Already a subscriber?Another fall in the price of Australia’s dominant export over the long weekend is threatening to hamper an ASX rally which drove the benchmark to a record high last week.
The fall on Monday came after iron ore producer and ASX heavyweight BHP rallied 1.4 per cent on Thursday in a shortened trading week,Katana Asset Management portfolio manager Romano Sala Tenna said the drop in iron ore was unsurprising “We may be starting to get close to the cost curve for some of the higher-cost Chinese producers, so we may start to see some pushback.”, despite a supply glut that has already prompted several Australian operations to curb production and close mines.ASX futures finished flat in New York trading. Both the US and Australian markets were closed for Good Friday.
Federal Reserve chairman Jerome Powell says the latest PCE figures are “pretty much in line” with the central bank’s expectations.Looking to the US, futures indicate Wall Street – which is open on Easter Monday – will climb in its first session of the week. Futures for the S&P 500 and Dow Jones are up 0.3 per cent, while the tech-heavy Nasdaq Composite is 0.6 per cent higher.US Federal Reserve’s preferred measure of inflation – came in as expected while markets were closed on Good Friday.
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Source: FinancialReview - 🏆 2. / 90 Read more »