Tag Archives: Mineral Resources (TRBC level 2)

Australian stocks rose on US stimulus, hopes of economic recovery | Instant News


* Benchmarks increased by almost 2%

* Tech stocks rose after 4 days

* Mercury NZ is the highest winner on the NZ index

March 8 (Reuters) – Australian stocks rose sharply on Monday and are set for their best day in two months after the US Senate endorsed a $ 1.9 trillion COVID-19 aid plan, while last week’s upbeat US jobs data also supported sentiment.

The S & P / ASX 200 index was up 1.8% to 6,830.7 at 2240 GMT. The benchmark ended 0.7% lower on Friday.

The US Senate on Saturday endorsed President Joe Biden’s COVID-19 assistance plan, one of the biggest stimulus bills in US history, a day after data showed that the US economy created more jobs than expected in February.

Over the weekend, Australia has also started vaccinating its citizens against the coronavirus with the AstraZeneca vaccine. Inoculation with the Pfizer / BioNTech vaccine began in February.

Among the individual sectors, mining stocks rose by 2.8%, with BHP and Rio Tinto gaining 3.4% and 3%, respectively.

Tech stocks rose as much as 2.7%, snapping a fourth straight session of losses. Buy now, pay later, Afterpay increased by 4.6%, while Appen increased by 3.8%.

Financial stocks rose 1.5% to reach their highest level in more than a week. The “Big Four” banks rose between 1.2% and 1.9%.

The best performers in the financial sector were Janus Henderson Group and IOOF Holdings, up 4.7% and 3.1%, respectively.

Energy stocks rose nearly 2% to a 10-week high, following a surge in oil prices. Oil Search rose 4.3%, while Beach Energy gained 3.8%.

In New Zealand, the benchmark S & P / NZX 50 index rose 1.3% to 12,334.3.

The highest percentage increases on the index were Mercury NZ and Synlait Milk, up 3.7% and 2.9%, respectively. (Reporting by Aditya Munjuluru; Editing by Aditya Soni)

.



image source

Australian youth lead class action against expanding the Whitehaven coal mine | Instant News


MELBOURNE (Reuters) – A class lawsuit against a coal mine extension that begins on Tuesday could complicate the approval of coal mines in Australia on the basis of intergenerational fairness and climate change, if claimants prove successful.

The landmark claim, by a group of eight teenagers from across Australia, began Tuesday in Melbourne Federal Court and is expected to last five days, but decisions may not be made for several months.

Students think that Australian Environment Minister Susan Ley has a duty to protect them from climate change and that the expansion of the Vickery Whitehaven Coal coal mine in the state of New South Wales will contribute to climate change and jeopardize their future.

“In the community, there is hope that a large coal mine like this is approved at the federal level and that is why we are concerned,” said principal David Barnden of Equity Generation Lawyers.

“It’s about emissions and contributions to climate change, and the dangers for people who are still children today.”

Ley’s office did not immediately respond to a request for comment from Reuters, but he told local media he was unable to comment while the court case was ongoing.

Vickery’s open pit coal mine will produce most of the metallurgical coal for steelmaking as well as some of the higher grade thermal coal and is awaiting final ministerial approval.

This will create 450 sustainable jobs over the course of the operation at a net economic benefit of A $ 1.2 billion ($ 930 million) in the country, Whitehaven estimates.

“Our position with regard to litigation … is that legal claims have no merit and should be dismissed,” said Managing Director and CEO Paul Flynn in a statement.

“As the Australian economy begins to recover from the impact of COVID-19, it is imperative that large job-generating investments in the economy are not delayed by legal claims that have no substance.”

Coal is Australia’s second most valuable resource export, valued at about A $ 37 billion in the financial year to June, government figures show.

Climate change has become a divisive topic in Australia, one of the world’s largest emitters of per capita carbon. The country’s conservative government has won successive elections on a platform of supporting Australia’s dominant fossil fuel sector.

($ 1 = 1.2902 Australian dollars)

Reporting by Melanie Burton; Edited by Jacqueline Wong

.



image source

PRECIOUS-Gold prices rose higher due to a weaker dollar | Instant News


    March 1 (Reuters) - Gold edged higher on Monday, recovering
from an eight-month low touched in the previous session, as a
weaker dollar lifted bullion's appeal.
            
    FUNDAMENTALS
    * Spot gold        rose 0.3% to $1,739.31 per ounce by 0108
GMT, after hitting its lowest since June at $1,716.85 on Friday.
U.S. gold futures        gained 0.4% to $1,736.10.
    * The dollar        slipped from a one-week high hit in the
previous session, making gold cheaper for holders of other
currencies.       
    * Bullion, however, posted its worst monthly fall since
November 2016 in February due to rising U.S. Treasury Yields,
which increase the opportunity cost of holding non-yielding
gold.       
    * U.S. House of Representatives passed a $1.9 trillion
coronavirus relief package early Saturday.             
    * A global bond market rout saw government bond yields in
the United States, Germany and Australia ending February with
their biggest monthly rises in years.                          
    * The U.S. government on Saturday authorized Johnson &
Johnson's         single-dose COVID-19 vaccine, setting the
vaccine up for additional approvals around the world.
            
    * Speculators decreased their bullish positions in COMEX
gold and silver contracts in the week to Feb. 23, the U.S.
Commodity Futures Trading Commission (CFTC) said on Friday.
            
    * Physical gold demand in India gained momentum last week as
retail buyers and jewellers lapped up bullion at near
eight-month low prices, while Singapore continued to see steady
interest for both gold and silver.         
    * Silver        gained 0.3% to $26.71 an ounce, while
palladium        was up 1% at $2,340.69. Platinum        rose
1.1% to $1,202.00.    
    
DATA/EVENTS (GMT)
0855  Germany  Markit/BME Mfg PMI
0900  EU       Markit Mfg Final PMI
0930  UK       Markit/CIPS Mfg PMI Final
1300  Germany  CPI, HICP Prelim YY
1445  US       Markit Mfg PMI Final
1500  US       ISM Manufacturing PMI

 (Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi
Aich)
  

.



image source

2-Eni Italia UPDATE beat expectations in last quarter after ‘year like no other’ | Instant News


(Recast, add comments, details, share, graphics)

MILAN, Feb 19 (Reuters) – Italian energy group Eni’s fortunes picked up in the last quarter of this year as firmer oil prices after “a year like no other” saw full-year profits fall.

Adjusted net income for the fourth quarter was 0.66 billion euros ($ 798 million), down 88% on the year but beating analyst expectations for a 0.04 billion euro loss.

But for the full year, it reported a loss of 742 million euros compared to a gain of 2.876 billion euros in 2019 after what Eni Chief Executive Claudio Descalzi said was “a year unlike any other in the history of the energy industry”.

The unprecedented drop in demand triggered by the COVID-19 pandemic saw big European rivals Shell and BP as well as big US companies Exxon Mobil and Chevron report heavy losses for the year.

Eni’s shares fell sharply last year, hitting their lowest level in a quarter century as the health pandemic rocked oil markets.

In the fourth quarter production fell 11% to 1,713 million barrels of oil equivalent per day but the company said full-year production was on target.

Like its competitors, Eni has cut its investments to offset the impact of the pandemic and spent 35% less last year at 5 billion euros.

Adjusted cash flow for the year fell to 6.7 billion euros compared with guidelines for 11.5 billion euros on Brent oil prices of $ 60 per barrel.

“By taking advantage of the actions we took, our adjusted cash flow for 2020 … was able to finance our capex, with a surplus of 1.7 billion,” said Descalzi.

The companies, which said they were well-equipped to deal with this year’s uncertain trading environment with liquidity of around 20.4 billion euros, confirmed a 2020 dividend of 0.36 euros per share.

In a note, Royal Bank of Canada said Eni remains one of the more leveraged names among integrated oil companies.

“We see Eni’s aggressive strategy around the energy transition as posing a risk to shareholders from time to time,” he said.

Eni, like other European peers, is cleaning up his business as investors increase pressure on the oil and gas sector to fight climate change.

It will release its new business plan on Friday.

By 1019 GMT Eni’s shares were down 1.1%, while the European oil and gas index was down 0.5%.

($ 1 = 0.8271 euro)

Additional reporting by Stefano Bernabei; Edited by Edmund Blair and David Evans

.



image source

PRECIOUS-Gold faces its worst week in 12 as US Treasury yields strengthened | Instant News


    Feb 19 (Reuters) - Gold prices fell to their lowest in
nearly three months on Friday and headed for their worst week
since end-November, as recent strength in U.S. Treasury yields
dented the non-yielding metal's appeal.
    
    FUNDAMENTALS
    * Spot gold        fell 0.4% to $1,769.26 per ounce by 0100
GMT, having touched its lowest since Nov. 30 at $1,765.35
earlier in the session. Prices have declined 3% so far this
week.
    * U.S. gold futures        slipped 0.5% to $1,766.40.
    * Benchmark U.S. Treasury yields edged higher, having hit a
near one-year peak earlier in the week. Higher yields increase
the opportunity cost of holding bullion, which pays no interest.
    * The dollar        was also set to mark a weekly gain,
making gold expensive for holders of other currencies. 
    * U.S. jobless claims unexpectedly increased last week,
raising the possibility of a second straight month of tepid job
growth despite declining new COVID-19 infections.            
    * Switzerland's monthly gold exports to India in January
reached their highest since May 2019, though exports to China
and Hong Kong remained at rock bottom, customs data showed on
Thursday.             
    * Silver        eased 0.6% to $26.86 an ounce, after falling
over 1.8% so far this week, its worst since mid-January. 
    * Platinum        slipped 0.7% to $1,266.09 and was on
course to mark its third straight weekly gain, while palladium
       shed 0.3% to $2,345.02.

DATA/EVENTS (GMT)
0700  UK      Retail Sales MM, YY                Jan
0700  UK      Retail Sales Ex-Fuel MM            Jan
0745  France  CPI (EU Norm) Final MM, YY         Jan
0815  France  Markit Mfg, Serv, Comp Flash PMIs  Feb
0830  Germany Markit Mfg, Serv, Comp Flash PMIs  Feb
0900  EU      Markit Mfg, Serv, Comp Flash PMIs  Feb
0930  UK      Flash Mfg, Serv, Comp PMIs         Feb
1445  US      Markit Mfg, Serv, Comp Flash PMIs  Feb
1500  US      Existing Home Sales                Jan

 (Reporting by Sumita Layek in Bengaluru; Editing by Devika
Syamnath)
  

.



image source