Some reprieve for investors overnight, as Brent crude fell around 1% and US stock markets rallied. The Nasdaq rose 0.8%, while the S&P 500 gained 0.7%. The CBOE Volatility Index (VIX) fell below 20.
Gold rallied back above US$4,000 ($5,702) per ounce. Silver steadied at around US$54 per ounce, while copper also edged higher.
Major news came from the energy sector, with US firm EQT (NYSE:EQT) agreeing to acquire Range Resources (NYSE:RRC) in an all-stock deal valued at about US$12.83 billion. Including debt, the combined group will have an enterprise value of more than US$50 billion, making it the largest natural gas producer in the United States. The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approval.
The latest reports on investor positioning suggest growing caution, with allocations to money market funds and cash equivalents elevated in recent months.
Source: Porter & Co
Write to Callum Newman at Mining.com.au
Main image: Unsplash
