Macquarie Research News
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Steel reinforcement-bar futures headed for a weekly loss as the price of iron ore, the main ingredient in steelmaking, fell to the lowest in five months.
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Iron ore extended losses for a fifth day to a five-month low on speculation Chinese mills are drawing on stockpiles as declining steel prices cut their profits, according to Macquarie Research.
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MTN Group Ltd. had its price estimate raised 14 percent to 165 rand at Macquarie Research from 130.21 rand, Martin Dullaart , a Johannesburg-based analyst at Macquarie, said in an e-mailed note to clients today.
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Shipping rates for iron ore are poised to double next quarter as Chinese steelmakers import extra cargoes after stockpiles at the nation’s ports collapsed to a three-year low.
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Goldman Sachs Group Inc. cut its estimate for iron-ore prices this year on expectations demand will moderate and steel production will slow in China, the world’s largest buyer.
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Japanese stock futures were little changed as investors awaited indications that European Union finance ministers have made progress on providing aid for Greece at their third meeting this month. CSL Ltd. led gains among Australian equities.
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Hungarian Prime Minister Viktor Orban promised “a new system” after winning elections two months ago. Bankers are finding out what he means the hard way.
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Chinese iron ore prices exceeded the cost of imported cargoes for first time since mid-December, a development that may boost demand for ships delivering the raw material, RS Platou Markets AS said.
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The following companies may have unusual price changes in India trading . Stock symbols are in parentheses and share prices are as of the last close .
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Tour guide Chen Libin is waiting for General Motors Co. and Honda Motor Co. to roll out their new China-only brands before replacing his Xiali A+ sedan.
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