Quay Mid-Day Market Update
The Australian Share Market has opened the session struggling for direction, as a mixed lead from overseas markets and commodities left the market flat ahead of key economic data out of China. Market Turnover into lunch average at $1.722 billion but a pick up on the week. This afternoon’s session should get some direction from the China HSBC Manufacturing data due out at 11:45 AEDT. Across the market some positive sentiment rushing back into resource stocks this morning with spot Iron ore surging overnight. The big miners profiting with BHP (+2.11%) and Rio Tinto (+1.81%) reversing profit taking we saw in the sector yesterday. Also boosting sentiment in the sector was news overnight that BHP were deferring its Inner Harbour Debottlenecking plan with plans to reach its Iron Ore production target without the project. For the entire wrap please visit (VIEW LINK)
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