MARKET COMMENT: S&P/ASX 200 May Rise After BHP Output Report
17 Juli 2013 - 2:28AM
Dow Jones News
2357 GMT [Dow Jones] Australia's S&P/ASX 200 may rise
Wednesday, after BHP (BHP.AU) delivered a strong 4Q production
report featuring record iron-ore production that beat market
expectations. BHP's ADRs rose to A$33.87 vs Tuesday's local close
at A$33.43. Rio Tinto (RIO.AU) may also outperform after its
London-listed shares rose 2.7% following the 2Q production report
released yesterday. Higher commodity prices should also help the
miners, with spot iron ore up 1.7% and LME copper up 1.2% as the
U.S. dollar declined before Fed Chairman Ben Bernanke's
Congressional testimony later Wednesday. U.S. CPI, industrial
production and housing market data exceeded expectations, as did
results from Goldman Sachs. But the S&P 500 slipped 0.4%,
breaking an 8-day winning streak. Goldman Sachs' result could rub
off on Macquarie Group shares today. Insurance Australia (IAG.AU)
will also be in focus after raising its insurance margin guidance.
The S&P/ASX 200 still faces strong technical resistance at
5014.0, although tentative support has emerged near 4960. Index
last 4986.0. (david.rogers1@wsj.com)
Write to Shani Raja at shani.raja@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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