London open: Dull start after US dip
23rd Jun 2010 08:52
Last night's late sell-off in the US has hit London this morning though selling has been selective rather than widespread American investors took flight following weak housing data and Asian markets followed suit this morning. Reflecting that, miners are down across the board led by heavyweights Xs
Read moreGuinea Threatens Rio Tinto Over More Rights To Simandou-Report
23rd Jun 2010 08:25
LONDON (Dow Jones)--The government of Guinea has raised the stakes in its dispute with Rio Tinto PLC (RTP) by threatening to strip the Anglo-Australian mining group of more of its rights to one of the world's largest undeveloped iron ore deposits, The Financial Times reports Wednesday citing a gover
Read moreRio Tinto Says Aluminum Markets To Recover But Still Cautious On Short Term
23rd Jun 2010 02:17
MELBOURNE (Dow Jones)--Rio Tinto Ltd. (RTP) said Wednesday it believes aluminum markets are set to continue to recover thanks to strong long-term fundamentals but the company remains cautious on the short-term outlook. Rio Tinto Alcan Chief Financial Officer Phillip Strachan said prices were set
Read moreMARKET TALK: Aussie Resources Could Add 5% If RSPT Dumped-Trader
23rd Jun 2010 00:08
2308 GMT [Dow Jones] Major Australian resources stocks like BHP (BHP.AU), Rio (RIO.AU) could rise as much as 5.0% today if the proposed resources super profits tax were to be dumped by the Federal Government. Australian PM Kevin Rudd faces party leadership challenge from Deputy PM Julia Gillard, wit
Read moreAustralia Government Planning A$4 Bln Resource Tax Fix - Report
22nd Jun 2010 22:27
SYDNEY (Dow Jones)--The Australian government is planning to use about A$4 billion in savings from axed rebates to refashion its contentious resource super profits tax, say government sources according to a report in Wednesday's Australian Financial Review. The report says the government will di
Read moreBaosteel: First 'Very Large' Iron Ore Carrier In Operation
22nd Jun 2010 08:45
BEIJING (Dow Jones)--Baosteel Group Corp., China's second-largest steelmaker, said in a statement Tuesday it has put into operation the first of what will be a strategic fleet of "very large" iron ore carriers. The new ship has a capacity of 230,000 deadweight tons, it said. Built as part of
Read moreTuesday newspaper round-up: Budget, Sainsbury's, Jupiter
22nd Jun 2010 06:28
George Osborne will claim today that the harshest Budget for 30 years will squeeze the rich more than it hits the poor. The Chancellor will seek to sell his package of record spending cuts and tax rises as being stamped by fairness as he tries to win public support for a four-year austerity drive.
Read moreMARKET TALK: Resources To Benefit From Yuan Rise -Trader
22nd Jun 2010 02:50
0149 GMT [Dow Jones] Resources stocks likely the strongest beneficiaries of further yuan appreciation today, says Southern Cross Equities Director Charlie Aitken. "China has embarked on a slow and steady appreciation of the yuan," says Aitken. "I think in a few months time it will be 5.0% higher and
Read moreMARKET TALK: S&P/ASX 200 Bounces On Yuan Appreciation
22nd Jun 2010 02:35
0135 GMT [Dow Jones] S&P/ASX 200 down 0.3% at 4597.0, up from 4582.0 as AUD/USD spikes to 0.8832 from 0.8767 after China set USD/CNY central parity at 6.7980 vs 6.8275 Monday, down 0.43% and the lowest central parity in the modern era. BHP (BHP.AU) has turned up 0.3% to A$40.04 from A$39.56 low and
Read moreMARKET TALK: Macquarie Lifts BHP, Rio Weights In Aussie Portfolio
22nd Jun 2010 02:07
0107 GMT [Dow Jones] Macquarie Equities has lifted the weighting of BHP (BHP.AU) and Rio (RIO.AU) in its model Australian equities portfolio because BHP and Rio, in particular, are trading near their lowest valuations seen over the past two decades, at a time when their earnings growth outlooks rema
Read moreAustralia Swan: Resources Royalty Rise Shows Not Getting Fair Return
22nd Jun 2010 01:52
CANBERRA (Dow Jones)--Australia's Treasurer Wayne Swan said Tuesday an agreement by BHP Billiton Ltd. (BHP.AU) and Rio Tinto Ltd. (RIO.AU) to pay higher state royalties on their iron ore operations in the Pilbara region of Western Australia shows Australians haven't been getting a fair return on non
Read moreMARKET TALK: S&P/ASX 200 Offshore Leads Bearish
22nd Jun 2010 00:52
2352 GMT [Dow Jones] S&P/ASX 200 offshore leads bearish, with overnight SPI 200 futures down 45 points, or 1.0%, at 4506.0 as Wall Street suffered from disappointing home sales data and steep falls in energy stocks after the White House vowed to appeal a judge's decision to block 6-month moratorium
Read moreADR Report: Shares Up On Material Stocks; Europe Ends Down
21st Jun 2010 22:26
By Victoria Finkle Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--International companies trading in New York ended mixed, as the Chinese government's pledge to make its exchange rate more flexible sparked a broad rally, although that momentum faded later in the day. The Bank of New York i
Read moreUPDATE: CME To Launch Iron-Ore Swap Futures From July 11
21st Jun 2010 20:23
By Alex MacDonald Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.S.-based CME Group Inc. (CME) Monday announced the launch of trading and clearing services for iron-ore swap futures with 62% ferrous content delivered into China, freight and insurance included. Trading will begin July 11 fo
Read moreUPDATE: Material Stocks Soar As China To Ease Currency Peg
21st Jun 2010 17:21
(Updates with more comments, coal industry's rise, fresh share prices.) By David Benoit Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Material stocks, particularly those most closely tied to the world-wide economy, climbed aggressively on Monday as the Chinese government announced plans t
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