Producers of metals and other raw materials fell amid concerns about the outlook for economic growth in Europe.
European aluminum smelters face an existential crisis due to the shutdown of the Nord Stream gas pipeline, warned analysts at brokerage Commerzbank.
The euro tested 20-year lows against the dollar.
"I don't believe the Fed has to eviscerate the economy to get inflation lower," said Brent Schutte, chief investment officer at money manager Northwestern Mutual Wealth Management. "You're starting to see supply-and-demand move back to equilibrium as demand moderates and supply chains free up."
In one bad sign for the materials sector, Mr. Schutte sees clear signs of commodity inflation peaking.
Copper futures rose modestly Tuesday amid hopes for Chinese stimulus, but remained deep in the red for the year to date.
Belgian chemicals maker Solvay plans to cut waste that its Italian soda-ash plant discharges into the Mediterranean Sea.
Critical Metals, a company focused on developing metals associated with sustainable energy. agreed to buy a 57% stake in Madini Occidental, which holds interest in a copper-cobalt project in the Democratic Republic of Congo.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-06-22 1706ET
