Miners catch China cold
Fiona Cincotta November 11, 2019 5:13 AM
Any sneeze in China and mining stocks catch a cold. The escalation of protests in Hong Kong and President Donald Trump's rebuffal of comments that the US would remove some of the tariffs on Chinese imports have boosted fears that the fallout of the tensions would impact Chinese economic growth and, by extension, metal demand. Anglo American, Rio Tinto, Glencrore and BHP Group are all flashing red this morning, trading between 1.87% and 2.44% lower.
Sterling shrugs off GDP decline
The pound is holding its ground for the moment in the face of worsening UK economic data showing that the economy rose at the slowest rate since 2010. The numbers were not unexpected – the majority of Britain’s economic indicators have been pointing in that direction for months – but what did fuel concerns is that the monthly growth rate was even below some conservative growth estimates. The election campaign is heating up with promises of some serious spending from both major parties but the markets seem to be handling them with a healthy pinch of salt. Sterling is trading at $1.2803 and at EUR1.16.
Brent crude nudges lower as prospect of OPEC slips away
The next OPEC meeting in Vienna is now just over two weeks away and the pre-OPEC production chatter is intensifying, showing that producers are less than keen to opt for further production cuts despite the recent weakness in oil prices. Oman’s energy minister clarified the situation Monday saying that while the cartel is likely to continue with the existing cuts it was unlikely to curb production any further. Given the already fragile situation surrounding the US-China trade talks and prospects of lower demand from China, Brent crude prices dropped 1.17% this morning.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.