Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Glencore on track to exceed long term guidance
There’s a Q1 production update out from Glencore LON:GLEN this morning, noting that production was broadly in line with expectations and that full year output guidance remains unchanged. The note adds that the marketing segment continued to perform well through Q1 2023, particularly within energy products, and once again, the company is on track to exceed the top end of its long-term guidance range.
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#2. Woodside Energy merger with BHP division bolstering sentiment
We also have a Q1 report from Woodside Energy [LON:WDS] out noting production was 122% higher than the corresponding quarter last year, demonstrating the significant value generated by the merger with BHP’s petroleum business. Over the shorter term, the picture was less impressive with quarter on quarter production down 9%, although this was a result of planned activities rather than unexpected issues.
#3. BHP: strong demand in China & India set to offset sluggish demand elsewhere
BHP [LON:BHP] have also published a quarterly activities report, noting that Production guidance for the 2023 financial year remains unchanged for iron ore, metallurgical coal and energy coal. The strong performance means Olympic Dam and Pampa Norte are expected to be toward the upper end of their guidance ranges, while BHP Mitsubishi Alliance (BMA) is set to come in at bottom of its range.
The company has recently agreed on the purchase of OZ Minerals and adds that recent engagements with customers in China and India has reaffirmed the positive outlook for commodity demand. China’s economic rebound and solid momentum in India’s steelmaking growth is set to help to offset the impact of slowing growth in the US, Japan and Europe.
