November 21, 2023

Stocks were down Tuesday as traders assessed the latest Federal Reserve meeting minutes, where officials gave no indication of interest rate cuts. The Federal Reserve has expressed the need for a “restrictive” monetary policy due to concerns about stubborn or rising inflation, keeping the benchmark interest rate unchanged at 5.25 per cent to 5.5 per […]

Oil prices retained the bulk of a two-day surge, with global benchmark Brent briefly surpassing $82 a barrel, driven by heightened speculation that OPEC+ may consider further supply cuts at its upcoming meeting this weekend. This follows a more than 6 percent increase in prices over the previous two sessions, and West Texas Intermediate (WTI)

In a recent development, Chinese-backed mining company MMG has successfully acquired the Canadian firm Cuprous Capital, the owner of Botswana’s Khoemacau copper mine. The purchase reflects MMG’s strategy to secure a stable supply of copper, a crucial metal for the green energy transition. Khoemacau mine is notable for its high-grade copper deposits, averaging around 2

The Fed’s latest policy meeting minutes were predictably a touch hawkish—indicating rates would stay higher for longer. One commentary described it as ‘a slight tightening bias.’ However, gold bounced back over $2,000 an ounce on Comex, gaining 1% on the day. The Comex front-month price settled just over $1,998 an ounce, having touched $2,009 an

Inflation poses a significant challenge for the Reserve Bank and Governor Michele Bullock, according to the minutes of the bank’s recent policy meeting, where interest rates were raised. The minutes confirm the decision to increase the cash rate in response to persistent inflation and a stronger-than-expected economy. The 25 basis-point increase brought the rate to

The Australian sharemarket saw gains driven by mining stocks and rising iron ore prices due to China’s additional stimulus measures. The S&P/ASX 200 index increased by 0.3%, with mining giants like BHP Group (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals (ASX:FMG) performing well. Iron ore futures on the Singapore exchange also rose by 1.3% to

Fortescue Metals (ASX:FMG) will commit more than $A1.1 billion ($US750 million) to its first three projects on the list of ambitious plans to become a major force in hydrogen and renewable energy. The company unveiled the final investment decisions ahead of its annual meeting in Perth on Tuesday. The major spend will be $US550 million

The S&P/ASX 200 is trading 0.33 per cent higher at 7,082. Futures The SPI futures are up 26 points. Best and worst performers The best-performing sector is Materials, up 1.58 per cent. The gains are largely due to the iron ore futures on the Singapore exchange increasing by 2 per cent to US$133.75 a tonne