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Materials Down Amid Tax Plan Fears - Materials Roundup

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11/10/2017 | 10:25pm CEST

Shares of commodities producers ticked down amid doubts about the legislative outlook for a tax-cut plan. Economically cyclical sectors had risen in recent weeks because of tax-cut prospects. Now, the same sectors are pulling back on fears that stark differences between Senate and House of Representatives legislation might be difficult to reconcile. Shares of ArcelorMittal, the world's largest steelmaker by volumes, rose after its quarterly earnings surpassed investors' targets. ArcelorMittal also said global steel prices were currently higher than those in North America, reversing a long-standing trend. Gold futures retreated from a three-week high as fears about the outbreak of a proxy war between Saudi Arabia and Iran subsided somewhat.

-Rob Curran, [email protected]

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