2013 Outlook Commodities Review: Copper

2013 Outlook
Commodities Review

Copper
Robin Bhar

Key points

■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.

Blackstone buys troubled shopping centre after years in limbo

http://www.theaustralian.com.au/business/property/blackstone-buys-troubled-mall/story-fn9656lz-1226519908536

Blackstone buys troubled shopping centre after years in limbo

PRIVATE equity giant Blackstone has waded deeper into Australian real estate, paying $341 million for the Top Ryde City shopping centre in Sydney, a source has confirmed.

Brazil: Consensus revised down growth for next year

Florencia Vazquez, Marcelo Carvalho, Nader Nazmi, Gustavo Arruda - Market Economics
Daily Latam Spotlight | 20 Nov 2012 06:00 |

Brazil: Consensus revised down growth for next year.

BRAZIL

Local markets will be closed today due to a local holiday.

Consensus expects less growth ahead. Consensus has revised down 2012 growth to 1.52% from 1.54% in the prior week. For 2013, consensus anticipates growth below 4.0% next year (at 3.96% from 4.0%). We continue to believe that Brazil’s economy will continue to accelerate in the coming quarters, and partial data for October reinforce our view. We expect growth above 5.0% next year, thanks to monetary, fiscal and credit measures in place to spur growth.

Chile: More moderate growth in Q3, but still above potential

Chile: More moderate growth in Q3, but still above potential

Florencia Vazquez - Market Economics
Latam Macro Snapshot | 19 Nov 2012 16:33 |

Real GDP in Chile was reported to have advanced 5.7% y/y in Q3 2012. The y/y pace of advance stood slightly ahead of the median estimate from the Bloomberg survey and a bit below our forecast (5.4% and 6.2%, respectively). In sequential terms, the economy expanded at a 5.7% q/q (saar) pace, having moderated from Q2’s unsustainable 8.3% pace (revised up from a previous 7%), but still slightly above potential (Chart 1).

Worldwide Plaza may be off the block

Worldwide Plaza may be off the block

With bids lagging the $1.5 billion target price, the owners of the 59-story West Side office tower are said to be thinking about holding off and settling for a re-fi now.

BY DANIEL GEIGER
NOVEMBER 19, 2012 1:37 P.M.

The owners of Worldwide Plaza have begun considering a refinancing of their 1.9 million square foot tower, rather than the sale they had been pursuing, several sources say.

http://www.crainsnewyork.com/article/20121119/REAL_ESTATE/121119923

Global Economic Outlook - Anchor themes - Exiting Uncertainty

GLOBAL ECONOMIC OUTLOOK
November 19, 2012

http://www.sgresearch.com

The muddle-through policy setting has been an additional headwind to debt deleveraging, with the resulting uncertainty delaying consumption, investment and hiring decisions.

Why Can’t We Be Friends?

Why Can’t We Be Friends?

Julia Coronado - Market Economics
US Daily Spotlight | 19 Nov 2012 00:15 |

Last week ended on a hopeful note as Democratic and Republican Congressional leaders met at the White House with President Obama and emerged from their meeting promising they would reach a fiscal compromise “before Christmas”. There is still much political wood to be chopped to reach agreement, and it is certain to be a bumpy road. Nevertheless, we feel reasonably confident that the parameters of a deal are well within sight, and the political incentives on both sides are for a smooth outcome.

Chile Copper Mining Industry At a Turning Point -BHP Executive

http://www.4-traders.com/

Chile Copper Mining Industry At a Turning Point -BHP Executive
11/16/2012| 10:07am US/Eastern

SANTIAGO, Chile--The Chilean copper mining industry, which accounts for a third of the world's copper, is at a turning point as ore grades are retreating and bigger capital expenditures are needed to maintain production levels, a BHP Billiton Ltd. executive said Friday.

Turkey: Rebalancing is losing pace

Turkey: Rebalancing is losing pace

At USD 2.7bn, current account deficit was below the market consensus and our forecast (USD 3.0bn) in September. As a result, 12-month cumulative c/a deficit declined to USD 55.8bn from USD 59.5bn in August. Similarly, 12-month cumulative non-energy c/a deficit fell to USD 4.0bn, from USD 7.7bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 3.7bn, from USD 1.4bn in August.

Demand For Luxury Goods Drives Rental Growth

DEMAND FOR LUXURY GOODS DRIVES RENTAL GROWTH
14 Nov, 2012, London

http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26