February 19, 2024 08:51 GMT
Anglo American: Cross Asset
BASIC INDUSTRIES
- Commodity prices remain in focus, with uncertainty over the China growth outlook.
- Equity is down ~9% YTD. The sector index is down ~7.9%.
- Credit has performed noticeably better. 5Y CDS -17bp YTD. AALLN 5 03/31 Corp is quoted ~45bp tighter YTD vs bunds. Anglo has also strongly outperformed Glencore (see chart).
- Anglo reports FY23 results Thursday. We would take a cautious stance into that.
74 words