MARKET TALK: UK Mining Stocks Rally

10th Jun 2010 16:12

1512 GMT [Dow Jones] UK mining stocks rally following a newspaper report suggesting that Australian Prime Minister Kevin Rudd plans to announce revisions to the government's 40% mining tax. A trader says that if the news is correct, it would lead to a significant watering down of the tax. Meanwhile, the confirmation of much better than anticipated Chinese export figures for May, which show a rise of 48.5% versus expectations for a 30.2% increase, is also helping. The data have eased fears that a tightening of fiscal policy in China will lead to a slowdown in demand, says a trader. Eurasian Natural Resources +4.5% at 1026p, Xstrata +4.4% at 1003p and Rio Tinto +3.6% at 3261p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 10, 2010 11:12 ET (15:12 GMT)