Market Update

General - Panoramic - Genex

Good afternoon

what a terrible week! Trouble with Russia, trouble in Washington...quite surprising, how well equity markets are holding up. The amazing thing is, that things are always repeating in history...May is finding a welcome topic to take attention from her disastrous performance otherwise, Trump apparently feels betetr by the day - He is clearly thinking of himself as a great leader...and unstoppable. I am really worried about the US government removing anybody from office, who is critical of Nero...

Bond markets came to the relief this week...alongside some slightly weaker economic numbers, they have really quietened down a bit from the recent excitement. That was at least the case until today - Industrial Production in the States was very strong, while the housing market cooled somewhat, as reported an hour ago. Also, Consumer Confidence as measured by the University of Michigan very strong!

So in the aftermath of these numbers, bonds are weakening off, the US$ is very strong - and metals are giving up their gains (obviously reacting more to the $ than to the strong IP-numbers! )

Panoramic - the share price is on a roll following this weeks Institutional Investor Week, organized by Euroz on Rodnest Island. Reportedly, the company has found lots of interest. Share price has broken out on the charts...and I think if nickel breaks the 14.000 level next week, this move should have more legs.Copper, nickel, cobalt ( which is making a new high, again ) are the wanted metals - especially looking a few years out. The noise in battery metals just does not let go - every week, there is a new corporate deal, offtake agreement etc.. And the car industry worldwide has committed so much capital to the EV-theme by now, that nothing will stop this trend.

Genex - well-regarded small cap fundmanager Acorn reduced it´s stake further. They bought it at 16-17ct - perhaps understandable to take some profits - still, I am expecting much more from Genex, once we have the off-take agreement and the financing in place. Patience is a difficult thing...hopefully, it will pay off here soon!

Not much to report , really, from the micro-side today!

You have a nice weekend!