Producers of metals and other raw materials fell after weak trade data from China.
Chinese imports and exports both fell by more than anticipated, with a bracing 12% drop for exports. As a result, the dollar rose against the yuan and other rivals. The greenback had lost ground last week following a downgrade from Fitch Ratings, but has recovered its role as a safe haven during a weak patch for equities.
"While competition for the dollar is rising, we don't see any leading rival to dethrone the currency in coming years," said Solita Marcelli, chief investment officer, Americas at money manager UBS Global Wealth Management.
Dollar-sensitive gold futures retreated for a second straight session.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-08-23 1739ET
