Mining Stocks Tumble. Why Weak China Manufacturing Data Is a Worry.
Mining stocks were sliding on Tuesday as another weak batch of economic data out of China fueled fears of slowing demand for metals.
London's FTSE 100 was feeling the brunt of it, with Anglo American, Glencore, and Rio Tinto all in the red in early trading. The soft Chinese data "dragged a bit on sentiment in London, as miners were caught in the read-through," Saxo's Neil Wilson said in a research note.
Shares in Freeport McMoRan, Southern Copper, and Newmont also fell ahead of the U.S. opening bell.
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