Fed Warns of A Pullback on Weak ADP numbers as Endeavour Mining Boosts Q2 Gold Production

On Wednesday, Treasuries, US stocks, and other markets had a mixed day after data showed that job growth slowed down in July, but there was an increase in demand for services as FED warns of a possible pullback. After surging to a record high on Tuesday following strong earnings, the Dow dropped 0.92%, S&P 500 dropped 0.46%, but the Nasdaq gained 0.13% as big tech stocks such as Inc. (NASDAQ: AMZN), Netflix Inc. (NASDAQ: NFL), and Facebook Inc. (NASDAQ: FB) outperformed. 

US reports weak ADP numbers 

In July, US private payrolls grew than anticipated due to raw materials and workers shortages. However, according to the ADP National Employment report, employers adding only 330,000 jobs this last month relative to a forecast of 695,000. 

Laffer Tengle Investments’ chief investment officer Nancy Tengler said, “The market is surprisingly resilient given the weak ADP numbers and a bond market apparently signaling slower growth ahead.” She pointed to encouraging growth indicators from services demand and manufacturing inventories but cited wariness over economic slowdowns and COVID-19 in china. 

Fed vice chair Richard Clarida stated that the US economy is on the right path to meet inflation and employment hurdles that the central bank has set for increasing interest rates in 2023. 

Endeavour Mining increases gold production in Q2 2021

In other developments, Endeavour Mining Plc (OTCMKTS: EDVMF) boosted production from its West Africa gold mines in Q2 by 18% to around 409,000 gold ounces, with AISC decreasing by $15 per gold pounce to $853 per ounce. The company reported total production of 756,000 gold ounces and an AISC of $860 per ounce in the first half. This positions the mining company to top half of the full-year forecast of between 1.365 million and 1.495 million gold ounces at all-in sustaining costs of between $850 and $900 per ounce.

In the second quarter, the company reported adjusted earnings from ongoing operations of $183 million or $0.73 per share, while net debt dropped to $85 million. Endeavour Mining’s interim dividend will be $70 million, with a record date set at September 10, 2021.

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