Key Takeaways NEM's expansion through projects and strong free cash flow support shareholder returns.Kinross is advancing growth projects while reducing debt and boosting liquidity.Both NEM and KGC outpaced the industry with rising estimates, fueled by higher gold prices.Newmont Corporation (NEM) and Kinross Gold Corporation (KGC) are two prominent players in the gold mining space with global operations and diversified portfolios. Gold prices have lost steam after hitting record levels in January 2026. Pric ...

点击蓝字，关注我们 今日上午港股 绩，娱乐场收益244.18亿港元，同比增长3.39%；拥有人应占溢利16.3亿港元，同比减少49.05%；每股 基本盈利0.31港元；末期息0.223港元。 8 . 长飞光纤光缆(06869)今早一度涨超8%，截至发稿，涨7.2% 。消息面上，据C114通信网消息，近 日，中国电信集团黑龙江电信分公司发布2026年室外光缆应急采购项目招标公告。 9 . 利福中国(02136)绩后跌近9% 。消息面上，利福中国发布2025年度业绩，该集团取得收入12.11亿 元(人民币，下同)，同比减少3.35%；股东应占亏损3113.1万元，同比扩大54.84%。 1. 西部水泥(02233)绩后涨超3%，截至发稿，涨3.85% 。消息面上，3月24日，西部水泥发布2025年年 度业绩，收入人民币96.21亿元，同比增长15.3%；股东应占溢利8.8亿元，同比增长40.5%；每股基本 盈利16.1分；末期息0.048元。 2 . 金浔资源(03636)涨超14% 。消息面上，近日，金浔资源发布公告，本集团预期截至2025年12月31 日止年度将取得归属于本公司拥有人的综合盈利约人民币3亿元至 ...

Group 1: Market Reactions - The relationship between oil prices and gold prices has been inconsistent, with gold and silver prices falling despite rising oil prices due to geopolitical tensions [2][3] - Following the bombing of Iran by U.S. and Israeli forces, gold and silver prices dropped approximately 10% and 16% respectively over a week and a half, while major gold producers like Newmont Corp. and Barrick Mining saw declines of 15% and 16% [3][4] Group 2: Economic Implications - Rising oil prices contribute to inflation, which in turn influences the Federal Reserve's interest rate decisions, making it less likely to lower rates and more likely to raise them [6][7] - Higher interest rates increase the cost of debt for businesses and make bonds more attractive to investors compared to non-yielding assets like gold and silver, leading to a decline in precious metal stocks [7][8]

Core Insights - The world's largest mining companies have experienced stock losses nearing 30% since the onset of the war, with copper entering a bear market, silver down 40% from its peak, and gold facing its worst week in decades [1][2] Market Performance - Gold futures fell by $225 an ounce, closing at $4,492, marking a 3.5% decline for the day and over 11% for the week [1] - Silver dropped to $67.81, a 6.9% decrease from the start of trading on Friday [1] - Copper ended the day down 4.0% at $5.30 per pound ($11,690 per tonne), with a weekly decline of 7.4% [2] Company-Specific Impacts - Newmont's stock is down 26.3% since the war began, trading at a market cap of $104 billion, down from $143 billion [3][4] - Barrick Mining has seen a 26.8% decline, with a market cap of $62 billion, down $27 billion since late January [4] - Teck Resources holds a royalty on Barrick's Fourmile gold project, which could significantly impact Barrick's valuation [5] Other Mining Companies - AngloGold Ashanti's shares have plummeted 37.4% in March, resulting in a market value of $40 billion, while Gold Fields lost 33.6% to $35 billion [5] - Wheaton Precious Metals has fallen nearly 30% since the conflict began, now valued at $52 billion [6] - Fresnillo's shares are down 31.3% in March, reducing its market cap to $30 billion [7] Broader Industry Trends - BHP's shares have decreased by 20.0%, with a market cap of $168.58 billion, despite record profits [8] - Glencore has only lost 4.3% since the start of the conflict, now valued at $81 billion, making it the best performer among major mining companies year-to-date [18] - Vale's stock has declined by 18.2%, with a market cap of $61 billion, positioning it as one of the better-performing large-cap miners [20]

Market Overview - U.S. equity markets experienced significant volatility on March 20, 2026, due to escalating geopolitical tensions in the Middle East and rising Treasury yields, leading to a decline in investor sentiment [1] - All three major indexes closed lower, marking the fourth consecutive losing week for the S&P 500 [1] Major Index Performance - The Dow Jones Industrial Average (DJI) fell by 203.72 points, or 0.4%, closing at 46,021.43, its lowest level in 2026 and below its 200-day moving average [2] - The Nasdaq Composite (IXIC) ended at 22,090.69, down 0.3%, after experiencing intraday losses of nearly 1.4% [2] - The S&P 500 (SPX) declined 0.3% to 6,606.49, marking its lowest close in four months [2] - The Russell 2000 (RUT) index of smaller companies led the decline with a 2.5% drop, reflecting their sensitivity to rising interest rates [2] Corporate News and Major Stock Movers - The semiconductor sector faced significant pressure, with Super Micro Computer (SMCI) shares plummeting 31.6% due to allegations of smuggling advanced Nvidia (NVDA) chips to China [3] - Nvidia (NVDA) was not implicated in the indictment, but the news negatively impacted the broader AI hardware sector [3] - Micron Technology (MU) shares fell 3.9% after its fiscal third-quarter guidance missed market expectations [3] - Other chipmakers also declined, with Intel (INTC) down 5% and AMD (AMD) down 3% [3] - In contrast, FedEx (FDX) rose 1.1% after reporting an EPS of $5.25, exceeding the $4.13 consensus, and raised its full-year guidance [4] - Newmont Corporation (NEM) fell nearly 7%, while MP Materials (MP) remained flat despite a recent earnings beat, as investors rotated out of industrial stocks amid growth concerns [4] Economic Data and Federal Reserve - The market's decline was influenced by a "hawkish pause" narrative from the Federal Reserve, which held rates steady but indicated future cuts depend on clearer signs of cooling inflation [5] - The 10-year Treasury yield rose to 4.39% amid ongoing geopolitical tensions [5] - Initial jobless claims fell to 205,000, lower than the expected 214,000, indicating a tight labor market [6] - The Philadelphia Fed Index surged to 18.1 in March, its highest level of the year, suggesting robust manufacturing activity [6] - Despite signs of economic resilience, investors are concerned that the Fed may maintain higher interest rates longer to combat inflation [6] Upcoming Market Events - Investors will monitor the release of Construction Spending data and the S&P Global "flash" Purchasing Managers Index (PMI) next week for insights into the manufacturing and services sectors [7] - The PCE Price Index, the Fed's preferred inflation gauge, is also due late next week [7] - Major earnings reports from Cintas (CTAS), PDD Holdings (PDD), and Nike (NKE) are expected mid-week and on March 31st, respectively [7]

Core Viewpoint - The Federal Reserve's decision to maintain interest rates amid high inflation and surging oil prices due to the Iran war is negatively impacting metals and mining stocks, with potential interest rate cuts delayed until 2027 [1] Group 1: Market Conditions - Metal prices are declining despite traditional demand boosts from war, as the U.S. dollar and bonds are favored as safe-haven assets due to high interest rates [2] - Operational costs for miners are rising sharply due to increased fuel costs, with Brent crude oil prices up over 50% since the onset of the Iran war [2] - The metals and mining sector is facing challenges from high interest rates, rising energy costs, a stronger dollar, and fears of an economic slowdown, affecting metal prices and miner resilience [6] Group 2: Company Performance - Newmont Corporation's shares fell 13.5% this week and over 25% since the Iran war, despite generating record free cash flow of $7.3 billion in 2025 and reducing debt by $3.4 billion [3][7] - Barrick Mining shares have also seen significant declines, but the company plans to spin off its North American gold assets to unlock shareholder value [3][7] - Hecla Mining's stock has dropped over 50% from its January high, but the company is in a strong financial position and is selling a non-performing gold mine to generate cash [3][8] - Wheaton Precious Metals, a streaming company with 52% exposure to gold and 46% to silver, has lost 18% in one week and 30% in March, but its business model mitigates the impact of high fuel costs [4][8] - BHP's shares have fallen nearly 20% in March, but the company is recognized for its strong cash flow and margins, with a strategic pivot towards copper under new CEO Brandon Craig [4][9]

Core Viewpoint - The article compares Freeport-McMoRan (FCX) and Newmont (NEM) in terms of their recent performance and future outlook, highlighting the challenges and opportunities each company faces in the mining sector. Financial Performance - Freeport-McMoRan reported Q4 earnings that exceeded expectations by 51.6%, despite a significant drop in copper and gold output due to a mud rush at its Grasberg mine, with copper production at 640 million pounds and gold at 65,000 ounces. Higher copper prices at $5.33 per pound helped mitigate losses [1][6]. - Newmont achieved record full-year free cash flow of $7.3 billion and ended the year with a net cash position of $2.1 billion, although it anticipates a decline in gold production to 5.3 million ounces in 2026 and an increase in all-in sustaining costs to $1,680 per ounce [1][7]. Production Challenges - FCX's recovery is contingent on restarting Grasberg production in Q2 2026, with a target of reaching 85% of normal production rates in the second half of 2026. The company aims for copper sales to recover to 4.1 to 4.2 billion pounds annually by 2027-2028 [2][9]. - Newmont faces a different challenge, with production expected to decrease due to planned mine sequencing and potential tax changes in Ghana, which could increase costs by approximately $50 per ounce [10]. Cost Management - FCX's operating cash flow is highly sensitive to copper prices, with projections of around $8 billion at $5.00 per pound and about $11 billion at $5.75 per pound [11]. - Newmont's ability to maintain gold prices above $3,000 per ounce is crucial to offset rising costs in 2026, and the new CEO must ensure effective capital allocation during a year of lower production [12]. Investment Outlook - FCX presents more upside potential if Grasberg restarts on schedule and copper prices remain strong, but this upside is concentrated in a single mine [13]. - Newmont has a stronger balance sheet and a lower forward P/E ratio of 14x compared to FCX's 23x, along with a commitment to a $1.1 billion annual dividend, indicating a more stable investment profile [13].

The Labor Department’s report on Thursday showed that the number of Americans filing for initial jobless claims in the past week unexpectedly fell -8K to a 9-week low of 205K, compared with the 215K expected. Also, the U.S. Philly Fed manufacturing index unexpectedly rose to a 6-month high of 18.1 in March, stronger than expectations of 8.3. At the same time, U.S. January new home sales fell -17.6% m/m to a 3-1/4-year low of 587K, weaker than expectations of 722K. In addition, the Conference Board’s leading ...

点击蓝字，关注我们 今日上午港股 1. 珠光控股(01176)盘中跌超33%，截至发稿，跌25.64% 。消息面上，3月19日，珠光控股发布公告， 于本公告日期，本公司独立估值师及核数师未能完成彼等各自于2025财政年度的估值及审计工作，包 括但不限于以下方面：投资物业、发展中物业及完成待售物业；贸易应收款项及其他应收款项的预期 信贷亏损评估；投资于一间联营公司(即银建国际控股集团有限公司，其股份于联交所主板上市，股 份代号：0171)；及本集团综合财务报表所载若干重大项目的审计确认书。 2 . 部分黄金股回暖，截至发稿， 紫金黄金国际(02259)涨6.89%，灵宝黄金(03330)涨7.31%，中国黄金 国际(02099)涨2.59%，中国白银集团(00815)涨2.11% 。消息面上，贵金属市场在遭遇暴跌后反弹，现 货黄金一度回升至4700美元上方。 3 . 派格生物医药-B(02565)涨超6% 。消息面上，派格生物医药公布，近日与上海腾瑞制药股份有限公 司就公司核心产品派达康在中国大陆地区的商业化合作签署战略合作协议。 4. 晶苑国际(02232)绩后跌超4%，截至发稿，跌2.03% 。消息面上，3 ...

By Mackenzie Tatananni , George Glover , Joe Woelfel and Connor Smith Share Resize Reprints In this article MU WDC 9988 ACN NEM Traders work on the floor of the New York Stock Exchange. Photo by CHARLY TRIBALLEAU / AFP via Getty Images) Stocks fell Thursdayas strikes on energy infrastructure across the Middle East drove up oil pricesand Brent crudebriefly soared to nearly $120 a barrel. Skip to Main Content This copy is for your personal, non-commercial use only. Distribution and use of this material are go ...