Several major producers of metals and raw materials are experiencing a downturn as concerns grow regarding interest rates and Chinese demand. In the midst of these challenges, Anglo-Australian mining giant BHP Group has announced that its fiscal year earnings forecast aligns with expectations. Additionally, the company's capital spending targets are expected to surpass initial projections, according to analysts at brokerage firm Barclays.
Union Influence Puts United States Steel in a Difficult Position
United States Steel is currently faced with a tough decision as it considers bids from steelmakers Esmark and Cleveland Cliffs. The situation has become more complex due to the involvement of the United Steelworkers union, which represents approximately 11,000 hourly production workers at U.S. Steel. The union has given its support to rival steelmaker Cleveland-Cliffs' bid, leading to tensions as U.S. Steel rejects the notion that the union has the power to veto any potential deal for the historic 122-year-old company.
Gold Futures Experience Market Slowdown
The selloff in gold futures has started to ease ahead of the central-banking conference in Wyoming. As traders prepare for this event, all eyes are on Jerome Powell and whether he will make any significant announcements, which could have a major impact on the market. Craig Erlam, senior market analyst at foreign-exchange brokerage Oanda Group, comments that traders are eagerly awaiting another significant moment from Powell.
