After numerous negative headlines, global equity markets kicked the bucket over Chinese economic fears overnight. Despite that we are 1/8 of the way through FY24 and:
- The AUD is about 3.5% below the 67c estimate;
- IO is still 7.5% above the $93/t estimate and has been for all of FY24 thus far.
Those factors are tailwinds, not headwinds for earnings.
Iron ore price, page-50267
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