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BHP Billiton Limited
ASX:BHP ISIN:AU000000BHP4
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News
Overnight US stocks rose for a fourth consecutive session led by industrial stocks. But market sentiment were dented after Federal Reserve report showed that consumer spending was still soft and retail sales were flat. The report also said labour market conditions remained weak across all districts.
Rio Tinto Ltd. (ASX:RIO) says the company does not see the pricing agreement by Fortescue Metals Group Ltd. (ASX:FMG) and Chinese steelmakers as relevant to its pricing for fiscal 2009 as the miner conducts its own negotiations with customers worldwide.
Wall Street ended lower in light trading on Friday as reports showed weak consumer sentiment in August and an unexpected decline in July retail sales. The weak reports prompted investors to lock in gains from the recent rally.
US stocks surged overnight as the Federal Reserve said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.
BHP Billiton Ltd. (ASX:BHP) said posted a full year net profit of US$5.88 billion for the year ended 30 June 2009, down from US$15.39 billion last year, breaking a run of six consecutive record annual results for the world's biggest miner as a slump in commodity prices took its toll.
An encouraging employment report sent the US stocks to a more than nine months high on Friday. The Labor Department released a report that the country's unemployment rate unexpectedly dropped to 9.4 per cent, its first decline in 15 months.
US stocks traded slightly higher overnight with more buying in financials. Analysts expect there would be a short-term correction after the rally as investors lock in gains from a strong three-week rally.
Exco Resources Limited (ASX:EXS)(PINK:EXRSF) is an Australian focused ASX listed mining company (ASX: EXS) that has been operating since 1998. Exco focuses on resource and project development through its team of experienced geologists, engineers and commercial specialists. The Company has a dual focus on developing both the Cloncurry Copper Project (CCP) in north-west Queensland, and the White Dam Gold Project in South Australia.
Wall Street ended modestly lower overnight after the Shanghai stock market slumped 5 per cent, a biggest single day decline of the year in China. The US stocks were also hit by the Commerce Department data that new orders for US manufactured durable goods fell 2.5 per cent in June.
Wall Street finished mixed overnight. Dow and S&P 500 indices ended their rising streak while Nasdaq posted its 11th straight rise led by Apple and Yahoo. Investors started to lock in their profits from a series of rallies driven by earnings reports.
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