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Thu, 7th Dec 2017 - Author: Morning Shot

The Nasdaq was the only US index to close higher yesterday and in Asia the Nikkei (1.54%) and the ASX (0.54%) faired much better with good moves higher.

Once again on the balance commodities markets are subdued, zinc, tin and palladium are the only major commodities that traded higher overnight but copper is trying to stabilise after recent bearish price action. The industrial metal still languishes under the $3.00 level and trades close to the $2.896 support.

Gold has now broken firmly out of the previous range to the downside, the yellow metal has broken a key trendline too ranging from the end of 2017 to Sept'17 confirming the bearish move. Silver also broke the pivotal $16/oz level as precious metals looks to be under some serious pressure.

As with API's, DoE inventory levels produced a draw yesterday but the energy markets have been focused on WTI trading at relatively high levels and sold off due to information in other areas of the report, most notably gasoline stocks which came in at 6.78M vs 1.741M exp, 3.627M prev. 

In FX markets GBP remains under pressure as there is still no relent in the positive outlook on phase 1 talks on Brexit as traders hold relatively better levels on an eventual deal.  This will be tested in the coming days, with a 'result' by the end of this week looking increasingly unlikely, but talks ongoing behind the scenes. 

 

Morning Stories:

 

Unconfirmed rumors this morning that GVC are looking at a bid for Ladbrokes. 

Air New Zealand Ltd on Thursday said it would stop and delay some international flights over the coming weeks because engines on its Boeing Co BA.N 787-9 jets manufactured by Rolls-Royce Holdings PLC required early maintenance.

Royal Mail stated its mediated talks with the Communications Workers Union (CWU) to end a row over plans to replace the firm's defined benefit pension scheme were advancing.

Italy's antitrust agency stated it had fined Unilever's, Italian unit more than 60 million euros ($70.7 million) for abuse of its dominant position in the country's ice cream market.

 

Metal Tiger study results :

Highlights:

-- Encouraging early results of T3 Underground Project mining

study supports the initiation of a 30-hole Resource drilling programme

targeting high-grade veins with underground mining potential.

-- T3 Underground Scoping Study aimed for completion by Q3 2018.

-- Assay results from a further 8 diamond drill holes received.

 

Ferrexpo is pleased to announce a special dividend of 3.3 US cents per share. This follows the payment of an interim dividend for the first six months of 2017 of 3.3 US cents per share which was paid on 8 September 2017

William Hill has  announced it has reached agreement with Scientific Games Corporation to unconditionally support Scientific Games' proposed acquisition of NYX. Following the agreement all the parties have withdrawn from all litigation in the US and UK.

RM Resources - We benefited from organic revenue growth in the second half and RM Education experienced a resilient performance following the 2016 restructuring. RM Results was in line with management expectations, having had a strong summer delivery.

 

HSS expects these priorities to deliver significantly improved business performance. The Group sets out today the following financial targets to achieve by 2020:

-- Revenue growth: Grow in line with the market

-- Rental revenue growth: Grow ahead of the market

-- EBITDA margin: above 20%

-- EBITA margin: above 9%

-- Leverage: less than 3x

-- Return on assets: above 20%

 

Ariana Resources has announced the results of recent exploration across the Hot Gold Corridor and within its wholly-owned 1 Moz Salinbas Gold Project. The Hot Gold Corridor is named after the 4 Moz Hot Maden Au-Cu deposit, located approximately 4 km south of the Project licences.

Legal & General is set for a record year in 2017, L&G continues to see great momentum in all its businesses in the year to date and has experienced particularly strong growth in recent weeks. We remain strategically well placed to deliver strong, attractive growth and returns in our core markets.

DS Smith Plc - 2017/18 HALF YEAR RESULTS - Revenue, GBP2,800m, +19%, Adj EPS up 6%, PBT up 1%.

The Board of Xtract Resources has announced that the Company's wholly-owned Mozambican subsidiary, Explorator Limitada has negotiated significantly enhanced terms for the western portion of the alluvial concession under the existing Mining Contractor agreement dated 19 June 2017 with Omnia Mining Ltd and Moz Gold Group Limitida for the exploitation of alluvial gold deposits at its Manica mining concession in Mozambique.

 

What to look out for:

 

Halifax House Price Data, EZ GDP, ECB's Draghi speaks, Canadian Ivey PMI, Japanese GDP and Trade Balance

 

Kind Regards

Rajan Dhall

 

 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.



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