Iron ore stages freakish rally: What you need to know before markets open – FINANCIAL NEWS-ecozik.com
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Iron ore stages freakish rally: What you need to know before markets open

North American stocks are fizzling this morning after ending last week with the best winning streak of the year.

North American markets look looking for a lesser open today following the S&P 500 logged its first four-day winning streak since October and also the Dow closed above 17,000 on Friday for the first time since early January.

European stocks fell as a drop in copper prices hurt shares of mining companies. Asian stocks hit two-month highs after China’s reassurances over the weekend about its economic health calmed investor nerves.Copper and zinc prices fell from four-month highs, hurt by a stronger dollar and investors booking profits from a rally.Iron ore soared probably the most ever after Chinese policy makers signaled their willingness to buttress economic growth, boosting the outlook for steel consumption in the top user and igniting speculation that some investors who’d bet from the market had been caught out.U.S. stocks closed higher on Friday after employment data suggested the economy was recovering, but was not sufficiently strong to have an immediate rise in rates of interest.Investors could keep an eye on comments by Fed Board Governor Lael Brainard and Vice Chair Stanley Fischer, who’re scheduled to speak at separate events on Monday, for clues on the central bank’s take on the economy.
 ? Thomson Reuters 2016

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