Market Overview

BHP CEO Makes Cautious Remarks On Outlook

BHP Billiton (NYSE: BHP) Marius Kloppers made cautious comments to investors in Australia Thursday regarding the outlook for commodity markets. Kloppers said some BHP customers are paring back orders amid crimped access to financing.

"The heightened volatility and uncertain economic outlook are expected to continue to weigh on sentiment in the markets for our commodities," Kloppers said, according to Reuters. Kloppers made the remarks at BHP's Australian shareholders meeting and the remarks are far more cautious than what Kloppers had to say last month in London.

Kloppers did say that customers are buying everything they ordered and that the company was not having difficulty filling orders. Analysts expect BHP, the world's largest mining company to post 7% profit growth this year to $23.2 billion.

Investors on Thursday are likely to press BHP to buy back more shares, following a $10 billion share buyback completed earlier this year, Reuters reported.

Posted-In: Earnings Long Ideas News Guidance Short Ideas Commodities Buybacks Global

 

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