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Markets buoyed by manufacturing data

Key market futures were up following better-than-expected US manufacturing data and the Caixin general manufacturing PMI in China showing a nine-year high.
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Antofagasta’s majority-owned Antucoya copper operation in Chile

Staff reporter

The Caixin data, which gives an independent snapshot of China's manufacturing sector, rose from 52.8 in July to 53.1 in August, indicating the fastest expansion since January 2011 .

"The index has now risen for four months in a row, reflecting that the manufacturing sector continued to recover from the impact of the pandemic, and that the momentum of the recovery remained strong," Caixin Insight Group senior economist Dr Wang Zhe said.

In the US, the Institute for Supply Management's manufacturing PMI was up 1.8 percentage points to 56 in August, the fourth consecutive month of growth.

PMI readings above 50 indicate expansion.

The S&P 500 reached yet another record closing high, up 0.75% to 3,526.65.

The spot gold price rose above US$1,990 an ounce earlier but was back at $1,964/oz at the time of writing.

There were mixed moves among mining equities in Toronto.

South America-focused Orosur Mining (TSX: OMI) gained 35.7% and Brazil-focused Horizonte Minerals (TSX: HZM) gained 20.8%, both on no news.

Meanwhile base metals producer Nexa Resources (TSX: NEXA) lost 11.9% and advanced gold junior Midas Gold (TSX: MAX) fell 7.4%, also on no announcements.

Finally, mining majors were well-supported following a bank holiday in London, with Fresnillo up 4.55%, Glencore up 2.16% and both Anglo American and Antofagasta gaining about 1.3%.