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Ideas
Macro
Six central banks led by the Federal Reserve agreed to cut the cost of providing dollar funding via swap agreements and to make other currencies available as needed. The People’s Bank of China cut banks’ reserve requirements yesterday for the first time since 2008
Comment: Markets seemed terribily rigged now with a coordinated effort to provide liquidity. A "great QE" for now. Together with PBOC cutting banks RRR, this pumps even more easy money into the market. Markets will probably soar for a today and tomorrow with some profit-taking here and there. Another thing to note is that this will cause DXY to decline and commodity prices to go up. Looking at high beta commodity stocks for trading
Update 233pm
Noble: Coal prospector Aspire Mining (AKM.AU) said Noble has agreed to market coking coal from the Ovoot project being developed in northern Mongolia.
The alliance gives Noble marketing rights to at least half of the first 5m mt of coal produced at Ovoot, subject to the establishment of a road and rail port link with customers.
It said the pact with Noble will focus on a supply chain to customers in China, north Asia and other coking coal markets served by sea. It also will see the establishment of the Ovoot coal brand.
News of the deal buoyed Aspire's shares, which ended the day 8.9% higher at A 30.5 cts.
Aspire currently is working to increase the estimated resource at Ovoot, which initially has been shown to have 330.7m tons.
Noble earlier this year agreed to help Australia's Xanadu Mines Ltd. (XAM.AU) explore for coking coal, iron ore and ferroalloys in Mongolia.
Noble has an 8.3% stake in Aspire, which also has other coal projects in Mongolia, and a 9.9% interest in Xanadu.
Noble is up 6.1% at $1.21
Sources: Bloomberg, Reuters, WSJ, The Business Times, Analyst Reports, Company Announcements
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