Fortescue cuts 700 jobs, slows down green hydrogen plans
Fortescue is revising plans to become a major green hydrogen producer, citing high energy costs as main reason for restructuring and layoffs.
Gold steadied, after rallying on Tuesday as the Bank of Japan’s unexpected yield-curve-control policy rattled markets and weighed on the dollar.
Bullion jumped 1.7% on Tuesday after the BOJ’s move, and is trading near the highest since June. The precious metal often moves in the opposite direction to the greenback as it’s priced in the US currency.
Traders will look to a slew of US economic data due this week, including the Federal Reserve’s favored gauge of inflation, that may shed more light on the rate-hike trajectory. Market moves may be exacerbated by lower liquidity as the holiday season approaches.
Spot gold was little changed at $1,817.80 an ounce as of 1:48 p.m. in London. The Bloomberg Dollar Spot Index declined 0.1% after falling 0.7% on Tuesday. Silver, platinum and palladium declined.
(By Jason Scott and Eddie Spence)
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