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Open
0.50
Volume
0.2m
Range
0.40/0.50
Market Cap
69,095,831m
52 Week
0.10/0.50
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    PRAIRIE MINING LTD

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Breakfast Today

  • 15 Mar 17

With most investors waiting for the Fed to deliver its expected rate hike from 0.75% to 1.00%, which is due at 18:00hrs GMT today, traders instead focussed on Saudi Arabia notifying OPEC that it raised output back to above 10 million barrels a day in February. This reversed about one-third of the cuts it made the previous month, having trimmed more than required in January with a view to leading the way in the international production agreement that was designed to re-balance world markets. With Fed Funds still indicating the chance of the rate cut above 90%, however, the principal focus has reverted from the rate itself to Janet Yellen’s forward looking statements and, in particular, whether she flags the possibility of either a more aggressive stance or perhaps the need to increase her guided number of moves in 2017 from three to four during today’s FOMC deliberations. So it was the S&P 500 energy sector that was responsible for leading US markets downward yesterday, falling 1.8% in early trade as crude dropped 2.1% to US$47.40/bb on its way for its seventh consecutive daily decline before recovering somewhat during the Asian session. Amid severe East Coast winter storms, this helped push the three principal US equity indices into the red, all with similar minor negative moves in otherwise featureless trading. The sell-off in the oil market stoked demand for government bonds, reversing early losses as investors sought a safe haven, sufficiently to pressure the 10-year Treasury yield down to 2.593% from the 2.609% it reached on Monday, its highest settlement since 2014. Asian equities again traded in a very narrow range, with only the ASX registering a modest gain, while the other regional markets moved fractionally negative in low volume trading. With an eye on the Dutch elections the Stoxx Europe 600 declined 0.4% yesterday, with traders eyeing the outcome during the early hours of Thursday morning primarily to confirm late reports that support for the Geert Wilders’ Far Right party has indeed slumped, as this will likely set expectations for the highly sensitive French Presidential election which is due to take place on 23rd April. While Sterling appeared to ignore Scotland's chief minister Nicola Stugeon calling for another Referendum on leaving the U.K., traders instead anticipated the continuation of the Bank of England’s dovish tone at its policy meeting on Thursday, chasing the currency down 0.6% against the US$ to an eight-week low. UK macro news due for release today includes the ILO Unemployment Rate and Average Earnings for January, while the EU provides its Q4 Employment Change numbers. The US is scheduled to detail a large batch of statistics, including MBA Mortgage Applications, February Retail sales, Consumer Prices, Business inventories and the NAHB Housing Market Index, although all this will be overshadowed by the FOMC’s Economic report and Fed’s rate decision that follows. UK corporates are also due to provide earnings or trading updates include Biffa (BIFF.L), Robert Walters (RWA.L), STM Group (STM.L), Marshalls (MSLH.L) and Hikma Pharmaceuticals (HIK.L). London equities are expected quietly this morning, with the FTSE-100 expected to regain most of yesterday’s modest losses, rising as much as 10 points in early trading.

Breakfast Today

  • 01 Feb 17

"The FOMC’s Monetary Policy Statement, which is due at 19:00hrs GMT, will likely be today’s principal talking point. Not that any change in the discount rate is anticipated, but traders will be listening acutely for any suggestion as to when the first of 2017’s three anticipated hikes might kick-off. This will be particularly sensitive for the US$, which yesterday slid to its lowest level against the international basket since Trump’s election was seen to drive the currency to a 14-year high in November. While there may be some truth in the idea that month-end rebalancing by forex traders somewhat weighed on the Dollar, suggestions from President Trump that Japan and China are devaluing their currencies to boost international trade, while a US trade advisor tells the FT that Germany benefits from a ‘grossly undervalued’ Euro, hints that there are some early signs of panic in the White House. Yet the reality of Trump’s rallying call ‘America First’ is founded on inward looking, reflationary and protectionist policies, which are destined primarily to power the US$ ever upward, and something that even Donald might find he can do very little to stop. The damage inflicted on the Mexican Peso after its government drew swords with the President was a clear warning to all US trading partners, but most particularly China, of troubles ahead. Reflecting on this, the Dow Jones remained yesterday’s main casualty, with the other principal US indices closing with just fractional movements. Catching up following the Lunar New Year break, the Hang Seng fell quite sharply, reflecting also news that China’s Manufacturing PMI fell for the second straight month in January. Elsewhere in Asia, the Nikkei recovered from an early setback to close slightly in the positive, while the ASX gained as commodity plays and financials marginally firmed. Other than the Nationwide Housing Prices index, there is little UK macro data due today, although January Markit Manufacturing PMI figures cover most EU territories, including Great Britain. At 10:00hrs GMT, the European commission is also due to release its Economic Growth Forecasts, while later a large batch of US statistics, including ISM Manufacturing, Construction Spending and Vehicle Sales for January, precede this evening’s Fed decision. UK corporates due to release earnings or trading updates include AG Barr (BAG.L), Low & Bonar (LWB.L) and TalkTalk (TALK.L). With the US$ now trading off yesterday’s lows, London equities are expected to recoup some of yesterday’s losses, with the FTSE-100 seen rising some 30 points during opening business. Investors will also be keeping a weary eye out for reports from the Commons this morning, with as many as 100 MPs reportedly planning to vote against a law to trigger Article 50. " - Barry Gibb, Research Analyst

Breakfast Today

  • 23 Jan 17

Donald Trump's inauguration speech on Friday at least came across as reasonably presidential; for once his statement had been scripted and the bullets not preceeded on Twitter in the middle of the night. There was no 'rabbit pulled out of the hat', but his protectionist 'America First' address at least tried to make some amends with offended minorities, kicked-off his campaign pledges with the order to dismantle Obamacare and set about gathering international friends around him, starting this Friday with UK Prime Minister, Theresa May, who is the first foreign leader to be invited to meet him in the White House. There are, of course, many pressing issues of global significance for the two to discuss but, bringing back the framework for US:UK trade deal would a certainly be an early feather in her cap. So things appear to have started well, but judgement is usually taken during a President's first 100 days with the US$ generally the barometer of success or failure. Most likely Trump will try to wear the expansionary shoes that won Ronald Reagan such plaudits but in truth they do not appear to fit that well; Reagan inherited an economy with double-digit unemployment and inflation; by comparison Obama has handed over a country with low consumer price growth that effectively enjoys full employment. The promise to spend, spend, spend on infrastructure and defence, while aggressively cutting taxes, threatens a surge in public debt at a time when aggressive trade policies could potentially backfire; this could knock the nation's credit rating which, following a four years equity bull market, suggests it will be tricky to keep valuations forever rising. So although the new President still has an awful lot to prove to his party faithful, on Friday markets gave him the benefit of the doubt, with all principal US indices rising led by energy stocks as hopes of compliance with OPEC's production agreement rose, while Treasuries fell and the US$ gyrated. The Nikkei was Asia's main casualty as the Yen rose in the absence of a rallying Dollar and the ASX continued its recent phase of profit taking, while Chinese equities saw just fractionally positive moves. European markets open this morning having seen France's own presidential campaign heat up somewhat, with a leftist taking the lead in the Socialist Party primary, ahead of the scheduled 23rd April election. Today is relatively light in terms of macroeconomic releases, with nothing significant due from the UK, while the Eurozone will only produce January preliminary Consumer Confidence data, while later this evening ECB President, Mario Draghi is due to make a speech. No major UK corporates are due to release earnings or trading updates this morning, although a few including Alliance Pharma (APH.L), LightwaveRF (LWRF.L), Lamprell (LAM.L), Paddy Power Betfair (PPB.L) and SThree (STHR.L) are anticipated. London is feeling rather anticlimactic this morning suggesting the FTSE-100 will open weaker, losing perhaps 35 points in opening trade. This afternoon, quarterlies form a number of US majors, including McDonald's and Yahoo, will likely grab the limelight.