News

Metals and Raw Materials Producers Face Uncertainty as Fed Chair Warns of Rate Hikes

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Andrew R. Michaud

• November 09, 2023

Metals and other raw materials producers experienced a decline in stocks following a statement by Federal Reserve Chairman Jerome Powell suggesting the possibility of more rate hikes. Powell stated that while he did not argue for an immediate increase in rates, it was premature for the central bank to declare an end to the historic interest-rate increases of the past two years.

Quincy Krosby, Chief Global Strategist at brokerage LPL Financial, highlighted that Powell's remarks indicate the potential need for another rate hike if inflation does not recede at a faster pace. This observation, combined with a disappointing Treasury bond auction, has provided a logical rationale for the market to begin consolidating gains.

Syngenta Group Faces Delay in Shanghai Listing Amid Weak Market Conditions

Swiss seed and pesticide producer, Syngenta Group, has experienced yet another setback in its pursuit of a blockbuster initial public offering. Due to weak market conditions, the company has announced that its listing on Shanghai's main market will be postponed until conditions improve. This delay marks another chapter in Syngenta Group's yearslong quest for a successful IPO.

ArcelorMittal Mourns Tragic Loss in Kazakhstan Coal Mine Fire

Chief Executive Aditya Mittal expressed profound grief over a tragic incident at an ArcelorMittal coal mine in Kazakhstan. A fire that occurred on October 28 claimed the lives of 46 miners, making it the "saddest day in the history of ArcelorMittal," according to Mittal.

Ramaco Resources to Develop First Rare-Earths Mine in the U.S. Since 1952

Randall Atkins' company, Ramaco Resources, is poised to make history by developing the first new rare-earths mine in the United States since 1952. The mine will be located on the site of a coal mine near Sheridan, Wyoming, signaling a significant step forward in the domestic production of these valuable minerals.