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Negative signals from U.S.-China economic talks send steel stocks higher

Published 07/19/2017, 06:58 PM
© Reuters.  Negative signals from U.S.-China economic talks send steel stocks higher
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  • Steel stocks rose across the board today as U.S. and Chinese officials concluded contentious economic talks amid U.S. demands for a "more fair" trading relationship with China.
  • The Chinese delegation's leader left following the meeting in Washington without speaking to reporters, and the two sides did not issue a joint statement or action plan following the meeting, a significant departure from past years.
  • Investors interpreted the negative signals from the talks as making it more likely that the Trump administration would move forward with broad steel tariffs or quotas, sending steelmakers' shares soaring.
  • In today's trade: X +4.8%, AKS +3.6%, NUE +2.2%, CLF +3.7%, STLD +2.7%, MT +1.9%, CMC +2.7%, SCHN +2.7%, WOR +1.1%, SLX +1.6%.
  • Now read: Worthington Industries, Inc. 2017 Q4 - Results - Earnings Call Slides

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