Good afternoon
most of the imporant US-banks have reported now - mostly with stronger than expected earnings, despite large write-offs because of the virus. If it stays that way, it would be surprising and a sign of real strength, I think! But the virus ist just raging through the uS - another 67.000 cases yesterday…that´s bad indeed, and there still is a lot of neglect! I hope it will cost Trump the re-election!!
Australian state Victoria also announced the highes number of new infections yet…not good! The labor market in Australia has been extraordinary strong in June - this will not continmue thanks to the new outbreak in Victoria!
The US continues to surprise with strong retail sales in June - again - I doubt whether this can be repeated in July, especially, as the labor market ( unsurprisingly ) is still very weak over there. NASDAQ continues to underperform - a trend, which has been established a few days ago, despite some good moves from pharma- and biotech stocks.
European car industry is slowly but surely coming back on it´s feet - but numbers are still far from being satisfying!
China GDP was strong last Quarter at + 3,2% YoY - but retail is still very weak and weaker than expected, a fact the market did not like today.
Base metals are green except for nickel, which is slightly weaker Gold continues it´s struggly just above 1800 US$ - but my feel is, that it needs to come down a bit and take a breather, before we can see much higher prices!
Tietto - Quarterly out. Most of the enws had been reported earlier - strong exploration results / very positive results from metallurgical testwork / application of mining license / work on ppre-feasibility study / some enviromental work have made this a very positive and busy Quarter. Rightly, the MD got a salary incerase to 400.000 A$ p.a. - Caigen is doing an excellent job for Tietto. The company has had 11.7 mill A$ left at the end of the June Quarter. They could do without fresh equity for some time - I would not be completely surprised, though, if the company would make hay while the sun shines, and raises another 15 mill or so, once the new and hopefully positive resource estimate is out in Sept ( hopefully close to 3 mill oz?!).
Panoramic - as well all know, a very difficult Quarter for Panoramic - closing down operations, raising a lot of cash etc. PAN are now debt free, and have roughly 37 mill A$ cash + receivables in the bank as at today. They could have more, if management would not have been forced to sell the remaining stake in Horizon to - then - largest shareholder! Complete rip-off!!! I am very happy. that Zeta and asociates now only control 13% and that Western Areas have overtaken as largest shareholder with 19,9% now. PAN will start with development of the venitalion drive, and underground development in August, once the contractor has mobilized again. Exploration will also start in earnest again shortly. The company is re-awakeing from the various shocks - but I think they will need a few positive developments to recover in terms of market sentiment!!! The share price is certainly a joke - enterprise value is only just above 100 Mill A$ and is strongly undervaluing the asset - if you believe ( like I do! ) in a halfway positive future for battery-nickel!
You ahve a very nice evening!!
WS
Schröder Equities GmbH
Seitzstr.7a
80538 München
Tel. +49-89-4613440-0
Fax +49-89-4613440-10
email: wschroeder@schroeder-equities.com
website: www.schroeder-equities.com
eingetragen im HR München, HRB 166985
Geschäftsführer: Wilhelm Schröder
The information contained in this communication is confidential and is intended only for the use of the addressee. Unauthorised use, disclosure or copying is strictly prohibited. If you have received this communication in error, please delete it and notify us by telephone at +49-89-4613440-0, by fax at +49-89-4613440-10 or by e-mail at wschroeder@schroeder-equities.com immediately. Please note that this communication does not constitute and may not be construed as investment advice and / or referral to buy or sell financial instruments. Unless specified otherwise, the views expressed in this communication are solely subjective notions of the individual sender and / or the entity or individual stated as the author of any information submitted. Performance in the past may in no case be considered as an indication for future performance. Please also note that Schröder Equities GmbH and / or its officers or employees may have interests in financial instruments referred to this communication. A current list of shareholdings can be emailed on request. Furthermore, our clients are hereby informed that Schröder Equities GmbH renders advisory services to Nestor Australien Fonds, an investment fund administered by Nestor Investment Management S.A. Luxemburg. Please also note that e-mails can be intercepted by