Materials Up, Gold Falls on Bessent Hopes -- Materials Roundup

Dow Jones11-26

Producers of metals and other raw materials rose traders retreated from bets on inflation.

Gold futures tumbled after Donald Trump indicated he would nominate Wall Street veteran Scott Bessent as Treasury secretary. Traders wagered that Bessent would moderate Trump's approach to tariffs, mitigating the risk of inflation.

Mining giant Anglo American agreed to sell its remaining steelmaking coal assets to U.S. coal miner Peabody Energy for up to $3.78 billion.

German steelmaker Thyssenkrupp Steel plans to shrink its workforce by around 40%, reducing 11,000 positions as it braces for a more challenging market.

China's central bank kept a key policy rate steady in November and drained billions in liquidity from the financial system via a medium-term liquidity management tool.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

November 25, 2024 17:09 ET (22:09 GMT)

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