Freitag, 23. Oktober 2015

Global monetary policy: More Cheap Money, More QE, More Central Bank Stimulus, More Liquidity, More Drugs

Global monetary policy is completely out of control.

To the point..

Quelle: Private Twitter Stream

Mining, Output, Big 3: BHP Billiton CEO Mackenzie Wants Mining Rivals to Cut Loss-Making Output and Fast

Hierzu ein aktueller Beitrag von Bloomberg:

BHP CEO Wants Mining Rivals to Cut Loss-Making Output and Fast

BHP Billiton Ltd. Chief Executive Officer Andrew Mackenzie wants a faster response from some rivals of the world’s biggest mining company in shuttering unprofitable mines and smelters.

“It would be great if the top part of the cost-curve, because we’re not part of it, moved more quickly rather than hope that they could survive forever,” Mackenzie told reporters in London on Thursday. 

“It would be wonderful if there was more instant reaction. We know that people aim to survive. They do persist for longer than you expect and we have to plan accordingly and we do.”

Glencore Plc, the worst performer this year in the U.K.’s benchmark stock index, has scaled back zinc, copper and coal operations after slowing demand from top user China sent prices to the lowest in at least five years. Its billionaire Chief Executive Officer Ivan Glasenberg has became the flag-bearer for a commodities revival after cutting zinc production by a third, helping to spark one of the biggest metals rallies this year.

BHP has closed some unprofitable production of steel-making coal in Australia in recent years. Freeport-McMoRan Inc., the largest publicly traded copper supplier, said last week it may look to further reduce output amid falling prices.

“We continue to examine every operation, actually almost every sub-operation, to check on its viability in the medium term,” Mackenzie said. “It does happen, and it could happen again, but for now everything is performing at the level that we’ll maintain full production.”

BHP’s marketing chief last week shrugged off moves by rival producers including Glencore to trim production in a bid to lift sagging commodity prices. Closing unprofitable operations is “just a normal, rational economic decision,” Arnoud Balhuizen said..

Donnerstag, 22. Oktober 2015

Nyrstar: Europas größter Zinkproduzent vor Default

Das nächste Opfer im historischen Bärenmarkt in der Rohstoffbranche - credit to Zerohedge:

CEO Of Europe's Largest Zinc Producer Hints At Default: Bonds Hit Record Lows, Stock Plunges Most Ever

Tyler Durden's picture

It had been a while since we had any major news involving the ongoing devastation in the global mining sector courtesy of China, where as we previously reported more than half of the local commodity companies can't cover their interest expense and are thus caught in a deflationary race to the bottom even as the government has no choice but to bail them all out.
Indeed, complacency seemed ready to set back in, with Glencore stock recently rising as high as its recent equity offering price of 125p. And then today we noticed that not only is Glencore's CDS back above 700 bps, the widest it has been in three weeks, but that another mining company has fallen into the market's crosshairs, this time Belgium-based (with Zurich HQ) Nyrstar NV, Europe's largest refined-zinc producer, whose stock crashed the most since its initial public offering in 2007, while it bonds tumbled to a yield of 19%, suggesting a default may be imminent..

Global Manufacturing: "What On Earth Is Going On With Caterpillar's Sales?"

Das sieht alles andere als gut aus beim weltgrößten Hersteller für Baumaschinen..