Resources equity research

Explore the latest equity research and media content for companies in the Resources sector. These stocks operate in mining, industrial metals, paper mills and forestry. Mining sectors include coal, diamonds, and gemstones/precious metals.

Resources equity research

Explore the latest equity research and media content for companies in the Resources sector. These stocks operate in mining, industrial metals, paper mills and forestry. Mining sectors include coal, diamonds, and gemstones/precious metals.

Latest Content

Breakfast Today

  • 24 Mar 17

"The Dow Jones gave up almost a 100-point gain yesterday evening, to close in the red as it became clear that House Republicans would have to postpone Thursday's planned vote on a bill designed to dismantle the Affordable Care Act. As of Thursday afternoon, Republican lawmakers remained short of the votes needed; this is, of course, highly sensitive, considering most economists view the outcome to be a barometer on President Trump administration and, ultimately, whether he will be able to push through dramatic agenda for policy changes like tax cuts, fiscal stimulus and deregulation, optimism for which has spurred international financial markets to new record highs post his election. A further attempt will be made later today, although the White House Budget Director, Mick Mulvaney, has already conceded that Trump will have to leave Obamacare in place if he fails to muster sufficient support. The principal US indices tumbled in unison during the last trading hour to all end with fractional losses. This year's big winners, financials and industrials, were obvious casualties of the news, although energy stocks also managed to notch up their six-consecutive day of losses as crude prices fell on concerns of unabated rising US inventories and doubts regarding international adherence to scheduled production cuts. Despite this, Asia-Pacific equities regained some risk appetite Friday morning, with the Nikkei sparking higher as the Yen weakened against the stronger US$ that followed the Robert Kaplan suggesting three rate hikes in 2017 to be a 'reasonable baseline'. This also boosted the ASX that otherwise would have been concerned by soft overnight minerals prices, while the Shanghai Composite followed closely behind to leave just the Hang Seng treading water. Possibly a measure of investor cynicism, and in sharp contrast with the past, financial markets barely noticed Wednesday's terrorist attack in London, underscoring conviction that such events have limited scope to undermine businesses or the economies of affected regions. While the FTSE-100 spent most of the day with marginal losses, despite February Retail Sales data emerging slightly above consensus, it staged a late recovery inspired by a firmer US opening, itself on stronger than anticipated on February New Home Sales, to close with a modest gain. European stocks, by comparison, shone quite brightly, with the Stoxx Europe 600 hiking 0.85% as analysts continued to point out the wide valuation gap that now exists between it and the S&P-500, at a time when macro and political confidence for the Continent appears to be rising. UK macro release due today are limited to January BBA Mortgage Approvals, although March Preliminary PMI figures are due form the EU. The US provides February Durable Goods and its own Market Preliminary PMI data; speeches are also due from the Fed's Chales Evans and James Bullard. UK corporates due to release earnings or trading updates include Smiths Group (SMIN.L), Henry Boot (BHY.L), and Concurrent Technologies (CNC.L). As investors are in 'wait and see' mode with this afternoon's vote in the US expected after the close, little can be expected from the London markets today. The FTSE-100 is seen trading just 5 points either side of unchanged during early business." - Barry Gibb, Research Analyst

Breakfast Today

  • 23 Mar 17

Has Donald Trump’s luck finally started to run out? Just at the time when the populist revolution that threatened to engulf Europe appears to be fading? That’s the question investors are now asking, pointing at the enormous valuation gulf that has opening between the two trading blocks. Based on forward earnings multiples, the spread between S&P 500 and the Stoxx Europe 600 is near to its widest point in five years. It would only take a signal from the President that some of his ambitious reflationary proposals, ranging across tax, policy and budget, could have to be watered down in order to have a chance of being pushed past Congresses’ arch-conservatives, and the French electorate to convincingly reject Maine le Pen’s candidacy in the presidential polls that take place one month today, to reverse the tide of money that has flowed due west for so long now. Sure, it requires a brave asset manager to take the plunge right now, but background data is certainly supporting a more positive scenario for Europe. In February, for example, IHS Markit's eurozone composite purchasing managers index hit a near six-year high; even Mario Draghi from the ECB has started to sound more confident that the threat of deflation is passing; fourth quarter results from the region’s blue-chip corporates showed a net 20% of the 450 companies tracked by UBS beating earnings expectations, the best result for six years! Meanwhile, as bourses around the world have been setting new record highs, the European blue-chip index still sits 10% below its 2015 peak. Perhaps these thoughts were occupying trader’s minds yesterday, as the principal US indices once again closed softly mixed ahead of today’s key healthcare reform vote in the House of Representatives. Being seen as a barometer of Trump’s administration, the passing of his bill designed to trim departmental costs that accounted for a giant 16.9% GDP in 2016 would most certainly be taken as a big positive by the markets. Asian equities this morning simply reflected US sentiment, with the principal Chinese indices both down, the Nikkei recovering modestly from the previous day’s sharp fall inspired by Yen weakeness, while the ASX enjoyed a modest rebound in its minerals and financials stocks. Crude futures also rebounded during the Far Eastern session after new data showed U.S. gasoline and distillates stocks declined in the latest reporting week, signalling that US refiners’ crude demand is set to rise. UK macro data due for release today includes the sensitive February Retail Sales figures and the CBI Distributive Trades Survey, while the US provides a batch of statistics including Initial Jobless Claims and February New Homes Sales, which will be followed mid-afternoon by the EU releasing its March preliminary Consumer Confidence figures. Coming shortly after the FOMC meeting, the markets do not anticipate any particular fireworks being provided by the Fed Chair, Janet Yellen, when she addresses a meeting in Washington, although the FOMC’s Neal Kashkari is also due to speak at 18:00hrs GMT, which could add some flavour to last week’s less hawkish tone, particularly given suggestions in the overnight press that the Fed may be willing to allow inflation to trend higher before responding with discount rate moves. UK corporates due to release earnings or trading updates include Next (NXT.L), Curtis Banks Group (CBP.L), Sopheon (SPE.L), Ted Baker (TED.L) and Futura Medical (FUM.L). Investors will also be keen to receive any further updates regarding the supposed terrorist attack that took place in Westminster yesterday afternoon.The FTSE-100 was trading down 13 points at 8:15 this morning.



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