NEW YORK (
) -- Material and mining ETFs are attracting buyers on Monday morning as China is set to replace Japan as the world's second-largest economy. The gains in the sector are helping to offset market weakness following poor manufacturing and housing data.
SPDR S&P Metals and Mining ETF
is rising 1.4%. Its top holdings include
, up 1.4%, and
Cliff Natural Resources
, up 2.2%. Other gainers include
Market Vectors Steel ETF
Market Vectors Coal ETF
, rising 1.4% and 1.2% respectively. The PowerShares DBB Base Metals Index, which tracks the price of widely-used base metals such as aluminium, zinc and copper, is gaining 1.3%.
Demand for safe-haven assets continues to rise amid weak market confidence. ETFs investing in treasuries, gold and silver are all up on Monday forenoon trading. Demand for silver ETFs outpaced that of gold, with the
iShares Silver Trust
gaining 1.8% while the popular
SPDR Gold Shares
is up only 0.8%.
SPDR Home Builders ETF
iShares Dow Jones US Home Construction
is heading lower by 0.7% and 0.2% respectively after the home-builders index fell to a 17-month low.
-- Reported by Shanthi Venkataraman in New York.
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