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Markets lower on recession fears

Weaker than expected US jobs data has added to global recession fears.
Markets lower on recession fears Markets lower on recession fears Markets lower on recession fears Markets lower on recession fears Markets lower on recession fears

Australia-based gold miner Saracen Mineral Holdings was among those making gains

Staff reporter

Market indices closed lower around the globe yesterday and futures were looking similarly glum.

"The rebound in the dollar this morning came to a halt as the US ADP employment figure came in below expectations at 135,000 and the previous month's figure was revised down from 195,000 to 157,000," Marex Spectron's Dee Perera said yesterday.

"Trade tensions also remain high with the World Trade Organisation allowing the US to impose tariffs on up to US$7.5 billion of European exports a year - the largest award in WTO history."

Gold rose through the $1,500 an ounce mark earlier and was worth $1,499/oz on the spot market at the time of writing.

Australian gold miners held all five places on the S&P/ASX200 list of top gains in midday trade, with Saracen Mineral Holdings (ASX: SAR) up 5.4%.

Dual-listed Kirkland Lake Gold (TSX: KL) had closed more than 4% higher in Toronto yesterday.

In London, where prime minister Boris Johnson has outlined a compromise to "get Brexit done" by October 31, copper miner Antofagasta (LSE: ANTO) closed down 5.3%.