Weekly Wrap

On Monday night, the third major global rating agency issued downgrades or warnings regarding numerous mid-level banks.

The decline in lithium prices, particularly in the crucial Chinese market during late 2022 and early 2023, continued to weigh on the performance of SQM, the Chilean-based second-largest global lithium group, trailing behind the US-based Albemarle.

On Thursday in the US, a bullish mix of strong economic data on building starts, industrial production, unemployment claims, and Walmart's latest quarterly sales and earnings report unfolded.

The recent purchases of shares by Berkshire Hathaway in three US home builders have stirred interest, though they lack the opportunistic flair of previous endeavors such as venturing into the oil and gas sector with Chevron and Occidental last year, or securing a stake in a tech giant, as was the case years ago with Apple.

In recent developments within the lithium market, East Asian and global prices have witnessed a downward trend, driven by weak buying appetite, sluggish demand, and a subdued summer market.

On Thursday, China's economic concerns and the surge in US bond yields triggered a slide in markets across Asia, pushing some to their lowest points in nine months.

Australia is considering the introduction of a "green tariff" targeting imports of steel and cement from nations such as China, India, and Vietnam.

According to the firm's 13F (fund manager) filing with the US Securities and Exchange Commission after trading ended on Monday, Buffett bought around $4.6 billion worth of shares in the quarter, led by the homebuilders (which some analysts said was somewhat surprising).

Tapestry, the US-based parent company of lifestyle brands Coach and Kate Spade, is set to acquire the parent company of Versace and Michael Kors, Capri, in a momentous US$8.5 billion takeover, giving rise to a new global fashion behemoth poised to challenge European fashion giants.

European natural gas prices surged by nearly 40% on Wednesday, driven by concerns over potential disruptions in global liquefied natural gas (LNG) supply from Australia.

The world's second biggest economy slid deeper into deflation last month, with no immediate sign of how it can escape this price vice without a massive spending campaign.

In a troubling sign of the times, the Australian retail landscape is grappling with an ongoing decline as retail sales continue to tumble, signaling the harsh impact of the prevailing cost-of-living crisis on consumer spending patterns.

China's trade performance in July fell short of forecasts, with exports experiencing a steep decline of more than 14%, and imports falling by a significant 12%.

NAB's latest business survey not only confirmed continuing resilience but also highlighted an uptick in "inflation-related measures."

In a recent ANZ-Roy Morgan survey, consumer confidence took a hit, declining by 3.4 percentage points to 75 last week.

Berkshire Hathaway has experienced a significant surge to a record high in the wake of its Saturday earnings report, which showcased an operating profit for the second quarter surpassing Wall Street's expectations.

Another solid quarter for the world's biggest lithium player, Albemarle, but the three months to 30th June did confirm that the company had, like its rivals, been whacked by the slowdown in prices.

Global markets sold off Wednesday in the first full session of trading in the wake of the historic downgrade of America’s AAA rating by Fitch.

The report, titled "Critical Materials Assessment 2023," is an updated analysis of previous Critical Materials Strategy reports published by the DOE in 2010, 2011, and 2019. It identifies the materials critical to the continued deployment of clean energy technologies and evaluates potential supply risks associated with them.

Global gold demand, excluding over-the-counter (OTC) trading, experienced a slight decline of 2% in the first half of 2023, ending on 30th June.

Breaking news from the Reserve Bank as they decide to keep the cash rate unchanged at 4.1% for the second consecutive month. The recent dip in inflation during the June quarter influenced the central bank's decision to hold off on any rate hikes.

The Dow Jones Industrial Average finally ran out of steam on Thursday as investors took their profits, ending 13 straight days of gains.

JPMorgan Chase is positioning itself in anticipation of an impending US recession, foreseeing a surge in gold prices to surpass $2000 an ounce by the end of this year.