|Bid||97.67 x 0|
|Ask||97.75 x 0|
|Day's Range||97.05 - 98.21|
|52 Week Range||69.41 - 102.83|
|Beta (3Y Monthly)||0.76|
|PE Ratio (TTM)||12.41|
|Forward Dividend & Yield||4.22 (4.29%)|
|1y Target Est||60.42|
(Bloomberg) -- European equities opened little changed as mining shares paced the declines on falling iron ore prices while autos, energy and banks gained ground.
BHP Group, the world's biggest miner, joined rival Rio Tinto on Wednesday in cutting its forecast for iron ore output after a tropical cyclone, although analysts expect high prices to limit any impact on profits. Cyclone Veronica tore down the coast of Western Australia in March, hitting several iron ore export hubs, in a return of more turbulent weather conditions after several moderate years. The lower production also led to a rise in BHP's costs, while Rio Tinto suffered operational issues in the first quarter, including a fire at its Cape Lambert operations, said Brenton Saunders, an analyst at fund Pendal Group in Sydney.
London markets moved up Tuesday as low U.K. unemployment figures gave stocks a boost. How did markets perform? The U.K.’s FTSE 100 (UK:UKX) rose 0.2% to 7,451.1 on Tuesday, after closing flat Monday.
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Rio Tinto cuts FY iron ore guidance on cyclone damage https://on.ft.com/2PbNlcw ...
Rio, the world's No. 2 miner of the steelmaking material, cut its annual iron ore shipments estimate to a range of 333 million to 343 million from a range of 338 million to 350 million tonnes announced earlier. Rio shipped 69.1 million tonnes in the quarter ended March 31, down from 80.3 million tonnes last year and well below the Goldman Sachs estimate of 74.7 million tonnes.
European shares ended higher on Monday with telecom and retail stocks leading gains as Sino-U.S. trade optimism and strong Chinese economic data eased some worries over global growth - though lacklustre earnings from big U.S. banks weighed. The pan-European STOXX 600 index rose for the fourth straight session, hovering near eight-month highs with most indices in the region gaining, apart from Britain's FTSE 100 which lost ground as miners and oil majors fell. Markets cheered the progress in trade talks after U.S. Treasury Secretary Steven Mnuchin said on Saturday he hoped that the United States and China were close to the final round of negotiations.
Rio Tinto cut its 2019 guidance for shipments of iron ore to between 333 and 343m tonnes on Tuesday as a result of cyclone damage at its port in Western Australia. The Anglo-Australian miner shipped 69.1m tonnes of the commodity used to make steel in the first quarter, down 14 per cent year on year, following weather disruptions in March and a fire at its Cape Lambert A port facility, the company said. “Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones,” said Rio chief executive J-S Jacques, adding that the guidance for Pilbara shipments had been reduced.
European shares were steady in early trade on Monday, as hopes that Sino-U.S. trade talks could be nearing their final stages and strong Chinese economic data eased worries over the global economy, but domestic trade tensions kept a lid on advances. Milan's main index and Madrid's led with gains of 0.4 percent, while London's FTSE 100 lagged with a 0.1 percent dip. Asian shares neared nine-month highs after U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go "way beyond" previous efforts to open China's markets to U.S. companies, and hoped that the two sides were close to the final round of negotiations.
Rio Tinto plans to boost its investment in one of the world’s biggest copper projects, as the Anglo-Australian miner looks to tap into demand for a metal used in everything from electric vehicles to batteries. This will bring the total investment between Rio Tinto, and its minority partner BHP Billiton, to $2bn since 2014. “The rise of electric vehicles, battery storage, new transmission technology and other green energy innovations are highly copper intensive,” said Rio Tinto chief executive JS Jacques.
Mick Davis, the Conservative party chief executive and former head of Xstrata, has launched his comeback to the mining industry through a deal orchestrated by BSGR, the miner that has been embroiled in bribery and corruption investigations. Niron Metals, an investment vehicle co-founded and chaired by Sir Mick, was asked to develop an iron ore deposit in Guinea by BSGR and its advisers, according to people familiar with the deal. BSGR is the mining group controlled by the family of Beny Steinmetz, the Israeli diamond trader.
The funds will be used bank-roll additional drilling, ore-body studies, infrastructure improvements and permitting activities with the miner aiming to advance the project to the final stage of the permitting phase, it said in a statement to the Australian Stock Exchange. Resolution, owned 55 percent by Rio and 45 percent by BHP Group, is one of the "most significant undeveloped copper projects in the world", Chief Executive Jean-Sébastien Jacques said. Copper has become a hot-commodity thanks to an expected boom in production of electric vehicles, which use twice as much copper as internal combustion engines.
Prices will “absolutely” continue to rise as mine closures in Brazil spur a deficit, Wu Wenzhang, founder and president of Shanghai Steelhome Information Technology Co., said in an interview. Mills in Europe and the Middle East will be in a worse position than China’s in the event of a prolonged shortage, he said. Shipments from the South American nation are collapsing, while Australian disruptions and signs of a pick-up in China’s steel demand offer a further boost to prices.
Rio Tinto Ltd said on Monday it would invest an extra $302 million to develop its Resolution copper project in the U.S. state of Arizona, as it looks to expands output to meet the lucrative market for new energy vehicles. The funds will be used bank-roll additional drilling, ore-body studies, infrastructure improvements and permitting activities with the miner aiming to advance the project to the final stage of the permitting phase, it said in a statement to the Australian Stock Exchange. Resolution, owned 55 percent by Rio and 45 percent by BHP Group , is one of the "most significant undeveloped copper projects in the world", Chief Executive Jean-Sébastien Jacques said.
Building up an investment case requires looking at a stock holistically. Today I've chosen to put the spotlight on Rio Tinto Group (LON:RIO) due to its excellent fundamentals in more than one area. RIO...
The FTSE 100 was up 0.3 percent and the FTSE 250 rose 0.5 percent to cling to a six-month high hit in the previous session to cap off a third straight week of gains. Plus500 slumped more than 31 percent on its worst day in almost four years after its quarterly revenue plummeted to below a fifth of a year earlier. It took a hit from less market volatility creating fewer trading opportunities and new rules affecting retail clients.
Is the Party Just Getting Started for Iron Ore Miners?(Continued from Prior Part)Barclays upgrades iron ore price forecast Barclays is optimistic about the iron ore price outlook given the supply disruptions from Australian miners as well as Vale’s
Is the Party Just Getting Started for Iron Ore Miners?(Continued from Prior Part)Credit Suisse As iron ore supply disruptions, at least from Vale (VALE), don’t look likely to go away easily, analysts have started another round of upgrades for iron
Is the Party Just Getting Started for Iron Ore Miners?(Continued from Prior Part)Supply disruptions and inventoryAs the supply disruptions from the world’s two largest iron ore exporters, Brazil and Australia, have started showing in the export
Is the Party Just Getting Started for Iron Ore Miners?(Continued from Prior Part)Vale’s dam disasterVale’s (VALE) iron ore production and shipments estimates have been negatively impacted by the dam burst on January 25. You can read Vale’s Q4
Is the Party Just Getting Started for Iron Ore Miners?Iron ore prices touch five-year high Iron ore prices are again touching multiyear highs. According to the Metal Bulletin, the benchmark iron ore prices (62% iron ore content) surged to ~$95.3 per
Growing demand for smart thermostats, wind turbines and other high-tech devices is expected to keep copper the dominant material used in electrical components, industry players said, offsetting rising use of aluminum, a cheaper alternative to conduct electricity. Copper is used to make motors, batteries, wiring and other goods as it is the best electrical-conducting metal, after silver. "Copper is going to be central to the green revolution," Charlie Durant, a CRU analyst, said at the World Copper Conference this week in Santiago.
Rio Tinto’s biggest shareholder has flexed its muscles by voting against a resolution to repurchase shares at the miner’s annual general meeting in London on Wednesday. The Anglo-Australian group said Chinalco, the state-owned Chinese aluminium producer, had cast its 14 per cent stake against the motion, which still managed to scrape through. It is not clear why Chinalco decided to vote against the resolution but if its stake rises above 15 per cent it would breach a threshold agreed with the Australian government and could be forced to sell shares.
Mining giant Rio Tinto said a fire had damaged a facility at one of its Pilbara iron ore operations, though there was no word on whether it would impact shipping of the mineral. The world's No. 2 miner of iron ore said a fire broke out on Saturday night in a screen house at its East Intercourse Island port operation in the Pilbara. Rio recently cut its 2019 outlook for iron ore shipments from the Pilbara due to production disruption and damage caused by tropical cyclone Veronica.
Rio Tinto said on Tuesday it will join a World Bank initiative intended to help developing countries sustainably mine lithium, cobalt and other minerals critical to the global electrification trend. Rio's participation in the program, known as Climate-Smart Mining and set to launch in May, comes as miners face increasing pressure from investors and non-governmental organizations to make supply chains more sustainable while reducing climate impact. The program "will innovate and deploy financing specifically designed to manage the clean energy transition - responsibly, pragmatically and sustainably," Arnaud Soirat, Rio's head of copper and diamonds, said in a Tuesday speech at CRU's World Copper Conference in Santiago.