December 2, 2021 - Page 2 of 2 - Financial Occultist

China will increase its domestic iron ore production by 30%, increase its recovery of crap steel and significantly boost its investment in overseas (not Australian) mining operations.

The Australian Financial Review (may be gated) outlines China’s strategy for achieving five-year targets to ease its concerns over volatile iron ore prices, and its desire to follow Japan’s lead by investing heavily in offshore mines.

The AFR cite an article published in China’s state-sponsored media outlet Economic Daily:

“The control of overseas iron ore resources is obviously insufficient, and more than 80 per cent of the import volume comes from Australia and Brazil. The risks to resource security are prominent”

Complete Perfect Downward Bar Reversal at Wall STREET

02-Dec-21 04:48 am

Anirudh Sethi

Major indices close at session lows erasing solid gains in the process

The major US stock indices snatched defeat from the jaws of victory.

The stock market was digesting the second of testimony from Treasury Secretary Yellen and Fed chair Powell. However, a headline that the US had their first confirmed case of the omicorn variant, helped to push stocks into the red, then down -1%, and ultimately to new lows at the close.

At the highs, the Dow, S&P, NASDAQ were each up over 1.5% (with the S&P hitting an intraday high of +1.89%).

At the close, those gains were reversed with each indice closing down -1.18% or more (the NASDAQ closed down -1.83%).

The Dow industrial average had a swing of nearly 1000 points from the high to low.

The final numbers are showing:

Dow industrial average -461.7 points or -1.34% at 34022.05
S&P index -53.98 points or -1.18% at 4513.03
NASDAQ index -283.63 points or -1.83% at 15254.06
The small-cap Russell 2000 index is closing down -51.48 points or -2.34% at 2147.42. It traded as high as 2253.37. The Russell 2000 has declined over 12.5% from its high reached on November 8