Materials Steady on Global Growth Optimism -- Materials Roundup
Shares of commodities producers were more or less flat as traders bet an uptick in global growth would be positive for raw materials prices.
Copper futures hit a three-year high after strong Chinese wholesale inflation data. Adjusted for seasonal patterns, eurozone exports rose by 2.5% in August from July, while imports were up by just 0.4%, the European Union's statistics agency said.
"Since August, US equity markets have experienced a strong rotation toward more cyclical stocks and sectors," said analysts at brokerage Morgan Stanley, in a research note. The gains are predicated on "the reflating of the global economy and end of secular stagnation," the Morgan Stanley analysts said, citing the synchronized uptick in data that began in most of the world in 2016. "A weaker US dollar and Chinese Yuan via more coordinated global monetary policy was the icing on the cake for the broadest economic and earnings recovery since the financial crisis."
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
October 16, 2017 16:33 ET (20:33 GMT)