Producers of metals and other raw materials fell sharply.
China’s commercial lenders cut their benchmark lending rates, a highly anticipated move as policymakers intensify their efforts to boost the ailing economy.
Gold futures hit new record highs above $2723 an ounce after analysts at brokerage JPMorgan Global Commodities Research estimated the open interest in gold futures rose 9% in the latest weekly tally.
Lori Logan, president of the Dallas Federal Reserve, said the economy is “strong and stable,” but the central bank needs to be watchful for a rebound in inflation as the central bank gradually lowers U.S. interest rates.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-21-24 1752ET
