Loading ...Earnings came out, and the institutional sellers always use the big boys to set an example….
Recently abandoned merger talks with Glencore for starters:
Also, underlying earnings for the year came in at $10.87 billion ( flat, but below consensus estimate of $11.03 billion).
RIO’s copper business had underlying profits that more than doubled to $7.4 billion, but that makes up only about 30% of their earnings.
Iron ore profits ( that makes up about 60% of group earnings) were down 7.6%. Their shipments from the Pilbara iron ore operations in Western Australia slipped 1% while realized prices were down around 8% year on year.( from Trading View news).