Market Update

General - Oceana

Good afternoon

surprising deal today - Microsoft taking over Linkedin for 26 Bill$ or a near 50% premium to last price....

China with important numbers today: FAI up by a disappointing 9.6% last month; retail sales up by 10%, and Industrial production up by 6% - pointing to GDP growth of just under 7%. Overall, some reasonable numbers - but the Yuan had a weak day, still. 

Equities in Europe still under pressure from BREXIT-talk....metals steady on average ( copper pretty strong ), and gold powers ahead - also in A$ terms now, as it´s trading at 1733 A$/oz this afternoon - only 25$ shy of its 5.year high.

Gold stocks in the States, as measured by the GDXJ, are now up by 111% this year - we might need a breezer here - and I am not really sure, whether physical gold can break the recent high of 1300 US$ in the first attempt....we might need some consolidation first.

Australia had closed today.

Oceana - it looks like the media have overstated the problems the company might have. San Salvador I think is a problem -.but probably there is nothing in the share price for it anyway. The comments of the incoming Philippino prime minister seem to be targeted mainly at nickel ore producers, not so much at others like OGC, who have not had any problems at all with their mine.

You have a nice evening!