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Slowdown fears weigh on markets

Signs of weakening global growth saw markets and commodity prices downbeat going in to the weekend.
Slowdown fears weigh on markets Slowdown fears weigh on markets Slowdown fears weigh on markets Slowdown fears weigh on markets Slowdown fears weigh on markets

MinRes jumps on Albemarle deal

Staff reporter

However China's foreign trade is expected to remain stable in 2019 as the sector exerts more growth potential amid external challenges, according to a foreign trade report released by the Ministry of Commerce, the country's official news agency Xinhua reported yesterday.

The S&P500, FTSE100 and TSX Composite Index closed lower on Friday, as did Brazil's Bovespa although that index has shown a gain of more than 20% for the year so far, while the other indices have weakened.

Still in Brazil, Vale (BZ: VALE3) has provided a one-year return of almost 45% according to Bloomberg, with the wire service reporting the miner's US$500 purchase of technology firm New Steel last week bolsters Vale's case for acquiring BHP's share of the pair's shuttered Samarco joint venture.

In Australia, Mineral Resources (ASX: MIN) was a standout on the benchmark S&P/ASX200 today, up more than 9% at the time of writing.

It had announced it had executed the agreement for the US$1.15 billion sale of 50% of Wodgina and to form a joint venture over the lithium project with global specialty metals giant Albemarle (NYSE: ALB). 

In Toronto, junior Japan Gold gained more than 34% or C5.5c as it repriced stock options to 16c - it had also surged earlier last week on news of Goldcorp backing.  

Finally, the gold price was worth about US$1,237 an ounce on the spot market, several dollars lower than late last week.