Latest news with #US99.50
AU Financial Review
a day ago
- Business
- AU Financial Review
ASX to open lower; miners shield ASX from trade war
An unexpected revival in iron ore prices is helping cushion the Australian sharemarket from US President Donald Trump's latest tariff shocks, propelling a rotation away from Commonwealth Bank and into the major miners. Iron ore futures in Singapore rallied around 4 per cent last week to $US99.50 a tonne, sealing a third straight weekly gain – its best run since January. BHP shares have surged 10.4 per cent over the past three weeks, while Rio Tinto has jumped 9.1 per cent and Fortescue 16.8 per cent. That has come at the expense of Commonwealth Bank, which is down 2.6 per cent over the same period despite the other major banks all posting gains. The latest rally has been fuelled by social media reports of a high-level meeting in China this week, which has drawn comparisons to the Central Urban Work Conference in 2015. That meeting, which took place 37 years after the body last met, aimed to propel urban planning and infrastructure. ASX futures indicate the benchmark index will open 13 points lower on Monday. Still, Australian shares sit about 1 per cent below the record of 8639.1 reached in June.
AU Financial Review
2 days ago
- Business
- AU Financial Review
Miners shield ASX from trade war as iron ore eyes $US100
An unexpected revival in iron ore prices is helping cushion the Australian sharemarket from US President Donald Trump's latest tariff shocks, propelling a rotation away from Commonwealth Bank and into the major miners. Iron ore futures in Singapore rallied around 4 per cent last week to $US99.50 a tonne, sealing a third straight weekly gain – its best run since January.
