Market Update & Important Indicators:
US Stocks tumbled the most since February as fresh concerns about the impact of the trade war with China roiled technology and industrial shares. The broad selloff took the S&P 500 to the lowest in three months, the Dow Jones plunged as much as 836 points and the Nasdaq tumbled more than 4% for its worst day in seven years; Trump blamed the Fed for the falls, after the comments earlier in the weak from FOMC Chair Powell and colleagues suggested there was further tightening ahead; Gold advances 0.6% as traders assess falling equities and rising interest rates that would boost the metals allure as a safe haven; ERG announced its $1bn cobalt project (one of the world’s largest) is expected to commence production in November this year; Most LME base metals down as nickel falls 3% to $12,680, reversing the previous day`s gains; Ganfeng Lithium is due to list on the HKSE today, the retail offer was undersubscribed and indications on newswires suggest the shares may open at a discount to the HK$16.50 offer price (See Orient Express for more); Fortescue plans up to A$500m on market share buyback.
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