Key News Overnight
US stocks surged overnight after the Federal Reserve signalled a shift from last month’s policy stance. The Dow Jones climbed 1.8% to 25,015 and the S&P 500 rose 1.6% to an eight-week high of 2,681 after the Fed said it will be “patient” on future interest rate changes;
The US and China launched high-level trade talks in Washington overnight with little sign that Beijing will bend to U.S. demands to deepen economic reforms;
Global oil prices rose overnight after data showed a smaller-than-expected increase in crude stocks in the last week. Crude inventories rose 919,000, well below forecasts for an increase of 3.2 million barrels. Brent crude increased 0.7% to US$ 61.76/bbl;
Iron Ore prices have soared overnight following concerns over supply disruptions to seaborne markets. Iron Ore 62% Fe rose 8.2% to US$ 85.20/t as Vale announced that it plans to decommission the remainder of its 19 upstream tailings dams
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