Market Update:
US equity markets declined overnight as the Federal Reserve raised interest rates for a fourth time this year. The S&P 500 fell to a 15-month low, decreasing 1.5% to finish at 2,507. The Dow Jones was also down 1.5% to 23,324; The Trump administration is sanctioning 15 Russian military intelligence operatives over efforts to interfere in the 2016 US election and the attempted assassination of a former double agent in the UK; The Trump administration plans to remove existing sanctions on aluminium producer, United Co. Rusal. The announcement initially sent aluminium prices tumbling overnight on the LME before finishing up 0.4% at US$ 1,928/t; Further progress has been made in easing the US-China trade dispute as China, the world’s largest consumer of soybeans, bought American-grown oilseed for a second consecutive week.; Oil prices climbed overnight on fresh news that OPEC will extend supply cuts in 2019. Brent crude gained 0.5% to US$ 56.52/bbl; Base metal prices were mainly up overnight on the LME. The largest gains were seen in Zinc and Nickel adding 1% to US$ 2,605/t and 1.1% to US$ 10,868/t respectively.
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