Newcrest Mining reported solid Q2 earnings.The Australian gold miner realised a profit of 1.18 billion dollars American,or 1.12 billion Australian,for an increase of 23% on the year.The success was based on higher gold prices.It also raised its output target for 2013.Two new projects are nearing completion in New South Wales and Papua New Guinea.
Japan announced disappointing GDP growth for Q2.It grew 1.4%,versus an estimate of 2.3.The Euro debt crisis;a higher yen value;a sharp fall in private consumption because of less government spending post-tsunami/nuclear disaster;and the end of subsidies for fuel-efficient cars are being blamed for the weak growth.Hong Kong and Singapore have cut their growth forecasts in the bargain as the global slowdown reaches Asia.
Australia's BlueScope Steel is selling 50% of its coated steel business in the US and Southeast Asia to Japan's Nippon Steel.BlueScope,Australia's largest steelmaker,will get 440 million dollars in the transaction,while Nippon will gain greater access to US and Southeast Asian building markets.The total value of the joint venture is 1.36 billion dollars American,or about 1.29 billion Australian.
The MSCI Asia Pacific index was virtually flat in early Monday trading,down just 0.02%.
Newcrest Mining Ltd.(ASX:NCM),BlueScope Steel Ltd. (ASX:BSL)
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