{"id":15380,"date":"2017-06-02T19:59:51","date_gmt":"2017-06-02T23:59:51","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15380"},"modified":"2017-06-02T19:59:51","modified_gmt":"2017-06-02T23:59:51","slug":"ubs-buy-miners-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/02\/ubs-buy-miners-macrobusiness\/","title":{"rendered":"UBS: Buy miners | Macrobusiness"},"content":{"rendered":"<p class=\"author\">By <a href=\"https:\/\/www.macrobusiness.com.au\/author\/david\/\" rel=\"author\" class=\"fn\" title=\"View all posts by Houses and Holes\">Houses and Holes<\/a><br \/>\nRe-published with kind permission from <a href=\"https:\/\/www.macrobusiness.com.au\/2017\/06\/ubs-buy-miners\/\">Macrobusiness<\/a>.<\/p>\n<p>If you want to know why RIO is higher today than when iron ore was at $92 then check this out from UBS:<\/p>\n<blockquote>\n<p>Hitting the Wall or Just a Wobble?<\/p>\n<p>Australian equities performed poorly in May (falling 3%) despite global markets posting solid gains (rising 2%). The market weakness in May was overwhelmingly driven by the heavyweight banks sector. On balance we believe \u201chard landing\u201d fears are overdone though we concede that the consumer outlook is lacklustre.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2017\/06\/hm.png?w=525&#038;ssl=1\"><\/p>\n<p>Staying Overweight Resources and Neutral Banks<\/p>\n<p>We continue to overweight the resource sector on the basis of relative valuation, and benign (iron ore) to moderately constructive commodity expectations (copper, oil, mineral sands). With the bank sector off 10% (total return), we think the sector is once again looking \u201cfair\u201d in an absolute sense (12.8x and 5.9% yield) and notionally cheap in a relative sense. A constrained growth outlook and near-term capital uncertainty keep us neutral.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2017\/06\/ndt.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2017\/06\/ndt.png?w=525&#038;ssl=1\"><\/a><\/p>\n<p>Other Favoured Themes<\/p>\n<p>From a thematic standpoint two of our key themes remain 1) public infrastructure exposure (we continue to hold Boral and Lend Lease Group) and 2) domestic energy suppliers continue to be well supported by investors (we continue to hold AGL Energy, Origin Energy). We continue to overweight US$\/US economy plays.<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p>What can I say? That\u2019s some crazy shit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Houses and Holes Re-published with kind permission from Macrobusiness. If you want to know why RIO is higher today than when iron ore was at $92 then check this out from UBS: Hitting the Wall or Just a Wobble? Australian equities performed poorly in May (falling 3%) despite global markets posting solid gains (rising &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/02\/ubs-buy-miners-macrobusiness\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;UBS: Buy miners | Macrobusiness&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[381,2933,2944,3518],"class_list":["post-15380","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-banks","tag-resources","tag-retail-sector","tag-ubs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UBS: Buy miners | Macrobusiness - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UBS: Buy miners | Macrobusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Houses and Holes Re-published with kind permission from Macrobusiness. If you want to know why RIO is higher today than when iron ore was at $92 then check this out from UBS: Hitting the Wall or Just a Wobble? 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If you want to know why RIO is higher today than when iron ore was at $92 then check this out from UBS: Hitting the Wall or Just a Wobble? 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Respect remains likely and would indicate another test of primary support at 7300. Rising banks lifted the ASX 200. Follow-through above 6250 signals another primary advance, with a target of the October 2007 high at 6750. This leaves me\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15387,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/02\/australia-asx-rallies\/","url_meta":{"origin":15380,"position":1},"title":"Australia: ASX rallies","author":"ColinTwiggs","date":"June 2, 2017","format":false,"excerpt":"Iron ore is falling. And the broader DJ-UBS Commodity Index is testing support at 82. Breach would signal a decline to test the 2015 low at 74. But the Aussie Dollar rallied Friday, the large engulfing candle suggesting another test of resistance at 75 US cents. Miners finished strongly, with\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15179,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/21\/asx-200-advance-slows-as-iron-ore-falls\/","url_meta":{"origin":15380,"position":2},"title":"ASX 200 advance slows as iron ore falls","author":"ColinTwiggs","date":"April 21, 2017","format":false,"excerpt":"Iron ore found support at $60. The ASX 300 Metals & Mining Index has taken some encouragement from the rally, with support at 2850. But bear rallies are normally short in duration and reverse sharply. The ASX 200 advance has slowed after the recent sell-off in the resources sector. But\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19713,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/02\/01\/asx-resources-and-aussie-dollar-take-a-beating\/","url_meta":{"origin":15380,"position":3},"title":"ASX Resources and Aussie Dollar take a beating","author":"Colin Twiggs","date":"February 1, 2020","format":false,"excerpt":"The ASX 300 Metals & Mining index took a beating as concerns about coronavirus impact on Chinese imports soared. Breach of support at 4450 is likely and would warn of a test of primary support at 4100. Iron ore reaction is more muted but bulk commodities, especially iron ore and\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15662,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/08\/04\/asx-banks-spoil-the-iron-ore-party\/","url_meta":{"origin":15380,"position":4},"title":"ASX banks spoil the iron ore party","author":"ColinTwiggs","date":"August 4, 2017","format":false,"excerpt":"I underestimated the strength of iron ore which has now broken resistance at 70, suggesting that a bottom is forming. Strength of the latest rally indicates that the next correction is likely to find support at 60. The Resources sector responded, with the ASX 300 Metals & Mining index headed\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12680,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/12\/06\/ubs-china-aint-recovering-as-foreseen-macrobusiness\/","url_meta":{"origin":15380,"position":5},"title":"UBS: China ain&#8217;t recovering as foreseen | MacroBusiness","author":"ColinTwiggs","date":"December 6, 2015","format":false,"excerpt":"David Llewellyn-Smith quotes UBS: A normalisation of commodity demand in China seems further away post our trip. Our expectations for a sequential acceleration in infrastructure build do not align with insights on the ground. The 13th Five Year Plan makes it clear the emphasis to 2020 will be on services,\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=15380"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15380\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}