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’Goldman jolts commodities market
A nasty (and in all likelihood temporary) fall for the FTSE 100 on Tuesday morning.
And it’s mining stocks that have done most of the damage.
Apart from profit taking, there are two reasons for this sell-off,
Chinese consumers, going platinum
One for super-cycle fans and/or commodity bulls. A chart from a Citi note on metals and mining, arguing that slower industrial growth in China’s new five-year plan (and the one after that) will be replaced by lots and lots of commodity-munching Chinese consumers:
Looking at precious-metal flows
One reason put forward by market participants on Thursday to explain gold’s sudden surge higher were large ETF flows stemming from the soon-to-be-closed Powershares DB Crude Oil Double Long Oil ETC.
We’ve had a look at what’s been going on in the precious metals exchange-traded-fund space and it does indeed seem that there have been some impressive flows into certain products of late.
Lenders win control of Delphi
A US bankruptcy court has given the go-ahead for a group of lenders to take control of Delphi, the US car-parts maker, setting the stage for Delphi to emerge from bankruptcy protection by the end of September,
Delphi lenders prevail in auction
Lenders to Delphi are poised to take control of the bankrupt US auto-parts supplier, scuppering a government-orchestrated $3.6bn deal to sell the company to General Motors and buyout firm Platinum Equity,
Hedge funds protest Delphi sale plan
Hedge fund lenders to Delphi, the car parts maker with close links to General Motors, are seeking to disrupt the two bankrupt companies’ restructuring plans by objecting to an allegedly secretive deal under which Delphi plans to sell its assets to GM and California-based Platinum Equity.
GM to finance Delphi buyout
General Motors has agreed to finance a private-equity firm’s buyout of bankrupt auto-parts company Delphi, after itself filing for bankruptcy protection earlier this week, reports the WSJ. GM, which received $30bn in US government funds,
Platinum Equity eyes GM unit
Platinum Equity, a US private equity firm that buys distressed assets, is among the potential buyers of General Motors’ Hummer sport utility vehicle unit, reports Bloomberg. Platinum is vying with a Chinese company.
Australia’s Platinum surges 76% on debut
In case you missed it on Wednesday, Kerr Neilson, the founder of Platinum Asset Management, became an instant billionaire and Australia’s most successful hedge fund manager when shares in his company surged 76 per cent on the first day of trading.
Australia’s own ‘Buffett’ is platinum-plated
The emergence of what some commentators have called the “Warren Buffett of Australia” this week underlines a steadily growing stock market bubble Down Under – and also puts some of the world’s top hedge fund managers to shame.
Hedge fund split and the ‘lewd’ e-mail
Mudlark reports on the tale of Platinum Capital Management, a London hedge fund and fund-of-funds manager, and the ‘lewd’ e-mail. Craig Reeves, a founder of PCM, took action in the High Court after what he claimed was his “constructive dismissal”