Glencore Xstrata and Zanaga Iron Ore Company (ZIOC) have agreed to revise the scope of the Zanaga iron ore project (ZIOP), which will now be advanced on a staged development basis. The lower capex requirement and higher capital efficiency have substantially reduced the project’s execution risk. The feasibility study, due in late Q114, will now…
Risers: Aggreko, +3.56% Aggreko tops the FTSE 100 this morning on the back of increased third quarter revenues. Whilst trading was in-line with expectations, the mobile power company said that its underlying revenues and trading margins in the three months to 30th September were slightly ahead of the same period last year, excluding revenues from…
By Zak Mir. Key FX Crosses: Euro/Dollar: Euro very much alive despite “dead by the end of the year” threats since 2010. U.S. shutdown a focus for bulls of single currency. June rising trend channel based at 20 day moving average at $1.3617 Target towards 2013 resistance line projection as high as $1.44 by end…
By Zak Mir. U.S. Tech Stocks Cisco (NASDAQ:CSCO): Summer island top sell configuration – subsequent 50 day moving average failure and second unfilled gap to the downside. Initial 2012 price channel support at $22.10. Above May gap floor at $21.42 promises towards August gap zone of $25. Microsoft NASDAQ:MSFT): Ragged consolidation between $31 and $36…
By Dominic Picarda. The rally in equities remains in fine fettle. The indices’ intraday advances are strong and confident, while the pullbacks are mild and brief. To put another dent in the bears’ case, breadth on the New York Stock Exchange looks to be breaking to a new bull-market high. Previously, it was not confirming…
By Zak Mir. Comparing the chart patterns of unrelated markets can yield surprising results. As with any area of trading, it has to be done properly or can lead you into trouble, but there is an interesting set up with Ophir Energy (OPHR): What I find interesting about OPHR at the moment is that it…
By Filipe R. Costa Abenomics is inventing a “second” Japanese economy. No, I don’t mean the Japanese are embracing new technologies and processes to find new ways and means of delivering growth, but rather that the Bank of Japan’s balance sheet is on course to the same size as Japanese GDP within 5 years. Amazingly…
With very little else to focus on all week, investors have been closely studying corporate results in the hope that momentum may gather on the back of encouraging data. Asian shares traded lower overnight on the back of disappointing earnings with 60 percent of the 73 companies in the MSCI Asia Pacific Index that have…
European markets opened confidently today as better-than-expected manufacturing data from China provided an excuse for investors to dive back into the equity markets in full throttle. Although some analysts have pointed out that they expect a period of consolidation owing to the near all-time highs of equities as well as restrictions in the flow of…
