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Diversified majors gain

China’s moves to boost domestic growth bolstered commodity prices and diversified majors yesterday, while positive earnings continued in the US as tariff concerns fester.
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Glencore rose more than 5.6%

Staff reporter

"What we are seeing right now is positive earnings news on the back of fairly positive tax cuts and that is encouraging momentum in terms of economic growth," Oxford Economics head of US macro economics GreG Daco told Bloomberg TV.

"But we have to be wary that these tariffs have only gradually started to be implemented."

The S&P500 closed higher in New York yesterday with the metals and mining sector rising 1.57%.

In London, the metals and mining sector surged more than 5% yesterday with strong gains by the diversified majors.

Glencore (LSE: GLEN) rose more than 5.6% and Rio Tinto (LSE: RIO) closed 4.75% higher.

Toronto's gold-weighted metals and mining sector showed a more muted gain of 0.88% as the gold price remains subdued.

Torex Gold Resources (TSX: TXG) lost the most ground in the S&P/TSX Composite Index's gold subset yesterday, closing down 9.52%.

Australia's metals and mining sector was notching up another positive day, up more than 1.6% in afternoon trade with BHP (ASX: BHP) up 2.39% at the time of writing.