Metals Sink on China, Europe Concerns
World Economy

Metals Sink on China, Europe Concerns

Metal prices hit multi-year lows on Friday as weaker-than-expected data from China and the eurozone raised concerns about global growth, but the US dollar rose on the prospects of a Federal Reserve interest rate hike.
Copper fell to its lowest level since 2009 after a survey showed Chinese manufacturing contracted by the most in 15 months in July as orders shrank. Worries grew over demand in the world's biggest metals consumer with stockpiles mounting up, Reuters reported.
The flash Caixin/Markit China Manufacturing Purchasing Managers' Index contracted for the fifth straight month. Eurozone business activity also started the second half on a less secure footing than expected, hit by Greece's near-bankruptcy.
Markit's flash PMI fell to 53.7 this month from June's four-year high of 54.2. A Reuters poll had predicted a more modest dip to 54.0.
While economies looked weaker in Europe and Asia, better-than-expected US jobless claims kept the Federal Reserve on track for a rate increase in coming months.
"Commodities are shouting that the global economy is deteriorating, key emerging markets are already seeing major volatility and yet the world's most important central bank is close to tightening monetary policy," Michael Every, head of financial market research for Asia at Rabobank.


Short URL : http://goo.gl/OYZ15f

You can also read ...

In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Sudanese Hit by Bread Shortages
Bread shortages have hit Sudan, with wheat traders blaming a...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...