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Sector movers: Tariffs trigger profit-taking in commodity-related shares
According to Oxford Economics, Washington's 25% tariffs on $50bn-worth of Chinese goods and an identical response from Beijing will only lower the two countries' rate of growth by between one and two tenths of a percentage point in 2018 and 2019.
Assuming there is no further escalation, that is.
Be that as it may, traders were in an unforgiving mood, likely even more so given the recent sharp run-up in both miners' shares and in commodity prices.
Against that backdrop, iron ore miners Ferrexpo was near the bottom of the pile on Friday.
As of Wednesday evening, commodities were the best performing asset class in the world, having climbed by roughly 9%.
Most base metals futures contracts finished in the red, with three-month LME copper slipping from $7,144 per metric tonne at the Friday open to $7,020.
Risk aversion extended to the oil patch ahead of the 22-23 June meeting of OPEC countries' oil ministers, following reports that Moscow is pushing for a 1.5m barrel a day hike in output.
Front month Brent crude oil futures were trading down by 3.475% to $73.39 a barrel on the ICE.
Top performing sectors so far today
Automobiles & Parts +4.35%
Aerospace and Defence +1.33%
Food & Drug Retailers +0.59%
Personal Goods +0.59%
Beverages +0.42%
Bottom performing sectors so far today
Industrial Metals & Mining -4.58%
Mining -4.24%
Oil Equipment, Services & Distribution -3.62%
Oil & Gas Producers -3.34%
Life Insurance -2.42%