Here are four things you need to know this morning
Optimism on U.S. shutdown: There is fresh optimism that U.S. lawmakers are moving closer toward a deal to end a record long government shutdown. U.S. futures advanced after a group of Senate Democrats broke with their party to help Republicans move forward on a funding bill. The move seems to be offering relief after a volatile week, where worries over stretched valuations fueled a sharp selloff. Ending the shutdown would give investors greater clarity on key economic data such as jobs and inflation, helping to lift the fog around the outlook for interest rates.
Gold rallies on shutdown hopes: The price of Gold is seeing a surge as the U.S. moves closer to ending the shutdown. Bullion rose more than two per cent to trade around US$4,080 an ounce. A reopening is expected to restore data flow and revive expectations for a December rate cut by the U.S. Federal Reserve. Gold saw a boost late last week from signs the job market is souring and a near-record-low U.S. consumer sentiment report. The metal has retreated around six per cent since hitting a record high in mid-October.
Barrick boosts dividend: Barrick Mining Corporation is boosting its quarterly dividend and expanding its share buyback program after beating profit estimates. The company increased its payout by 25 per cent and its board approved an additional share buyback of US$500 million. Mark Hill, who took over as interim chief executive officer after Mark Bristow departed abruptly in late September, said Barrick has started a review of its operations. The review is aimed at driving improved performance and shareholder value, particularly at Barrick’s Tier One gold assets in Nevada and the Dominican Republic.
AtkinsRealis buys C2AE: AtkinsRealis has agreed to acquire Michigan-based architecture and engineering firm C2AE. The deal comes as the Canadian company looks to accelerate growth and extend its footprint in the U.S. upper Midwest. C2AE offers a range of engineering services to clients including state and local governments, transportation agencies, and private-sector organizations. Terms of the deal have not been disclosed.
