CAPITAL MARKETS

Trade tensions build

North American markets closed lower yesterday and look set for a downbeat start today as tensions build over trade negotiations between the US and China.

Staff reporter
 BHP's Saraji mine in Queensland

BHP's Saraji mine in Queensland

However most Australasian market indices were higher at the time of writing, with the benchmark S&P/ASX 200 up after Australian interest rates were maintained.

Metals and mining stocks were up 1.85% in Australian trade, with BHP (ASX: BHP) up about 1.5% at the time of writing.

Metal prices on the London Metal Exchange were shielded from yesterday's tumult over US president Donald Trump's tweeted trade tariff threats, with London closed for a bank holiday and the arrival of a royal baby making headlines.

Metals and mining stocks closed almost 0.5% lower in Toronto yesterday, despite the gold patch's gain of 0.11%.

Eldorado Gold (TSX: ELD) was up 5.91% but among the diversified miners, Oyu Tolgoi co-owner Turquoise Hill Resources (TSX: TRQ) closed down 6.37%.

Eldorado had reaffirmed its 2019 production and cost guidance last week.

The gold price is similar to this time yesterday, above US$1,281 an ounce on the spot market.

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