Market Report - Nikkei Falls, Metals Edge Up
- 14 years ago
In today’s market report… The Nikkei fell as exporters were hurt by a stronger yen. And the euro extended its rise after Greece announced new measures to reduce its deficit.
Mining stocks were boosted by copper's surge in London where the metal struck a 7-week high. That followed the slide in the dollar after the U.S. Federal Reserve said interest rates would remain low for some time.
And analysts dismissed a Chinese media report that global miners are offering Chinese steel mills a mere 50 percent rise in iron ore prices. Many analysts are predicting a rise of 65 to 70 percent instead. They say 50 percent looks low considering soaring spot prices, which have already risen more than 50 percent since September.
China has by far the world's biggest steel sector, producing almost half of global crude steel last year. In 2009, the country's iron ore imports surged 42 percent.
And relatives of an American family—whose fatal car wreck helped spark Toyota's wide-ranging safety recalls—have sued the automaker for defects. They say the defects caused the vehicle to speed out of control and crash. Concerns over slipping floor mats and sticky accelerators have led to a recall of eight-and-a-half million Toyotas worldwide.
Mining stocks were boosted by copper's surge in London where the metal struck a 7-week high. That followed the slide in the dollar after the U.S. Federal Reserve said interest rates would remain low for some time.
And analysts dismissed a Chinese media report that global miners are offering Chinese steel mills a mere 50 percent rise in iron ore prices. Many analysts are predicting a rise of 65 to 70 percent instead. They say 50 percent looks low considering soaring spot prices, which have already risen more than 50 percent since September.
China has by far the world's biggest steel sector, producing almost half of global crude steel last year. In 2009, the country's iron ore imports surged 42 percent.
And relatives of an American family—whose fatal car wreck helped spark Toyota's wide-ranging safety recalls—have sued the automaker for defects. They say the defects caused the vehicle to speed out of control and crash. Concerns over slipping floor mats and sticky accelerators have led to a recall of eight-and-a-half million Toyotas worldwide.