CAPITAL MARKETS

Markets in holding pattern

Attention turns to emerging US midterm election results

Staff reporter

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"Tremendous success tonight. Thank you to all!" Trump tweeted a short while ago.

Base metal futures bar tin were higher in Asian trade this afternoon while the gold price continues to hover around the US$1,230 an ounce mark.

"These midterms were never really expected to be a remarkable market event - if they go to plan that is - but a shock on either side could spring forex markets out of this November slumber," Oanda Corp head of Asia Pacific trading Stephen Innes noted according to a Bloomberg report.

Metals and mining stocks had closed up 0.49% on the S&P500 yesterday, but 0.51% lower in Toronto and down 1.77% in London, where diversified miner and trader Glencore (LSE: GLEN) lost 2.88%.

In Australia the overall metals and mining sector on the S&P/ASX200 was down 0.45% at the time of writing although gold and copper stocks were in positive territory, including gold miner Evolution Mining (ASX: EVN) up 2.47%.

BHP (ASX: BHP) was down 0.83% in late trade as investors continued to digest news about the miner's deliberate derailment of a runaway iron ore train earlier this week.

The company's share price remains up around 12.5% year-to-date.

Looking to potential catalysts later this week, more economic data is due out of China while back in the US, the Federal Reserve's Federal Open Market Committee will meet to discuss interest rates.

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