Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

BHP And Qantas To Report This Week

Published 21/08/2017, 09:44 am
Updated 09/07/2023, 08:32 pm

Originally published by Rivkin Securities

The major US indices closed slightly lower on Friday as the downtrend that was triggered by North Korean tensions continues. Despite this the Dow Jones Industrial Average is still up over the prior month although the S&P 500 is at a five-week low. A pullback in these markets is not surprising considering the almost straight-line trend higher since the US presidential election in November last year.

BHP (AX:BHP) and Qantas (AX:QAN) are set to report this week. BHP will have to hope that fund managers are happy with the result as a group of them have been agitating for change. Specifically, they want BHP’s shale assets to be sold off and tighter capital management. So far the battle between the BHP board and the fund managers is at a stalemate as expected strong financial results due to rising iron ore and coal prices have given the board some breathing room. Nevertheless, a weaker than expected result could give the fund managers the impetus to resume their push for change.

Gold had a run at $1,300 per ounce on Friday and actually just reached it before retreating back to the mid $1,280’s. Gold will need a decisive break out from this region in order to push higher. Oil climbed almost 3% on Friday as a series of bullish news pushed the commodity higher but the WTI price is still only at $48.60. The rebalance of the oil market is well underway according to inventory data however the market is heavily focussed on the fact that shale supply continues to increase. Despite the US output increases, both crude oil and gasoline inventories are now within their five-year ranges after being well above them for some time. The trajectory of crude inventories is clearly down and it will be surprising if the market will be able to ignore continued drawdowns.

Data Releases:

No Significant Data

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.