Materials Down as Inflation Fears Mount - Materials Roundup
Dow Jones
12 hours ago
Producers of metals, grains and other raw materials fell as rate and inflation fears mounted.
"The September decision [will] primarily hinge on August inflation," said strategists at brokerage Bank of America Global Research, in a note to clients. "But today's jobs report largely reversed the decline in Sep hike pricing following Waller's dovish remarks yesterday."
Gold futures, which are particularly sensitive to shifting rate expectations, fell 1.4% to $4429.80 a troy ounce.
The United Nations' Food and Agriculture Organization's food price index, which tracks a basket of widely traded food commodities, averaged 133.3 points last month, up 1.9% from its July level. The UN forecast more crop scarcity related to the emerging El Nino weather system.
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