Gill, Dalton, Walsh (212) 829-5483
Trader Commentary
The industrials were all up Friday on back of GDP numbers and FED commentary out of Jackson. As a result many of the chemical and materials stocks levered to the global recovery trade were strong. The chemicals had their 2nd strong day closing up 2.78% led by HUN and DOW. Another positive for business and consumer demand was the rail freight traffic that came out for the week ending Aug.21 which showed a 12.8% rise y/y.
This am China’s Baoshan Iron & Steel co. saying steel prices are likely to decline before demand revives in 4Q. Domestic steel prices fell 1.9% last week in China. Also the Financial Times reporting that iron ore and coking coal will drop next quarter for first time in a year as lower steel production forces global miners to offer discounts. This am CEMJ files an amended S1 which will distribute non-transferable rights for 7.4M shares to eligible holders.
Cantor Flows: ALK, CEMJQ, FWLT, GT, SPR
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