Aluminum reached a four-year low in London after manufacturing contracted in China, the biggest consumer of industrial metals, and the Federal Reserve slowed U.S. economic stimulus again. Zinc slumped.
Global food prices may rise 4.4 percent to a record by the end of the year, driven by demand for meat, oilseeds and grains used to make ethanol, adding to costs that mean inflation is accelerating from the U.S. to China.
By most accounts, the past few weeks have exposed a drastic maturity gap between the U.S. and Chinese governments. The purported icon of democracy watched its system descend into chaos and petty political gamesmanship, coming within hours of a default that would have sparked global economic disorder.
The Conference Board revised its leading economic index for China to show the smallest gain in five months in April, in a release that contributed to the biggest sell-off in Chinese stocks in more than a month.