Materials Flat As Investors Hedge On Growth Views -- Materials Roundup

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05/22/2020 | 04:42 pm

Producers of metals and other raw materials were flat as investors hedged their bets on the outlook for a global economic rebound.

China withdrew its 2020 gross-domestic product growth target, declining to provide an official growth target for the first time in more than a quarter-century, citing the uncertainty created by the coronavirus pandemic and trade tensions with the U.S.

Gold futures fell on the week as investors' risk appetite continued to recover, cooling demand for safe havens. While economic data remains as bad as it's been in a generation or more, some statistics are showing signs of meager improvement, according to one strategist.

"Many of the data releases, while still in the dismal category, are less dismal than last month, basically overall," said Quincy Krosby, chief market strategist at Prudential Financial. "And we've even seen some of that in Europe -- the notion of less bad" data.

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