Overnight: US stocks extended losses, with the Dow Jones Industrial Average posting a triple-digit decline after a judge said Detroit was eligible for...

Bell Potter
Bell Potter Stockbroker

Overnight: US stocks extended losses, with the Dow Jones Industrial Average posting a triple-digit decline after a judge said Detroit was eligible for bankruptcy protection, providing investors with a reason to sell stocks in the face of fears a record rally had become overextended. Treasury prices gained as global investors reduced their risk appetite ahead of economic data this week, which may help clarify when the Federal Reserve plans to wind down its stimulus policies. Gold futures seesawed between minor losses and gains after a sharp drop in the previous session to their lowest settlement since early July. Oil futures headed higher. European stocks fell sharply on worries that the US Federal Reserve may scale back its bond-buying program later in the month after recent solid data. London BHP down 1.13%. Rio down 0.96%. New York BHP down 0.85%. Rio down 0.34%. LME Base metals traded lower.

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