Australian mining giant BHP, said on Thursday quarterly iron output at 72.7 mln metric tons. This put annual iron ore output for FY23 at 285.3 mln metric tons, a record. Quarterly iron ore output rose, aided by a continued ramp-up at its South Flank project. South Flank is on track to hit full capacity by end 2024. BHP said unit costs at its Western Australia iron ore operations and Chilean copper mine Escondida are expected to be towards the upper … Continue reading “BHP Record Full Year Iron Ore Output, Copper Production Up 9%”
An RBA Fit for The Future, 51 Revolutionary Recommendations for Australia’s Central Bank
The release of an independent review on the Reserve Bank of Australia, An RBA fit for the future is the biggest clean up, if not revolutionary change for the RBA since inflation targeting and formal independence was established in the 1990s. The review gave 51 recommendations, which the Government gave in-principal support to all of them, were outlined by the Australian Treasurer on Thursday. The report identified 4 ways the governance, monetary policy framework, culture and systemsof the RBA should … Continue reading “An RBA Fit for The Future, 51 Revolutionary Recommendations for Australia’s Central Bank”
Australian Consumer Confidence Jumps as Household Inflation Expectations Eased
Weekly Consumer confidence climbed 4.9 points last week to 87.4, starting the new year with the first increase since 2018, ANZ-Roy Morgan consumer survey showed on Tuesday. Inflation expectations dropped from the end of 2022, falling 0.9% to 5%. Its moving average for the last four releases fell 0.3 percentage points to 5.7 per cent. Confidence is still well below the neutral level (100) and the long-run average of 111.7. Highlights Adelaide Timbrell, a senior economist at ANZ. Source: ANZ … Continue reading “Australian Consumer Confidence Jumps as Household Inflation Expectations Eased”
China’s Reopening to Add ~1% to Australian Growth Through Tourism and Education – JPM
Australia’s economy will get a big boost from the end to China’s zero-Covid policy over the next two years JPMorgan said in a note Saturday. JPMorgan’s chief investment strategist Tom Kennedy said “The largest potential upside from reopening itself sits within the services sector given China is the largest consumer of Australian tourism and education exports.” JPM sees a full recovery in Australia’s tourism adding 0.5% to its gross domestic product and the return of international students from China will … Continue reading “China’s Reopening to Add ~1% to Australian Growth Through Tourism and Education – JPM”
Resilient Australian Stock Market Outperformed in 2022, Supported by Mining and Energy Stocks
Australia’s blue-chip stock index, S&P/ASX 200 ended down 5.45% to 7,038.7 in 2022. On the last day of the trading year the ASX was up +0.3% and -0.9% for the week. This compares to 2021 being up over 13% for the year. Australian shares ended 2022 as one of the region’s more resilient markets with mining firms supporting as globally stocks were pummeled. The end to an era of low interest rates that made borrowing cheap and encouraged investors to … Continue reading “Resilient Australian Stock Market Outperformed in 2022, Supported by Mining and Energy Stocks”
BHP Quarterly Iron Ore Output Higher with Continued Ramp Up at South Flank Mine
Australian mining giant BHP said on Wednesday its quarterly iron ore output rose, aided by a continued ramp-up at its South Flank project. BHP continues in sync to replace diminishing iron ore output from its existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined earlier this year. Production in the September quarter has stayed high while at the same time spot prices … Continue reading “BHP Quarterly Iron Ore Output Higher with Continued Ramp Up at South Flank Mine”
Australian ASX 200 Snaps Three Month Losing Streak in July with Aussie at Six Week High
The Australian share market broke a three-month losing streak with a 5.7% rise in July. The ASX 200 closed July on a seven-week high at 6945.2. Markets climbed a wall of worry in July with the worlds’ central banks raising rates as they fought to tighten against rising inflation. The month saw an onset of technical recession in the US, falling retail turnover reported by the ABS and Treasurer Jim Chalmer’s warning on Thursday of an economic slowdown. The Reserve … Continue reading “Australian ASX 200 Snaps Three Month Losing Streak in July with Aussie at Six Week High”
Record Private Equity M&A deals Targeting Australian Companies
Global private markets heavyweights like KKR in the first months of 2022 have targeted Australia with mergers and acquisitions. There have already been a record 61 deals worth $40.1 billion in the first five months of the year. The standout deal is the $30 billion bid for ASX-listed Ramsay Health Care by a consortium of investors led by US private equity powerhouse KKR that also includes HESTA, the super fund. It is a worldwide shift, globally the value of global … Continue reading “Record Private Equity M&A deals Targeting Australian Companies”
The Australian ASX 200 Stock Market Closed Up 13% in 2021 With Lithium Plays Starring
The Australian Blue Chip stock index, ASX 200 finished 2021 at 7,779.20 up over 13% for the year. This compares to a loss of just over 1% in 2020 and a gain of over 20% in 2019. All of the 11 main sectors of the share market were higher except information technology and energy in 2021. Tech went from being the best-performing sector in 2020 to the worst in 2021. Battery materials supplier Novonix was the top stock up 660 … Continue reading “The Australian ASX 200 Stock Market Closed Up 13% in 2021 With Lithium Plays Starring”
Australian Economy Shrank Less Than Expected in Q3
Australia’s GDP shrank -1.9% q/q in Q3, less than market expectations of a 2.7% decline and after 0.7% growth in Q2. This was the first contraction in the economy since Q2 2020 with the damage done from lengthy lockdowns across New South Wales, Victoria, and the Australia Capital Territory due to Covid-19. Australian Gross Domestic Product (GDP) fell 1.9 per cent in seasonally adjusted chain volume terms in the September quarter 2021 and was up 3.9 per cent through the … Continue reading “Australian Economy Shrank Less Than Expected in Q3”