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Economic, EV optimism contagious on markets

Market futures are upbeat around the globe following a positive day yesterday as fears regarding the coronavirus and China’s economic outlook subsided.
Economic, EV optimism contagious on markets Economic, EV optimism contagious on markets Economic, EV optimism contagious on markets Economic, EV optimism contagious on markets Economic, EV optimism contagious on markets

Image: Unsplash.com/Jan Kaluza

Staff reporter

China's National Development and Reform Commission deputy head Lian Weiliang told reporters the country was "fully capable and confident of winning the battle against the epidemic … and we have confidence in minimising its impact on the economy".

Capital Economics lowered its first quarter GDP forecast for China to 3% from 5.5%, however they still believed production would catch up later this year, Marex Spectron's Anna Stablum said.

Copper ended its losing streak and closed up about 1.7% on the London Metal Exchange.

The gold price was glum amid the general optimism, dropping to about US$1,553 an ounce on the spot market earlier.

Glencore (LSE: GLEN) was one of the bigger risers in London yesterday, closing up more than 5% as it released its full-year production report.

Newmont (NYSE: NEM) lost almost 3% in New York, while in Australian trade, lithium miners led the big gains this morning following Tesla's surge and increasing confidence in the electric vehicle thematic.

Orocobre (ASX: ORE) was up 12.4% and Pilbara Minerals (ASX: PLS) up 11.9% at the time of writing.