Select the account you'd like to open


Commodity pressure

Iron ore and crude oil prices dropped in overnight trading. The causes came from both sides of the demand and supply equations. The market action contradicted stronger China data, creating a quandary for investors. US corporate reporting was benign to mildly positive. Currency markets are steady, and bonds are holding at recent lows.

Global miner Vale received court permission to re-start operations at its shuttered Brazilian iron ore mine. Already weakened futures markets dropped for the third straight session. Weekly US crude oil inventory data indicated much softer than expected demand, declining by only 1.4 million barrels. The specifics are important, but the overall picture of increasing supply and weakening demand contradicted stronger growth data from China, resulting in a draw for the trading session.

Financial stocks are in focus in the US. US Bancorp and BNY Mellon missed analyst estimates, but Morgan Stanley delivered.  The result from E-Trade stood out, beating consensus by around 17%.

Asia Pacific shares are looking at a mixed start. Australian trading could be muted given the indifferent international leads and a wind down into the Easter holiday weekend.

Sign up for market update emails