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Sales of passenger cars in Europe slumped again in August after brief signs of a revival in July, according to the latest data from the European Automotive Manufacturers Association (ACEA).
The weakness in metals and equities this morning, Thursday September 17, indicates markets were taking the US Federal Open Market Committee’s (FOMC) projections and comments that they will likely keep interest rates on hold through at least 2023 as suggesting there will continue to be tough times ahead in the real economy.
The surprise removal of the Section 232 tariff on US aluminium imports from Canada caught aluminium traders in North America and Europe off guard, injecting enormous uncertainty into the market and into aluminium premium outlooks.
Hot-rolled coil prices in the United States have reached a nearly six-month high, with prices exceeding $28 per hundredweight ($560 per short ton) for the first time since late March.
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