Original Coverage & Source Attribution: mining.com.au
Industrial metals endured a tough session overnight, with tin slumping 5% and the rest of the sector also falling. Lead, zinc, nickel, and aluminium each declined by at least 1%.
Brent crude rose 3% as Iranian attacks on ships transiting the Strait of Hormuz continued to disrupt shipping. Freight rates also remain elevated. US President Donald Trump has said the US will not launch further strikes on Iran before the 3 November midterm elections.
US stocks came under pressure, with the tech-focused Nasdaq falling 1.2% and the S&P 500 slipping 0.5%. Gold held steady.
The New York Times shared this positive update, drawing on the latest data from the World Trade Organization:
“The World Trade Organization said Thursday that it expected the global trade in goods to grow by 3.9% this year, almost double the rate it had forecast in March, as spending on expensive chips and other equipment needed to produce artificial intelligence boosts cross-border commerce.”
This could provide a tailwind for stocks if the trend continues. Historically, US shares have performed strongly in the period following midterm elections.
Source: Stansberry Research
Write to Callum Newman at Mining.com.au
Main image: Unsplash
