BHP, RIO and FMG have recently created lower high formations and consequently, have been removed from our ASX 100 model portfolio.
The weak December manufacturing data out of both the US and China will likely weigh on Iron Ore prices.
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The graph below shows the trend in global PMI.
Our preference is to allocate towards the index, (rather than BHP or RIO), or at an individual stock level, we are overweight healthcare and as our market recovery thematic, energy names such as WPL, STO & OSH.
BHP
RIO
FMG
