GABpH

Gabelli Equity Trust, Inc. (The) Pfd Ser H

21.8384
USD
0.13%
21.8384
USD
0.13%
21.4700 26.0200
52 weeks
52 weeks

Mkt Cap 2.29B

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Iron ore slumps as data, heatwaves in China sour mood

Aug 15 (Reuters) - Dalian and Singapore iron ore futures fell on Monday amid a flurry of disappointing economic indicators and heatwaves in China, while a surprise interest rate cut by the country's central bank tempered traders' pessimism. The most-traded iron ore contract, for delivery in January next year, on China's Dalian Commodity Exchange DCIOcv1 ended daytime trade 2.9% lower at 707.50 yuan ($104.64) a tonne. On the Singapore Exchange, the steelmaking ingredient's front-month September contract SZZFU2 shed 3.1% to $107 a tonne, as of 0705 GMT. Top steel producer China's economy unexpectedly slowed in July, with industrial output to retail sales missing forecasts, pointing to a shaky recovery as Beijing shows no sign of easing its zero-COVID policy. The gloomy data also reflected the impact of a crisis engulfing China's property developers, with steel producers curbing output in July amid weak demand, and property investment in January-July falling at the fastest pace since March 2020. New home prices in July were also uninspiring. Also pointing to a fragile economic recovery, data on Friday showed new bank lending in China tumbled more than expected in July, while broad credit growth slowed. And the chances of a rebound in activity this month appeared slim with the extreme heat being felt in several regions. The "dangerously and historically high temperatures ... will wreak havoc with economic activity," said Navigate Commodities Managing Director Atilla Widnell. "It's also highly likely that more cities and provinces will mandate energy conservation policies to divert power to residential properties for air-conditioning use this week." To support the struggling economy, China's central bank on Monday unexpectedly cut a key interest rate for the second time this year. Rebar on the Shanghai Futures Exchange SRBcv1 was virtually flat, while hot-rolled coil SHHCcv1 slipped 0.9%. Stainless steel SHSScv1 dropped 0.7%. Dalian coking coal DJMcv1 shed 0.8%, while coke DCJcv1 lost 0.9%. (Reporting by Enrico Dela Cruz in Manila; Editing by Rashmi Aich and Sherry Jacob-Phillips) ((enrico.delacruz@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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