Share futures indicate gain for Australian blue chips; US shares dip after initial gain; oil, iron ore prices advance.
Australian shares are set to open higher though earlier gains faded as Wall Street turned lower erasing earlier modest gains amid volatile trade.
The US listed shares of BHP and Rio Tinto were buoyed by a rally in commodities with iron ore retaking $US130 a tonne as well as both gold and oil advancing.The local currency was 0.6 per cent higher. Bitcoin was trading near $US41,900.On Wall St near 3.15pm: Dow -0.3% STesla -2.4% Apple -1.1% Meta +1.6% Microsoft +1.9%
On Wall Street, all three major benchmarks were in positive territory in early afternoon trade and then they flipped. Consumer discretionary and financials paced five of the SDalian iron ore jumped more than 4 per cent, leading ferrous futures higher in China following three sessions of losses, after the country’s central bank signalled additional policy measures to stabilise the economy.
Iron ore’s most-active May contract on China’s Dalian Commodity Exchange ended daytime trading 4.3 per cent higher at 735 yuan a tonne, after touching 741.50 yuan earlier in the session, its strongest since January 13.
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