-- 额尔登资源开发公司（ERD.TO）周一表示，位于蒙古的巴彦洪迪金矿第一季度产量达到目标产量的94%。 该矿第一季度实现商业化生产，共处理矿石15.1万吨，日均处理量1675吨。 巴彦洪迪金矿的平均处理量接近额定产能的90%，黄金回收率平均超过96%，超出最新可行性研究的预期。 额尔登资源开发公司表示，截至目前，该矿已生产黄金15961盎司。 额尔登资源开发公司与蒙古矿业公司合资成立的额尔登蒙古公司，第一季度实现总收入4200万美元，售出黄金8527盎司和白银3135盎司。黄金平均价格为每盎司 4,872 美元，白银平均价格为每盎司 80 美元。
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Treasury
Bank of Canada's Business, Consumer Surveys Signal Sentiment Was Improving Before Outbreak of Middle East War, Says CIBC
The Bank of Canada's Q1 surveys suggest that sentiment among businesses and consumers was improving before the war in the Middle East broke out, but follow-up questioning suggests that the conflict is negatively impacting spending plans, said CIBC.However, it isn't yet resulting in materially higher expectations for inflation beyond the current year, noted the bank after Monday's release of the Bank of Canada's surveys.The Business Outlook Survey's (BOS) official survey period ran from Feb. 5 to 25, but the BoC undertook follow-up calls between March 18 and 27 with some firms selected based on their potential exposure to the Iran war.The results show that, in general, business sentiment and expectations had improved slightly relative to the prior quarter, at least before the war in the Middle East, stated CIBC. Investment and hiring expectations had improved, despite reports of capacity constraints and labor shortages remaining low relative to their historic average.Expectations for future inflation were reasonably stable before the war broke out, and longer-term expectations haven't risen too much subsequently. Follow-up questioning from the BoC shows that one-year ahead inflation expectations had risen to 3.8% as of the last two weeks of March, up from 3% in February.However, the five-year ahead expectation has increased only "modestly" to 3.0%, from 2.8% in February. Of the 20 companies surveyed for these follow-up questions, expectations for higher input costs were widespread, but the outlook for selling prices was more mixed, added the bank.While some mentioned contract clauses allowing a pass-through of fuel price increases, others expressed concern about their ability to pass on higher costs due to a variety of reasons, including weak demand, consumer constraints and high competition.The BoC's Q1 Canadian Survey of Consumer Expectations showed that before the sharp rise in gasoline prices, consumers were becoming slightly less pessimistic about the outlook for spending, and inflation expectations were largely unchanged from the prior quarter.However, a follow-up online survey conducted after the outbreak of the war, between March 26 and April 2, showed that consumers are expecting a negative hit to the economy and higher inflation because of the conflict in the Middle East. Roughly one in four households suggested that they were already cancelling or delaying spending in some areas as a result, pointed out CIBC.
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Australia
Xcel Energy Fire Risk Seen Overly Discounted by Investors, UBS Says
Xcel Energy (XEL) could move higher as investor concerns about wildfire risk appear overly discounted, alongside strong earnings growth, possible upside to its spending plan, supportive regulatory outcomes and room for valuation improvement, UBS Securities said in a note Monday.Xcel is expected to deliver one of the strongest earnings per share growth rates in the utility group, at more than 9%, and also has room for additional growth from power generation and transmission projects, including added capacity in Colorado and demand tied to a large Google data center in its service area.Investor concerns have centered on wildfire conditions in Colorado and Texas, but the market is discounting that risk too heavily based on the company's limited liability history so far, the investment firm said.Xcel stands out for earnings growth while needing a more manageable level of equity funding than many peers, which UBS sees as another support for the stock.UBS maintained its buy rating and raised the price target to $91 from $89, adding that it expects Xcel to trade closer to the utility group's historical average valuation as the company executes its growth plan and reduces investor concerns.Price: $81.49, Change: $+0.41, Percent Change: +0.51%
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Mining & Metals
TSX Down 27 Points at Midday
The Toronto Stock Exchange is down 27 points at midday as Middle East peace prospects grow fainter.Miners, down 0.5%, is the worst performer, as precious metals prices decline.Healthcare and energy, up 2% and 0.9% are the best performers.On the economic front, all eyes were on the release of Canadian CPI for March.CIBC noted the 2.4% headline reading, driven by a 0.9% not seasonally adjusted m/m increase (0.5% after seasonal adjustment), was actually slightly below the consensus expectation (2.6%) but still a sharp acceleration from 1.8% in the prior month."Everyone knew that inflation jumped in March due to higher gasoline prices, the only question remaining was how high?," CIBC said. "As it turned out," the bank added, "the jump in headline inflation wasn't quite as high as expected, and core measures continued to show little sign of inflationary pressure outside of the surge in fuel prices. Pass-through from higher energy prices into core measures of inflation may become more evident closer to the summer months, particularly in areas such as air fares, but slack within the Canadian economy should prevent those measures from reaccelerating too much, enabling the Bank of Canada to remain on the sidelines through 2026."For RBC the bottom line is that while some components, particularly grocery prices and rent, are still running well above year-ago levels, the March report reinforces its view that recent increases in oil prices can push headline inflation higher in the near term but are unlikely to re-ignite broader inflation pressures. RBC said the BoC will keep a close eye on inflation expectations, but added slower core price growth measures leave the central bank flexibility to also keep an eye on what is still a soft economic backdrop with the unemployment rate still elevated.In stocks, Rupert Resources (RUP.TO) jumped 65% to an all-time high of $11.86, after it announced that it was being acquired by Agnico Eagle Mines (AEM.TO) in a deal that values the company at $2.9 billion.
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