Premium: Goldman’s 5 Ds on Commodities, ING on China effect
Commentary: Silver and Gold are better than almost all other investments
Session Recap:
US equities retreated on Wednesday as Treasury yields increased.
Premium Markets: Goldman’s 5 Ds
We remain selectively bullish commodities and expect commodity total returns to rise from 13% YTD to 18% by year-end.
We see the 5D bull market trends will create structural opportunities in commodities: Disinvestment, Decarbonization & climate change, De-risking (hedging), Datacenters & AI, Defense spending.
Includes refreshed price targets for Gold, Oil, and Copper
"BHP Group decided against making a firm offer for Anglo American, instead walking away for now from what would have been the biggest mining deal in over a decade. The announcement... marked an abrupt end to the five-week public battle between two of mining’s biggest names." Source: Bloomberg
ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion in a bid to catch up with rivals as drillers race to secure new oil and gas wells.. Source: WSJ
"The Cleveland Federal Reserve has appointed Beth Hammack, Goldman Sachs’s former head of global lending, to replace departing president and chief executive Loretta Mester later this year. Source: FT
"Salesforce shares plummeted as much as 17% in extended trading on Wednesday after the cloud software vendor reported weaker-than-expected revenue and issued guidance that trailed Wall Street’s expectations." Source: CNBC
Geopolitics:
"Israel's army said Hamas is in Rafah and is holding Israeli hostages, so they are launching military operations there and will not stop fighting in Rafah until the hostages are freed.
Russian Foreign Minister Lavrov said China could arrange a peace conference in which Russia and Ukraine would participate, while he added that Russia regards planned supplies of F-16 fighters to Ukraine as a "signal action" by NATO in a nuclear area, according to RIA.
Some headlines via NewSquawk or DataTrek
Data on Deck: GDP, PCE Week
MONDAY, MAY 27 Memorial Day
TUESDAY, MAY 28 speakers and 10:00 am Consumer confidence
