EMEA Miners: Navigating through economic crosscurrents

Research evidence excerpt

EMEA Miners: Navigating through economic crosscurrents

19 July 2026

EMEA Miners EquitiesMetals & Mining

Navigating through economic crosscurrents United Kingdom and South Africa

◆ Near-term metal price outlook set to be dictated by news flow Jonathan Brandt, CFA

around the Middle East conflict, policy paths and the USD Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper HSBC Securities (USA) Inc.

jon.brandt@us.hsbc.com

◆ We adjust estimates to reflect our latest commodity price +1 212 525 4499

forecasts Ishan Jain*

Analyst, Metals & Mining, Pulp & Paper

HSBC Securities and Capital Markets (India) Private

◆ We prefer GLEN, ARM, EXX, SSW, IMP, VAL, NPH and Limited

ishanjain@hsbc.co.in

HAR; we upgrade our rating on GFI to Buy and ANG to Hold +91 80 4550 3767

Gustavo Hwang*, CFA

The curious relationship between FX, commodity prices and equities? We analyze Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper

movements in producers’ currencies, metals prices, and the mining equities on pages 3-6. Banco HSBC S.A.

gustavo.hwang@hsbc.com

Miners have outperformed global equities and commodity prices over the past year and a +55 11 2802 3257

half, but have lost strength recently. Concerns over potential rate hikes and reduced

concerns around supply disruptions due to a potential easing of the Middle East conflict * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

weighed on prices. However, much will depend on what the Fed will do next. HSBC

economists maintain their long-held view that the FOMC will keep the federal funds

target range steady at 3.50–3.75% through 2026 and 2027. HSBC FX strategists

believe the USD is poised to grind higher in the coming months, which in turn could