JPMorgan analyst Dominic O’Kane downgraded Anglo American (NGLOY) to Neutral from Overweight with a price target of 2,335 GBp, up from 2,285 GBp. Industrial metal prices have been quick to react to China economic policy announcements, up 10% in the last two weeks, but metals do not appear to assign significant risk premia to trade-related outcomes, specifically higher tariffs, despite this being a potential risk mentioned by clients post the U.S. Presidential election, the analyst tells investors in a research note.
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