Pre-Market Pulse 16th January – Uranium run continues as US shut for Martin Luther King Day

Overnight – Uranium run continues as US shut for Martin Luther King Day

Equities in the US were closed overnight for Martin Luther King Day. Equity index futures were open, with the DOW -0.06% S&P500 -0.09% and Nasdaq –0.02%

This week will be dominated by bank earnings for the US market with Morgan Stanley, Goldman Sachs and broker Charles Schwab releasing earnings in the first half of the week.

Uranium continued its strong run, settling at another fresh 16 year high of $106lb. The US was shut but Canadian uranium stocks were up around 5% with Cameco, Sprott Uranium trust and Nexgen which is listed here all making new 52-week highs. Kazakhstan’s national uranium producer, Kazatompom (2^nd biggest in the world) has a Sulfuric Acid shortage (key to refining) forcing them to buy on the spot market to fulfill existing orders

Comments out of the World Economic Forum (WEF) in Davos have been mixed however the consensus is for a “subdued growth, according to a survey conducted ahead of the World Economic Forum’s closely-monitored annual meeting. Growth prospects in 2024 are “subdued,” the survey of the world’s top economists found, with 56% of respondents expecting conditions to weaken in the coming year. However, nearly a quarter foresee a stronger economy, while 20% predict that the environment will stay unchanged.

Oil prices will be watched as Yemen’s Houthi movement will expand its targets in the Red Sea region to include U.S. ships, an official from the Iran-allied group said on Monday, as it vowed to keep up attacks after U.S. and British strikes on its sites in Yemen.