CAPITAL MARKETS

Nasdaq at record, 'bears beware'

Gold around US$1,975/oz

Staff reporter
 Image: iStock.com/monsitj

Image: iStock.com/monsitj

Elsewhere, the FTSE 100 had closed up 2.29% and Japan's Nikkei 225 gained 2.24%, while the Nasdaq rose 1.47% to 10,902.80.

"RECORD HIGH NASDAQ! It would all come crashing down, including your Jobs, Stocks, and 401k's, if Sleepy Joe ever became President. China and others would own us!!!" US president Donald Trump tweeted.

The US is set to hold its presidential election in November.

Marex Spectron's Alastair Munro said while Friday's official Chinese PMID data was positive enough, Monday's Caixin release pointed to "an even more robust recovery" suggesting the pace of expansion last month was the strongest in a decade.

"So whilst we may argue a correction makes sense, bears beware," he said.

Base metals except lead closed higher on the London Metal Exchange, with copper up more than 1%.

The spot gold price has ranged between about US$1,980-$1,960 an ounce in the past 24 hours and was around $1,975/oz at the time of writing.

Toronto was closed for a civic holiday yesterday.

Among the majors, Rio Tinto rose 4.13% in London, Glencore gained 3.6% and Freeport-McMoRan finished up 1.39% in New York.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.