Producers of metals and other raw materials tumbled amid anticipation that inflationary trends would slow the rate of global economic growth.
"Certainly the economic outlook globally is challenging, and uncertain, and higher food and energy prices are having stagflationary effects, namely, depressing output and spending and raising inflation all around the world," said U.S. Treasury Secretary Janet Yellen, ahead of a meeting in Germany with economic officials from the Group of Seven nations.
The U.K.'s annual rate of inflation jumped to a 40 year high in April, the highest level recorded by an industrialized nation since the start of the global price surge.
Steelmaker BlueScope Steel rose after it boosted its profit projection, citing improved profit expectations for its North Star mill and North America coated business.
Fortescue Metals Group founder Andrew Forrest will retake control of the Australian mining group's iron-ore operations when Chief Executive Elizabeth Gaines steps down in August.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-18-22 1715ET
