Key News Overnight:
U.S. stocks fell overnight, with top companies blaming slowing global growth for disappointing results, augmenting concerns that the trade war with China is dragging on corporate profits. The Dow Jones fell 0.8% to 24,528 with the S&P 500 also slipping 0.8% to 2,644;
President Donald Trump agreed to re-open the federal government for around three weeks without any guarantee Congress would provide money for his proposed border wall, capitulating to House Speaker Nancy Pelosi;
Iron Ore surged following a deadly dam collapse at a mine run by top producer Vale SA, spurrig concern that global supplies will be interrupted. Iron Ore 62% Fe gained 4.0% overnight to US$ 78.80/t;
Saudi Arabia expects to cut oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cut accord;
Aluminium fell after the U.S. lifted sanctions on Russia’s United Co. Rusal, alleviating the threat of a major supply disruption. Aluminium dropped 1.2% to US$1,873/t
Recent Research:
ASB, GOR, MMI, SO4, CAT, EVN, NST, OZL, WSA, SBM, RRL, SWK, SAR, MOD
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