On its latest earnings release, BHP Billiton issued its outlook for next year.
A few important points regarding macro and commodities:
a. "Despite moderating US economic growth, global economic fundamentals remain strong and the ongoing strength shown by emerging Asian economies (including China) should support global growth."
b. "Recent discussions with our customers have indicated that they do not expect the volatility in the US and European credit markets to have impact on raw material demand. In particular, our customers in China and India believe domestic demand criteria are much more important factors in their markets."
c. "In the interim, commodity prices are likely to stay high relative to historical levels, albeit with increasing volatility."
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