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Auction 9.15 - market opens 9.30

LSE: London Stock Exchange to update the market at 9:15am GMT. FTSE100 & 250 Securities open delayed. #LondonStockExchange #LSE #Markets #Stocks #News #FTSE100 #FTSE250

Its still only AIM and lower 350 shares trading - no 250 or 100.

To give some idea what SM are up against in getting the bonds away - this is a snippet from a Morningstar article from earlier in the week - they continually monitor the bond market - the main comparison to make is between the current situation and last October when the market fell -

"High-Yield Investors Head for the Exit
After eight consecutive weeks of inflows into the high-yield asset class (the first time since October 2013), approximately half of those inflows were withdrawn last week. For the week ended Aug. 1, a total of $4.1 billion of outflows were registered across open-end mutual funds and exchange-traded funds. To place this amount in context, this was the second-largest weekly outflow over the past year (trailing the $4.9 billion of outflows in October 2018) and the sixth-largest weekly outflow we have registered since we began calculating weekly outflows in mid-2009. Across high-yield open-end mutual funds, investors redeemed $1.8 billion of funds; among high-yield ETFs, net unit redemptions totaled $2.3 billion.
Even after incorporating these outflows last week, year-to-date inflows into the high-yield asset class total a solid $14.5 billion: $10.2 billion of net unit creation among high-yield ETFs and $4.3 billion of inflows across high-yield open-end mutual funds."

The full article is here - pay particular attention to the last graph in the article - hopefully there will be some sort of update early next week .
https://www.morningstar.com/articles/941974/volatility-returns-with-a-vengeance

So where does everyone think Brent is going from here? - will we get a recession?

Be it by intuition, economic theory, what ever - what does ever body think?

Personally I don't think we will get a recession - but Brent will I think stay in this trading range - $55-$65 for the foreseeable future - it may dip to $50 again but if it does that will be short lived - more likely it is at the lower end of its range and we will continue to see volatility within this range. So some optimism.

Yes agree Chesh - York is wonderful!

The poor balance doesn't help us in the south - we get overpriced housing, overburdened public services, busy roads - anyone who earns a low wage is totally stuffed.

Until our politicians stop playing combat politics and start governing for the national good, nothing will change. What we need is a change to the electoral system to PR to force coalitions and a move into a large modern debating chamber to cool things down and encourage technocrats to take political office.

With this sort of Government we could expect decisions in the national interest for issues like Government guarantees for SM.

Hello Pelle
No it is listed in London on the AIM index.
https://www.lse.co.uk/SharePrice.asp?shareprice=ITX&share=Itaconix-Plc

spindok
I think they will get the funding - how is the problem - I can see them issuing convertible bonds - hence the current SP - even then though I can see some upside, my average is 19p. Its Woodford who has just cashed out very cheaply at ITX - a rare boomtime for small investors.

spindox
If you are looking for a new investment ITX is perfect for entry now.

Anyone who thinks that SM will get anything out of HMG is delusional - even CF fell into the trap of thinking that they would provide backing but that fell flat and we were left with dilution. Forget them - this has to be done the hard way.

Thank you Pelle

It seems the fall in the Dow has finally got through to Trump - this is his latest series of Tweets - maybe we will see a bounce back today - anyway it must be good news for the bond issue.

"Good things were stated on the call with China the other day. They are eating the Tariffs with the devaluation of their currency and “pouring” money into their system. The American consumer is fine with or without the September date, but much good will come from the short.......deferral to December. It actually helps China more than us, but will be reciprocated. Millions of jobs are being lost in China to other non-Tariffed countries. Thousands of companies are leaving. Of course China wants to make a deal. Let them work humanely with Hong Kong first! I know President Xi of China very well. He is a great leader who very much has the respect of his people. He is also a good man in a “tough business.” I have ZERO doubt that if President Xi wants to quickly and humanely solve the Hong Kong problem, he can do it. Personal meeting?"

Here is the complete series of tweets from Trump - hopefully the fall in the Dow has even got through to him - now for our home grown idiots....

"Good things were stated on the call with China the other day. They are eating the Tariffs with the devaluation of their currency and “pouring” money into their system. The American consumer is fine with or without the September date, but much good will come from the short.......deferral to December. It actually helps China more than us, but will be reciprocated. Millions of jobs are being lost in China to other non-Tariffed countries. Thousands of companies are leaving. Of course China wants to make a deal. Let them work humanely with Hong Kong first! I know President Xi of China very well. He is a great leader who very much has the respect of his people. He is also a good man in a “tough business.” I have ZERO doubt that if President Xi wants to quickly and humanely solve the Hong Kong problem, he can do it. Personal meeting?"

As a footnote to the load before last and on a point of interest - this load was transferred by Petroatlantic to Sapphira at Sullom Voe on 30th July - Sapphira sailed to Ceuta, a Spanish colony on the North African coast, opposite Gibraltar.

Sapphira used the anchorage at Ceuta for another STS transfer - I didn't observe it, so I don't know what happened to the crude - Sapphira is now on her way, empty, down the west African coast to pick up a load at Pointe Noire, Congo.

https://www.fendercare.com/ship-ship-transfers/sts-global-locations/

EIA was a build on crude but more than balanced by a draw on petrol and diesel - logical I think in periods of high demand.

Shorts have just started a concerted effort to push down the SP - the "fun" begins.

I think that the volatility of the last few days is by no means over - there are still plenty of auto trades going through and with the high volume - significantly higher than yesterday - it would seem that the shorts are still around - I wouldn't be surprised if we don't see another spike at the end of trading with more shorts closing - and good riddance to them!!!

Sirius Minerals PLC
8.35
10.60
1.10
11.58%
10.50
10.60
7,501,669
08:08:02

Not expecting any news from SM for a few days at least.

The interesting thing this morning is the short positions - were they all able to cash out last night or is there more to come - will some continue to hold and what percentage.

Also how and to what extent will new investors react to yesterdays news that Trump is delaying some Chinese tariffs until December effectively giving SM a chance to get the bonds away in the truce window.