BHP has been consolidating its surge higher after China’s aggressive stimulus announcements in September. Following Trump’s triumph (which has a ring to it), Beijing is expected to announce further stimulatory measures this month. However, they like to do things on their terms; most importantly, we believe it will be a case of when, not if, they fire their next salvo of stimulus. Beijing will rely on exports for growth as the world’s second-largest economy battles with a real estate slump and weak consumer spending – not ideal if Trump presses the tariff button, hence thoughts of more aggressive stimulus.
- We are still targeting a test of $50 by BHP in 2025 – MM is long BHP in its Active Growth and Active Income portfolios.
MM is long and bullish BHP
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