Freeport McMoRan is getting slammed after China's disappointing data
Metal and mining stocks are getting hammered Thursday after after China reported disappointing trade data.
Among the worst performers, copper-producer Freeport McMoRan is off more than 7% while US Steel is down 5.6%.
Earlier Thursday, China's Customs Bureau said September exports tumbled by 10% in US dollar terms compared to a year ago. Economists had expected a much smaller 3% drop. Additionally, the bureau said that imports shrank by 1.9% YoY versus expectations of a 3% gain.
As a result of the weak export figure, the trade surplus narrowed to $41.99 billion, the narrowest seen since March.
A deeper dive within the data shows that steel exports fell to 8.8 million metric tons in September. That is down from 9 million tons in August and from the record 11.2 million tons from a year ago. While the customs bureau warned that it is seeing "intensified" trade protectionism, the story here appears to be one of demand.
And waning demand means bad news for the global economy, and bad news for economically sensitive stocks.
Investing.com
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- SC rejects pleas seeking cross-verification of votes cast using EVMs with VVPAT
- Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh
- Deloitte projects India's FY25 GDP growth at 6.6%
- Italian PM Meloni invites PM Modi to G7 Summit Outreach Session in June
- Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%