Shares of metals and mining stocks are trading lower amid recession worries following a downgrade of the US credit rating.
Portfolio Pulse from Benzinga Newsdesk
Metals and mining stocks are trading lower due to concerns about a potential recession following a downgrade of the US credit rating.
August 04, 2023 | 11:52 am
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NEGATIVE IMPACT
Freeport-McMoRan Inc. (FCX) shares are trading lower due to recession fears following a downgrade of the US credit rating.
As a metals and mining company, FCX's performance is closely tied to economic conditions. A potential recession and credit rating downgrade could negatively impact demand for its products, leading to lower share prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
POSCO (PKX) shares are trading lower due to recession fears following a downgrade of the US credit rating.
As a steel-producing company, PKX's performance is closely tied to economic conditions. A potential recession and credit rating downgrade could negatively impact demand for its products, leading to lower share prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Southern Copper Corporation (SCCO) shares are trading lower due to recession fears following a downgrade of the US credit rating.
As a copper mining company, SCCO's performance is closely tied to economic conditions. A potential recession and credit rating downgrade could negatively impact demand for its products, leading to lower share prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Teck Resources Limited (TECK) shares are trading lower due to recession fears following a downgrade of the US credit rating.
As a diversified mining company, TECK's performance is closely tied to economic conditions. A potential recession and credit rating downgrade could negatively impact demand for its products, leading to lower share prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100