Economics
Biggest Mining Rally Since 2008 Propelled by Gloomier Economy
- Base metals wipe out this year's losses as dollar weakens
- U.S. services sector grew at slowest pace in nearly two years
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Thank a gloomier-than-expected U.S. economic outlook for the biggest rebound in mining stocks since the global financial crisis.
Pummeled in the past year amid faltering Chinese demand and the prospect of higher interest rates, mining stocks are now surging the most in seven years. Freeport-McMoran Inc. and Anglo American Plc paced gains among major producers, with the Bloomberg World Mining Index’s combined market value swelling by $44 billion in the past two days.