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S&P/ASX 200 midday report: losses easing with support from gold miners

Materials have been supported by improvements for gold miners and Fortescue Metals which is 3% higher.

Fortescue Metals Group - S&P/ASX 200 midday report: losses easing supported by improvements for gold miners

S&P/ASX 200 (INDEXASX:XJO) is now down 25 points or 0.46% at 5378 after a 100 point decline when it opened today morning.

Major US indices declined 2% last night after the market reacted to infectious disease expert Dr Anthony Fauci’s comment that reopening the US economy too soon could lead to a second wave of infections and further lockdowns in the future.

Materials sector supported by gold miners

Losses in the morning have been across the board with every sector in the red.

Tech, property and energy sectors are declining most while communications and materials have seen the smallest falls.

Materials have been supported by improvements for gold miners and Fortescue Metals (ASX:FMG) which is 3% higher.

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