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Rout in miners continues, FTSE 350 mining index at 11-year lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The mining stocks continue to get hammered into submission on account of the rout in the commodity prices throughout 2015.

    The FTSE 350 mining index crashed to 11-year low on Tuesday and extended losses by another 2.23% or 155 points to 6808 levels. The London-listed mining stocks have been in a race to the bottom since Q1 2015.

    Shares in Anglo American fell to record lows after the miner announced 85,000 job cuts, cancelled dividends and reduced its business units.

    Low prospects of BOE liftoff?

    British mining stocks have fallen around 50 percent so far in 2015, due to a slowdown in China, the world's biggest consumer of metals.

    The job losses and drop in the corporate profits means the BOE is going to have a tough time raising rates next year.

    Meanwhile, mining bust in Australia has forced fund managers to look beyond their traditional investment base and venture into the unknown – technology sector.
    For more information, read our latest forex news.
     

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