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US economy expanding: Powell

Market futures are mainly positive after Wall Street reached fresh record highs again yesterday, as did Toronto’s S&P/TSX Composite Index and Germany’s DAX, on increasing economic confidence.
US economy expanding: Powell US economy expanding: Powell US economy expanding: Powell US economy expanding: Powell US economy expanding: Powell

Anglo American’s Minas Rio iron ore operations in Brazil

Staff reporter

US Federal Reserve chairman Jerome Powell told the US Senate yesterday the country's economic expansion was well into its 11th year and the longest on record, appearing resilient to global headwinds but said the bank was closely monitoring the emergence of the coronavirus, which could lead to disruptions in China which could spill over to the rest of the global economy.

In London, miners were three of the top five risers yesterday.

Diversified Anglo American (LSE: AAL) gained 4.9%, Chile-focused copper miner Antofagasta (LSE: ANTO) rose 4% and steel and mining company Evraz was up about 3.3%.

"While the overall recovery in indices continues, the FTSE 100 has found itself stuck below resistance," IG market analyst Chris Beauchamp said.

"The FTSE 100 has rallied over the previous two sessions; however, it is still unable to break above the 7540 peak that has held twice over the past three weeks."

Finally, the gold price was up slightly on the spot market, around US$1,572 an ounce.