Weekly Wrap

China's property crackdown has started with reports on Monday night that the government has accused broken giant, Evergrande of what amounts to an US$80 billion fraud.

Oil prices experienced a notable surge in response to two significant developments: a decline in US crude stockpiles and a drone attack on a major Russian refinery.

Property problems persist for China, despite President Xi Jinping's efforts to resolve them.

Copper prices reached an eight-month peak on Wednesday following an agreement among Chinese smelters, who account for half of global copper processing, to collectively reduce production.

On Tuesday, iron ore prices displayed a distinct contrast as they rose in Singapore but dipped in the crucial Chinese market of Dalian. This shift in pricing dynamics is likely to impact sentiments surrounding major exporters like BHP, Rio Tinto, Fortescue, and Mineral Resources, who play significant roles in the iron ore trade.

Thanks to the week-long Lunar New Year break, February car sales in China fell from January and were lower over the year, with sales of conventional and New Energy Vehicles (NEVs) declining.

Monday marked a significant reversal for major banks following Friday’s surge, but the real concern for the local market emerged with a nearly 7% plummet in iron ore prices across Asia. This downturn triggered further declines in the shares of industry giants BHP, Rio Tinto, and Fortescue, compounding their losses from the previous week.

China may have boosted iron ore imports to over 209 million tonnes for the first two months of this year. However, recent data confirms that weak demand from steel mills has led to a buildup of ore shipments at the country’s 45 ports.

Britain’s Nationwide Building Society has reached a "preliminary" agreement to buy Virgin Money UK PLC for £2.9 billion ($A5.57 billion) in a deal that would create the second-largest provider of mortgages and savings in the UK.

Once again, China's appetite for major commodities clashes with the uneven health of the country's massive manufacturing sector.

Twiggy Forrest's FMG Resources has made a significant move into the highly prospective copper-gold region of central western NSW with a placement and funding deal.

Well, he didn't add more Kool-Aid to the punch bowl, but Fed Chair Jay Powell certainly didn't give markets what they really desired: a clear statement on the timing of the first rate cut.

For the second consecutive quarter, Australian economic growth lingered at the bottom of the activity curve, with a 0.2% increase from the September quarter and 1.5% growth over the year to December.

A sales deal between a hearing assistance company and a maker of loud percussion instruments may seem incongruous, but to the ASX-listed Audeara (ASX:AUA) the transaction sends out all the right notes – loud and clear.

World gold prices surged strongly on Monday, leaping back over $2,100 an ounce on Comex in New York. Silver prices also rose sharply as analysts struggled to pinpoint a driving factor for the strong gains.

Home building has begun 2024 weakly. According to January approvals figures from the ABS released on Monday, they dropped to their lowest monthly level in 11 years.

Investment by the private sector is now at eight-year highs, with projections indicating further acceleration in the 2024-25 financial year starting July 1.

In the interim results of Ramsay Healthcare (ASX:RHC), while the sale of its Asian private hospitals joint venture provided a substantial one-off profit, the broader business faced significant challenges over the past six months.

In 2022, America's Federal Trade Commission (FTC) blocked the proposed $40 billion merger between Nvidia, the AI chip powerhouse, and ARM, the Japanese-owned UK-based chip infrastructure company.

It's almost official: Warren Buffett has all but anointed (verbally) one of his two senior managers, Greg Abel, as his successor at the top of Berkshire Hathaway, likely Vice Chair (to replace the late Charlie Munger in that role).

Shares in Nvidia surged nearly 8% in the minutes after the AI chip giant released better-than-expected fourth-quarter figures and forecasted a stronger-than-expected March quarter. The post-close surge came after the shares lost 2.8% in normal trading ahead of the release of the results on fears that the company’s performance would not match the hype.