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Sector movers: Miners pace losses at the end of the week
(Sharecast News) - Miners paced losses at the end of the week as increased talk of a further interest rate hike by the Federal Reserve on 3 May weighed on metals' prices. But company-specific news was also a drag with BHP among the top fallers after the company cut its targets for nickel and copper production while output of iron ore slid.
As were geopolitical tensions between China and the US.
"Risk appetite was shaken by the prospect of a fresh standoff between the US and China, which hit Chinese tech stocks early on this morning, but the afternoon session has seen Europe stabilise," said IG chief market analyst Chris Beauchamp.
"Overall stocks are still unable to establish a clear direction - having rebounded from the March lows there is a sense of caution about where we go from here."
According to Fed funds futures the odds of another 25 basis point interest rate hike in the target range for short-term rates stood at 88.0%, in effect pricing-in.
In parallel, July copper futures on COMEX were falling by 0.78% to $4.0 per pound.
Gold futures were trading down by 1.59% alongside to $1,986.90/oz. while silver was off by 1.23% to $25.28/oz..
Top performing sectors so far today
Automobiles & Parts 1,721.16 +2.22%
Beverages 28,838.50 +1.18%
Real Estate Investment & Services 2,328.35 +1.06%
Industrial Support Services 10,455.89 +1.00%
Media 10,394.64 +0.99%
Bottom performing sectors so far today
Industrial Metals & Mining 6,820.44 -4.18%
Precious Metals and Mining 11,675.54 -2.42%
Life Insurance 7,054.14 -0.46%
Banks 3,505.50 -0.37%
Aerospace and Defence 6,487.00 -0.18%
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