European Miners Enter Bear Market With More Pain Seen for Sector
- Mining sector has been hit by metal slump, trade-war fears
- Stoxx 600 Basic Resources Index down more than 20% from June
Photographer: Martin Leissl/Bloomberg
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A sixth consecutive day of declines took European miners to a bear market, and analysts predict more tough times for the sector that has lost more than 20 percent since June.
“We have the beginning of a bearish trend,” Valerie Gastaldy, technical strategist at Day By Day, wrote in a note. “The sector can underperform more in the coming months. The relative strength of the sector has already suffered a lot.”