The Environmental Assessment Service of Chile has formally rejected the environmental permit application for Anglo American’s Los Bronces Integrated Project , the multinational mining group said on Tuesday.
The project expands the current open pit within Los Bronces’ operating site and represents a multi-billion dollar investment in one of Chile’s largest copper mines.Asia stocks mostly fell Tuesday as markets brace for a sharp US interest rate hike and similar moves by other central banks as they struggle to control inflation, with traders increasingly worried about another possible recession.
Meanwhile, the policy board is also expected to discuss offloading the trillions of dollars worth of bonds bought to help keep prices subdued in the past, a move known as quantitative easing. Sydney also fell ahead of an expected interest rate hike by the Reserve Bank of Australia later in the day, while Taipei and Wellington were also down. Still, Seoul edged up slightly.Investors are also reeling from a sharp slowdown in Chinese activity caused by lockdowns in key parts of the country including financial hub Shanghai, and strict containment in Beijing.
Equities kicked off the month of May on the wrong foot after Wall Street finished a tough April by closing sharply down on Friday following disappointing results from tech giant Amazon.Tokyo, Seoul, Mumbai, Manila and Wellington all fell. Hong Kong and mainland Chinese markets were closed along with several other Asian markets.
Investors are also looking ahead at the US Federal Reserve's two-day policy meeting, which starts Tuesday and is expected to see the central bank hike borrowing costs by half a point -- the most since 2000. Adding to the dour mood was data showing Chinese manufacturing activity shrank last month at its fastest pace since the start of the pandemic owing to Covid lockdowns in the country's biggest cities.
And now some analysts are predicting it could even announce a three-quarter-point increase at some point as it battles more than 40-year-high inflation.
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Source: Fin24 - 🏆 21. / 63 Read more »
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