reports
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Commodity snapSHOT - Left-field bear factors
For over a year now, we’ve flagged 3 x bear factors for Commodity World: 1. US Fed’s inflation-rates; 2. China’s growth challenges; 3. Russia’s war. Happily for our big call, most commodity prices have been capped since mid-January, even sliding a bit over recent days/weeks. Just between us, though – the dominant price drags right now seem to be left-field ones we never saw coming: 1. US govt. debt ceiling drama; 2. on-going bank sector anxieties (SVB, SB, FRB, CS). News flow on these two themes...
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Commodity snapSHOT - Tactical trading ideas
The epic rally across most metal/steel-related prices, which began last November, has ended. Bear factors? We see three: 1. market’s disappointment with China’s 5% GDP growth target for 2023 (last week’s NPC); 2. US Fed’s undaunted inflation-targeting hawkish pitch (ignores collapse in global energy prices; further hikes support US real rates/currency = drags on demand for no-yield commodities); 3. on-going deterioration in geo-political backdrop (saps investor confidence on growth outlook). Yes...
- Sumeet Singh
BHP Woodside distribution Placement
BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders are being sold by the sales agent, JPM, in a US$823m block. In this note, we will look at the possible deal dynamics and run the deal through our ECM framework.
- Sumeet Singh
BHP Woodside distribution
BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. Such shares could add up to US$1.5bn in stock sales which will be done in early June. In this note, we will look at the possible deal dynamics and the overall background of the deal.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.