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Stock Name Stock Symbol Market Stock Type
Bhp Group Plc BHP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
29.00 1.3% 2,258.00 16:35:07
Open Price Low Price High Price Close Price Previous Close
2,246.00 2,238.00 2,268.00 2,258.00 2,229.00
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waldron: European markets set to nudge higher as investors watch earnings, data Published Fri, Jul 23 20212:05 AM EDT Elliot Smith @ElliotSmithCNBC Key Points July’s flash PMI (purchasing managers’ index) readings are due Friday morning from France, Germany and the wider euro zone. Earnings season continues to gather steam in Europe, with Thales, Signify and Lonza among those reporting second-quarter results on Friday, while Vodafone issues a trading update. LONDON — European stocks are set for a modestly higher open on Friday, as investors monitor a slew of economic data from across the continent, along with a fresh round of corporate earnings. Britain’s FTSE 100 is seen around 13 points higher at 6,981, Germany’s DAX is expected to add around 29 points to 15,544 and France’s CAC 40 is set to gain around 17 points to 6,499, according to IG data.
ariane: THE MOTELY FOOL AUSTRALIA BHP (ASX:BHP) share price climbing as miner considers selling oil assets Many industry experts now believe peak oil may be reached sooner than expected. Bernd Struben❯ Published July 21, 11:13am AEST The BHP Group Ltd (ASX: BHP) share price is climbing, up 2% in morning trade. BHP’s share price gain comes as the wider S&P/ASX 200 Index (ASX: XJO) is also climbing strongly, up more than 1%. But the company may be getting an added lift after news broke that it’s reportedly considering pulling the plug on its oil and gas ventures. Amongst the largest companies on the ASX 200, the mining and resource giant has been pumping oil and gas from the ground for more than 50 years. But with rising environmental, social and corporate governance (ESG) concerns among global investors and the long-term outlook for oil demand cloudy, BHP may be ready to turn off the crude taps…for a price. Why BHP may sell its oil and gas assets These days, the profits from BHP’s petroleum segment only account for about 6% of its total profits, according to RBC Capital Markets’ forecast. Iron ore makes up the lion’s share of profits, some 72%. Copper makes up most of the rest at 21%, with coal providing a slender 1% of profits. Quoting people familiar with the matter who asked not to be identified, Bloomberg reports, “The world’s biggest miner is reviewing its petroleum business and considering options including a trade sale… BHP wants to exit while it can still get a good price for the assets, aiming to repeat a 2018 sale of its shale business to BP Plc for $10.4 billion”. The petroleum segement is expected to earn more than US$2 billion (AU$2.7 billion) this year. According to RBC Capital Markets analyst Tyler Broda (quoted by Bloomberg): BHP is an outlier in the mining sector for its petroleum business and this is often cited in our investors discussions as a point of detraction. With rising ESG pressures facing the industry, but also as this business potentially enters into a re-investment phase, we can see why management might be contemplating an exit. Broda values BHP’s petroleum business at some US$14.3 billion. Peak oil may be here sooner than expected BHP may be getting on the front foot with its reported petroleum asset sale plans. A new reported from BloombergNEF, its energy data and analysis firm, states that, “Demand for gasoline and diesel to fuel cars and trucks will peak in 2027 – four years earlier than expected – as more fuel-efficient autos and increasing adoption of electric vehicles curb global consumption.” According to the report: Policy makers are driving the automotive market toward low-carbon options and improved fuel efficiency. Automakers and large fleet operators are also, in turn, aiming for long-term decarbonization. Fuel producers with exposure to markets like the US or Europe are poised to see sales of diesel and gasoline decline significantly from current levels over the next decade. If oil demand is close to peaking, then BHP’s share price may benefit longer term from the company’s reported plans to get out of the oil and gas game. BHP share price snap shot Over the past 12 months BHP’s share price is up 29%, outpacing the 19% gains posted by the ASX 200 over that same time. Year-to-date the BHP share price has gained 18%. BHP pays a 4.1% dividend yield, fully franked.
waldron: European markets set to open sharply lower as investors digest OPEC deal Published Mon, Jul 19 20211:18 AM EDTUpdated 27 Min Ago Holly Ellyatt @HollyEllyatt Key Points European stocks are expected to open sharply lower on Monday as markets digest the latest OPEC + announcement regarding oil production and continue to brood on inflation. Britain’s FTSE is seen opening 50 points lower at 6,953, Germany’s DAX 85 points lower at 15,440, France’s CAC 40 down 36 points at 6,416 and Italy’s FTSE MIB down 208 points at 24,472, according to IG.
loganair: Broker Berenberg has upgraded mining giant BHP (BHP) as despite impending volatility, strong free cashflow should drive bumper dividends. Analyst Richard Hatch upgraded his recommendation from ‘hold’ to ‘buy’ and increased the target price from £22 to £27 on the stock, which closed down 1.5%, or 34p, at £21.68 on Thursday on a difficult day for the FTSE 100. Hatch predicted a ‘fairly volatile summer for mining equities’ due to a slowdown in Chinese steel production that could hit iron ore demand. However, he said iron ore prices ‘remain fairly tight’. ‘BHP has near-term dividend momentum, with iron ore offering the potential to surprise to the upside,’ he said. ‘This underpins a c.12% dividend yield for both financial year 2021 and 2022, with scope for more returns as strong free cashflow moves net debt below the target range.’ He added that BHP is lower risk than peer Anglo American (AAL) and ‘for investors seeking a high-quality yield play…we believe that BHP has attractive near and medium-term momentum’
waldron: CNBC European markets set to edge higher amid cautious start to the second half Published Thu, Jul 1 20211:38 AM EDT Elliot Smith @ElliotSmithCNBC Key Points The pan-European Stoxx 600 closed out its fifth straight positive month on Wednesday, and starts the second half up 13.49% year-to-date. Global investors will have an eye on the latest weekly jobless claims data out of the U.S. at 1:30 p.m. London time on Thursday. June’s manufacturing PMI (purchasing managers’ index) readings are due out of the euro zone and U.K. on Thursday morning. European markets are set for a slightly higher open on Thursday as global investors make a cautious start to the second half of 2021. Britain’s FTSE 100 is seen opening around 18 points higher at 7,055, Germany’s DAX is expected to add around 67 points to 15,598 and France’s CAC 40 is set to climb around 35 points to 6,543, according to IG data. The pan-European Stoxx 600 closed out its fifth straight positive month on Wednesday, and starts the second half up 13.49% year-to-date. PUBLICITÉ The mildly optimistic open expected in Europe diverges from the overnight trend in Asia-Pacific, where markets pulled back as a private survey showed Chinese factory activity growth slowing in June. Asian markets are also being weighed down by concerns about a rise in coronavirus infections and fresh lockdowns in the region.
waldron: Get the MoneyWeek newsletter Is the commodity bull market already losing steam? The commodities supercycle is facing its first real test. The prices of metals, agricultural products and oil have surged this year as economies have reopened. That has prompted talk of a new “supercycle221;: a prolonged period of rising prices caused by structurally higher demand. Commodities cycles are driven by the fact that suppliers cannot react quickly to rising prices. “It takes roughly ten years to build a new copper mine,” Matthew Fine of Third Avenue Management told Myra Some raw materials have started to come off the boil. Soybean futures have lost all of their gains for 2021, while corn, platinum and nickel have also retreated, say Yvonne Yue Li and Marvin Perez on Bloomberg. US timber prices had gained 400% in a year, but have fallen by more than one-third over the past month. Not all commodities have dipped. The likes of tin and oil remain buoyant. Brent crude futures hit a two-year high of $75 a barrel this week. Copper price goes into retreat Copper, a crucial ingredient in the green transition, was billed as the star of this supercycle. The metal is down by 15% since hitting an all-time high last month, although it has still gained 14% since the start of the year. Copper has suffered a “one-two punch” from the US and China, says Nathaniel Taplin in The Wall Street Journal. Hints of tighter monetary policy and doubts about President Biden’s infrastructure bill, which is being delayed by congressional bickering, could mean US demand proves weaker than predicted. Meanwhile China has been clamping down on commodity speculation and released copper, aluminium and zinc from its strategic stockpiles in a bid to keep a lid on prices. The country consumes half of the world’s refined copper. It would be premature “to say prices have peaked for the cycle. But the next few months could get rocky”. Government interventions in commodity markets don’t always work, says Udith Sikand for Gavekal Research. While policy tweaks can have a decisive impact in many asset markets, commodities track “fundamental demand-supply conditions”. Many metals markets are tight. London Metal Exchange data on inventories shows that “for a lot of commodities, stockpiles are near their lowest levels in well over a decade”. “The bullish commodity thesis… is about scarcity and strong physical demand”, says Goldman Sachs. They think Brent crude could average $80 a barrel over the third quarter of this year and that a deficit in the copper market looks likely to last into next year. This could be a “buying opportunity”.Roaring commodity markets got carried away this spring and were due a correction. But, says Sikand, “the pullback…looks more like a pause than a fundamental reversal”. A meltdown in the uranium market Investors in the uranium market are having a “meltdown̶1;, says Jinjoo Lee in The Wall Street Journal. A “performance issue” reported at China’s Taishan nuclear power plant has sent prices of uranium miners down by 10%. The incident seems to have been a “routine operational issue”, with “no abnormal radiation” reported in nearby Hong Kong or Macau. Any story involving the words “nuclear”; and “leak” gives investors painful flashbacks to the 2011 Fukushima nuclear disaster. That incident precipitated a long-term drop in nuclear fuel demand as countries such as Germany began to de-nuclearise. Global nuclear electricity generation “has recovered over the last five years to pre-Fukushima levels”, says Eoin Treacy of Fuller Treacy Money. Decarbonisation will bring “a significant increase in demand for electricity” over the coming years. Nuclear fuel is a “proven reliable zero-carbon” energy source that could provide power when renewables are not running. Nuclear energy is “the second-source of low-carbon electricity in the world behind hydropower”, say Nilushi Karunaratne and Alex Hamer in the Investors’ Chronicle. Yet it is often overlooked in favour of wind and solar. “Electricity generated by nuclear is expected to rise by a third between now and 2050”. The market currently has a “huge supply deficit”, although stockpiles are keeping a lid on prices for now.
waldron: European shares set to inch higher as investors monitor recovery, tapering fears Published Fri, Jun 25 20212:35 AM EDT Elliot Smith @ElliotSmithCNBC Share Key Points The Bank of England on Thursday forecast inflation hitting 3% at its peak before cooling down, but insisted the spike above its 2% target would be transitory. Investors will be watching for a key U.S. inflation indicator on Friday when the Commerce Department releases the core personal consumption expenditures index. European stocks are set to open slightly higher on Friday, tracking global sentiment as investors place faith in the prospect of a steady economic rebound. Britain’s FTSE 100 is seen around 9 points higher at 7,119, Germany’s DAX is set to climb around 24 points to 15,613 and France’s CAC 40 is expected to add around 10 points to 6,641, according to IG data.
the grumpy old men: Australian Stocks Set First Record High Since Pandemic Began 10 May 2021 - 11:42AM Dow Jones News By Stuart Condie SYDNEY--Australia's recovery from the coronavirus pandemic has passed another milestone with its benchmark share index closing at a record high, its first in 15 months. The S&P/ ASX 200 index lifted 1.3% to 7172.8 on Monday after another rise in iron-ore prices drove demand for shares in miners including BHP Group Ltd. and Rio Tinto PLC. The index beat its previous record of 7162.5 set on February 20, 2020, and continued a comeback that began on March 24 last year when the index had languished below 4550. For investors, it hasn't been a smooth ride. Early in the pandemic, Australia's economy was exposed to a rapid slowing in global demand that threatened its exports of industrial commodities such as iron ore and coal. Investors had to navigate trade tensions with China, which followed Australian Prime Minister Scott Morrison's call for an international investigation into the origins of Covid-19, and the impact of Australia's border closure on tourism and education. However, Australia's success in crushing the coronavirus--it has recorded fewer than 30,000 cases since the pandemic began--and the central bank's lowering of interest rates to record lows as part of its pandemic response made equities increasingly attractive. The economy has also emerged from recession with its fastest growth rebound in 70 years, helped by government stimulus programs. Overseas moves have further helped to stoke demand for Australian equities. China's investment in infrastructure to drive its own economic recovery has pushed prices of iron ore, Australia's top export, to a record high above $200 a metric ton. Accelerating vaccine rollouts in the U.S. and Europe have fueled a greater appetite for risk. The best performing sector of 2021 so far has been finance, which is the Australian share market's largest by market capitalization. The sector rose 0.6% on Monday and is up 18% so far this year, compared with a near 16% rise for materials. Banking stocks had been among the worst hit as the pandemic roiled global markets. Financial stocks fell 9.0% in 2020 as investors worried that Australia's first recession since 1991 would lead to a sharp increase in customers defaulting on loans. VanEck Australia's head of investments and capital markets, Russel Chesler, said fears about a rise in bad debts when federal government stimulus payments ended had been overdone and this was now being reflected in the performance of banking stocks. "Until recently, everybody was really worried about the banks and what effects the pandemic was going to have on them, where they'd given people holidays from their repayments and the like," Mr. Chesler said. "I think from the results we have been seeing, the banks have actually come out of it really well and the economy's going well." Westpac Banking Corp., National Australia Bank Ltd., and Australia and New Zealand Banking Group Ltd.--three of Australia's four biggest retail banks--last week reported upbeat results after earlier setting aside too much money as a buffer against the pandemic's impact. Global government bond yields have also risen this year, which typically means banks can make higher profits on the loans they extend. "I still believe there's upside there," said Mr. Chesler, who thinks Australian equities could outperform U.S. stocks over the remainder of the year. The broad-based S&P 500 took six months to make back the 35% it lost in the early weeks of the Covid-19 pandemic, closing at a fresh record in August 2020 and hitting new highs regularly ever since. The ASX 200 declined by roughly the same amount as the S&P 500 but had only clawed back about 60% of its pandemic-related losses by August. Worsening relations with China, Australia's largest trading partner, were among the reasons. Australian exporters of barley and wine have been targeted by higher Chinese tariffs and coal traders have also faced restrictions, although the dispute so far hasn't affected iron ore, which China needs to make steel. On Monday, miners Rio Tinto added 4.6%, Champion Iron Ltd. rose 5.4% and Fortescue Metals Group Ltd. surged 7.9% as the materials sector put on 3.4% overall. The benchmark price for iron ore, with a 62% iron content, surged to a record high of $212.75 a ton on May 7, according to S&P Global Platts. As in the U.S., investors are starting to wonder whether tech stocks are overvalued. The ASX 200's tech sector added 56% in 2020 amid the Covid-driven boom in e-commerce, but it is 2021's worst performer with a 12% fall. Mr. Chesler, who manages VanEck's Australian ETFs, said the bulk of client investment was still going through into equity funds. "With interest rates being at such low levels, we haven't seen any big movement away from equities into fixed income," he said. Write to Stuart Condie at (END) Dow Jones Newswires May 10, 2021 06:27 ET (10:27 GMT)
sarkasm: Https:// /2119741/ Commercial mining: Maiden coal auctions draw good response By: FE Bureau | November 3, 2020 5:30 AM Of course, the absence of global mining giants such as BHP Billiton, Rio Tinto and Glencore was conspicuous, but analyst noted this is seemingly because these companies are gradually withdrawing from the coal industry. These assets are unexplored ones, and the investors will enjoy certainty of tenure from the prospecting to the production stages. Boosting the prospects of a sharp acceleration in India’s coal production and near elimination of the need for thermal coal imports in the medium term, the maiden auction under the commercial coal mining policy saw aggressive bidding by domestic and home grown firms on Monday. While five commercial coal blocks went under the hammer, the winning bidders offered to pay handsome amounts to the respective state governments as revenue share, up to 31% in two cases. The largest mine offered — Radhikapur West in Odisha — was won by Vedanta, which agreed to a revenue share of 21%, while Aditya Birla Group’s Hindalco Industries bagged the Chakla blocks in Jharkhand, the second largest among the auctioned block by quoting a 14.25% revenue share. This would also be the first set of coal assets to be auctioned off through the new market-determined revenue share model that replaced the fixed fee/tonne regime that turned off private investors. These assets are unexplored ones, and the investors will enjoy certainty of tenure from the prospecting to the production stages. The smaller blocks witnessed more intense bidding, with Yazdani International quoting the highest bid of a 30.75% revenue share for the Marki Mangli 2 mine in Maharashtra. For the Takli Jena Bellora block in Maharashtra, Arurobindo Realty quoted a 30.75% revenue share. JMS Mining’s bid of a 10.5% revenue share was the highest quote received for the Urtan block in Madhya Pradesh. As many as 19 blocks will be auctioned in this batch of auctions, scheduled to end on November 9. Other bidders who participated in Monday’s auction but did not win any coal block include Adani Enterprises, Jindal Steel and Power and Sunflag Iron and Steel Company. The government on June 18 had launched the maiden auction for commercial coal blocks, where the requirement of prior experience for prospective bidders had been done away with to attract investors. The Centre initially estimated commercial coal mining to contribute about Rs 20,000 crore annually to states as revenue and potentially save Rs 30,000 crore per annum by substituting thermal coal imports. However, the actual benefits seem to be much lower as the estimates were based on output from 41 mines with an annual peak production capacity of about 225 million tonne (MT). While three of the blocks were removed from the list following the objections from Maharashtra and Chhattisgarh state governments, the Union coal ministry had received bids for only 23 coal mines out of the 38 blocks offered. Four mines received only one bid each, rendering them unqualified to be put up for auctions. Credit Suisse wrote: “We highlight that at a peak rated capacity of 51 mtpa (26% of the total 197 MT which were put up for auction), these (19 blocks) comprise only 5% of India’s coal demand.” The agency also noted that these mines would need to take various clearances (environmental, forest and land acquisition) before they start operations. “Our base case is that it would take new owners 4-5 years to start production, unless the government fast-tracks clearances.” Analysts at CARE Ratings had earlier noted that “subdued economic activity and liquidity constraints may result in lower interest among the private players to invest in commercial mining rights”. It also noted that stricter environmental norms are being adopted world over and with that many companies are increasingly moving towards greener and cleaner fuels. “This may therefore fail to entice participation from foreign companies,” it added.
loganair: Stuck With Coal Pits the World Needs, But Few Want: The Mt Arthur coal mine in Australia is one of the world’s best. It’s got plenty of reserves and the low-cost supplies produced there are easily shipped to Southeast Asia, where there’s insatiable appetite for the fuel. Yet owner BHP Group has a problem: It’s struggling to find a buyer willing to pay the right price. The world’s biggest mining company’s unsuccessful effort over the past year to offload the asset highlights the predicament producers are in. To bow to mounting investor pressure to exit the most polluting fuel, BHP may need to sell a profitable mine for much less than it believes it’s worth. Activists have for years said that miners could face a cliff-edge moment by holding onto assets for too long -- and that now seems to be happening in thermal coal. While the mines generate plenty of cash and will have customers for years to come, investors increasingly don’t want to hold shares in companies digging the fuel, which accounts for about 30% of carbon emissions. What’s happening in coal may be a warning to other mining and oil and gas companies about how quickly assets can drop in value as investors rally behind the Paris climate accord. It also presents a risk for resource companies that invest in projects based on the coming decades, rather than years. Coal-asset values have collapsed quickly. Rio Tinto Group sold its last coal mines for almost $4 billion just two years ago amid strong interest from big miners and private equity groups. Now rivals BHP and Anglo American Plc risk paying the price of waiting too long. But major miners realize their earnings from coal will ultimately be outweighed by the risk of too many investors dumping their stock. Even Glencore Plc, one of the staunchest defenders of the fuel, agreed to cap output and plans to separate the business should it spook too many shareholders. There are signs the pool of potential buyers of thermal coal mines is shrinking. BHP rejected early offers from parties including Yancoal Australia Ltd. and Adani Group’s local unit for Mt Arthur that missed its own valuation, Bloomberg reported this week. Anglo American has decided it would be better to spin off its South African coal business rather than finding a buyer with enough cash. “Who else is going to buy a massive thermal coal mine at this point in time? Is any other mining house going to come in, I doubt it,” said Tim Buckley, a Sydney-based director of energy finance studies at the Institute for Energy Economics and Financial Analysis. “Private equity is unfortunately the only answer.” Writing Down: Colombia’s giant Cerrejon mine shows how tough it may be to offload assets. Owned by Glencore, Anglo and BHP, it mainly ships coal to Europe, where the market has been hit by cheap gas prices. Glencore has already written down the asset by $435 million and there are few obvious buyers for such a mine. With thermal-coal asset values dropping so heavily in recent years, there’s potentially not much more room for prices to drop, said Nick Stansbury, head of commodity research at Legal & General Investment Management, which manages more than 1.2 trillion pounds ($1.5 trillion) of assets. Still, it might make more sense to sell them for less than they’re worth, rather than face investor backlash for holding onto them. More shareholders “are adopting policies that say ‘I don’t want to own companies that produce thermal coal, it is so unaligned with Paris, it is so inconsistent with my investment values,’”; Stansbury said. “Companies that aren’t Paris aligned are going to be increasingly bad investments, not because the cash flows are at risk, but because the cost of capital is going up.” Glencore billionaire CEO Ivan Glasenberg agreed to cap production to “still have investors.” The company’s management is also prepared to spin off its coal unit should it start to detract from the value placed on its other mines, according to people familiar with the matter, who asked not to be identified as the matter is private. That would allow it to focus on mining copper, cobalt and nickel, which are seen essential to green technologies. “Unlike oil and gas, Big Mining does not require complete reinvention,” Deutsche Bank AG said in a note. “In-house energy transition opportunities are available, but M&A would help to improve the opportunity set for some of the companies.” Still, investor attitudes can change quickly. Two years ago, Anglo American said investors supported the view that the company was best positioned to keep running coal mines the world needs, with local communities set to benefit from better access to health care, water and non-mining related jobs. Now, investors increasingly disagree. “For us, our thermal coal assets are high quality and well located, but they are our shortest life assets on average, so it’s a rational economic decision and our likely exit is via a demerger,” Anglo’s Cutifani said. “But simply selling assets is not necessarily the best decision for the planet. That’s the reality.”
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