Nuclear confrontation pushes global markets down

Nuclear confrontation pushes global markets down

 

The FTSE 100 has continued its downward spiral reaching 7,306.47 at 13:00. This represents a three month low.

Global stocks have fallen over the nuclear stand off between the US and North Korea.

Mining stocks on the index, such as BHP Anglo American and Antofagasta, also dragged the FSTE down due to a warning from China about the instability of metal prices.

The China Iron and Steel Association said that rising steel prices are “not driven by market demand or reduced market supply” and that the rally is “speculative”.

Brent Crude fell as IEA figures showed that OPEC had continued to increase oil output.

Brent Crude which had reached $53 a barrel fell to $51.74.

“There would be more confidence that re-balancing is here to stay if some producers party to the output agreements were not… showing signs of weakening their resolve,” the IEA said.

 

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