Spreadex Market Update
US equities are lower this afternoon
US equities are lower this afternoon in sympathy of a generally poor day for European stocks. The Dow Jones Industrial Average is down by over 100 points at 16,870, with the FTSE 100 down some 50 points at the 6,500 level. The dollar is, however, a little softer against sterling today, as the pound sells for $1.61.
News last night that Rio Tinto, the mining giant, had been approached by Glencore in a possible merger sent the US line of the shares up by more than 10 per cent at one point last night. But the optimism was soon dashed, as this afternoon Glencore confirmed that it was no longer seeking talks with Rio since Rio’s board rejected the idea earlier in the summer. Rio Tinto is still buoyed by the news generally and is up over 2 per cent where the broader market is significantly lower.
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