Why Freeport-McMoRan (FCX) Shares Are Seeing Blue Skies During Tuesday's Session
Portfolio Pulse from Henry Khederian
Freeport-McMoRan Inc (FCX) shares are trading higher by 5.82% after China's central bank cut its seven-day reverse repurchase rate, which could stimulate economic growth and support demand. The People's Bank of China (PBOC) reduced a key short-term lending rate for the first time in 10 months to bolster market confidence and support the sluggish post-pandemic rebound.
June 13, 2023 | 3:08 pm
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Freeport-McMoRan shares are up 5.82% after China's central bank cut its lending rate, potentially stimulating economic growth and supporting demand for metals, mining, and materials stocks.
The People's Bank of China (PBOC) cut its key short-term lending rate for the first time in 10 months, aiming to stimulate economic growth and support demand. This move is expected to have a positive impact on metals, mining, and materials stocks, including Freeport-McMoRan (FCX), as it could lead to increased demand for their products. As a result, FCX shares are trading higher by 5.82%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100