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Sector movers: Autos&Parts, Miners higher on hopes for Trump-Xi meetings

By Alexander Bueso

Date: Tuesday 18 Jun 2019

Sector movers: Autos&Parts, Miners higher on hopes for Trump-Xi meetings

(Sharecast News) - Cyclicals jumped higher after the US President said he had a "very good" telephone conversation with his Chinese counterpart Xi Jinping and that they would indeed meet during the -20 leaders' summit in Fukuoka, Japan, on 28-29 June.
In response, both Autos&Parts, Oil equipment and Mining shares were all higher.

Somewhat ironically, and regarding the former, in remarks made overnight to broadcaster CNBC, US Commerce Secretary, Wilbur Ross, highlighted the difficulties in trying to negotiate with Brussels given that the most recent European Parliament elections had taken place just a few weeks ago.

"I'm an optimist by nature so I think there's a very good chance we will work something out with them. But if not, the President is totally comfortable going the other direction," Ross said.

Supporting oilers and miners, three-month copper futures on the LME were higher as a strike at Chile's Codelco mine extended into a fifth day.

Meanwhile, front month Brent crude oil futures were running up 2.81% to $62.70 a barrel on the ICE.

Over among the grocers, the spotlight was on Tesco, after the company todl investors at its Capital Markets Day that it saw "significant optionality" for competitive growth, as well as room for greater margins and increased cash generation.

Top performing sectors so far today

Automobiles & Parts 6,392.61 +3.29%

Oil Equipment, Services & Distribution 9,008.89 +2.76%

Mining 20,471.12 +2.68%

Food & Drug Retailers 3,873.40 +2.67%

Technology Hardware & Equipment 1,220.94 +2.52%

Bottom performing sectors so far today

Industrial Metals & Mining 6,500.45 -0.77%

Leisure Goods 12,430.96 -0.52%

Alternative Energy 0.00 0.00%

Alternative Investment Instruments NULL 0.00%

Automobiles and related providers NULL 0.00%

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