Markets Live: Iron ore, Iraq sparks sell-off
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- Category: Mercados - Fletes- Cotizaciones
- Published on Sunday, 15 June 2014 18:38
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Miners led the market lower on a slumping iron ore price, while conflict in Iraq spooked investors but pushed gold, energy stocks and the Aussie higher.
Vale Proves Too Rich for Barclays on Iron’s 30% Plummet
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- Published on Sunday, 15 June 2014 18:34
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Jun 9, 2014 8:46 PM GMT+0200
The biggest drop in iron-ore prices in five years is a signal to Barclays Plc and Seaport Group thatVale SA (VALE5)’s outperformance in the bond market is about to end.
The $2.25 billion of bonds due 2022 returned 9 percent in the past six months, exceeding the 7.4 percent average gain for notes from emerging-market mining companies with investment-grade ratings. The Vale bonds yield 4.06 percent, the least relative to similar securities from London-based Rio Tinto Group since September, data compiled by Bloomberg show.
Vale, which gets about 95 percent of earningsfrom its ferrous business, posted a bigger-than-forecast drop in first-quarter profit after selling its ore for 25 percent less than the
As Iraq Burns, Kurds Try (and Fail) to Sell More Crude
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- Published on Saturday, 14 June 2014 08:59
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Photograph by Emad Matti/AP Photo
Kurdish security forces deploy outside of the oil-rich city of Kirkuk, 180 miles north of Baghdad on June 12
Iraq is coming apart before our eyes, undoing much of the economic progress that a couple of years of stability had afforded it. While it’s premature to call this a civil war, there’s little doubt that’s where things are headed, especially after a powerful Shiite cleric urged his followers to take up arms against Sunni militants during Friday prayers.
So far the action has been in the north, home to some but not much of Iraq’s productive oil reserves. The vast majority of Iraq’s more than 3 million barrels of daily oil production comes from the southern parts of
Iraqi Oil Sailing in Circles
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- Published on Saturday, 14 June 2014 09:04
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Bloomberg
What does a ship bound for nowhere have to do with the oily, violent mess in Iraq? This particular ship is a key player — and it’s currently idling off the coast of Morocco. Today I’ll tell you why.
The ship’s name is United Leadership. Ironically, “united leadership” is exactly what Iraq is missing this week.
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The map above is more legible than the one I ran yesterday. Bloomberg helpfully color-coded the territory controlled by Sunni Arab, Shia Arab ad Sunni Kurd forces, along with oil fields and pipelines.
Iraq’s messy political situation is not improving. The competing groups have their own internal tensions. We may well see Iraq break up into three or more rival governments in the next few weeks.
Morgan Stanley Turns Aussie Bull to Predict Parity
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- Published on Saturday, 14 June 2014 07:16
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Bulk carriers are loaded with iron ore at the ship loading facility at Fortescue Metals Group Ltd.'s Herb Elliott Port in Port Hedland in Western Australia. Australia’s largest export, iron ore, fell below $100 per metric ton last month for the first time since 2012. Close
Bulk carriers are loaded with iron ore at the ship loading facility at Fortescue Metals... Read More
Bulk carriers are loaded with iron ore at the ship loading facility at Fortescue Metals Group Ltd.'s Herb Elliott Port in Port Hedland in Western Australia. Australia’s largest export, iron ore, fell below $100 per metric ton last month for the first time since 2012.