(RTTNews) - The Thai stock market on Wednesday halted the five-day losing streak in which it had stumbled more than 30 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,575-point plateau although it's expected to turn lower again on Thursday.
The global forecast for the Asian markets is mixed to lower on mixed earnings news and rising crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.
The SET finished sharply higher on Wednesday following gains from the financial shares and energy producers.
For the day, the index climbed 17.56 points or 1.13 percent to finish at 1,576.79 after trading between 1,562.84 and 1,578.62. Volume was 33.618 billion shares worth 94.645 billion baht. There were 1,021 gainers and 613 decliners, with 455 stocks finishing unchanged.
Among the actives, Advanced Info dropped 0.87 percent, while Thailand Airport spiked 3.29 percent, Asset World accelerated 3.42 percent, Bangkok Asset Management climbed 1.49 percent, Bangkok Bank advanced 0.83 percent, Bangkok Dusit Medical added 0.46 percent, Bangkok Expressway gained 0.63 percent, BTS Group improved 0.56 percent, Gulf jumped 1.48 percent, Kasikornbank collected 0.38 percent, Krung Thai Bank gathered 1.80 percent, PTT Oil & Retail increased 0.84 percent, PTT perked 0.64 percent, PTT Exploration and Production was up 1.31 percent, PTT Global Chemical rallied 1.95 percent, SCG Packaging strengthened 1.44 percent, Siam Commercial Bank climbed 0.97 percent, Siam Concrete soared 2.73 percent and TMB Bank and Charoen Pokphand Foods were unchanged.
The lead from Wall Street is soft as stocks saw a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly lower.
The Dow shed 164.55 points or 0.48 percent to finish at 33,820.38, while the NASDAQ lost 39.19 points or 0.28 percent to end at 14,051.03 and the S&P 500 fell 3.54 points or 0.08 percent to close at 4,183.18.
Stocks initially lacked direction as traders looked ahead to the Federal Reserve's monetary policy announcement, although the choppy trading continued after the Fed announced its widely expected decision to maintain ultra-easy policy.
The Fed left interest rates and asset purchases unchanged even as the central bank upgraded its assessment of the U.S. economy, adding that the sectors most affected by the coronavirus pandemic remain weak but have improved.
Traders were also reacting to the latest earnings news from several big-name companies as Alphabet (GOOGL) and Visa (V) beat the street while Amgen (AMGN) and Boeing (BA) disappointed.
Crude oil prices moved higher Wednesday amid hopes energy demand will increase in the near future. A much smaller than expected increase in U.S. crude inventories last week also contributed to oil's advance. West Texas Intermediate Crude oil futures for June ended higher by $0.92 or 1.5 percent at a six-week high of $63.86 a barrel.
A Ramsey County District Court judge today found that the Minnesota Pollution Control Agency (MPCA) did not engage in any procedural irregularities in connection with the processing of the National Pollutant Discharge Elimination System (NPDES) permit for the NorthMet copper-nickel-precious metals project, according to Poly Met Mining, Inc., a wholly owned subsidiary of PolyMet Mining Corp. (together "PolyMet” or the "company”) TSX: POM; NYSE American: PLM.
In his decision, Judge John H. Guthmann rejected the allegations that MPCA engaged in a systematic effort to keep evidence out of the administrative record. Those allegations had been made by the relators Fond du Lac Band of Lake Superior Chippewa, WaterLegacy, Minnesota Center for Environmental Advocacy, Center for Biological Diversity and Friends of the Boundary Waters Wilderness. Judge Guthmann made his findings after presiding over a seven-day hearing in St. Paul in January and extensive briefing from the parties.
Judge Guthmann found no evidence that the MPCA attempted to suppress EPA comments. Indeed, the court observed that the process for PolyMet’s permit involved "significantly more interaction between the EPA and the MPCA than with the usual NPDES permit.” The court determined that "[a]t no time did the MPCA try to discourage or prevent the EPA from submitting written comments on either the pre-proposed permit or the final permit.” The court found that MPCA’s effort to reach an agreement with EPA to delay making written comments on a draft NorthMet NPDES permit until sometime after the public notice period did not constitute a procedural irregularity. The court concluded that the MPCA exceeded the requirements of the Memorandum of Agreement between EPA and MPCA.
The district court’s conclusion that no procedural irregularities occurred in the processing of PolyMet’s permit will be incorporated into the broader challenge to that permit currently pending before the court of appeals. In that case, environmental groups and the Fond du Lac Band have challenged the MPCA’s decision to issue the permit and its denial of a contested-case hearing. The court of appeals will decide the schedule for briefing and oral argument.
"We are pleased with the district court’s ruling and look forward to defending the challenge to the water permit currently pending in the court of appeals,” said Jon Cherry, chairman, president and CEO. "We remain confident the water quality permit meets all applicable standards and will ultimately be upheld by the courts.”
The district court decision comes on the heels of the Minnesota Supreme Court this spring granting the company’s and regulators’ petitions to review court of appeals’ rulings on its Permit to Mine, dam safety and air quality permits. The Minnesota Supreme Court recently scheduled oral argument in the Permit to Mine appeal for October 13, 2020.
PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to be permitted within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.
Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce, and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.
This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects,” "anticipates,” "believes,” "intends,” "estimates,” "potential,” "possible,” "projects,” "plans,” and similar expressions, or statements that events, conditions or results "will,” "may,” "could,” or "should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2019, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.
The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200903005881/en/
A trader works on the floor of the New York Stock Exchange during the afternoon of December 4, 2015 in New York City.
Andrew Burton/Getty Images
CS sees GDP growing 8% this year and says the 10-year yield might reach 2% in the next 12 months.
US growth stocks outperformed value 57% of the time over the last 30 years when yields rose.
This time, 14 high-quality growth stocks could outperform the market.
See more stories on Insider's business page.
Stocks fell from all-time highs on Friday as the market digested better-than-expected earnings results from key companies, Biden's spending plans, and US economic data that indicates potential inflationary pressures to the economy. On Tuesday, the Conference Board announced consumer confidence jumped to a 14-month high of 121.7 in April, from 109 in March. And on Thursday, the Commerce Department said US GDP grew around 1.6% in the first quarter of 2021, or 6.4% on an annualized basis. Although growth during this period marked the second-fastest pace for any quarter in the US since 2003, GDP could grow even faster, with the pace likely reaching 8% this year, according to Andrew Garthwaite, a global strategist at Credit Suisse. Since consumers have around $1.9 trillion in excess savings and are changing their spending behaviors on the back of increased confidence in their wealth, US GDP could grow by 1% to 2%. Additionally, Biden's first fiscal package is likely to boost GDP by 6%, while the second and third packages could raise GDP by 1% to 2% per year, he said. And even though Biden's second and third packages still have to pass the House before being signed into law, there are growing concerns about the inflationary pressures that might arise from Biden's massive spending plans and the Fed's ongoing dovish stance. "We think US 10-year yields will rise to 2% with the bond yield rising to 20bps in the next 12 months; critically we expect this to be led by inflation expectations rather than real yields," he wrote, adding that the TIPS yield (which represents the real yield that factors in the rate of inflation) likely won't see a major rise.A bond's future cash flow is threatened by inflation, as it erodes the value of cash. And if market participants believe higher inflation is coming, interest rates and bond yields typically rise to make up for the loss of future purchasing power. And against a backdrop of rising yields, US growth stocks have been able to outperform their value peers 57% of the time over the last 30 years. Furthermore, this year's environment could be a favorable one for some names within growth, even as the area isn't expected to outperform, he said. "For growth to outperform, we would need to see a fall in the TIPS yield and we do not see that happening given our positive view on GDP growth and productivity," he said. Additionally, growth valuation has entered the "danger zone" of previous bubbles, inflation expectations are growing, and analysts are positively altering initial earnings expectations for value, according to Garthwaite.Yet, big areas within value such as autos, fossil fuels, and tobacco are facing disruptions from renewable energy and could be viewed as ESG-toxic to some, he added. Consequently, some high-quality growth stocks could outperform the market. To identify such names, Garthwaite and his team looked for high-quality names where most of their finances are in the form of equity rather than debt, that are generating enough cash to pay obligations, in the top 25% of operational quality, and look cheap to their HOLT tool that compares company valuations. The stocks are listed below in alphabetical order. We have included their corresponding tickers, Net Debt/EBITDA (a measurement of leverage), and 12-month forward price-to-earnings ratio.
Ticker: GOOGLNet Debt/EBITDA: 0.3812-month forward PE: 31.2Source: Credit Suisse
2. Applied Materials
Ticker: AMATNet Debt/EBITDA: 0.1712-month forward PE: 20.6Source: Credit Suisse
Ticker: BXNet Debt/EBITDA: 0.3012-month forward PE: 23Source: Credit Suisse
Ticker: DHRNet Debt/EBITDA: 0.2612-month forward PE: 30.7Source: Credit Suisse
Ticker: EBAYNet Debt/EBITDA: 0.3512-month forward PE: 15.1Source: Credit Suisse
Ticker: FBNet Debt/EBITDA: 0.2012-month forward PE: 25.1Source: Credit Suisse
Ticker: HSYNet Debt/EBITDA: 0.2012-month forward PE: 23.4Source: Credit Suisse
8. Home Depot
Ticker: HDNet Debt/EBITDA: 0.3712-month forward PE: 25.1Source: Credit Suisse
Ticker: KEYSNet Debt/EBITDA: 0.1612-month forward PE: 24.1Source: Credit Suisse
Ticker: KLACNet Debt/EBITDA: 0.2712-month forward PE: 22.5Source: Credit Suisse
Ticker: MSFTNet Debt/EBITDA: 0.3212-month forward PE: 32.5Source: Credit Suisse
Ticker: MCONet Debt/EBITDA: 0.1912-month forward PE: 28.9Source: Credit Suisse
13. Texas Instruments
Ticker: TXNNet Debt/EBITDA: 0.5312-month forward PE: 27.1Source: Credit Suisse
14. Thermo Fisher Scientific
Ticker: TMONet Debt/EBITDA: 0.1612-month forward PE: 22.8Source: Credit Suisse