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Markets turn on tweet

Wall Street slumped yesterday as doubts grew over a possible US-China trade truce but futures were positive at the time of writing as sentiment turned on a tweet.
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Wall Street slumped yesterday. Image: iStock.com/Jayson Photography

Staff reporter

China's commerce ministry said trade negotiations with the US would proceed, Bloomberg reported, and US president Donald Trump earlier tweeted he believed the two countries would make a deal.

Meanwhile palladium hit a fresh all-time high of US$1,239.50 an ounce overnight, placing it around the same price as gold.

Two of three miners on the S&P500 had shared in the index's slump yesterday but gold producer Newmont Mining (NYSE: NEM) gained 1.72%.

The NYSE is closed today to observe the national day of mourning for former US president George HW Bush.

Precious metals miner Fresnillo (LSE: FRES) closed 3.73% higher in London, where the FTSE100 was down amid a Brexit brouhaha in British parliament.

Metals and mining stocks closed higher in Toronto yesterday, where the gold sector was up 1.2%.

Gold equities were just in positive territory in Australian trade this afternoon, up a collective 0.11% at the time of writing.

The spot gold price is around the same as this time yesterday, near $1,235/oz on the spot market after being around $1,240/oz overnight.

Finally, base metal futures were down in Asian trade following a mixed session on the London Metal Exchange yesterday.