Australian shares ended three days of gains ahead of a German Constitutional Court decision on the eurozone’s bailout funds, while a rise in iron ore prices is capping losses in miners.
5.02pm: Here's the evening wrap. Good night.
4.47pm: That's all from us here at blog central, thanks for reading and commenting, we'll be back tomorrow from 9:30am.
Stay tuned for a full wrap of today's session, coming up.
4.42pm: Germany's constitutional court said today it would not postpone its long-awaited ruling on the legality of the eurozone's bailout fund despite a new legal challenge by a eurosceptic lawmaker.
Germany's constitutional court holds the fate of the euro in its hands when it rules on Wednesday whether the European Stability Mechanism (ESM) can go ahead, after already holding it up for several months.
4.25pm: Here's a look at how blue chip stocks finished up for the day:
- BHP: +0.37%
- Rio Tinto: -0.31%
- ANZ: -0.37%
- CBA: -0.55%
- NAB: +0.28%
- Westpac: -0.08%
- Fortescue: -5.1%
- Woolworths: -0.75%
- Wesfarmers: -0.2%
- Telstra: -0.26%
4.19pm: The consumer discretionary sub-index led the losses, falling 0.8 per cent, followed by gold miners, down 0.7 per cent. Consumer stables lost 0.4 per cent and financials lost 0.2 per cent. Health was the only sub-index to finish higher, up 1.6 per cent.
4.14pm: The market has closed lower, ending three days of gains. The S&P/ASX 200 dropped 8 points, or 0.2 per cent, to 4325.8, while the broader All Ords fell 9.7 points, or 0.2 per cent, to 4348.3.
4.00pm: NBN Co has withdrawn a special regulatory document from the competition watchdog a week before the Australian Competition and Consumer Commission was due to reject or approve it.
Government-owned NBN Co is expected to do another round of consultation with the telecommunications industry before re-submitting a new so-called special access undertaking.
The undertaking outlines NBN Co’s pricing structure and the conditions under which it will sell wholesale services to internet retail providers.
3.53pm: Virgin Australia appears to be holding up well in the face of increased competition and extra seats in the domestic market, the airline’s latest traffic figures show.
Australia’s second largest carrier said today it had increased passenger numbers and yields during the first two months of the 2012/13 financial year, compared with the prior corresponding period.
‘‘The domestic operating statistics of July and August reflect the strategic repositioning of Virgin Australia,’’ the airline said in a statement.
Virgin said domestic traffic had increased 2.3 per cent so far in 2012/13, compared with the same time a year ago.
Meanwhile, there had been positive yield growth in July and August.
By contrast, Qantas’s most recent operating statistics showed passenger numbers on its Qantas domestic and QantasLink flights fell 1.4 per cent in July, compared with the same month a year earlier.
3.41pm: With minutes to go before the close of trade, here’s what CMC Markets sales trader Ben Taylor had to say about the day’s action:
- Investors remain calm and cautious preferring to sit on their hands ahead of Germany’s Constitutional court decision and Thursdays FOMC meeting. The recent move higher in commodity prices and the expectation of further stimulus from the Federal Reserve has ensured that today’s pull back is limited in its nature before these key events.
- Most investors expect Germany’s constitutional court to approve the legality of the European Stability Mechanism buying distressed European bonds in the primary market. Unfortunately however there is talk that the verdict may be postponed after German politician Peter Gauweiler launched another offensive over the ECB’s potential unconditional bond buying operations.
- It seems unlikely that Bernanke will stall further stimulus at the FOMC meeting on Thursday night following yet another disappointing employment read. A zero rate policy is expected to be prolonged and another quantative easing program could well be on the cards.
- Today’s business confidence figure have made little effect on our local market. The fall in confidence was expected and is a direct result of recent falls in commodity prices from a slowing China. The slowdown is continuing to claim victims in the mining community as the boom fades with numerous coal and iron ore projects being shelved as prices fall.
3.32pm: China's new lending was the highest of any August on record as the government tries to reverse an economic slowdown that threatens to cost jobs and undermine support for the Communist Party.
New local-currency lending was 703.9 billion yuan ($105 billion) last month, the People's Bank of China said today in Beijing. That was more than the 600 billion yuan median estimate in a Bloomberg News survey of 32 economists and 540 billion yuan in July.
The pickup in lending follows interest-rate cuts in June and July, government approvals for subway and road projects and a warning from the labor ministry that the slowdown is starting to hit the job market. Data earlier this week showed imports fell in August and industrial output rose the least in three years, building the case for more stimulus.
3.17pm: Futures markets in Europe and the US are pointing toward losses.
The FTSE100 futures index is down 0.6 per cent and the Dow Jones and S&P500 futures indexes are down 0.3 per cent.
3.14pm: A Thai group says it’s exploring a bid for Singapore’s Fraser and Neave (F&N) conglomerate, complicating Dutch beer giant Heineken’s takeover of a major Asian brewer partly owned by F&N.
Thai Beverage, the Singapore-listed maker of Chang Beer, said in a statement that ‘‘a party acting in concert with the company is exploring the possibility of making an offer for F&N’’. It did not identify the partner.
3.06pm: The eurozone debt crisis still has a long way to go before it ends and Europe needs to keep faith in the single currency, International Monetary Fund deputy managing director Zhu Min said today.
"Overall I would say the crisis is not over. We are still in the middle of it and there is some way to go," Zhu told a World Economic Forum meeting in the Chinese port city of Tianjin.
"But it is moving in the right direction - that's very important. We should have confidence, and we should have confidence in the euro," he added.
3.04pm: BusinessDay's Michael Pascoe has filed on the Queensland budget and the shock gouge on coal.
Well isn’t this confusing: turns out the Queensland coalition government is a bigger threat to metallurgical coal mines than federal Labor. And that's not all:
- miners would have been better off with the original resources rent tax that they vehemently opposed;
- some 3000 jobs have been lost in coal mining in the past several weeks, but employment in the sector may not have fallen;
- high costs are closing some mines but unions still insist on 5 per cent annual rises for already high wages;
- while commodity prices have been dropping, Glencore has sharply increased its bid for Xtrata – and some shareholders still want more.
No, there are a lot of things that are not straight forward about what’s happening in the mining industry right now and, yes, there are a number of surprises.
2.45pm: Fortescue Metals Group’s lender, Bank of America, extended the syndication deadline of a $US1.5 billion loan until the end of the month, according to a person familiar with the matter.
Australia’s third-biggest iron-ore producer held a teleconference last week to reassure existing and possible new lenders about the company’s financial position in light of spending cuts and a drop in prices of the metal, another person familiar with the matter said at the time.
Bank of America Merrill Lynch agreed to underwrite the loan, according to a stock exchange filing from Fortescue last month. The facility matures in December 2013 and is split equally into a term part and a revolving credit portion.
2.37pm: Taking a look at how blue chip stocks have performed so far today:
- BHP: +0.25%
- Rio Tinto: -0.59%
- ANZ: -0.17%
- CBA: -0.42%
- NAB: +0.08%
- Westpac: +0.38%
- Fortescue: -3.52%
- Woolworths: -0.55%
- Wesfarmers: -0.23%
- Telstra: -0.13%
2.23pm: An Australian businessman faces 15 months in Jakarta’s Cipinang prison after being found guilty late yesterday of charges arising from a business deal gone wrong.
But Dennis Connell, 63, has vowed to appeal against his conviction for embezzlement, which arose out of a dispute with a former Indonesian business partner over the ownership of two mining companies.
The three judges found him guilty just a week after a civil case using the same evidence was dismissed in a different court.Connell has already spent three months on remand in the jail and, assuming he his granted parole when he is eligible, will be in jail for another 15 months.
2.14pm: A briefing paper published today shows the Australian Prudential Regulation Authority has been spending more of its time talking with boards in areas that could raise ‘‘systemic risks.’’
‘‘In recent times engagement with boards has increased in three areas that could raise systemic risk: risk appetite, executive remuneration and credit standards in housing lending,’’ the paper says.
Each of the bosses of the big four banks paid more than $8 million in 2011, but APRA has previously signalled it is not concerned with the size of the pay packets. Instead, It has called for closer links between executive pay packets and risk.
Australian banks have also largely steered clear of the risky lending residential lending practices seen overseas, with relatively low default rates.
2.05pm: Here's a snap shot of how markets around the region are performing:
- Nikkei(Japan): -0.79%
- Shanghai: -0.91%
- Taiwan: -0.03%
- South Korea: -0.27%
- Singapore: +0.04%
- New Zealand: +0.61%
1.57pm: Australia has cut its forecast for wheat production in the current crop year by about 7 per cent from its previous forecast to 22.5 million tonnes due to dry weather, warning that there was a risk of yields falling further if rains did not arrive soon.
The downgrade was expected but lower output in Australia, the world's second largest wheat exporter after the United States, could further boost global prices that have surged almost 40 per cent since early June as the worst drought in half a century gripped large swaths of US farmland.
The forecast was trimmed from a previous estimate of 24.1 million tonnes in June, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said.
1.46pm: Following the postponing of BHP’s Olympic Dam project, Moody's Investors Service has downgraded South Australia's debt rating to Aa1, from Aaa, citing persistent budget deficits and a growing pile of debt.
"Moody's expects the state's deficits to persist, leading to a significant increase in debt levels over the medium term," the agency said.
1.39pm: When the board of the Reserve Bank of Australia (RBA) meets next month, runaway credit growth won’t be on its list of things to worry about.
New figures today showed approvals for lending - including finance leases for businesses - fell by three per cent in seasonally adjusted terms in the month of July, to be down by five per cent from July last year.
The Australian Bureau of Statistics (ABS) data showed the trend in lending - a smoothed version of the seasonally adjusted estimate - is falling at a little over two per cent a month.
Within the total, home loan approvals fell by one per cent, seasonally adjusted, as flagged by housing finance data yesterday.
1.29pm: Some more on mining explorer Sirius Resources (see 12.27pm). BusinessDay's Rania Spooner has some reasons for the stock's surge over the past months:
- Prospecting guru Mark Creasy has a majority stake in Sirius. He’s probably the most successful prospector/resources speculator in the market.
- Sirius also has a respected industry stalwart with a reputation in jackpot discoveries at the helm in MD Mark Bennett.
- Simultaneously Sirius has made a string of strong discoveries – further adding weight to its perceived value – and some of these tenements were pegged by Creasy himself.
- July was when the iron ore price started flattening and there were many in resources stocks already starting to look at speculative buys elsewhere.
1.23pm: Overnight in London, the trial began of the trader who is accused of causing £1.4 billion of losses for Swiss bank UBS.
Kweku Adoboli, 32, from Whitechapel, East London, is a former senior trader in global synthetic equities for UBS. He was arrested in September last year on two charges of false accounting and two counts of fraud.
The revelation came just one month after the bank announced plans to cut 3500 jobs in a bid to reduce costs by £1.5 billion.
Adoboli denies the charges. The trial is expected to last two months.
1.14pm: Most sectors are in the red today, but losses among the major sectors aren’t huge.
Financials are down 0.2 per cent, while materials and energy have both slipped 0.1 per cent. But consumer staples are down 0.5 per cent, while utilities have shed 1 per cent.
"It is interesting that the broad sector rotation we are seeing is back into resources away from everything else," says Damien Boey, equity strategist at Credit Suisse. "I think that's because overnight we saw iron ore price rise quite substantially, so people are thinking may be the worst is over."
Banks are still in the negative territory except Westpac, which has bucked the trend by gaining 0.5 per cent. CBA is down 0.5 per cent.
"There are lingering concerns about the fact that the Aussie economy could remain weak," Boey says, adding that the weakness could weigh on domestic-driven stocks like banking and retail.
12.54pm: Investors are nervously awaiting the German Constitutional Court’s decision due tomorrow on the ability of Europe’s biggest economy to fund the eurozone bailout funds to help weaker economies, Commsec market analyst Juliette Saly says:
‘‘Everyone is hoping it gets the go-ahead and Germany come through and signs off on the plan, otherwise quite a lot of concern will ripple through global markets,’’ she says. ‘‘That is why we are seeing investors pull out, because of the uncertainty.’’
Here's some background on the topic: Investors are tipping the German court will approve the funds.
12.41pm: After a few days of big share gains that followed a routing earlier last week, Fortescue is falling again (currently down 3.4%) as speculation mounts that it will have to raise equity to shore up its balance sheet, Adele Ferguson writes:
An army of hedge funds have been heavily positioning themselves in Fortescue for the past few months, which isn't helping volatility in the stock.
It has prompted a new wave of chatter that if it can't do a deal with Gina Rinehart's Roy Hill to share its railway infrastructure in the Pilbara then it might investigate the pros and cons of selling its railway infrastructure to a third party and get foundation customer privileges.
12.27pm: In the past few days, we’ve been watching with interest the share price development of a junior mining explorer from WA called Sirius Resources, which shows that while the mining boom may be over speculative fever still exists.
Since late June, its share price has rocketed 3800 per cent. The surge began after the company on June 26 announced the discovery of a major nickel-copper deposit at its exploration camp at Fraser Range in WA, which that day pushed the share price up 800 per cent to 45 cents.
Since then its share price has jumped up in separate movements, with its most recent rally over the past week, when it soared from $1.47 last Wednesday to as high as $2.09 yesterday.
In the past two trading days the company’s copped two 'please explains' from the Australian Securities Exchange, the first on Friday, the second yesterday. In response to yesterday’s query, the company said it first became aware of drilling results from Fraser Range on Friday evening after the market closed.
On Friday its share price surged to $1.915, up from $1.50 the day before: a 27.6 per cent increase. Its share price is currently $1.99.
12.14pm: Gold miners are down today, with the sub-index falling 1 per cent after recent strong gains. Australia's biggest gold miner, Newcrest, has fallen 1.6 per cent - despite the spot gold price stabilising at around $US1730 an ounce.
UBS reckons there's currently a bit of a disconnect between the gold price and gold miner shares:
In normal markets, financial risk aversion usually supports both gold and gold equities. The inverse has applied through 2012. Gold equities have lagged strong physical gold pricing as investors applied higher than normal equity risk premiums given the uncertainty around Eurozone politics and debt concerns.
As Europe slowly resolves its issues, we’re seeing equity risk aversion subside and more normal trading patterns emerge. This and upcoming economic catalysts around ECB bond buying and a possible “QE3” in the US offer investors solid trading catalysts for gold equities through September.
11.48am: Business conditions may have slumped, but it's not all gloom from the NAB: the economy is strong enough for the Reserve Bank to hold off on another rate cut in 2012, despite concerns about weaker commodity prices and the mining boom.
In its Global and Australian Forecast report, the National Australia Bank says a positive outlook for investment and exports suggests that moderate growth will be evident towards the end of the year.
‘‘Looking into the third quarter, our survey suggests that conditions in wholesale and transport have broadly continued to improve, manufacturing and construction have improved modestly but that mining has deteriorated further,’’ the report says. ‘‘For the remainder of 2012-13, GDP (gross domestic product) growth is expected to pick up as the interest rate cuts over the past year begin to bolster consumption.’’
This was expected to be enough to convince the central bank to keep interest rates on hold for the remainder of the year, with some potential for rises in 2013.
11.42am: The downturn in the mining sector is so rough that staff at Rio Tinto's Coal & Allied subsidiary are being told to cut back on witches hats and recyclable cups.
In an internal memo last Thursday, the general manager at C&A's Mount Thorley Warkworth division, Cam Halfpenny, warned of a ''culture of waste'' that needed to improve, telling workers the operation used 800 witches hats a month - at $8 each - costing $80,000 a year.
Staff were also getting through 1400 recyclable cups a day, costing $120,000 a year.
This was taken from an article on jobs cuts in mining
11.33am: The dollar hardly reacted to the poor business confidence numbers, but is trading around the day's lows at $US1.0327.
11.31am: Business confidence fell 5 points to minus-2 in August, from 3 in July, as slowing growth in China trigger falls in key commodity prices and prompted the delay or cancellation of major expansion plans.
Consequently, confidence among miners took a hammering, adding to signs that the much-touted mining boom is fading. Miners posted the biggest fall of any sector in National Australia Bank’s business confidence report for August, tumbling 14 points to a reading of minus-13 for the month.
One area of optimism, though, came in the monthly business conditions, which improved from minus-3 in July to 1 in August.
11.28am: With mining share sagging today, CMC Markets chief market analyst Ric Spooner says the major miners may have been sold down too much in recent weeks:
- Unless we see some of these major commodities continue to decline, then I think the current valuation of major mining stock are too cheap.
- I think we may have seen the low in iron ore prices or close to it. If we haven't already seen the low, $US75 per tonne might be as low as we get.
- If the global economy can generate moderate growth in the months ahead, helped by increased stability in Europe, investors may have underestimated the value of Australia's major miners.
- The ultimate outcome is that we'll see prices levelling out above where we are now.
11.26am: Sunday Telegraph editor Neil Breen has joined the list of senior departures at News Ltd, today announcing his resignation from the paper which is being more closely merged in with the Telegraph’s daily paper. His resignation ends a 20-year career with the company.
‘‘I know my decision will be interpreted by some that I have either been sacked or had a falling out with management over the changes taking place in our business," he said. "I want to stress nothing could be further from the truth. This is purely a personal decision."
Last week News Ltd announced that up to 80 more editing and reporting jobs will be slashed from the company’s subediting hub NewsCentral and across several newspapers.
11.17am: We’ve got some more on the mini rebound in Chinese iron prices. Elizabeth Knight explains why shares in iron ore miners are little changed to slightly lower today, despite the iron ore price surge in the wake of the Chinese government's decision to spend $150 billion on a variety of infrastructure construction:
Investors immediately dived into iron ore stocks late last weak and most iron ore stocks moved off their lows on either Thursday or Friday ...
Today as the Australian market opened generally weaker the stocks are gyrating a little with Fortescue now losing ground and most others holding their previous gains. Atlas, BHP Billiton and Rio Tinto are still trading in positive territory as the iron ore price holds at US$95.
11.12am: Andy Murray has won the US Open tennis tournament and his first grand slam. Fairfax sports reporter Will Brodie writes:
Upon winning, Murray went down on his haunches and covered his face with his hands. He subsequently looked relieved and sore, rather than ecstatic. It took 285 brutal minutes of persistence for the perennial runner-up to finally break through. No-one can deny he has earned it the hard way. Full story.
11.07am: Cameron Securities client adviser Adrian Leppinus said the Australian market was lower due to weak overseas leads. He said while miners would have been happy with a lift in iron ore prices overnight, the rise had already been factored into the local market.
‘‘Iron ore had a reasonable run last night but they had been priced into yesterday’s movement for the big miners BHP and Rio yesterday,’’ he said.
11.04am: Markets have fought back from an early loss of close to 0.4 per cent to be just below breaking even for the day.
10.55am: Here's a story which has been popular among readers today. Nathan Bell from the Intelligent Investor questions Harvey Norman's business model and asks, who will sack Gerry Harvey?
It's time for Gerry to stand aside. Not because he's too old or frail — he remains whip-smart — but because his initial success in building Harvey Norman blinds him from imagining a different future for it. Gerry's personal relationships with franchisees makes it almost impossible for him to make the changes necessary to fix this business. Full story.
10.49am: Sydney Airport has appointed a former Macquarie Group executive as its new chief financial officer. Stephen Mentzines will replace Tim Finlayson from October 2, 2012, Sydney Airport said in a statement on Tuesday.
The airport said Mr Mentzines was previously head of North American funds for the infrastructure and real assets business of Macquarie Group. Sydney Airport was previously known as MAp Group, a former Macquarie Group fund that held investments in various airports worldwide.
10.45am: Spot iron ore posted its biggest one-day gain on record yesterday and China steel futures rose sharply for a second day, supported by hopes Beijing's approval of $US157 billion ($150 billion) in infrastructure projects would resuscitate steel demand.
Offer prices for imported iron ore cargoes in China rose over the weekend and the benchmark rate jumped by $US6, or 6.7 per cent, to $US95 a tonne on Monday, based on data from information provider Steel Index.
This is the biggest rise ever recorded by the Steel Index, which started assessing spot iron ore prices in April 2009. Full story.
10.38am: Shares in CSL have risen after the blood products and vaccine giant announced it had won a contract to supply pre-pandemic and pandemic vaccine antigens to the US national stockpile.
If an influenza pandemic is declared within the next five years, the contract will be worth up to $1.51 billion. CSL also has a contract with the Commonwealth Government to manufacture vaccines in the event of an influenza pandemic.
"Under the terms of the contract, the US Government may request CSL Biotherapies to manufacture and store bulk antigen that can be used against influenza strains with pandemic potential," the company said in a statement.
"The company may also be called upon to develop working virus seeds for other manufacturers and to formulate, fill and finish bulk stored antigen."
Its shares gained as much as 34 cents to $44.19.
10.33am: Stocks now slipping beyond that 0.3 per cent early loss. The ASX200 has touched -0.4 per cent. Here are the early gainers on the ASX200:
- Coalspur: +7%
- Acrux: +2.46%
- Goodman Fielder: +1.9%
- Orica: +1.77%
- APN News & Media: +1.67%
10.29am: Here are the biggest sliders on the ASX200 so far today:
- Panoramic Resources: -3.85%
- Saracen Mining: -3.6%
- Mermaid Marine: -3.13%
- Navitas Ltd: -3.12%
- Discovery Metals: -2.97%
- Lynas: -2.4%
10.23am: Why is the US president desperately hoping that Apple's new iPhone, due to be announced tomorrow US time, is a blockbuster? Because it will make the US economy better, says new research.
Bloomberg reports this morning that the fifth generation iPhone could contribute as much as one-half a percentage point to US economic growth in the fourth quarter, according to JPMorgan Chase & Co.
Apple may sell as many as 8 million iPhones in the US in the final three months of the year, boosting gross domestic product by about $3.2 billion, or $12.8 billion on an annual rate, Michael Feroli, an economist at JPMorgan, wrote in a report titled ‘‘Can One Little Phone Impact GDP?’’
10.20am: Both the All Ords and the ASX200 are down 0.3 per cent. They're not alone. Tokyo stocks opened down 0.65 per cent.
10.17am: Of the sub indices on the ASX200, only health and telecoms are trading in positive territory. Even early gains by the three big miners have failed to pull the materials index out of the red:
- Health: +0.16%
- Telecoms: +0.15%
- Utilities: -0.81%
- Energy: -0.67%
- Consumer disc.: -0.62%
- Financials: -0.44%
- Materials: -0.4%
10.14am: In early trade, the All Ordinaries index is 5.4 points lower, or 0.1 per cent, to 4352.6, while the benchmark S&P/ASX200 is 6.2 points lower, or 0.1 per cent, to 4327.6.
10.11am: Another early note - the big miners are up but major companies in other sectors are down. As we noted earlier, the China iron price posted a $US6 gain to $US95 overnight.
10.05am: Early take - Shares down but only a touch. All Ords and ASX200 down 0.1 as markets open.
9.54am: Australian bond futures prices have opened lower, as investors await a key meeting of the US central bank.
At 8.30am AEST the September 10-year bond futures contract was trading at 96.950 (implying a yield of 3.050 per cent), down from 96.960 (3.040 per cent) at Monday’s close. The September three-year bond futures contract was at 97.515 (2.485 per cent), down from 97.530 (2.470 per cent).
UBS interest rate strategist Matthew Johnson said there was no clear reason why Australian bonds were trading weaker. ‘‘There are some puzzling patterns in the market and I’m not sure what to make of it myself,’’ he said.
9.51am: Ric Spooner, chief market analyst at CMC Markets, expects local investors to follow the leads set by US markets overnight. He said "precautionary book squaring" ahead of the German court and Fed decisions later this week "was the dominant theme of US share markets last night".
After the large rallies of recent weeks, investors face risks in both directions with these decisions. Although a favourable ruling on Germany’s ability to fund the Euro bailout funds and a large Fed monetary initiative would be positive for markets, there is now plenty of scope for markets to fall if either of these decisions disappoints in a material way. In these circumstances, many traders will prefer to wait for the outcome before deciding how to position themselves in the market.
9.47am: Here are some analyst rating changes for today:
- Henderson Group rated new outperform at RBC Capital
- Atlas Iron raised to neutral from sell at UBS
- Regis Resources upgraded to buy from hold at Deutsche Bank
- Warehouse Group raised to neutral at JPMorgan
9.42am: The big miners could be in for another strong day after the iron price added 6.74 per cent, or $US6, to $US95. In overnight trade on Wall Street, however, BHP and Rio lost ground. BHP lost 0.83 per cent and Rio slipped 0.58 per cent.
9.38am: For a comprehensive look at this morning’s business news, check today’s need2know. Here are this morning’s key market links:
- The SPI was 9 points lower at 4322
- The $A was trading at $US1.033
- In the US, the S&P500 lost 0.61% to1429.14
- In Europe, the FTSE100 lost 0.03% to 5793.20
- China iron ore added $US6 to $US95 a metric tonne
- Gold lost 0.4% to $US1728.97 an ounce
- WTI crude oil added 12 US cents to $US96.54 a barrel
- RJ/CRB commodities index added 0.5% to 313.24
9.36am: Good morning folks. Welcome to the Markets Live blog for Tuesday.
This blog is not intended as investment advice
BusinessDay with agencies