In a nutshell:
. SOUTH32 (-): Fiscal 1H25 - largely in-line quarter, modest tweaks around guidance
. BARRICK (=): 4Q24 first take - largely in-line Q4 and 2025 guide, stalemate in Mali and new USD 1bn buyback
. NEWMONT (+): Net negative read-x from Barrick''s Q4 and 2025 guide
. OUTOKUMPU (-): Results Flash - Q4 in-line, Q1 guidance uncertain with ongoing strikes
. SALZGITTER AG (-): Results Flash - Q4 EBITDA beat, FY25 guidance brings downside risk
Daily Prices as of February 12th
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Source: Bloomberg
PRICE MOVERS
. MACRO/COMMODITY WRAP: Following a strong jobs report, the US CPI print yesterday came in higher than expected with headline up 0.5% m/m (exp: 0.3%, prev: 0.4%) and core up 0.4% (exp: 0.3%, prev: 0.2%). Fed Chair Powell noted that while the central bank has made significant progress towards taming inflation, there is still more work to be done which suggests rates will remain elevated as he also noted wanting to keep the policy ''restrictive for now.''
Base metals mixed this morning on the SHFE; zinc -0.3%, nickel -0.3%, aluminium -0.1%, copper +0.5%. Iron ore futures edging lower this morning despite Cyclone Zelia intensifying and forcing the closure of several Australian ports which export iron ore from the Pilbara. Rio Tinto (+) press released the port closures and noted it''s too early to judge how long the port and rail operations will be impacted. For now, is 2025 shipment guidance has been reiterated. Gold (2,917/oz) reaching new highs with the dollar fading this morning.
. Macro data this week: Eurozone industrial production (cons. -0.2% m/m) today; US retail sales (cons. +0.0% m/m) and US industrial production (cons. +0.3% m/m) tomorrow. China credit data also due tomorrow.
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RESULTS
Fiscal 1H25 - largely in-line quarter, modest tweaks around guidance
TP: 150p Downside: 13% Price: 173p (12 Feb. 25)
What happened?
South32 delivered a largely in-line quarter with underlying EBITDA of USD1,018m -2% v...
