Good afternoon
a not so volatile day so far in equity markets! But tech´s are down again, driven by a very weak bond market. US 10-year bonds are making a new recent low, yielding 1,63% in the moment. This is obviously not good for gold…it´s fighting to hold the 1700-mark late afternoon in Europe. And the slightly stronger US$ does not help, either!
The PPI in the States rose strongly - depending on what you look at, between 2.5 and 2.8%. This is about in line with expectations, but the strongest rise since 2018
Base metals are mixed today - not that much action.
Sheffield - the JV with Yansteel is now formally as well as practically done and dusted! 130 mill have been paid! The updated and changed bankable feasibility study should be finished by the end of April - a few weeks later than I had hoped for. As I commented earlier, it´s very hard for the market to asses the real value of this thing. Indications are for a NPV of around 1.50 A$ for SFX, according to Bridgestreet research - but at this stage, this got to be a bit of guess-work. Financing discussions with Taurus and NAIF are very advanced - I am expecting NAIF to get a larger part of the financing, which would be great, as it´s a lot cheaper than Taurus. This should be fun over the next 2 month or so! SFX is one of my TOP-holdings.
Not much out there in terms of micro-news in the moment!
have a nice weekend!
WS