates.

Yet no one really believes she will actually do so.

If she says nothing, or simply bangs out the same old line, there will be much frustration. There was much frustration last night when two Fedheads individually popped up to support a rate rise sooner rather than later. They are known hawks, and the market just really wishes Fedheads would just shut the hell up. They are part of the problem, not the solution.

The Fed is data-dependent, it so it endlessly tells us. Last night’s data released showed that having fallen for the prior two months, durable goods orders rebounded a better than expected 4.4%. Okay then, let’s have a rate rise.

The feeling now on Wall Street is that the Fed won’t raise in September, but will raise in December, simply because it’s been telling us all year that rate rises are planned and December’s the Last Chance Hotel. If not, they will look like idiots, if they don’t already.

On a side note, there was much hope in the wake of the Brexit rebound and reasonable data out of Europe lately that the closely watched German IFO survey of business sentiment would show improvement this month. Instead the index fell to 106.2 from 108.3, which is considered a sharp drop.

Commodities

West Texas crude bounced back last night, up US58c to US$47.38/bbl.

Other than a 1% gain for zinc, base metal prices barely moved.

Currency played its part. The US dollar index was unmoved at 94.73 and ditto the Aussie at US$0.7615.

Iron ore fell US40c to US$61.10/t.

Gold is slightly lower at US$1323.80/oz.

Today

The SPI Overnight closed up 5 points.

It’s been quiet all week on Wall Street in the summer heat, with the long countdown to Jackson Hole soon to end. The first revision of US June quarter GDP is also due tonight.

We have now struggled over the very steep hill that was the past two days of the earnings season. From today, the number of companies reporting each day begins to drop off as we head towards the end of the month.

Today’s highlights include Coca-Cola Amatil ((CCL)), Cabcharge ((CAB)) and Super Retail ((SUL)).

Rudi will Skype-link up with Sky Business to talk broker calls at around 11.05am.

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Tag Archives: Energy

Why Would Woodside Want Scarborough?

The Overnight Report: Labor Day Lull

The Monday Report

The Overnight Report: Mixed Messages

The Overnight Report: Under Pressure

The Overnight Report: Still Fisching

The Overnight Report: Confusion Reigns

The Monday Report

Weekly Broker Wrap: Thermal Coal, Oil, Gold And Banks

The Overnight Report: All Eyes On The Hole