https://www.miningweekly.com

Aussie mining shares rally under pressure after bumper week

16th September 2024

By: Bloomberg

  

Font size: - +

The best week in over a year for Australia’s mining shares is at risk of reversing as concerns deepen over China’s growth trajectory.

Weakening factory output and consumption data in the world’s No. 2 economy may hurt the sector following the S&P/ASX 200 Materials Index’s 4.2% climb last week, its best since July 2023. The gains were driven by a rally in lithium and gold miners.

“The improvement in miners came off the back of very bearish positioning unwinding with some easing in financial conditions and mulling out of China,” said Matthew Haupt, a portfolio manager at Wilson Asset Management in Sydney. “To sustain the rally we will need to some see formal policy tweaks or better economic data,” he said.

Morgan Stanley trimmed China’s real gross domestic product forecasts to 4.6% and 4.2% for 2024 and 2025, citing falling consumer demand amid a deflationary spiral, analysts including Robin Xing wrote in a note Saturday.

Mining shares edged higher on Monday morning.

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.045 0.791s - 128pq - 2rq
Subscribe Now