Materials Down as Dollar Rises -- Materials Roundup

Features Dow Jones Newswires

Shares of commodities producers declined after the dollar hit a three-month high in response to domestic and international political developments.

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The odds of a tax package passing in the U.S. remained high after President Donald Trump said he wouldn't support tampering with the 401(k) retirement-savings program.

The yen was weaker against the dollar after the re-election of Shinzo Abe, who has supported yen-weakening monetary policy. The euro fell against the dollar after Spanish Prime Minister Mariano Rajoy sought to strip Catalan leader Carles Guidgemont of his powers.

Brazilian steel maker Gerdau could benefit from its exposure to flat steel markets in Brazil and the U.S. "as infrastructure spending in both countries takes a lead role in the government's economic growth plans," said analysts at brokerage Goldman Sachs, as reported earlier.

Noble Group shares fell after the Singapore commodities trader posted a loss and said it would have to sell a U.S. energy unit.

-Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

October 23, 2017 16:13 ET (20:13 GMT)