Producers of metals and other raw materials fell as traders hedged their bets on the outlook for global economic growth.

Economic and medical data from Germany and the U.K. suggested that the extreme infectiousness of the Omicron variant could lead to a slowdown in global economic growth, even if the variant is not as lethal as previous strains of Covid-19.

Global trade flows rebounded in October after a small drop the previous month, an indication that goods continue to reach high-spending consumers despite blockages in supply chains and disruptions to logistics networks. An early indicator of trade flows developed by The Wall Street Journal and published Friday points to a 2.7% rise in October from the previous month, adjusted for the seasonal ups and downs of exports of goods between countries.

In an ominous sign for global trade going forward, German business sentiment has worsened in the run-up to Christmas, as the Ifo business-climate index decreased to 94.7 points in December from 96.6 points in November. The producer price index for industrial products in Germany rose 19% in November compared with the prior year, the German statistics office, Destatis, said, one of the most marked rates in 70 years.

Office furniture maker Steelcase said inflation in Europe, the Middle East and Africa is not yet as pronounced as that in the Americas.

One of the top U.S. pig producers, Seaboard Foods, said it will no longer sell certain whole pork products into California because of a state law mandating certain moving space for animals in the places where they are confined.


 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

12-17-21 1637ET