** JP Morgan trims PT and estimates on copper miner after company forecast higher costs for 2020** FCX reported a fall in Q4 copper output and said it expected higher spending in 2020 as it transitions its Grasberg copper mine to underground mining, sending shares down 9% ** Brokerage says unit net cash costs are seeing some pressure from lower molybdenum prices, while FCX's capex forecast moved up slightly for 2020** Cuts PT by $1 to $14; remains "neutral" given the upside … [Read more...]

Belarus is looking for alternatives to Russian oil and is in talks with the United States, Saudi Arabia and the United Arab Emirates about supplies, President Alexander Lukashenko said on Friday, the Belta news agency reported.Belarus and Russia failed to agree on an oil supply contract for this year, prompting Russia to halt supplies to refineries in Belarus, though it partially restored them on Jan. 4. The row has fed into a broader geopolitical dispute between Moscow and Minsk in which … [Read more...]

European shares on Friday were set to post their first daily gain this week on signs of a recovery ahead for growth, with easing worries over the coronavirus outbreak in China also emboldening investors. In some of the first glimpses of the health of the region's economy this year, a Purchasing Managers' Index (PMI) survey showed Germany's private sector gaining momentum, with growth in services up and a pullback in manufacturing easing. PMI figures from Britain, meanwhile, … [Read more...]

** U.S.-listed shares of oil and gas producer down 4% at $3.88 premarket** Cowen & Co downgrades company's shares to "market perform" from "outperform"; cuts PT to $5 from $6** Brokerage sees deteriorating fundamentals going into 2021, namely free cash flow, margins, balance sheet and valuation on depressed natural gas and natural gas liquids (NGL) prices and loss of hedge gains** Cowen says uneven corporate execution alongside weakening natural gas and NGL prices … [Read more...]

A massive explosion ripped through a building in Houston, Texas early on Friday, shattering windows in the vicinity and heard by residents across a wide area, police and media said.Smoke and flames could be seen billowing from the area around the blast and emergency vehicles converged on the area.The explosion took place in Gessner Road, in the northwest of the city, Houston police said in a Twitter post. They advised traffic to stay away from the area but did not give any word on any … [Read more...]

Global equity and bond funds saw more inflows in the week to Wednesday and the "irrational bullish phase" in markets was likely to continue in the first-quarter if the U.S. Fed continued to pump-in liquidity, BofA said on Friday.Bond funds attracted $16.2 billion and equities sucked in $8.5 billion last week even as concerns over the spread of a deadly virus in China rattled markets, BofA said citing EPFR data. At $4 billion, emerging market equity funds saw their biggest inflows in 57 … [Read more...]

* Oil dropped 14.6% in 11 days reaching USD 61.25/bbl yesterday* Today Brent's range USD 61.64-62.46/bbl* The 200-WMA is USD 60.57/bbl. Today's close will be crucial* Brent has traded above the 200-WMA since December 2018* A 76.4% retracement of the major Sep 2019-Jan 2020 rise is USD 59.83* A break there would suggest that entire rise from USD 56.15/bbl is wiped out* … [Read more...]

U.S. oil refiners are expected to have 1,098,000 barrels per day (bpd) of capacity offline for the week ending Jan. 24, decreasing available refining capacity by 552,000 bpd from the previous week, research company IIR Energy said on Friday.Offline capacity is expected to fall to 578,000 bpd in the week ended Jan. 31 and rise to 705,000 bpd in the subsequent week.The following are IIR weekly figures for offline capacity (in thousands of bpd): Week ended Friday Jan. 24 Jan. 22 Jan. 20 … [Read more...]

Belarus is looking for alternatives to Russian oil and is holding discussions with the United States, Saudi Arabia and the United Arab Emirates, the Belta news agency cited Belarusian President Alexander Lukashenko as saying on Friday. The supply of oil from Russia to Belarus was abruptly halted on Jan. 1 with companies including Rosneft, Gazpromneft, Lukoil and Surgutneftegaz suspending deliveries as Moscow and Minsk argued over the terms of their oil supply contract. (Reporting by Andrei … [Read more...]

Thousands of Iraqis rallied at two central Baghdad intersections on Friday after a prominent cleric called for a "million strong" protest against the American military presence, following the U.S. killing of an Iranian general and an Iraqi militia chief.The initial march appeared not to gather further steam, however, largely dissipating after several hours. Some protesters headed to join separate anti-government demonstrators at Baghdad's Tahrir Square, and others boarded buses to … [Read more...]