Maybe not Rod. Could be a repeat of last year. Sharp rise in resources after the profit announcement.
Has anyone got any idea if the high US dollar will increase BHP's profits?
As BHP gets paid in US dollars and its operating costs (ie wages, infrastructure, fuel, etc) are in the local currency, you would expect the profit to be higher, particularly when converted to Aus dollars.
Kloppers will be demonstrating just how much more than RIO BHP is worth. He does not believe in a China slowdown or a resource glut. He claims 75% of BHP's iron ore goes into steel mills for China's infrastructure. Most of them have scaled up production and build new plants like Shougang that eat 5x more iron ore. Their biggest concern is not getting enough supply to keep the furnaces running hot.
Here is what the fuss is about...
The Chinese government said last Thursday that annual factory output growth slowed to 15 per cent in July, from 16 per cent in June.
That's not production - that's growth in production!!!
And this was at a time when much of China's factories were forced to shut down for the Olympics to stop the press from seeing the smog. So its all just a load of BS.
Like, last year, I expect the shorters to go running scared when the giant stands up and tell it how it is.
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