CAPITAL MARKETS

Lower outlook for global growth

Markets were given sobering news with the International Monetary Fund lowering its outlook for the world economy.

Staff reporter
Global growth outlook reduced

Global growth outlook reduced

It said the global economy would grow 3.7% this year and next, down from the 3.9% it had earlier forecast.

It said the downgrade was due in part to the negative effects of trade measures, geopolitical tensions and a weaker outlook for some key emerging market and developing economies.

However China's stock sell-off eased today, Bloomberg reported, as investors weighed increasingly attractive valuations against deepening US-China tensions.

Meanwhile the gold price dropped below US$1,189 an ounce yesterday as the US dollar strengthened.

Australian gold equities headed lower today as a result, with producer Resolute Mining (ASX: RSG) down 5.9% at the time of writing.

In London, diversified miners Glencore (LSE: GLEN) and Anglo American (LSE: AAL) closed more than 1% lower yesterday.

Fellow major BHP (ASX: BHP) was up slightly in afternoon Australian trade.

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