Gold miners headed for the altar?
Barrick Gold is reportedly planning a $19.0 billion hostile takeover of Newmont Mining. The plan is for a two-part deal involving Australia’s Newcrest Mining, which would end up with Newmont’s Australian assets.
Head of Commodity Strategy
Summary: The latest EIA data led to some profit-taking in energy, but equity markets hold the key to crude oil's direction from here.
With the Opec+ group of nations doing their best to curb supply the demand side remains the key area of uncertainty. Consequently, the main focus and price driver at this stage remains macro-economic developments as seen through the performances of stocks and corporate bond yields. According to our calculations, the 30-day rolling correlation between WTI crude oil and the S&P 500 future is currently at its highest since 2011. On that basis, watch stock market developments more than anything else at this stage.