Here are five things you need to know this morning
Markets in the red again: North American stock markets look set to open in the red today after a sharp selloff on Friday. Investors continue to sell all kinds of risky assets amid a rout in precious metals. Extreme volatility across commodities continues to be the centre of attention in markets. Gold and silver were both down more than 10 per cent in overseas trading this morning before paring some of those losses. Oil prices have tumbled by about five per cent after U.S. President Donald Trump said Washington is talking with Iran.
$3.8 billion gold deal: While the price of gold has retreated in the past few days, the months-long rally for bullion is leading to consolidation in the sector. Eldorado Gold is buying Foran Mining in a deal valued at $3.8 billion. Both companies are headquartered in Vancouver. Eldorado chief executive George Burns says the combination creates a stronger gold and copper growth company, with a portfolio of long-life assets, exploration upside and exposure to critical minerals across a multi-jurisdictional portfolio.
Trump preparing critical minerals stockpile: Bloomberg News is reporting U.S. President Trump is getting ready to launch a strategic critical-minerals stockpile. The report says the US$12 billion stockpile is aimed at protecting manufacturers from supply shocks and cutting America’s reliance on Chinese rare earths and other metals. The reserve will include minerals such as gallium and cobalt used in products like iPhones, batteries, and jet engines.
Disney beats the street: Shares of Disney traded higher in the premarket. The media and entertainment giant posted profit and revenue in its fourth quarter that beat estimates, boosted by a record ten billion dollars in revenue from its segment that includes parks and cruises. For the full-year, Disney is expecting double-digit growth in profit and is set to buy back seven billion dollars worth of shares.
Split decision on winter relief: Two closely-watched weather forecasters have just made conflicting predictions. Ontario’s Wiarton Willie had not seen his shadow, predicting an early spring. In the U.S., Punxsutawney Phil has predicted another six weeks of winter after seeing his shadow early today. One of Canada’s most famous groundhogs, Nova Scotia’s Shubenacadie Sam, did not go ahead with her typical prediction event due to a forecast that calls for yet another winter storm in her home province.
