Non-ferrous metal companies slide in Hong Kong after Powell’s hawkish comments
Non-ferrous metal companies slide in Hong Kong after Powell’s hawkish comments

Non-ferrous metal companies slide in Hong Kong after Powell’s hawkish comments

Shares of non-ferrous metal companies are sliding across the board in Hong Kong, with China Minmetals plunging 5%, Zhaojin Mining down 4%, China National Gold International and Zijin Mining down 2%, and Shandong Gold, Aluminum Corporation of China, and Luoyang Molybdenum down 1%.

Overnight, commodities suffered a slaughter, with gold falling nearly 2%, silver falling nearly 5%, and London industrial metals falling more than 1% across the board, after US Federal Reserve Chair Jerome Powell made hawkish comments, saying that interest rate level may eventually be higher than expected, which sent the US dollar index surging by up to 1.2% to 105.65, marking the highest since January 6th.

The two-year US Treasury yield rose above 5% for the first time in more than 15 years. The long-term bond yield fell in the closing session, and the degree of inversion of the US 2-year and 10-year Treasury yield curve reached 100 basis points, breaking a record of more than 40 years.