Spreadex Market Update
Mining mayhem resumes with Anglo American plunging to fresh all-time lows
Falling by 15 points (slightly less than its day’s lows) the FTSE is once again being dragged under by its migraine-inducing mining stocks. Despite there being a general lack of new information around the company, with little data to distract from the current commodity collapse Anglo American has returned to the kind of losses that would make even the most hardened of investors wince. A near 10% drop for Anglo may not sound that disastrous; in fact Stagecoach has it beat with its own 14% fall this Wednesday. However, Anglo’s latest lunge into the red has left it at fresh all-time lows, a whopping 91% away from its 2008 pre-crisis peak.
Not only that, but the troubled company has taken the majority of its mining peers with it, only Rio Tinto and BHP Billiton clinging onto their earlier gains. If anything, with the likes of BP and Shell falling into the red over in the oil sector, it is remarkable the FTSE isn’t seeing bigger losses. Of course, there is still plenty of the day left to come…
The Eurozone indices aren’t faring any better, with a 55 and 35 point drop for the DAX and CAC respectively. And things could get worse this afternoon; the past two days have seen the US open intensify the market’s losses, something unlikely to change this Wednesday with the Dow Jones looking at a 35 point fall when the bell rings on Wall Street. There is then the US crude oil inventory figures, something that could put an end to Brent Crude’s current rebound if they contains any ugly surprises.
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