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Anglo American: Cross Asset

  • 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.

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